KEYCORP /NEW/, 10-K filed on 2/22/2022
Annual Report
v3.22.0.1
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2021
Feb. 18, 2022
Jun. 30, 2021
Entity Information [Line Items]      
Document Type 10-K    
Document Period End Date Dec. 31, 2021    
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     $ 19,829,696,963
Entity Common Stock, Shares Outstanding   927,761,031  
Documents Incorporated by Reference Certain specifically designated portions of KeyCorp’s definitive Proxy Statement for its 2022 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 2021    
Document Fiscal Period Focus FY    
Amendment Flag false    
Document Annual Report true    
Document Transition Report false    
Common Stock      
Entity Information [Line Items]      
Title of 12(b) Security Common Shares, $1 par value    
Trading Symbol KEY    
Security Exchange Name NYSE    
Series E Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security Perpetual Non-Cumulative Preferred Stock, Series E)    
Trading Symbol KEY PrI    
Security Exchange Name NYSE    
Series F Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security Cumulative Preferred Stock, Series F)    
Trading Symbol KEY PrJ    
Security Exchange Name NYSE    
Series G Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security Cumulative Preferred Stock, Series G)    
Trading Symbol KEY PrK    
Security Exchange Name NYSE    
v3.22.0.1
Audit Information
 12 Months Ended
Dec. 31, 2021
Audit Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Location Cleveland, Ohio
Auditor Firm ID 42
v3.22.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
ASSETS    
Cash and due from banks $ 913 $ 1,091
Short-term investments 11,010 16,194
Trading account assets 701 735
Securities available for sale 45,364 27,556
Held-to-maturity securities (fair value: $7,665 and $8,023) 7,539 7,595
Other investments 639 621
Loans, net of unearned income of $373 and $449 101,854 101,185
Allowance for loan and lease losses (1,061) (1,626)
Net loans 100,793 99,559
Loans held for sale [1] 2,729 1,583
Premises and equipment 681 753
Goodwill 2,693 2,664
Other intangible assets 130 188
Corporate-owned life insurance 4,327 4,286
Accrued income and other assets 8,265 6,812
Discontinued assets 562 699
Total assets 186,346 170,336
Deposits in domestic offices:    
NOW and money market deposit accounts 89,207 80,427
Savings deposits 7,503 5,913
Certificates of deposit ($100,000 or more) 1,705 2,733
Other time deposits 2,153 3,010
Total interest-bearing deposits 100,568 92,083
Noninterest-bearing deposits 52,004 43,199
Total deposits 152,572 135,282
Federal funds purchased and securities sold under repurchase agreements 173 220
Bank notes and other short-term borrowings 588 759
Accrued expense and other liabilities 3,548 2,385
Long-term debt 12,042 13,709
Total liabilities 168,923 152,355
EQUITY    
Preferred stock 1,900 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 6,278 6,281
Retained earnings 14,553 12,751
Treasury stock, at cost (327,852,311 and 280,928,782 shares) (5,979) (4,946)
Accumulated other comprehensive income (loss) (586) 738
Total equity 17,423 17,981
Total liabilities and equity $ 186,346 $ 170,336
[1] Total loans held for sale include Real estate — residential mortgage loans held for sale at fair value of $281 million at December 31, 2021, and $264 million at December 31, 2020
v3.22.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Fair Value $ 7,665,000,000 $ 8,023,000,000
Unearned income on loans 373,000,000 449,000,000
Certificate of deposit ($100,000 or more) $ 100,000 $ 100,000
Common shares, par value (in dollars per share) $ 1 $ 1
Common shares, authorized (in shares) 2,100,000,000 2,100,000,000
Common shares, issued (in shares) 1,256,702,081 1,256,702,081
Treasury stock (in shares) 327,852,311 280,928,782
Residential Mortgage    
Loans held for sale $ 281,000,000 $ 264,000,000
v3.22.0.1
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
INTEREST INCOME      
Loans $ 3,532 $ 3,866 $ 4,267
Loans held for sale 50 69 63
Securities available for sale 546 484 537
Held-to-maturity securities 185 222 262
Trading account assets 19 20 32
Short-term investments 28 18 61
Other investments 7 6 13
Total interest income 4,367 4,685 5,235
INTEREST EXPENSE      
Deposits 67 347 853
Federal funds purchased and securities sold under repurchase agreements 0 6 2
Bank notes and other short-term borrowings 8 12 17
Long-term debt 221 286 454
Total interest expense 296 651 1,326
NET INTEREST INCOME 4,071 4,034 3,909
Provision for credit losses (418) 1,021 445
Net interest income after provision for credit losses 4,489 3,013 3,464
NONINTEREST INCOME      
Trust and investment services income 530 507 475
Investment banking and debt placement fees 937 661 630
Service charges on deposit accounts 337 311 337
Operating lease income and other leasing gains 148 167 162
Corporate services income 261 228 236
Cards and payments income 415 368 275
Corporate-owned life insurance income 128 139 136
Consumer mortgage income 131 176 63
Commercial mortgage servicing fees 160 80 77
Other income [1] 147 15 68
Total noninterest income 3,194 2,652 2,459
NONINTEREST EXPENSE      
Personnel 2,561 2,336 2,250
Net occupancy 300 298 293
Computer processing 284 232 214
Business services and professional fees 227 196 186
Equipment 100 100 100
Operating lease expense 126 138 123
Marketing 126 97 96
Intangible asset amortization 58 65 89
Other expense 647 647 550
Total noninterest expense 4,429 4,109 3,901
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 3,254 1,556 2,022
Income taxes 642 227 314
INCOME (LOSS) FROM CONTINUING OPERATIONS 2,612 1,329 1,708
Income (loss) from discontinued operations 13 14 9
NET INCOME (LOSS) 2,625 1,343 1,717
Less: Net income (loss) attributable to noncontrolling interests 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 2,625 1,343 1,717
Income (loss) from continuing operations attributable to Key common shareholders 2,506 1,223 1,611
Net income (loss) attributable to Key common shareholders $ 2,519 $ 1,237 $ 1,620
Per Common Share:      
Income (loss) from continuing operations attributable to Key common shareholders (in dollars per share) $ 2.64 $ 1.26 $ 1.62
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] 2.65 1.28 1.63
Per Common Share — assuming dilution:      
Income (loss) from continuing operations attributable to Key common shareholders (in dollars per share) 2.62 1.26 1.61
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] $ 2.63 $ 1.27 $ 1.62
Weighted-average common shares outstanding (in shares) 947,065 967,783 992,091
Effect of convertible preferred stock (in shares) 0 0 0
Effect of common share options and other stock awards (in shares) 10,349 7,024 10,163
Weighted-average common shares and potential common shares outstanding (in shares) [3] 957,414 974,807 1,002,254
[1] Net securities gains (losses) totaled $7 million for the year ended December 31, 2021, $4 million for the year ended December 31, 2020, and $20 million for the year ended December 31, 2019. For 2021, 2020, and 2019, we did not have any impairment losses related to securities.
[2] EPS may not foot due to rounding.
[3] Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable.
v3.22.0.1
Consolidated Statements of Income (Parenthetical) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Statement [Abstract]      
Net securities gains (losses) $ 7,000,000 $ 4,000,000 $ 20,000,000
Impairment recognized in earnings $ 0 $ 0 $ 0
v3.22.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 2,625 $ 1,343 $ 1,717
Other comprehensive income (loss), net of tax:      
Net unrealized gains (losses) on securities available for sale, net of income taxes of $306, $(143), and $(151) (970) 452 488
Net unrealized gains (losses) on derivative financial instruments, net of income taxes of $122, $(72), and $(93) (388) 226 300
Foreign currency translation adjustments, net of income taxes of $0, $0, and $(4) 0 0 14
Net pension and postretirement benefit costs, net of income taxes of $(11), $(9), and $(13) 34 34 42
Total other comprehensive income (loss), net of tax (1,324) 712 844
Comprehensive income (loss) attributable to Key $ 1,301 $ 2,055 $ 2,561
v3.22.0.1
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Comprehensive Income [Abstract]      
Net unrealized gains (losses) on securities available for sale, tax $ 306 $ (143) $ (151)
Net unrealized gains (losses) on derivative instruments, tax 122 (72) (93)
Foreign currency translation adjustments, tax 0 0 (4)
Net pension and postretirement benefit costs, tax $ (11) $ (9) $ (13)
v3.22.0.1
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
Preferred Stock
Preferred Stock
Series G Preferred Stock
Common Stock
Capital Surplus
Capital Surplus
Series G Preferred Stock
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
Treasury Stock, at Cost
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests
Impact of ASC 326 Adoption
 [1]
Impact of ASC 326 Adoption
Retained Earnings
 [1]
Beginning Balance, Preferred Shares (in shares) at Dec. 31, 2018           946,000                            
Beginning Balance, Common Shares (in shares) at Dec. 31, 2018               1,019,503,000                        
Beginning Balance at Dec. 31, 2018 $ 15,596         $ 1,450   $ 1,257 $ 6,331   $ 11,556         $ (4,181) $ (818) $ 1    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Accounting Standards Update [Extensible List] Accounting Standards Update 2016-13 [Member]                                      
Net income (loss) $ 1,717                   1,717                  
Other comprehensive income (loss) 844                               844      
Deferred compensation 9               9                      
Dividends, Cash [Abstract]                                        
Cash dividends declared on common shares (707)                   (707)                  
Cash dividends declared on preferred stock   $ (26) $ (31) $ (24) $ (16)             $ (26) $ (31) $ (24) $ (16)          
Issuance of Preferred Stock (in shares)             450,000                          
Issuance of Preferred Stock         435   $ 450     $ (15)                    
Open market Common Share repurchases (in shares)               (48,347,000)                        
Open market Common Share repurchases (835)                             (835)        
Employee equity compensation program Common Share repurchases (in shares)               (1,901,000)                        
Employee equity compensation program Common Share repurchases (35)               (2)             (33)        
Common Shares reissued (returned) for stock options and other employee benefit plans (in shares)               7,934,000                        
Common shares reissued (returned) for stock options and other employee benefit plans 112               (28)             140        
Net contribution from (distribution to) noncontrolling interests (1)                                 (1)    
Ending Balance, Preferred Shares (in shares) at Dec. 31, 2019           1,396,000                            
Ending Balance, Common Shares (in shares) at Dec. 31, 2019               977,189,000                        
Ending Balance at Dec. 31, 2019 17,038         $ 1,900   $ 1,257 6,295   12,469         (4,909) 26 0 $ (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                      
Dividends, Cash [Abstract]                                        
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 0    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                        
Net income (loss) 2,625                   2,625             0    
Other comprehensive income (loss) (1,324)                               (1,324)      
Deferred compensation 9               9                      
Dividends, Cash [Abstract]                                        
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)                             (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) [2]               (26,027,000)                        
Common Share repurchases under ASR program (b) [2] 585                             585        
Ending Balance, Preferred Shares (in shares) at Dec. 31, 2021   21,000 500,000 425,000 450,000 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) $ 0    
[1] Includes the impact of implementing ASU 2016-13. See Notes to Consolidated Financial Statements.
[2] See Note 24 (“Shareholders' Equity”) for additional detail regarding ASR program.
v3.22.0.1
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash dividends declared per common share (in dollars per share) $ 0.75 $ 0.74 $ 0.71
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 $ 0.882813
v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES      
Net income (loss) $ 2,625 $ 1,343 $ 1,717
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Provision for credit losses (418) 1,021 445
Depreciation and amortization expense, net 32 111 241
Accretion of acquired loans 24 28 50
Increase in cash surrender value of corporate-owned life insurance (113) (119) (121)
Stock-based compensation expense 104 101 96
Deferred income taxes (benefit) 146 (191) 53
Proceeds from sales of loans held for sale 16,114 14,076 11,980
Originations of loans held for sale, net of repayments (16,497) (13,856) (11,704)
Net losses (gains) from sale of loans held for sale (282) (233) (188)
Net losses (gains) and writedown on OREO 0 0 7
Net losses (gains) on leased equipment (12) (21) (17)
Net losses (gains) on sales of fixed assets 18 5 (2)
Net securities losses (gains) (7) (4) (20)
Net decrease (increase) in trading account assets 34 305 (191)
Net transfer of loans held for sale 0 0 0
Other operating activities, net (615) (893) 560
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 1,153 1,673 2,906
INVESTING ACTIVITIES      
Cash received (used) in acquisitions, net of cash acquired (29) 0 (185)
Net decrease (increase) in short-term investments, excluding acquisitions 5,184 (14,922) 1,290
Purchases of securities available for sale (28,190) (15,619) (5,714)
Proceeds from sales of securities available for sale 1,375 583 362
Proceeds from prepayments and maturities of securities available for sale 7,623 9,923 3,586
Proceeds from prepayments and maturities of held-to-maturity securities 2,889 2,493 1,477
Purchases of held-to-maturity securities (3) (17) (22)
Purchases of other investments (55) (134) (52)
Proceeds from sales of other investments 41 101 60
Proceeds from prepayments and maturities of other investments 26 15 56
Net decrease (increase) in loans, excluding acquisitions, sales, and transfers (4,276) (7,358) (6,190)
Proceeds from sales of portfolio loans 337 211 399
Proceeds from corporate-owned life insurance 72 66 59
Purchases of premises, equipment, and software (66) (63) (85)
Proceeds from sales of premises and equipment 4 0 18
Proceeds from sales of OREO 0 0 23
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (15,068) (24,721) (4,918)
FINANCING ACTIVITIES      
Net increase (decrease) in deposits, excluding acquisitions 17,290 23,412 4,561
Net increase (decrease) in short-term borrowings     229
Net increase (decrease) in short-term borrowings (218) (113)  
Net proceeds from issuance of long-term debt 1,203 3,607 2,129
Payments on long-term debt (2,566) (2,508) (3,634)
Issuance of preferred shares 0 0 435
Open market common share repurchases (559) (134) (835)
Employee equity compensation program Common Share repurchases (32) (36) (33)
Common share purchases under ASR program (585) 0 0
Net proceeds from reissuance of Common Shares 27 8 18
Cash dividends paid (823) (829) (804)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 13,737 23,407 2,066
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS (178) 359 54
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR 1,091 732 678
CASH AND DUE FROM BANKS AT END OF YEAR 913 1,091 732
Additional disclosures relative to cash flows:      
Interest paid 363 731 1,251
Income taxes paid 277 241 18
Noncash items:      
Reduction of secured borrowing and related collateral 9 7 5
Loans transferred to portfolio from held for sale 87 75 157
Loans transferred to held for sale from portfolio 3,403 310 468
Loans transferred to other real estate owned 4 96 29
CMBS risk retentions 28 40 59
ABS risk retentions 11 19 12
Securities received as consideration $ 2,825 $ 0 $ 0
v3.22.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2021
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, 2021, KeyBank operated 999 full-service retail banking branches and 1,317 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 have been reclassified 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 have the power to direct activities of the VIE that most significantly impact the entity’s economic performance and 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. 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.

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. As of December 31, 2021, the allowance for credit losses on other financial assets was immaterial.
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, 2021, the State of Israel's credit rating remains "stable" 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.
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 “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. 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, 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 2021
StandardDate of AdoptionDescriptionEffect on Financial Statements or Other Significant Matters
ASU 2019-12,
Simplifying the
Accounting for
Income Taxes		January 1, 2021 This ASU simplifies the accounting for income
taxes by removing certain exceptions to the
existing guidance, such as exceptions related
to the incremental approach for intraperiod tax
allocation, the methodology for calculating
income taxes in an interim period when a
year-to-date loss exceeds the anticipated loss,
and the recognition of deferred tax liabilities
when a foreign subsidiary becomes an equity
method investment and when a foreign equity
method investment becomes a subsidiary.

Along with general improvements, it adds
simplifications related to franchise taxes, the
tax basis of goodwill, and the method for
recognizing an enacted change in tax laws.
The guidance also specifies that an entity is
not required to allocate the consolidated
amount of certain tax expense to a legal entity
not subject to tax in its own separate financial statements.

The guidance should be applied on either a
retrospective, modified retrospective, or
prospective basis depending on the amendment.		The adoption of this accounting guidance did not have a material effect on our financial condition or results of operations.
ASU 2020-01,
Clarifying the
Interactions between Topic
321,Investments
—Equity
Securities;
Topic 323,
Investments— Equity Method and Joint Ventures; and
Topic 815, Derivatives and Hedging 		January 1, 2021This guidance clarifies that when applying the
measurement alternative in Topic 321,
companies should consider certain observable
transactions that require the application or
discontinuance of the equity method under
Topic 323.

It also clarifies that companies should not
consider whether the underlying securities in
certain forward contracts and purchased
options would be accounted for under the
equity method or fair value option when
determining the method of accounting for those contracts.

This guidance should be applied on prospective basis.		The adoption of this accounting guidance did not have a material effect on our financial condition or results of operations.
ASU 2020-08,
Codification Improvements to
Subtopic 310-20,
Receivables—Nonrefundable
Fees and Other Costs		January 1, 2021This ASU clarifies that at each reporting period an entity
should reevaluate whether a callable debt security is within the scope of ASC 310, which says that to the extent the amortized cost basis of an individual callable debt security exceeds the amount repayable by the issuer at the earliest call date, the premium shall be amortized to the earliest call date, unless prepayment guidance is applied.

This guidance should be applied on a prospective basis.		The adoption of this accounting guidance did not have a material effect on our financial condition or results of operations.
ASU 2021-01, Reference
Rate Reform (Topic 848)		January 1, 2021The ASU clarifies that certain optional expedients and
exceptions related to contracts modified as a result of
reference rate reform and hedge accounting apply to
derivatives affected by the discounting transition, such as those that use an interest rate for margining,
discounting, or contract price alignment.

The guidance may be applied on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020.
 
Alternatively, it may be applied on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final Update, until the financial statements are available to be issued.		Key adopted this guidance on January 1, 2021, on a prospective basis and will assess the impact in conjunction with the reference rate transition.

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.
Presentation of Financial Statements (Topic 205), Financial Services—Depository and Lending (Topic 942), and Financial Services— Investment Companies (Topic 946) December 31, 2021The FASB updated the SEC section of the Codification to reflect two releases issued in 2020 to improve disclosure rules related to depository lending and investment companies.

Disclosure requirements have been updated to codify certain Guide 3 disclosure items and eliminate other Guide 3 disclosure items that overlap with Commission rules and U.S. GAAP. Further, codified disclosure requirements were moved to a new part of Regulation S-K.		The adoption of this accounting guidance did not materially impact Key’s financial statement disclosures. Updates to disclosures included the elimination of duplicative disclosures already required by the SEC and U.S. GAAP, as well as streamlining the presentation of prior period information in MD&A to align with periods presented in the financial statements. Additional disclosures regarding uninsured deposits amounts and loan categories required by Regulation S-K were also included.
Accounting Guidance Adopted in 2022
StandardDate of AdoptionDescriptionEffect on Financial Statements or Other Significant Matters
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, 2022

Early adoption is permitted.		The 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, the 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.
v3.22.0.1
Earnings Per Common Share
 12 Months Ended
Dec. 31, 2021
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 amounts202120202019
EARNINGS
Income (loss) from continuing operations$2,612 $1,329 $1,708 
Less: Net income (loss) attributable to noncontrolling interests— — — 
Income (loss) from continuing operations attributable to Key2,612 1,329 1,708 
Less: Dividends on preferred stock106 106 97 
Income (loss) from continuing operations attributable to Key common shareholders2,506 1,223 1,611 
Income (loss) from discontinued operations, net of taxes13 14 9 
Net income (loss) attributable to Key common shareholders$2,519 $1,237 $1,620 
WEIGHTED-AVERAGE COMMON SHARES
Weighted-average Common Shares outstanding (000)947,065 967,783 992,091 
Effect of common share options and other stock awards10,349 7,024 10,163 
Weighted-average common shares and potential Common Shares outstanding (000) (a)
957,414 974,807 1,002,254 
EARNINGS PER COMMON SHARE
Income (loss) from continuing operations attributable to Key common shareholders$2.64 $1.26 $1.62 
Income (loss) from discontinued operations, net of taxes.01 .01 .01 
Net income (loss) attributable to Key common shareholders (b)
2.65 1.28 1.63 
Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution2.62 1.26 1.61 
Income (loss) from discontinued operations, net of taxes — assuming dilution.01 .01 .01 
Net income (loss) attributable to Key common shareholders — assuming dilution (b)
2.63 1.27 1.62 
(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.
v3.22.0.1
Restrictions on Cash, Dividends and Lending Activities
 12 Months Ended
Dec. 31, 2021
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 2021, KeyBank paid $1.9 billion in dividends to KeyCorp. At January 1, 2022, KeyBank had regulatory capacity to pay $844 million in dividends to KeyCorp without prior regulatory approval. At December 31, 2021, KeyCorp held $2.3 billion in cash and short-term investments, which can be used to pay dividends to shareholders, service debt, and finance corporate operations.
v3.22.0.1
Loan Portfolio
 12 Months Ended
Dec. 31, 2021
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 millions20212020
Commercial and industrial (b)
$50,525 $52,907 
Commercial real estate:
Commercial mortgage14,244 12,687 
Construction1,996 1,987 
Total commercial real estate loans16,240 14,674 
Commercial lease financing (c)
4,071 4,399 
Total commercial loans70,836 71,980 
Residential — prime loans:
Real estate — residential mortgage15,756 9,298 
Home equity loans8,467 9,360 
Total residential — prime loans24,223 18,658 
Consumer direct loans5,753 4,714 
Credit cards972 989 
Consumer indirect loans70 4,844 
Total consumer loans31,018 29,205 
Total loans (d)
$101,854 $101,185 
(a)Accrued interest of $198 million and $241 million at December 31, 2021, and December 31, 2020, 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 $139 million and $127 million of commercial credit card balances at December 31, 2021, and December 31, 2020, respectively.
(c)Commercial lease financing includes receivables of $16 million and $23 million held as collateral for a secured borrowing at December 31, 2021, and December 31, 2020, 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 in the amount of $567 million at December 31, 2021, and $710 million at December 31, 2020, related to the discontinued operations of the education lending business.
v3.22.0.1
Asset Quality
 12 Months Ended
Dec. 31, 2021
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, 2021, 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, 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, 2020ProvisionCharge-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 credit related to reserves on lending-related commitments of $56 million.
Twelve Months Ended December 31, 2019
Dollars in millionsDecember 31, 2018Provision Charge-offsRecoveries  December 31, 2019
Commercial and industrial$532 $311   $(319)$27 $551 
Real estate — commercial mortgage142 7 (8)2 143 
Real estate — construction33 (6)(5)— 22 
Commercial lease financing36 20 (26)5 35 
Total commercial loans743 332 (358)34 751 
Real estate — residential mortgage7 1 (3)2 7 
Home equity loans35 7 (19)8 31 
Consumer direct loans30 38   (41)7 34 
Credit cards48 36   (44)7 47 
Consumer indirect loans20 27 (34)17 30 
Total consumer loans140 109   (141)41 149 
Total ALLL — continuing operations883 441 
(a)(b)
(499)
(b)
75 900 
Discontinued operations14 3   (12)5 10 
Total ALLL — including discontinued operations$897 $444   $(511)$80 $910 
(a)Excludes a provision related to reserves on lending-related commitments of $4 million.
(b)Includes the realization of a $139 million loss related to a previously disclosed fraud incident.

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), GDP, industrial production, and unemployment rate
Commercial real estateBBB corporate bond rate (spread), property and real estate price indices, and unemployment rate
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 indirectNew vehicle sales, used vehicle prices, and unemployment 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, 2021, future economic growth is expected to be robust, moderating somewhat from the growth seen in 2021, while risks and uncertainties related to the pandemic continue. The disruptive impact on global supply chains and highly stimulative fiscal programs put in place to address the pandemic’s impact have led to higher than expected inflationary pressures. Expectations are for a tighter monetary policy by the Federal Reserve. Increased rates of infections from the Omicron variant have resulted in declines in consumer confidence. We utilized the Moody’s November 2021 Consensus forecast as our baseline forecast to estimate our expected credit losses as of December 31, 2021. 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 continues to reflect moderate economic growth over the next two years in markets in which we operate. U.S. GDP growth continues at a 6.6% annualized rate in the fourth quarter of 2021 and slows to an annual rate of approximately 4% and 3% for 2022 and 2023, respectively. The national unemployment rate forecast is 4.5% in the fourth quarter of 2021, and is expected to decline to 3.8% by the fourth quarter of 2022 and remain fairly stable through the fourth quarter of 2023.

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 decreased by $411 million, or 37.4%, from December 31, 2020, through December 31, 2021, driven primarily by improvements in economic forecasts, but also by improvements in the asset quality of our portfolios as the economic recovery gained strength during the year.

The primary changes to the economic outlook included lower rates of unemployment, improved outlooks for GDP growth rates, industrial production levels and commercial real estate prices, which impacted all of our commercial portfolios. Improvements in portfolio related factors also contributed to lower ALLL levels as positive changes in our internal risk ratings reflected lower credit risk. The ALLL results reflect incremental credit risk considerations as a result of the economic uncertainty and related commercial borrower assistance programs, which are addressed through qualitative adjustments.

As of December 31, 2021, the ALLL does not include reserves for the $1.5 billion of outstanding PPP loans that are 100% guaranteed by the SBA. The portion of PPP loans that have been submitted to the SBA for forgiveness by our clients and have been partially or fully denied is not material.

Consumer Loan Portfolio

The consumer ALLL decreased $154 million, or 29.2%, from December 31, 2020, through December 31, 2021. The overall decrease in the allowance is driven by the continued economic recovery and strong portfolio performance, partially offset by growth in residential real estate.

The most meaningful changes to the economic forecast contributing to the reduction in reserves include improvement in the unemployment rate outlook, which impacts all consumer portfolios. In addition, the housing market and home price index outlook continue to display strength, which impacts the residential mortgage and home equity segments. As it relates to the decline in the ALLL due to portfolio factors, shifts are largely driven by attrition activity, targeted portfolio growth and overall strong credit performance. The ALLL results reflect incremental credit risk considerations as a result of the economic uncertainty and related borrower assistance programs, which are addressed through qualitative adjustments.
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 problem 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, 2021Term 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 millions20212020201920182017PriorTotal
Commercial and Industrial
Risk Rating:
Pass$11,675 $4,941 $4,040 $2,771 $1,777 $3,108 $20,406 $72 $48,790 
Criticized (Accruing)64 71 115 175 200 121 784 14 1,544 
Criticized (Nonaccruing)1 1 21 10 19 15 122 2 191 
Total commercial and industrial11,740 5,013 4,176 2,956 1,996 3,244 21,312 88 50,525 
Real estate — commercial mortgage
Risk Rating:
Pass4,923 1,197 2,137 1,168 612 2,787 803 53 13,680 
Criticized (Accruing)15 22 70 62 109 206 35 1 520 
Criticized (Nonaccruing)— 1 1 5 — 31 6 — 44 
Total real estate — commercial mortgage
4,938 1,220 2,208 1,235 721 3,024 844 54 14,244 
Real estate — construction
Risk Rating:
Pass495 565 530 223 92 32 2 — 1,939 
Criticized (Accruing)— 4 5 43 4 — 1 — 57 
Criticized (Nonaccruing)— — — — — — — — 
Total real estate — construction495 569 535 266 96 32 3 — 1,996 
Commercial lease financing
Risk Rating:
Pass1,039 748 675 301 309 927 — — 3,999 
Criticized (Accruing)— 6 29 13 13 7 — — 68 
Criticized (Nonaccruing)— — 1 1 1 1 — — 4 
Total commercial lease financing1,039 754 705 315 323 935 — — 4,071 
Total commercial loans$18,212 $7,556 $7,624 $4,772 $3,136 $7,235 $22,159 $142 $70,836 
(a)Accrued interest of $113 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, 2021Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and FICO Score
Dollars in millions20212020201920182017PriorTotal
Real estate — residential mortgage
FICO Score:
750 and above$7,906 $2,909 $777 $84 $126 $1,096 $— $— $12,898 
660 to 7491,686 351 169 39 25 308 — — 2,578 
Less than 66026 14 19 16 9 142 — — 226 
No Score18 — 1 1 3 30 1 — 54 
Total real estate — residential mortgage9,636 3,274 966 140 163 1,576 1 — 15,756 
Home equity loans
FICO Score:
750 and above1,051 830 251 96 128 666 2,244 423 5,689 
660 to 749394 263 111 44 40 204 1,004 143 2,203 
Less than 66027 24 20 13 13 92 333 46 568 
No Score— 2 — — — 2 3 — 7 
Total home equity loans1,472 1,119 382 153 181 964 3,584 612 8,467 
Consumer direct loans
FICO Score:
750 and above1,799 1,129 517 65 17 129 109 — 3,765 
660 to 749612 295 174 46 10 45 212 — 1,394 
Less than 66045 33 27 11 3 12 60 — 191 
No Score68 40 29 17 10 21 218 — 403 
Total consumer direct loans2,524 1,497 747 139 40 207 599 — 5,753 
Credit cards
FICO Score:
750 and above— — — — — — 500 — 500 
660 to 749— — — — — — 387 — 387 
Less than 660— — — — — — 84 — 84 
No Score— — — — — — 1 — 1 
Total credit cards— — — — — — 972 — 972 
Consumer indirect loans
FICO Score:
750 and above5 — — — — 30 — — 35 
660 to 749— — — — — 26 — — 26 
Less than 660— — — — — 9 — — 9 
No Score— — — — — — — — — 
Total consumer indirect loans5 — — — — 65 — — 70 
Total consumer loans$13,637 $5,890 $2,095 $432 $384 $2,812 $5,156 $612 $31,018 
(a)Accrued interest of $85 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”.

Under the CARES Act as well as banking regulator interagency guidance, certain loan modifications to borrowers experiencing financial distress as a result of the economic impacts created by the COVID-19 pandemic may not be required to be reported as past due and nonperforming. For COVID-19 related loan modifications which occurred from March 1, 2020, through December 31, 2021, and met the loan modification criteria under either the CARES Act or the criteria specified by the regulatory agencies, we have elected to re-age to current status all commercial loans and consumer loans that are not secured by real-estate and freeze the delinquency status of consumer real estate secured loans as of the modification or forbearance grant date. At December 31, 2021, the portfolio loans and leases that have received a payment deferral or forbearance as part of our COVID-19 hardship relief programs totaled $75 million, of which $65 million of loan modifications and forbearances made under the criteria of either the CARES Act, banking regulator interagency guidance, or short-term forbearance policies were not reported as nonperforming.

The following aging analysis of past due and current loans as of December 31, 2021, and December 31, 2020, provides further information regarding Key’s credit exposure.
Aging Analysis of Loan Portfolio(a)
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.

December 31, 2020Current
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$52,396 $36 $50 $40 $385 $511 $52,907 
Commercial real estate:
Commercial mortgage12,548 9 5 21 104 139 12,687 
Construction1,986 — — 1 — 1 1,987 
Total commercial real estate loans14,534 9 5 22 104 140 14,674 
Commercial lease financing4,369 21 1 — 8 30 4,399 
Total commercial loans$71,299 $66 $56 $62 $497 $681 $71,980 
Real estate — residential mortgage$9,173 $11 $3 $1 $110 $125 $9,298 
Home equity loans9,143 34 20 9 154 217 9,360 
Consumer direct loans4,694 7 4 4 5 20 4,714 
Credit cards972 5 3 7 2 17 989 
Consumer indirect loans4,792 25 7 3 17 52 4,844 
Total consumer loans$28,774 $82 $37 $24 $288 $431 $29,205 
Total loans$100,073 $148 $93 $86 $785 $1,112 $101,185 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $241 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, 2021, the carrying amount of our commercial nonperforming loans outstanding represented 62% of their original contractual amount owed, total nonperforming loans outstanding represented 73% of their original contractual amount owed, and nonperforming assets in total were carried at 80% of their original contractual amount owed.

Nonperforming loans reduced expected interest income by $17 million, $27 million, and $31 million for each of the twelve months ended December 31, 2021, December 31, 2020, and December 31, 2019, respectively.

The amortized cost basis of nonperforming loans on nonaccrual status for which there is no related allowance for credit losses was $404 million at December 31, 2021.
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, 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 2021.

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. Under the CARES Act as well as banking regulator interagency guidance, certain loan modifications to borrowers experiencing financial distress as a result of the economic impacts created by the COVID-19 pandemic may not be required to be treated as TDRs under U.S. GAAP.  We elected to suspend TDR accounting for $65 million of COVID-19 related loan modifications as of December 31, 2021, as such loan modifications met the criteria under either the CARES Act, banking regulator interagency guidance or are a short-term forbearance. 

Commitments outstanding to lend additional funds to borrowers whose loan terms have been modified in TDRs were $15 million and $1 million at December 31, 2021, and December 31, 2020, 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, 2021, and December 31, 2020, the recorded investment of consumer residential mortgage loans in the process of foreclosure was approximately $104 million and $92 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 millions20212020
Commercial loans:
Extension of Maturity Date$— $5 
Payment or Covenant Modification/Deferment7 59 
Total$7 $64 
Consumer loans:
Interest rate reduction$7 $41 
Other19 21 
Total$26 $62 
Total TDRs$33 $126 

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 millions20212020
Balance at beginning of the period$363 $347 
Additions103 173 
Payments(217)(95)
Charge-offs(29)(62)
Balance at end of period$220 $363 
A further breakdown of TDRs included in nonperforming loans by loan category for the periods indicated are as follows:
December 31, 2021December 31, 2020
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 industrial36 $30 $14 66 $136 $92 
Commercial real estate:
Real estate — commercial mortgage3 50 25 7 62 50 
Total commercial real estate loans3 50 25 7 62 50 
Total commercial loans39 80 39 73 198 142 
Real estate — residential mortgage220 26 24 258 35 34 
Home equity loans531 36 31 630 41 37 
Consumer direct loans207 3 2 212 3 3 
Credit cards360 2 2 356 2 2 
Consumer indirect loans23 1 1 861 15 11 
Total consumer loans1,341 68 60 2,317 96 87 
Total nonperforming TDRs1,380 148 99 2,390 294 229 
Prior-year accruing: (a)
Commercial and industrial11 — — 3 5 — 
Commercial real estate:
Real estate — commercial mortgage1 — — — — — 
Total commercial loans12 — — 3 5 — 
Real estate — residential mortgage455 39 33 485 37 31 
Home equity loans1,628 97 75 1,781 106 83 
Consumer direct loans236 5 3 163 4 3 
Credit cards579 4 2 536 3 1 
Consumer indirect loans139 15 8 775 29 16 
Total consumer loans3,037 160 121 3,740 179 134 
Total prior-year accruing TDRs3,049 160 121 3,743 184 134 
Total TDRs4,429 $308 $220 6,133 $478 $363 
(a)All TDRs that were restructured prior to January 1, 2021, and January 1, 2020, 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 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. During 2020, there were seven commercial loan TDRs and 212 consumer loan TDRs with a combined recorded investment of $10 million that experienced payment defaults after modifications resulting in TDR status during 2019.
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 and is assessed a reserve under CECL.

Changes in the liability for credit losses on off balance sheet exposures are summarized as follows:
 Twelve Months Ended December 31,
Dollars in millions20212020
Balance at the end of the prior period$197 $68 
Liability for credit losses on contingent guarantees at the end of the prior period— 7 
Cumulative effect from change in accounting principle (a), (b)— 66 
Balance at beginning of period197 141 
Provision (credit) for losses on off balance sheet exposures(37)56 
Balance at end of period$160 $197 
(a)The cumulative effect from change in accounting principle relates to the January 1, 2020, adoption of ASU 2016-13.
(b)Excludes $4 million related to the provision for other financial assets.
v3.22.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2021
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

The following tables present assets and liabilities measured at fair value on a recurring basis at December 31, 2021, and December 31, 2020.
December 31, 2021December 31, 2020
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$— $530 $— $530 $— $633 $— $633 
States and political subdivisions— 96 — 96 — 24 — 24 
Other mortgage-backed securities— 44 — 44 — 47 — 47 
Other securities— 13 — 13 — 13 — 13 
Total trading account securities— 683 — 683 — 717 — 717 
Commercial loans— 18 — 18 — 18 — 18 
Total trading account assets— 701 — 701 — 735 — 735 
Securities available for sale:
U.S. Treasury, agencies and corporations— 9,472 — 9,472 — 1,000 — 1,000 
States and political subdivisions— — — — — — — — 
Agency residential collateralized mortgage obligations— 21,119 — 21,119 — 14,273 — 14,273 
Agency residential mortgage-backed securities— 5,122 — 5,122 — 2,164 — 2,164 
Agency commercial mortgage-backed securities— 9,651 — 9,651 — 10,106 — 10,106 
Other securities— — — — — — 13 13 
Total securities available for sale— 45,364 — 45,364 — 27,543 13 27,556 
Other investments:
Principal investments:
Direct— — 1 1 — — 1 1 
Indirect (measured at NAV) (a)
— — — 45 — — — 53 
Total principal investments— — 1 46 — — 1 54 
Equity investments:
Direct24 — 9 33 — — 13 13 
Direct (measured at NAV) (a)
— — — 21 — — — 7 
Indirect (measured at NAV) (a)
— — — 5 — — — 7 
Total equity investments24 — 9 59 — — 13 27 
Total other investments24 — 10 105 — — 14 81 
Loans, net of unearned income (residential)— — 11 11 — — 11 11 
Loans held for sale (residential)— 281 — 281 — 264 — 264 
Derivative assets:
Interest rate— 774 33 807 — 1,528 56 1,584 
Foreign exchange71 10 — 81 78 31 — 109 
Commodity— 1,330 — 1,330 — 424 2 426 
Credit— — 1 1 — — 1 1 
Other— 22 5 27 — 26 32 58 
Derivative assets71 2,136 39 2,246 78 2,009 91 2,178 
Netting adjustments (b)
— — — (284)— — — (380)
Total derivative assets71 2,136 39 1,962 78 2,009 91 1,798 
Total assets on a recurring basis at fair value$95 $48,482 $60 $48,424 $78 $30,551 $129 $30,445 
LIABILITIES MEASURED ON A RECURRING BASIS
Bank notes and other short-term borrowings:
Short positions$75 $513 $— $588 $256 $503 $— $759 
Derivative liabilities:
Interest rate— 253 — 253 — 288 — 288 
Foreign exchange66 10 — 76 72 31 — 103 
Commodity— 1,335 — 1,335 — 408 — 408 
Credit— 5 7 12 — — 11 11 
Other— 11 — 11 — 16 — 16 
Derivative liabilities66 1,614 7 1,687 72 743 11 826 
Netting adjustments (b)
— — — (1,526)— — — (675)
Total derivative liabilities66 1,614 7 161 72 743 11 151 
Total liabilities on a recurring basis at fair value$141 $2,127 $7 $749 $328 $1,246 $11 $910 
(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, 2021, 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, 2022. As of December 31, 2021, 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, 2021, as well as financial support provided for the years ended December 31, 2021, and December 31, 2020.
  Financial support provided
  Year ended December 31,
 December 31, 202120212020
Dollars in millionsFair Value
Unfunded
Commitments
Funded
Commitments
Funded
Other
Funded
Commitments
Funded
Other
INVESTMENT TYPE
Direct investments$1 $— $— $— $— $— 
Indirect investments (a)
45 12 4 — 2 — 
Total$46 $12 $4 $— $2 $— 
(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, 2021, 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 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, 2021, and December 31, 2020.
 
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)— 3 — — 11 — 
Derivative instruments (b)
Interest rate56 — (24)
(d)
3 (12)— — 28 
(e) 
(18)
(e) 
33 —   
Credit(10)— 3 
(d)
1 — — — —   —   (6)—   
Other (a)
32 — (3)— — — (24)— — 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, 2020
Securities available for sale
Other securities$11 $2 $— 
  
$— $— $— $— $—   $—   $13 $— 
Other investments
Principal investments
Direct1 — — — — — — —   —   1 — 
Equity investments
Direct12 1 
(c) 
— —   —   13 1 
Loans held for sale (residential)— — — — (10)— 10 — — — 1 
Loans held for investment (residential)4 — — — (2)— 9 — — 11 — 
Derivative instruments (b)
Interest rate22 19 
(d) 
17 10 — 99 
(e) 
(91)
(e) 
56 
Credit(8)— (2)
(d) 
1 (1)$— — —     (10)— 
Other (a)
5 — 7 — — — 20 — — 32 — 
 
(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, 2021, and December 31, 2020.

The following table presents our assets measured at fair value on a nonrecurring basis at December 31, 2021, and December 31, 2020:
 December 31, 2021December 31, 2020
Dollars in millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
ASSETS MEASURED ON A NONRECURRING BASIS
Collateral-dependent loans$— $— $28 $28 $— $— $108 $108 
Accrued income and other assets— — 80 80 — — 56 56 
Total assets on a nonrecurring basis at fair value$— $— $108 $108 $— $— $164 $164 

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, 2021, and December 31, 2020, the carrying amount of equity investments recorded under this method was $173 million and $171 million, respectively. No impairment was recorded for the year ended December 31, 2021.
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, 2021, and December 31, 2020, 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, 2021December 31, 2020December 31, 2021December 31, 2020
Recurring    
Securities available-for-sale:
Other securities
$— $13 Discounted cash flowsDiscount rate
N/A
N/A (15.09%)
Marketability discount
N/A
N/A (30.00%)
Volatility factor
N/A
N/A (44.00%)
Other investments:(a)
Equity investments
Direct
9 13 
Discounted cash flows
Discount rate
14.43 - 17.56% (16.30%)
13.90 - 17.04% (15.47%)
Marketability discount
N/A (NA)
N/A (30.00%)
Volatility factor
N/A (NA)
N/A (52.00%)
Loans, net of unearned income (residential)
11 11 
Market comparable pricing
Comparability factor
64.50%-97.30% (94.24%)
64.50 - 99.04% (94.17%)
Derivative instruments:
Interest rate
33 56 Discounted cash flowsProbability of default
.02 - 100% (8.88%)
.02 - 100% (7.90%)
Internal risk rating
1 - 19 (13.34)
1 - 19 (9.68)
Loss given default
0 - 1 (.50)
0 - 1 (.48)
Credit (assets)
1 1 
Discounted cash flows
Probability of default
.02 - 100% (6.00%)
.02 - 100% (4.70%)
Internal risk rating
1 - 19 (9.02)
1 - 19 (10.48)
Loss given default
0 - 1 (.49)
0 - 1 (.49)
Credit (liabilities)
(7)(11)
Discounted cash flows
Probability of default
.02 - 100% (3.28%)
.02 - 100% (15.45%)
Internal risk rating
1 - 19 (6.92)
1 - 19 (8.56)
Loss given default
0 - 1 (.50)
0 - 1 (.43)
Other(d)
5 32 
Discounted cash flows
Loan closing rates
2.64 - 99.70% (85.70%)
36.95 - 99.68% (77.51%)
Nonrecurring   
Collateral dependent loans28 108 Fair value of underlying collateralDiscount Rate
0 - 10.00% (8.00%)
0 - 100.00% (36.00%)
Accrued income and other assets:(e)
OREO and other assets13 16 Appraised valueAppraised valueN/MN/M
(a)Principal investments, direct is excluded from this table as the balance at December 31, 2021, 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)Amounts represent interest rate lock commitments.
(e)Excludes $67 million and $40 million pertaining to mortgage servicing assets measured at fair value as of December 31, 2021, and December 31, 2020, respectively. 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, 2021, and December 31, 2020, are shown in the following table.
 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 
December 31, 2020
 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)
$735 $— $735 $— $— $— $735 
Other investments (b)
621 — — 555 66 — 621 
Loans, net of unearned income (residential) (d)
11 — — 11 — — 11 
Loans held for sale (residential) (b)
264 — 264 — — — 264 
Derivative assets - trading (b)
1,676 $78 1,939 91 — (433)
(f) 
1,675 
Fair value - OCI
Securities available for sale (b)
27,556 — 27,543 13 — — 27,556 
Derivative assets - hedging (b) (g)
123 — 70 — — 53 
(f) 
123 
Amortized cost
Held-to-maturity securities (c)
7,595 — 8,023 — — — 8,023 
Loans, net of unearned income (d)
99,548 — — 98,946 — — 98,946 
Loans held for sale (b)
1,319 — — 1,319 — — 1,319 
Other
Cash and short-term investments (a)
17,285 17,285 — — — — 17,285 
LIABILITIES (by measurement category)
Fair value - net income
Derivative liabilities - trading (b)
154 72 746 11 — (675)
(f) 
154 
Fair value - OCI
Derivative liabilities - hedging (b) (g)
(3)— (3)— — — 
(f) 
(3)
Amortized cost
Time deposits (e)
5,743 — 5,765 — — — 5,765 
Short-term borrowings (a)
979 256 723 — — — 979 
Long-term debt (e)
13,709 13,925 $734 — — — 14,659 
Other
Deposits with no stated maturity (a)
129,539 — 129,539 — — — 129,539 
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 2021 and 2020, 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 $567 million ($486 million at fair value) at December 31, 2021, and $674 million ($567 million at fair value) at December 31, 2020; and
•Loans at fair value of $2 million at December 31, 2021, and $2 million at December 31, 2020.

These loans and securities 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.
v3.22.0.1
Securities
 12 Months Ended
Dec. 31, 2021
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.
 20212020
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$9,573 $— $101 $9,472 $1,000 $— $— $1,000 
Agency residential collateralized mortgage obligations
21,430 99 410 21,119 14,001 297 25 14,273 
Agency residential mortgage-backed securities5,137 37 52 5,122 2,094 70 — 2,164 
Agency commercial mortgage-backed securities 9,753 188 290 9,651 9,707 432 33 10,106 
Other securities— — — — 8 5 — 13 
Total securities available for sale$45,893 $324 $853 $45,364 $26,810 $804 $58 $27,556 
HELD-TO-MATURITY SECURITIES
Agency residential collateralized mortgage obligations
$2,196 $33 $— $2,229 $3,775 $124 $— $3,899 
Agency residential mortgage-backed securities164 6 — 170 271 14 — 285 
Agency commercial mortgage-backed securities2,678 118 — 2,796 3,515 290 — 3,805 
Asset-backed securities(b)
2,485 — 31 2,454 19 — — 19 
Other securities16 — — 16 15 — — 15 
Total held-to-maturity securities$7,539 $157 $31 $7,665 $7,595 $428 $— $8,023 
 
(a)Amortized cost amounts exclude accrued interest receivable which is recorded within “other assets” on the balance sheet. At December 31, 2021, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $59 million and $15 million, respectively. At December 31, 2020, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $42 million and $15 million, respectively.
(b)Includes $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 available for sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of December 31, 2021, and December 31, 2020:
 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, 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 — 
(a)
— — 96 — 
Asset-backed securities2,450 31 1 — 
(a)
2,451 31 
Other securities15 — 
(a)
— — 15 — 
Total securities in an unrealized loss position$29,680 $568 $5,511 $316 $35,191 $884 
December 31, 2020      
Securities available for sale:
Agency residential collateralized mortgage obligations$2,110 $25 $— $— $2,110 $25 
Agency residential mortgage-backed securities6 — 
(b)
5 — 
(b)
11 — 
Agency commercial mortgage-backed securities 2,709 33 — — 2,709 33 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations— — 24 — 
(b)
24 — 
Other securities5 — 
(b)
— — 5 — 
Total securities in an unrealized loss position$4,830 $58 $29 $— $4,859 $58 
(a)At December 31, 2021, gross unrealized losses totaled less than $1 million 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.
(b)At December 31, 2020, gross unrealized losses totaled less than $1 million for agency residential mortgage-backed securities available for sale and other securities held to maturity with a loss duration of less than 12 months. At December 31, 2020, gross unrealized losses totaled less than $1 million for agency residential mortgage-backed securities available for sale and agency residential collateralized mortgage obligations held to maturity with a loss duration greater than 12 months or longer.
Based on our evaluation at December 31, 2021, 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 long 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, 2021, securities available-for-sale and held-to-maturity securities totaling $14.6 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 and other mortgage-backed securities in the available-for-sale and held-to-maturity portfolios 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, 2021
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Dollars in millions
Due in one year or less$376 $385 $76 $75 
Due after one through five years21,937 21,999 5,631 5,673 
Due after five through ten years20,442 20,011 1,832 1,917 
Due after ten years3,138 2,969 — — 
Total$45,893 $45,364 $7,539 $7,665 
v3.22.0.1
Derivatives and Hedging Activities
 12 Months Ended
Dec. 31, 2021
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. 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, 2021, after taking into account the effects of bilateral collateral and master netting agreements, we had $75 million of derivative assets and $4 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 $1.9 billion and derivative liabilities of $157 million 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, 2021, 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, 2021, and December 31, 2020. The change in the notional amounts of these derivatives by type from December 31, 2020, to December 31, 2021, indicates the volume of our derivative transaction activity during 2021. 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 balance sheet, as indicated in the following table:
 
 December 31, 2021December 31, 2020
  
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$38,654 $39 $4 $36,135 $70 $(3)
Derivatives not designated as hedging instruments:
Interest rate72,088 768 249 78,424 1,514 291 
Foreign exchange9,073 81 76 6,385 109 103 
Commodity14,151 1,330 1,335 9,702 426 408 
Credit465 1 12 423 1 11 
Other (b)
3,330 27 11 4,951 58 16 
Total99,107 2,207 1,683 99,885 2,108 829 
Netting adjustments (c)
— (284)(1,526)— (380)(675)
Net derivatives in the balance sheet137,761 1,962 161 136,020 1,798 151 
Other collateral (d)
— (1)— — (2)(11)
Net derivative amounts$137,761 $1,961 $161 $136,020 $1,796 $140 
 
(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 and forward sale 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.
(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, 2021, 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, 2021 and December 31, 2020, related to cumulative basis adjustments for fair value hedges.
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 
December 31, 2020
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)
$8,182 $416 
Interest rate contracts
Securities available for sale(c)
$2,080 $(21)
(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 $7 million and $8 million at December 31, 2021 and December 31, 2020, 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, 2021 and December 31, 2020 the amortized cost of the closed portfolios used in these hedging relationships was $7.7 billion and $2.5 billion, respectively.

Cash flow hedges. During the year ended December 31, 2021, 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, 2021, we would expect to reclassify an estimated $96 million of after-tax net losses on derivative instruments from AOCI to income during the next 12 months for our cash flow hedges. 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. As of December 31, 2021, the maximum length of time over which we hedge forecasted transactions is 5.67 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, 2021, December 31, 2020, and December 31, 2019.
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 feesInterest expense – depositsOther income
Twelve Months Ended December 31, 2021
Total amounts presented in the consolidated statement of income$(221)$3,532 $546 $937 $(67)$147 
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 $— $4 $— $— 
Twelve Months Ended December 31, 2020
Total amounts presented in the consolidated statement of income$(286)$3,866 $484 $661 $(347)$15 
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 $— $— $— $— 
Twelve Months Ended December 31, 2019
Total amounts presented in the consolidated statement of income$(454)$4,267 $537 $630 $(853)$68 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items(247)— — — (1)— 
Recognized on derivatives designated as hedging instruments231 — — — — — 
Net income (expense) recognized on fair value hedges$(16)$— $— $— $(1)$— 
Net gain (loss) on cash flow hedging relationships
Realized gains (losses) (pre-tax) reclassified from AOCI into net income
Interest contracts$(1)$15 $— $— $— $32 
Net income (expense) recognized on cash flow hedges$(1)$15 $— $— $— 32 

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. In December 2019, our last remaining net investment hedge was discontinued in connection with the substantial liquidation of the net assets of KEF’s Canadian subsidiary. The discontinuance of this hedge relationship resulted in reclassification from AOCI into other income of pre-tax gains of $25 million related to cumulative changes in the fair value of the net investment hedge. The gain was offset by the reclassification of $11 million from AOCI into other income related to the pre-tax foreign currency translation adjustment loss on the net investment balance.

The following table summarizes the pre-tax net gains (losses) on our cash flow and net investment hedges for the years ended December 31, 2021, December 31, 2020, and December 31, 2019, 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, 2021
Cash Flow Hedges
Interest rate$(307)Interest income — Loans$329 $— 
Interest rate2 Interest expense — Long-term debt(4)— 
Interest rate10 Investment banking and debt placement fees4 — 
Net Investment Hedges
Foreign exchange contracts— Other Income— — 
Total$(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— — 
Net Investment Hedges
Foreign exchange contracts— Other Income— — 
Total$614 $315 $— 
Twelve Months Ended December 31, 2019
Cash Flow Hedges
Interest rate$442 Interest income — Loans$15 $— 
Interest rate(1)Interest expense — Long-term debt(1)— 
Interest rate3 Investment banking and debt placement fees— — 
Net Investment Hedges
Foreign exchange contracts(4)Other Income32 — 
Total$440 $46 $— 

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, 2021, December 31, 2020, and December 31, 2019, and where they are recorded on the income statement.
 202120202019
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$30 — $2 $32 $32 — $(10)$22 $46 — $(2)$44 
Foreign exchange47 — — 47 41 — — 41 45 — — 45 
Commodity14 — — 14 19 — — 19 6 — — 6 
Credit4 — (36)(32)(4)— (29)(33)(6)— (36)(42)
Other— $13 (7)6 — $19 19 38 — $2 — 2 
Total net gains (losses)$95 $13 $(41)$67 $88 $19 $(20)$87 $91 $2 $(38)$55 
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 $100 million at December 31, 2021, and $63 million at December 31, 2020. The cash collateral netted against derivative liabilities totaled $1.1 billion at December 31, 2021, and $232 million at December 31, 2020.

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
20212020
Interest rate$696 $1,448 
Foreign exchange31 52 
Commodity1,108 178 
Credit— (1)
Other27 58 
Derivative assets before collateral1,862 1,735 
Plus (Less): Related collateral100 63 
Total derivative assets$1,962 $1,798 
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, 2021, we had gross exposure of $127 million to broker-dealers and banks. We had net exposure of $221 million after the application of master netting agreements and cash collateral, where such qualifying agreements exist. We had net exposure of $219 million after considering $2 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 $24 million at December 31, 2021. The CVA is calculated from potential future exposures, expected recovery rates, and market-implied probabilities of default. At December 31, 2021, we had gross exposure of $1.9 billion 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 $1.7 billion 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 $11 million as of December 31, 2021, and $9 million as of December 31, 2020.

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, 2021, and December 31, 2020. 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. 
 20212020
December 31,
Dollars in millions
Notional
Amount		Average
Term
(Years)		Payment /
Performance
Risk 		Notional
Amount		Average
Term
(Years)		Payment /
Performance
Risk
Other$149 13.863.15 %$227 12.7619.53 %
Total credit derivatives sold$149 — — $227 — — 
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, 2021, 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, 2021, 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 $1.2 billion, which includes $226 million in derivative assets and $1.4 billion in derivative liabilities. We had $1.2 billion in cash and securities collateral posted to cover those positions as of December 31, 2021. There were no derivative contracts with credit risk contingent features held by KeyCorp at December 31, 2021.

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, 2021, and December 31, 2020. 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, 2021, and December 31, 2020, 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, 2021, or December 31, 2020.
December 31,
Dollars in millions
20212020
Moody’sS&PMoody’sS&P
KeyBank’s long-term senior unsecured credit ratingsA3A-A3A-
One rating downgrade$3 $3 $1 $1 
Two rating downgrades3 3 1 1 
Three rating downgrades3 3 1 1 

KeyBank’s long-term senior unsecured credit rating was four ratings above noninvestment grade at Moody’s and S&P as of December 31, 2021, and December 31, 2020. If KeyBank’s ratings had been downgraded below investment grade as of December 31, 2021, and December 31, 2020, payments of up to $4 million and $2 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, 2021, and December 31, 2020, 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.
v3.22.0.1
Mortgage Servicing Assets
 12 Months Ended
Dec. 31, 2021
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
20212020
Balance at beginning of period$578 $539 
Servicing retained from loan sales128 138 
Purchases29 33 
Amortization(120)(117)
Temporary recoveries (impairments)19 (15)
Balance at end of period$634 $578 
Fair value at end of period$789 $668 

The fair value of commercial mortgage servicing assets is determined by calculating the present value of future cash flows associated with servicing the commercial mortgage 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 commercial mortgage servicing assets at December 31, 2021, and December 31, 2020, along with the valuation techniques, are shown in the following table:
dollars in millionsDecember 31, 2021December 31, 2020
Valuation Technique
Significant
Unobservable Input
RangeWeighted-AverageRangeWeighted-Average
Discounted cash flowExpected defaults1.00 %2.00 %1.13 %1.01 %2.00 %1.18 %
Residual cash flows discount rate7.92 %10.46 %9.44 %7.48 %10.62 %9.22 %
Escrow earn rate1.34 %1.74 %1.34 %0.92 %1.14 %1.04 %
Loan assumption rate— %1.69 %1.37 %— %1.77 %1.43 %
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 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 $264 million for the year ended December 31, 2021, $214 million for the year ended December 31, 2020, and $196 million for the year ended December 31, 2019. This fee income was partially offset by $120 million of amortization for the year ended December 31, 2021, $117 million for the year ended December 31, 2020, and $118 million for the year ended December 31, 2019. 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 millions20212020
Balance at beginning of period
$58 $46 
Servicing retained from loan sales
43 36 
Purchases
— — 
Amortization(18)(14)
Temporary recoveries (impairments)10 (10)
Balance at end of period$93 $58 
Fair value at end of period
$97 $60 

The fair value of residential mortgage servicing assets is determined by calculating the present value of future cash flows associated with servicing the residential mortgage 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, 2021, along with the valuation techniques, are shown in the following table:
December 31, 2021December 31, 2020
Valuation Technique
Significant
Unobservable Input
RangeWeighted-AverageRangeWeighted-Average
Discounted cash flowPrepayment speed9.65 %49.17 %10.97 %12.39 %54.27 %17.09 %
Discount rate7.50 %11.50 %7.53 %7.51 %8.63 %7.55 %
Servicing cost$62.00 $8,075 $66.94 $62.00 $5,125 $75.37 

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, 2021, 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 $42 million for the year ended December 31, 2021, $34 million for the year ended December 31, 2020, and $21 million for the year ended December 31, 2019. This fee income was offset by $18 million of amortization for the year ended December 31, 2021, $14 million for the year ended December 31, 2020, and $6 million for the year ended December 31, 2019. Both the contractual fee income and the amortization are recorded, net, in “consumer mortgage income” on the income statement.
v3.22.0.1
Leases
 12 Months Ended
Dec. 31, 2021
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, 2021December 31, 2020
Operating lease cost$133 $135 
Finance lease cost:
Amortization of right-of-use assets2 2 
Interest on lease liabilities— 1 
Variable lease cost22 20 
Total lease cost (a)
$157 $158 
(a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2021, and December 31, 2020

Cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2021December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$— $1 
Operating cash flows from operating leases141 143 
Financing cash flows from finance leases2 2 
Right-of-use assets obtained in exchange for lease obligations: (a)
Operating leases$85 $86 
(a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2021 or December 31, 2020.

Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2021December 31, 2020
Operating lease assetsAccrued income and other assets$595 $630 
Operating lease liabilitiesAccrued expense and other liabilities676 711 
Finance leases:
Property and equipment, grossPremises and equipment18 28 
Accumulated depreciationPremises and equipment(13)(19)
Property and equipment, net5 9 
Finance lease liabilitiesLong-term debt7 11 

Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
December 31, 2021December 31, 2020
Weighted-average remaining lease term:
Operating leases6.567.09
Finance leases5.335.03
Weighted-average discount rate:
Operating leases2.78 %3.01 %
Finance leases4.50 %3.94 %

Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2022$138 $2 $140 
2023130 2 132 
2024115 2 117 
202596 1 97 
202680 — 80 
Thereafter187 2 189 
Total lease payments746 9 755 
Less imputed interest70 2 72 
Total$676 $7 $683 
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, 2021December 31, 2020
Sales-type and direct financing leases
Interest income on lease receivable$75 $119 
 Interest income related to accretion of unguaranteed residual asset16 (3)
Total sales-type and direct financing lease income91 116 
Operating leases
Operating lease income related to lease payments127 136 
Other operating leasing gains21 31 
Total operating lease income and other leasing gains148 167 
Total lease income$239 $283 

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, 2021December 31, 2020
Lease receivables$3,205 $3,570 
Unearned income(193)(257)
Unguaranteed residual value450 478 
Deferred fees and costs14 8 
Net investment in sales-type and direct financing leases$3,476 $3,799 

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, 2021, and December 31, 2020, was $255 million and $269 million, respectively.

At December 31, 2021, 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
2022$970 
2023725 
2024501 
2025327 
2026239 
Thereafter444 
Total lease payments$3,206 
At December 31, 2021, minimum future lease payments to be received for operating leases are as follows:
Dollars in millionsOperating lease payments
2022$110 
202392 
202479 
202566 
202650 
Thereafter84 
Total lease payments$480 
The carrying amount of operating lease assets at December 31, 2021 and December 31, 2020, was $740 million and $859 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, 2021December 31, 2020
Operating lease cost$133 $135 
Finance lease cost:
Amortization of right-of-use assets2 2 
Interest on lease liabilities— 1 
Variable lease cost22 20 
Total lease cost (a)
$157 $158 
(a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2021, and December 31, 2020

Cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2021December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$— $1 
Operating cash flows from operating leases141 143 
Financing cash flows from finance leases2 2 
Right-of-use assets obtained in exchange for lease obligations: (a)
Operating leases$85 $86 
(a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2021 or December 31, 2020.

Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2021December 31, 2020
Operating lease assetsAccrued income and other assets$595 $630 
Operating lease liabilitiesAccrued expense and other liabilities676 711 
Finance leases:
Property and equipment, grossPremises and equipment18 28 
Accumulated depreciationPremises and equipment(13)(19)
Property and equipment, net5 9 
Finance lease liabilitiesLong-term debt7 11 

Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
December 31, 2021December 31, 2020
Weighted-average remaining lease term:
Operating leases6.567.09
Finance leases5.335.03
Weighted-average discount rate:
Operating leases2.78 %3.01 %
Finance leases4.50 %3.94 %

Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2022$138 $2 $140 
2023130 2 132 
2024115 2 117 
202596 1 97 
202680 — 80 
Thereafter187 2 189 
Total lease payments746 9 755 
Less imputed interest70 2 72 
Total$676 $7 $683 
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, 2021December 31, 2020
Sales-type and direct financing leases
Interest income on lease receivable$75 $119 
 Interest income related to accretion of unguaranteed residual asset16 (3)
Total sales-type and direct financing lease income91 116 
Operating leases
Operating lease income related to lease payments127 136 
Other operating leasing gains21 31 
Total operating lease income and other leasing gains148 167 
Total lease income$239 $283 

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, 2021December 31, 2020
Lease receivables$3,205 $3,570 
Unearned income(193)(257)
Unguaranteed residual value450 478 
Deferred fees and costs14 8 
Net investment in sales-type and direct financing leases$3,476 $3,799 

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, 2021, and December 31, 2020, was $255 million and $269 million, respectively.

At December 31, 2021, 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
2022$970 
2023725 
2024501 
2025327 
2026239 
Thereafter444 
Total lease payments$3,206 
At December 31, 2021, minimum future lease payments to be received for operating leases are as follows:
Dollars in millionsOperating lease payments
2022$110 
202392 
202479 
202566 
202650 
Thereafter84 
Total lease payments$480 
The carrying amount of operating lease assets at December 31, 2021 and December 31, 2020, was $740 million and $859 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, 2021December 31, 2020
Operating lease cost$133 $135 
Finance lease cost:
Amortization of right-of-use assets2 2 
Interest on lease liabilities— 1 
Variable lease cost22 20 
Total lease cost (a)
$157 $158 
(a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2021, and December 31, 2020

Cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2021December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$— $1 
Operating cash flows from operating leases141 143 
Financing cash flows from finance leases2 2 
Right-of-use assets obtained in exchange for lease obligations: (a)
Operating leases$85 $86 
(a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2021 or December 31, 2020.

Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2021December 31, 2020
Operating lease assetsAccrued income and other assets$595 $630 
Operating lease liabilitiesAccrued expense and other liabilities676 711 
Finance leases:
Property and equipment, grossPremises and equipment18 28 
Accumulated depreciationPremises and equipment(13)(19)
Property and equipment, net5 9 
Finance lease liabilitiesLong-term debt7 11 

Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
December 31, 2021December 31, 2020
Weighted-average remaining lease term:
Operating leases6.567.09
Finance leases5.335.03
Weighted-average discount rate:
Operating leases2.78 %3.01 %
Finance leases4.50 %3.94 %

Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2022$138 $2 $140 
2023130 2 132 
2024115 2 117 
202596 1 97 
202680 — 80 
Thereafter187 2 189 
Total lease payments746 9 755 
Less imputed interest70 2 72 
Total$676 $7 $683 
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, 2021December 31, 2020
Sales-type and direct financing leases
Interest income on lease receivable$75 $119 
 Interest income related to accretion of unguaranteed residual asset16 (3)
Total sales-type and direct financing lease income91 116 
Operating leases
Operating lease income related to lease payments127 136 
Other operating leasing gains21 31 
Total operating lease income and other leasing gains148 167 
Total lease income$239 $283 

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, 2021December 31, 2020
Lease receivables$3,205 $3,570 
Unearned income(193)(257)
Unguaranteed residual value450 478 
Deferred fees and costs14 8 
Net investment in sales-type and direct financing leases$3,476 $3,799 

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, 2021, and December 31, 2020, was $255 million and $269 million, respectively.

At December 31, 2021, 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
2022$970 
2023725 
2024501 
2025327 
2026239 
Thereafter444 
Total lease payments$3,206 
At December 31, 2021, minimum future lease payments to be received for operating leases are as follows:
Dollars in millionsOperating lease payments
2022$110 
202392 
202479 
202566 
202650 
Thereafter84 
Total lease payments$480 
The carrying amount of operating lease assets at December 31, 2021 and December 31, 2020, was $740 million and $859 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, 2021December 31, 2020
Operating lease cost$133 $135 
Finance lease cost:
Amortization of right-of-use assets2 2 
Interest on lease liabilities— 1 
Variable lease cost22 20 
Total lease cost (a)
$157 $158 
(a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2021, and December 31, 2020

Cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2021December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$— $1 
Operating cash flows from operating leases141 143 
Financing cash flows from finance leases2 2 
Right-of-use assets obtained in exchange for lease obligations: (a)
Operating leases$85 $86 
(a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2021 or December 31, 2020.

Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2021December 31, 2020
Operating lease assetsAccrued income and other assets$595 $630 
Operating lease liabilitiesAccrued expense and other liabilities676 711 
Finance leases:
Property and equipment, grossPremises and equipment18 28 
Accumulated depreciationPremises and equipment(13)(19)
Property and equipment, net5 9 
Finance lease liabilitiesLong-term debt7 11 

Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
December 31, 2021December 31, 2020
Weighted-average remaining lease term:
Operating leases6.567.09
Finance leases5.335.03
Weighted-average discount rate:
Operating leases2.78 %3.01 %
Finance leases4.50 %3.94 %

Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2022$138 $2 $140 
2023130 2 132 
2024115 2 117 
202596 1 97 
202680 — 80 
Thereafter187 2 189 
Total lease payments746 9 755 
Less imputed interest70 2 72 
Total$676 $7 $683 
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, 2021December 31, 2020
Sales-type and direct financing leases
Interest income on lease receivable$75 $119 
 Interest income related to accretion of unguaranteed residual asset16 (3)
Total sales-type and direct financing lease income91 116 
Operating leases
Operating lease income related to lease payments127 136 
Other operating leasing gains21 31 
Total operating lease income and other leasing gains148 167 
Total lease income$239 $283 

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, 2021December 31, 2020
Lease receivables$3,205 $3,570 
Unearned income(193)(257)
Unguaranteed residual value450 478 
Deferred fees and costs14 8 
Net investment in sales-type and direct financing leases$3,476 $3,799 

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, 2021, and December 31, 2020, was $255 million and $269 million, respectively.

At December 31, 2021, 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
2022$970 
2023725 
2024501 
2025327 
2026239 
Thereafter444 
Total lease payments$3,206 
At December 31, 2021, minimum future lease payments to be received for operating leases are as follows:
Dollars in millionsOperating lease payments
2022$110 
202392 
202479 
202566 
202650 
Thereafter84 
Total lease payments$480 
The carrying amount of operating lease assets at December 31, 2021 and December 31, 2020, was $740 million and $859 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, 2021December 31, 2020
Operating lease cost$133 $135 
Finance lease cost:
Amortization of right-of-use assets2 2 
Interest on lease liabilities— 1 
Variable lease cost22 20 
Total lease cost (a)
$157 $158 
(a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2021, and December 31, 2020

Cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2021December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$— $1 
Operating cash flows from operating leases141 143 
Financing cash flows from finance leases2 2 
Right-of-use assets obtained in exchange for lease obligations: (a)
Operating leases$85 $86 
(a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2021 or December 31, 2020.

Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2021December 31, 2020
Operating lease assetsAccrued income and other assets$595 $630 
Operating lease liabilitiesAccrued expense and other liabilities676 711 
Finance leases:
Property and equipment, grossPremises and equipment18 28 
Accumulated depreciationPremises and equipment(13)(19)
Property and equipment, net5 9 
Finance lease liabilitiesLong-term debt7 11 

Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
December 31, 2021December 31, 2020
Weighted-average remaining lease term:
Operating leases6.567.09
Finance leases5.335.03
Weighted-average discount rate:
Operating leases2.78 %3.01 %
Finance leases4.50 %3.94 %

Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2022$138 $2 $140 
2023130 2 132 
2024115 2 117 
202596 1 97 
202680 — 80 
Thereafter187 2 189 
Total lease payments746 9 755 
Less imputed interest70 2 72 
Total$676 $7 $683 
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, 2021December 31, 2020
Sales-type and direct financing leases
Interest income on lease receivable$75 $119 
 Interest income related to accretion of unguaranteed residual asset16 (3)
Total sales-type and direct financing lease income91 116 
Operating leases
Operating lease income related to lease payments127 136 
Other operating leasing gains21 31 
Total operating lease income and other leasing gains148 167 
Total lease income$239 $283 

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, 2021December 31, 2020
Lease receivables$3,205 $3,570 
Unearned income(193)(257)
Unguaranteed residual value450 478 
Deferred fees and costs14 8 
Net investment in sales-type and direct financing leases$3,476 $3,799 

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, 2021, and December 31, 2020, was $255 million and $269 million, respectively.

At December 31, 2021, 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
2022$970 
2023725 
2024501 
2025327 
2026239 
Thereafter444 
Total lease payments$3,206 
At December 31, 2021, minimum future lease payments to be received for operating leases are as follows:
Dollars in millionsOperating lease payments
2022$110 
202392 
202479 
202566 
202650 
Thereafter84 
Total lease payments$480 
The carrying amount of operating lease assets at December 31, 2021 and December 31, 2020, was $740 million and $859 million, respectively.
v3.22.0.1
Premises and Equipment
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Premises and Equipment
11. Premises and Equipment
Premises and Equipment

Premises and equipment at December 31, 2021, and December 31, 2020, consisted of the following:
December 31,
Dollars in millions
Useful life (in years)
20212020
LandIndefinite$118 $126 
Buildings and improvements
15-40
680 722 
Leasehold improvements
1-15
616 631 
Furniture and equipment
2-15
814 843 
Capitalized building leases
   1-14 (a)
19 28 
Construction in processN/A70 44 
Total premises and equipment2,317 2,394 
Less: Accumulated depreciation and amortization(1,636)(1,641)
Premises and equipment, net$681 $753 
(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, 2021, December 31, 2020, and December 31, 2019 was $107 million, $115 million, and $118 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 $321 million and $385 million and related accumulated amortization of $86 million and $183 million as of December 31, 2021, and December 31, 2020, respectively. This includes in-process software that has not started amortizing. Amortization expense related to internal-use software for the years ended December 31, 2021, December 31, 2020, and December 31, 2019, was $66 million, $49 million, and $46 million, respectively.
v3.22.0.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2021
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 quantitative test as of October 1, 2021, and concluded goodwill was not impaired. We determined that the estimated fair value of the Consumer Bank reporting unit was 62% greater than its carrying amount, the estimated fair value of the Commercial Bank reporting unit was 60% greater than its carrying amount and the estimated fair value of the Institutional Bank reporting unit, which is aggregated in the Commercial Bank reporting segment, was 32% greater than its carrying amount. The fair values of each reporting unit were estimated using a combination of income and market approaches. The income approach utilized discounted cash flow projections for each reporting unit. The market approach consisted primarily of public company metrics but also considered recent transactions in the financial services industry. The carrying amounts of Key’s reporting units represent an average of regulatory and economic equity.
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, 2019$1,752 $912 $2,664 
BALANCE AT DECEMBER 31, 20201,752 912 2,664 
AQN Strategies acquisition9 — 9 
XUP acquisition— 20 20 
BALANCE AT DECEMBER 31, 2021$1,761 $932 $2,693 

Additional information regarding recent acquisitions is provided in Note 15 (“Acquisitions and Discontinued Operations”).
As of December 31, 2021, we expect goodwill in the amount of $455 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, 2021, December 31, 2020, and December 31, 2019.
The following table shows the gross carrying amount and the accumulated amortization of intangible assets subject to amortization:
 20212020
December 31,
Dollars in millions
Gross Carrying
Amount		Accumulated
Amortization
Gross Carrying
Amount
Accumulated
Amortization
Intangible assets subject to amortization:
Core deposit intangibles$355 $275 $355 $236 
PCCR intangibles16 13 16 12 
Other intangible assets82 35 105 40 
Total$453 $323 $476 $288 

The following table presents estimated intangible asset amortization expense for the next five years.
Estimated
Dollars in millions20222023202420252026
Intangible asset amortization expense $45 $36 $26 $16 $6 
v3.22.0.1
Variable Interest Entities
 12 Months Ended
Dec. 31, 2021
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 $1.6 billion and $1.4 billion of investments in LIHTC operating partnerships at December 31, 2021, and December 31, 2020, respectively. These investments are recorded in “accrued income and other assets” on our balance sheet. 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, 2021, and December 31, 2020, we had liabilities of $675 million and $484 million, respectively, related to investments in qualified affordable housing projects, which are recorded in “accrued expense and other liabilities” on our balance sheet. 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, 2021, and December 31, 2020. As these investments represent unconsolidated VIEs, the assets and liabilities of the investments themselves are not recorded on our balance sheet.
 Unconsolidated VIEs
Dollars in millions
Total
Assets
Total
Liabilities
Maximum
Exposure to Loss
December 31, 2021
LIHTC investments$7,839 $3,252 $1,985 
December 31, 2020
LIHTC investments$6,914 $2,765 $1,823 

We amortize our LIHTC investments over the period that we expect to receive the tax benefits. 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. In 2020, we recognized $195 million of amortization and $177 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 $45 million and $53 million at December 31, 2021, and December 31, 2020, respectively. These investments are recorded in “other investments” on our balance sheet. 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, 2021.
 Unconsolidated VIEs
Dollars in millions
Total
Assets
Total
Liabilities
Maximum
Exposure to Loss
December 31, 2021
Indirect investments$8,437 $178 $57 
December 31, 2020
Indirect investments$10,899 $168 $69 

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, 2021, and December 31, 2020, 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, 2021, and December 31, 2020. 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 balance sheet. These liabilities are recorded in “accrued expenses and other liabilities” on our balance sheet. Of the total balance as of December 31, 2021, $2.5 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, 2021
Other unconsolidated VIEs$2,827 $1 
December 31, 2020
Other unconsolidated VIEs$351 $1 
v3.22.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2021
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
202120202019
Currently payable:
Federal$423 $336 $241 
State73 83 20 
Total currently payable496 419 261 
Deferred:
Federal119 (156)34 
State27 (36)19 
Total deferred146 (192)53 
Total income tax (benefit) expense (a)
$642 $227 $314 
(a)There was income tax (benefit) expense on securities transactions of $(2) million in 2021, $1 million in 2020, and $5 million in 2019. 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 2021, $30 million in 2020, and $23 million in 2019.


Significant components of our deferred tax assets and liabilities included in “accrued expense and other liabilities” on the balance sheet, are as follows:
December 31,
Dollars in millions
20212020
Allowance for loan and lease losses$296 $443 
Employee benefits203 166 
Net unrealized securities losses102 — 
Federal net operating losses and credits6 7 
Non-tax accruals 73 76 
Operating lease liabilities (a)
165 174 
State net operating losses and credits1 1 
Other266 297 
Gross deferred tax assets1,112 1,164 
Less: Valuation Allowance12 — 
Total deferred tax assets1,100 1,164 
Leasing transactions521 556 
Net unrealized securities gains— 340 
Operating lease right-of-use assets (a)
145 153 
Goodwill121 104 
Other124 111 
Total deferred tax liabilities911 1,264 
Net deferred tax assets (liabilities) (b)
$189 $(100)
(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, 2021, we had net capital loss carryforwards of $12 million for which we have recorded $12 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, 2021, we had federal net operating loss carryforwards of $20 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 2037, under the Internal Revenue Code. We currently expect to fully utilize these losses and credits.

We had state net operating loss carryforwards of $24 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
202120202019
AmountRateAmountRateAmountRate
Income (loss) before income taxes times 21% statutory federal tax rate$683 21.0 %$327 21.0 %$425 21.0 %
Amortization of tax-advantaged investments151 4.6 150 9.7 132 6.5 
Tax-exempt interest income(26)(.8)(28)(1.8)(30)(1.5)
Corporate-owned life insurance income(27)(.8)(29)(1.9)(29)(1.4)
State income tax, net of federal tax benefit79 2.4 37 2.4 31 1.5 
Tax credits(218)(6.7)(218)(14.0)(231)(11.4)
Other— — (12)(.8)16 .9 
Total income tax expense (benefit)$642 19.7 %$227 14.6 %$314 15.6 %

Liability for Unrecognized Tax Benefits
The change in our liability for unrecognized tax benefits is as follows:
Year ended December 31,
Dollars in millions		20212020
Balance at beginning of year$58 $19 
Increase for other tax positions of prior years— 40 
Decrease for payments and settlements— — 
Decrease related to tax positions taken in prior years(8)(1)
Balance at end of year$50 $58 

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 $50 million at December 31, 2021, and $58 million at December 31, 2020. 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 $0.1 million, $0.2 million, and $0.9 million in 2021, 2020, and 2019, respectively. We did not recover any state tax penalties in 2021, 2020, or 2019. At December 31, 2021, we had an accrued interest payable of $2 million, compared to $3 million at December 31, 2020. There was no liability for accrued state tax penalties at December 31, 2021, and December 31, 2020.

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, 2021 and December 31, 2020, 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 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.
v3.22.0.1
Acquisitions and Discontinued Operations
 12 Months Ended
Dec. 31, 2021
Business Combinations [Abstract]  
Acquisitions and Discontinued Operations
15. Acquisitions and Discontinued Operations

Acquisitions

Arbitria Quum Notitia, LLC (AQN Strategies). On February 25, 2021, KeyCorp acquired AQN Strategies, a diversified consulting practice, specializing in analytically driven strategies and solutions as it relates to bank transformations, credit and growth, and payments intelligence. The acquisition of AQN Strategies will advance Key’s analytics by adding senior talent and expertise directly aligned to Key’s focus areas. The acquisition was accounted for as a business combination. As a result, we recognized goodwill of $9 million. No other material assets were acquired or liabilities assumed as a result of the acquisition and the valuation was final at March 31, 2021.

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 million and no separately identified intangible assets were recorded. Other acquired assets and liabilities of XUP were immaterial. These amounts represent our best estimate of fair value and are expected to be finalized over a period of up to one year from the acquisiton date.

Discontinued operations

Discontinued operations includes our government-guaranteed and private education lending business.  At December 31, 2021, and December 31, 2020, approximately $567 million and $710 million, respectively, of education loans are included in discontinued assets on the 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.
v3.22.0.1
Securities Financing Activities
 12 Months Ended
Dec. 31, 2021
Brokers and Dealers [Abstract]  
Securities Financing Activities
16. Securities Financing Activities

The following table summarizes our securities financing agreements at December 31, 2021, and December 31, 2020:
 December 31, 2021December 31, 2020
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$11 $(6)$(5)$— $6 $(6)$— $— 
Securities borrowed500 — (500)— 500 — (500)— 
Total$511 $(6)$(505)$— $506 $(6)$(500)$— 
Offsetting of financial liabilities:
Repurchase agreements (c)
$173 $(6)$(167)$— $220 $(6)$(214)$— 
Total$173 $(6)$(167)$— $220 $(6)$(214)$— 
(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, 2021, the carrying amount of assets pledged as collateral against repurchase agreements totaled $232 million. Assets pledged as collateral are reported in “available for sale” and “held-to-maturity” securities on our balance sheet. At December 31, 2021, the liabilities associated with collateral pledged were solely comprised of customer sweep financing activity and had a carrying value of $167 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.
v3.22.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2021
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 $104 million for 2021, $101 million for 2020, and $96 million for 2019. The total income tax benefit recognized in the income statement for these plans was $25 million for 2021, $24 million for 2020, and $23 million for 2019.
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, 2021, we had 34,121,863 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 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 2021, 2020, and 2019 are shown in the following table.
Year ended December 31,202120202019
Average option life6.6 years6.5 years6.5 years
Future dividend yield3.88 %3.90 %3.88 %
Historical share price volatility.335 .267 .266 
Weighted-average risk-free interest rate0.8 %1.3 %2.5 %
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, 2021:
Number of
Options
Weighted-Average
Exercise Price Per
Option
Weighted-Average
Remaining Life (in years)
Aggregate
Intrinsic
Value(a)
Outstanding at December 31, 20206,372,684 $14.18 4.6$21 
Granted542,153 20.98 
Exercised(2,319,438)11.71 
Lapsed or canceled(7,767)18.96 
Outstanding at December 31, 20214,587,632 $16.23 5.1$32 
Expected to vest1,280,416 19.53 7.75 
Exercisable at December 31, 20213,223,629 $14.81 3.9$27 
(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 $3.38 for options granted during 2021, $2.96 for options granted during 2020, and $3.07 for options granted during 2019. Stock option exercises numbered 2,319,438 in 2021, 821,916 in 2020, and 2,039,208 in 2019. The aggregate intrinsic value of exercised options was $22 million for 2021, $5 million for 2020, and $18 million for 2019. As of December 31, 2021, 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 2.4 years.
Cash received from options exercised was $27 million, $8 million, and $18 million in 2021, 2020, and 2019, respectively. The actual tax benefit realized for the tax deductions from options exercised totaled $1 million for 2021 and less than $1 million in 2020.
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 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. During 2020, the performance units vested that were payable in stock and cash numbered 421,352 and 654,108, respectively. The total fair value of the performance units vested during 2020 that were payable in stock and cash was $8 million and $13 million, respectively.

The following table summarizes activity and pricing information for the nonvested shares in the Program for the year ended December 31, 2021.
 
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, 202011,516,370 $19.01 59,171 $18.20 4,780,039 $16.23 
Granted5,115,781 19.07 29,215 19.07 1,626,607 23.19 
Vested(4,299,104)19.11 — — (1,278,629)18.18 
Forfeited(332,663)19.07 — — (47,494)22.19 
Outstanding at December 31, 202112,000,384 $19.00 88,386 $18.47 5,080,523 $23.18 
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 $20.06 during 2021, $18.68 during 2020, and $18.25 during 2019. As of December 31, 2021, unrecognized compensation cost related to nonvested shares under the Program totaled $97 million. We expect to recognize this cost over a weighted-average period of 2.3 years. The total fair value of shares vested was $105 million in 2021, $89 million in 2020, and $89 million in 2019.
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, 2021.
Number of
Nonvested
Shares
Weighted-Average
Grant-Date
Fair Value
Outstanding at December 31, 20202,572,087 $17.46 
Granted1,307,094 21.25 
Vested(891,388)17.93 
Forfeited(38,836)20.20 
Outstanding at December 31, 20212,948,957 $18.65 
The weighted-average grant-date fair value of awards granted was $21.25 during 2021, $16.22 during 2020, and $17.57 during 2019. As of December 31, 2021, unrecognized compensation cost related to nonvested shares granted under our deferred compensation plans and the other restricted stock or unit award programs totaled $25 million. We expect to recognize this cost over a weighted-average period of 3.1 years. The total fair value of shares vested was $16 million in 2021, $18 million in 2020, and $19 million in 2019.
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 335,951 Common Shares at a weighted-average cost to employees of $19.28 during 2021, 500,508 Common Shares at a weighted-average cost to employees of $11.76 during 2020, and 327,243 Common Shares at a weighted-average cost to employees of $15.73 during 2019.

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.”
v3.22.0.1
Employee Benefits
 12 Months Ended
Dec. 31, 2021
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 $381 million at December 31, 2021, and $427 million at December 31, 2020, consisting entirely of net unrecognized losses.
During 2021, 2020, and 2019, 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
202120202019
Interest cost on PBO$25 $34 $46 
Expected return on plan assets(28)(38)(48)
Amortization of losses18 17 13 
Settlement loss9 9 18 
Net pension cost$24 $22 $29 
Other changes in plan assets and benefit obligations recognized in OCI:
Net (gain) loss$(19)$(18)$(8)
Amortization of gains(27)(26)(31)
Total recognized in comprehensive income$(46)$(44)$(39)
Total recognized in net pension cost and comprehensive income$(22)$(22)$(10)

The information related to our pension plans presented in the following tables is based on current actuarial reports using measurement dates of December 31, 2021, and December 31, 2020.

The following table summarizes changes in the PBO related to our pension plans. Actuarial gains in 2021 were primarily driven by an increase in discount rate with a slight offset due to an increased interest credit rate.
Year ended December 31,
Dollars in millions
20212020
PBO at beginning of year$1,248 $1,233 
Interest cost25 34 
Actuarial losses (gains)(31)66 
Benefit payments(86)(85)
PBO at end of year$1,156 $1,248 
The following table summarizes changes in the FVA.
Year ended December 31,
Dollars in millions
20212020
FVA at beginning of year$1,153 $1,102 
Actual return on plan assets16 123 
Employer contributions13 13 
Benefit payments(86)(85)
FVA at end of year$1,096 $1,153 
The following table summarizes the funded status of the pension plans, which equals the amounts recognized in the balance sheets at December 31, 2021, and December 31, 2020.
December 31,
Dollars in millions
20212020
Funded status (a)
$(60)$(95)
Net prepaid pension cost recognized consists of:  
Noncurrent assets$106 $81 
Current liabilities(14)(14)
Noncurrent liabilities(152)(162)
Net prepaid pension cost recognized (b)
$(60)$(95)
(a)The shortage of the FVA under the PBO.
(b)Represents the accrued benefit liability of the pension plans.
At December 31, 2021, 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 2022. We also do not expect to make any significant discretionary contributions during 2022.
At December 31, 2021, we expect to pay the benefits from all funded and unfunded pension plans as follows: 2022 — $90 million; 2023— $89 million; 2024 — $87 million; 2025 — $85 million; 2026 — $82 million and $360 million in the aggregate from 2027 through 2031.
The ABO for all of our pension plans was $1.2 billion at December 31, 2021, and $1.2 billion at December 31, 2020. As indicated in the table below, collectively our plans had an ABO in excess of plan assets as follows: 
December 31,20212020
Dollars in millionsCash Balance Pension PlanOther Defined Benefit PlansCash Balance Pension PlanOther Defined Benefit Plans
PBO$991 $166 $1,072 $176 
ABO991 166 1,072 176 
Fair value of plan assets1,096 — 1,153 — 

To determine the actuarial present value of benefit obligations, we assumed the following weighted-average rates.
December 31,20212020
Discount rate2.43 %2.05 %
Compensation increase rateN/AN/A
Weighted-average interest crediting rate1.90 %1.65 %
To determine net pension cost, we assumed the following weighted-average rates.
Year ended December 31,
202120202019
Discount rate
2.05 %2.89 %4.00 %
Compensation increase rate
N/AN/AN/A
Expected return on plan assets
2.75 3.75 4.50 
We estimate that we will recognize $15 million in net pension cost for 2022, compared to net pension cost of $24 million in 2021 and $22 million for 2020.
We estimate that a 25 basis point increase or decrease in the expected return on plan assets would change our net pension cost for 2022 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 2022 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 2.75% for 2021, 3.75% for 2020 and 4.5% for 2019. We deemed a rate of 2.75% to be appropriate in estimating 2021 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, 2021.
Target Allocation  
Asset Class2021
Global equity securities16 
Fixed income securities84 
Total100 %
  
Equity securities include common stocks of domestic and foreign companies, as well as foreign company stocks traded as American Depositary Shares on U.S. stock exchanges. Debt securities include investments in domestic- and foreign-issued corporate bonds, U.S. government and agency bonds, international government bonds, and mutual funds. Real assets include an investment in a diversified real asset strategy separate account designed to provide exposure to the three core real assets: Treasury Inflation-Protected Securities, commodities, and real estate. Other assets include investments in a multi-strategy investment fund and a limited partnership.
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.”
Equity securities. Equity securities 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 since quoted prices for identical securities in active markets are available.
Debt securities. Substantially all debt securities are investment grade and include domestic- and foreign-issued corporate bonds and U.S. government and agency bonds. These securities are valued using evaluated prices based on observable inputs, such as dealer quotes, available trade information, spreads, bids and offers, prepayment speeds, U.S. Treasury curves, and interest rate movements. Debt securities are classified as Level 2.
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, 2021, and December 31, 2020.
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.

December 31, 2020    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Equity securities:
Common — U.S.$9 $— $— $9 
Preferred — U.S.3 — — 3 
Debt securities:
Corporate bonds — U.S.— 171 — 171 
Corporate bonds — International— 79 — 79 
Government and agency bonds — U.S.— 165 — 165 
Government bonds — International— 2 — 2 
State and municipal bonds— 27 — 27 
Mutual funds:
Equity — International2 — — 2 
Collective investment funds (measured at NAV) (a)
— — — 636 
Insurance investment contracts and pooled separate accounts (measured at NAV) (a)
— — — 17 
Other assets (measured at NAV) (a)
— — — 42 
Total net assets at fair value$14 $444 $— $1,153 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented elsewhere within this footnote.
Other Postretirement Benefit Plans
We sponsor a retiree healthcare plan in which all employees age 55 with five years of service (or employees age 50 with 15 years of service who are terminated under conditions that entitle them to a severance benefit) are eligible to participate. Participant contributions are adjusted annually. Key may provide a subsidy toward the cost of coverage for certain employees hired before 2001 with a minimum of 15 years of service at the time of termination. We use a separate VEBA trust to fund the retiree healthcare plan.
The components of pre-tax AOCI not yet recognized as net postretirement benefit cost are shown below.
December 31,  
Dollars in millions20212020
Net unrecognized losses (gains)$(9)$(10)
Net unrecognized prior service credit(14)(15)
Total unrecognized AOCI$(23)$(25)
The components of net postretirement benefit cost and the amount recognized in OCI for all funded and unfunded plans are as follows:
December 31,   
Dollars in millions202120202019
Service cost of benefits earned$— $— $1 
Interest cost on APBO2 2 2 
Expected return on plan assets(2)(2)(2)
Amortization of prior service credit(1)(1)— 
Amortization of gains(1)— (1)
Net postretirement benefit$(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 
Amortization of losses— — — 
Total recognized in comprehensive income$2 $1 $2 
Total recognized in net postretirement benefit cost and comprehensive income$— $— $2 
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, 2021, and December 31, 2020.
The following table summarizes changes in the APBO. Actuarial losses are a result of asset performance.
Year ended December 31,  
Dollars in millions20212020
APBO at beginning of year$52 $52 
Service cost— — 
Interest cost2 2 
Plan participants’ contributions2 1 
Actuarial losses (gains)11 8 
Benefit payments(10)(11)
Plan amendments— — 
APBO at end of year$57 $52 
The following table summarizes changes in FVA.
Year ended December 31,  
Dollars in millions20212020
FVA at beginning of year$52 $52 
Employer contributions— — 
Plan participants’ contributions2 1 
Benefit payments(10)(11)
Actual return on plan assets13 10 
FVA at end of year$57 $52 
The postretirement plans were fully funded at December 31, 2021, and December 31, 2020. Therefore, no liabilities were recognized on our balance sheet.
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 2022, if any, will be minimal.
At December 31, 2021, we expect to pay the benefits from other postretirement plans as follows: 2022 — $6 million; 2023 — $6 million; 2024 — $6 million; 2025 — $6 million; 2026 — $6 million; and $29 million in the aggregate from 2027 through 2031.
To determine the APBO, we assumed discount rates of 4.5% at December 31, 2021, and 4.5% at December 31, 2020.
To determine net postretirement benefit cost, we assumed the following weighted-average rates.
Year ended December 31,202120202019
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 2022.
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 Class2021
Equity securities80 %
Fixed income securities20 
Total100 %
  
Investments consist of mutual funds and collective investment funds 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, 2021, and December 31, 2020.
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 
Collective investment funds:
Equity — U.S.(a)
— — — 17 
Other assets (measured at NAV)(a)
— — — 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.
December 31, 2020    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Equity — U.S.$21 — — $21 
Equity — International9 — — 9 
Fixed income — U.S.7 — — 7 
Fixed income — International— — — — 
Collective investment funds:
Equity — U.S. (a)
— — — 14 
Other assets (measured at NAV)— — — 1 
Total net assets at fair value$37 — — $52 
(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, 2021, and December 31, 2020, 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. 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 accrued a 1% contribution for 2021 and made contributions of 1% for both 2020 and 2019, 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 $105 million in 2021, $103 million in 2020, and $98 million in 2019.
v3.22.0.1
Short-Term Borrowings
 12 Months Ended
Dec. 31, 2021
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 millions202120202019
FEDERAL FUNDS PURCHASED
Balance at year end— — $200 
Average during the year— $455 61 
Maximum month-end balance— 2,285 1,000 
Weighted-average rate during the year (a)
— %1.24 %2.12 %
Weighted-average rate at December 31 (a)
— — 1.56 
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS
Balance at year end$173 $220 $187 
Average during the year239 215 203 
Maximum month-end balance281 267 283 
Weighted-average rate during the year (a)
.02 %.11 %.22 %
Weighted-average rate at December 31 (a)
.01 .04 .09 
OTHER SHORT-TERM BORROWINGS
Balance at year end$588 $759 $705 
Average during the year770 1,452 730 
Maximum month-end balance897 4,606 847 
Weighted-average rate during the year (a)
1.08 %0.85 %2.31 %
Weighted-average rate at December 31 (a)
1.97 .60 1.99 
 
(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 $10.2 billion at December 31, 2021, 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, 2021, our unused secured borrowing capacity was $23.9 billion at the Federal Reserve Bank of Cleveland and $12.9 billion at the FHLB.
v3.22.0.1
Long-Term Debt
 12 Months Ended
Dec. 31, 2021
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 millions20212020
Senior medium-term notes due through 2029 (a)
$2,820 $3,962 
2.075% Subordinated notes due 2028 (b)
162 162 
6.875% Subordinated notes due 2029 (b)
107 115 
7.75% Subordinated notes due 2029 (b)
139 149 
7.25% Subordinated notes due 2021 (c)
— 311 
Other subordinated notes (b)(d)
75 74 
Total parent company3,303 4,773 
Senior medium-term notes due through 2039 (e)
6,582 6,718 
3.18% Senior remarketable notes due 2027 (f)
242 232 
3.40% Subordinated notes due 2026 (g)
602 625 
6.95% Subordinated notes due 2028 (g)
299 299 
3.90% Subordinated notes due 2029 (g)
376 398 
Secured borrowing due through 2025 (h)
13 19 
Federal Home Loan Bank advances due through 2038 (i)
604 608 
Investment Fund Financing due through 2052 (j)
10 21 
Key Govt Finance, Inc. Other Long Term Debt-ASR3 4 
Obligations under Capital Leases due through 2032 (k)
8 12 
Total subsidiaries8,739 8,936 
Total long-term debt$12,042 $13,709 
 
(a)Senior medium-term notes had a weighted-average interest rate of 3.2213% at December 31, 2021, and 3.7025% at December 31, 2020. These notes had fixed interest rates at December 31, 2021, and December 31, 2020. 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, 2020. This holding matured on December 15, 2021.
(d)The First Niagara variable rate trust preferred securities had a weighted-average interest rate of 1.68% at December 31, 2021, and 1.72% at December 31, 2020. These notes may be redeemed prior to their maturity dates.
(e)Senior medium-term notes had weighted-average interest rates of 2.116% at December 31, 2021, and 2.516% at December 31, 2020. 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 3.18% at December 31, 2021, and 3.18% at December 31, 2020. These notes had fixed interest rates at December 31, 2021, and December 31, 2020. 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, 2021, and 4.445% at December 31, 2020. 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 1.12% at December 31, 2021, and 1.15% at December 31, 2020. These advances, which had fixed interest rates, were secured by real estate loans and securities totaling $604 million at December 31, 2021, and $607 million at December 31, 2020.
(j)Investment Fund Financing had a weighted-average interest rate of 1.34% at December 31, 2021, and 1.77% at December 31, 2020.
(k)These are capital leases acquired in the First Niagara merger with a maturity range from March 2022 through October 2032.
At December 31, 2021, scheduled principal payments on long-term debt were as follows:
Dollars in millionsParentSubsidiariesTotal
2022$— $2,395 $2,395 
2023— 1,217 1,217 
2024— 2,242 2,242 
2025534 772 1,306 
2026— 615 615 
All subsequent years2,769 1,497 4,267 

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 the balance sheet.
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 the balance sheet.
As of December 31, 2021, no notes had been issued under the 2021 Bank Note Program, and $20.0 billion remained available for issuance.
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.
At December 31, 2021, KeyCorp had authorized and available for issuance up to $5.0 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.
v3.22.0.1
Trust Preferred Securities Issued by Unconsolidated Subsidiaries
 12 Months Ended
Dec. 31, 2021
Banking and Thrift, Other Disclosures [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 balance sheet.
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, 2021
KeyCorp Capital I$156 $6 $162 0.871 %2028
KeyCorp Capital II121 4 125 6.875 2029
KeyCorp Capital III116 4 120 7.750 2029
HNC Statutory Trust III20 1 21 1.570 2035
Willow Grove Statutory Trust I20 1 21 1.412 2036
HNC Statutory Trust IV17 1 18 1.513 2037
Westbank Capital Trust II8 — 8 2.404 2034
Westbank Capital Trust III8 — 8 2.404 2034
Total$466 $17 $483 4.271 %— 
December 31, 2020$483 $17 $500 4.464 %— 
(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 $52 million at December 31, 2021, and $70 million at December 31, 2020. 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 $52 million at December 31, 2021, and $70 million at December 31, 2020. 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.
v3.22.0.1
Commitments, Contingent Liabilities and Guarantees
 12 Months Ended
Dec. 31, 2021
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 balance sheet. 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 balance sheet. Additional information on principal investing commitments is provided in Note 6 (“Fair Value Measurements”). Other unfunded equity investment commitments at December 31, 2021, and December 31, 2020, related to tax credit investments and were primarily attributable to LIHTC investments. Unfunded tax credit investment commitments are recorded on our balance sheet 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, 2021, and December 31, 2020. 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
20212020
Loan commitments:
Commercial and other$54,614 $47,792 
Commercial real estate and construction3,180 2,365 
Home equity8,888 9,299 
Credit cards7,217 6,685 
Total loan commitments73,899 66,141 
Commercial letters of credit79 74 
Purchase card commitments771 708 
Principal investing commitments12 16 
Tax credit investment commitments679 487 
Total loan and other commitments$75,440 $67,426 

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, 2021. 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, 2021Maximum Potential Undiscounted Future PaymentsLiability Recorded
Dollars in millions
 
Financial guarantees:
Standby letters of credit$3,719 $86 
Recourse agreement with FNMA6,416 26 
Residential mortgage reserve3,113 15 
Written put options (a)
3,688 87 
Total$16,936 $214 
(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, 2021, 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, 2021, our standby letters of credit had a remaining weighted-average life of 2.0 years, with remaining actual lives ranging from less than 1 year to as many as 12.9 years.

Recourse agreement with FNMA. At December 31, 2021, the outstanding commercial mortgage loans in this program had a weighted-average remaining term of 7.8 years, and the unpaid principal balance outstanding of loans sold by us as a participant was $21.0 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, 2021. 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, 2021, the unpaid principal balance outstanding of loans sold by us was $10.2 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, 2021. 
Our liability for estimated repurchase obligations on loans sold, which is included in other liabilities on our balance sheet, was $15 million at December 31, 2021.

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, 2021, our written put options had an average life of 2.2 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.
v3.22.0.1
Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Accumulated Other Comprehensive Income
23. Accumulated Other Comprehensive Income

Our changes in AOCI for the years ended December 31, 2021, and December 31, 2020, 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, 2019$115 $250 $— $(339)$26 
Other comprehensive income before reclassification, net of income taxes
455 466 — 15 936 
Amounts reclassified from accumulated other comprehensive income, net of income taxes (a)
(3)(240)— 19 (224)
Net current-period other comprehensive income, net of income taxes452 226 — 34 712 
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)
(a)See table below for details about these reclassifications.


Our reclassifications out of AOCI for the years ended December 31, 2021, and December 31, 2020, are as follows:
Twelve Months Ended December 31,Affected Line Item in the Consolidated Statement of Income
Dollars in millions20212020
Unrealized gains (losses) on available for sale securities
Realized gains$7 $4 Other income
7 4 
Income (loss) from continuing operations before income taxes
2 1 Income taxes
$5 $3 Income (loss) from continuing operations
Unrealized gains (losses) on derivative financial instruments
Interest rate$329 $319 Interest income — Loans
Interest rate(4)(4)Interest expense — Long-term debt
Interest rate4 — Investment banking and debt placement fees
329 315 
Income (loss) from continuing operations before income taxes
78 75 Income taxes
$251 $240 Income (loss) from continuing operations
Net pension and postretirement benefit costs
Amortization of losses$(18)$(17)Other expense
Settlement loss(9)(9)Other expense
Amortization of prior service credit1 1 Other expense
(26)(25)
Income (loss) from continuing operations before income taxes
(6)(6)Income taxes
$(20)$(19)Income (loss) from continuing operations
v3.22.0.1
Shareholders' Equity
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Shareholders' Equity
24. Shareholders' Equity
Comprehensive Capital Plan

As previously reported and as authorized by the Board and pursuant to our 2021 capital plan (which is effective through the third quarter of 2022) submitted to and approved by the Federal Reserve, we have the authority to repurchase up to $1.5 billion of our Common Shares. During 2021, we repurchased $466 million of Common Share under our previous 2020 capital plan authorization and $710 million under our current 2021 capital plan authorization. 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), $559 million were purchased in the open market, and $32 million were 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.

Consistent with our capital plan, the Board declared a quarterly dividend of $.185 per common share for the first three quarters of 2021. During the fourth quarter of 2021, the Board declared a dividend of $.195 per common share. These quarterly dividend payments brought our annual dividend to $.75 per common share for 2021.
Preferred Stock

The following table summarizes our preferred stock at December 31, 2021:
Preferred stock seriesAmount outstanding (in millions)Shares authorized and outstandingPar valueLiquidation preferenceOwnership interest per depositary shareLiquidation preference per depositary share2021 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 

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, 2021, KeyCorp and KeyBank (consolidated) met all regulatory capital requirements.
KeyBank (consolidated) qualified for the “well capitalized” prompt corrective action capital category at December 31, 2021, 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, 2021, 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, 2021, 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, 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 %
December 31, 2020
TOTAL CAPITAL TO NET RISK-WEIGHTED ASSETS
Key$17,976 13.40 %$10,736 8.00 %N/AN/A
KeyBank (consolidated)17,195 13.09 10,511 8.00 $13,139 10.00 %
TIER 1 CAPITAL TO NET RISK-WEIGHTED ASSETS
Key$14,907 11.11 %$8,052 6.00 %N/AN/A
KeyBank (consolidated)14,539 11.07 7,884 6.00 $10,511 8.00 %
TIER 1 CAPITAL TO AVERAGE QUARTERLY TANGIBLE ASSETS
Key$14,907 8.94 %$6,671 4.00 %N/AN/A
KeyBank (consolidated)14,539 8.80 6,605 4.00 $8,256 5.00 %
v3.22.0.1
Business Segment Reporting
 12 Months Ended
Dec. 31, 2021
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, 2021.

Consumer Bank

The Consumer Bank serves individuals and small businesses throughout our 15-state branch footprint and through our Laurel Road digital lending business 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 needs of middle market clients in seven industry sectors: consumer, energy, healthcare, industrial, public sector, real estate, and technology. The Commercial operating segment is also a significant servicer of commercial mortgage loans and a significant special servicer of CMBS. The Institutional operating segment delivers a broad suite of banking and capital markets products to its clients, including syndicated finance, debt and equity capital markets, commercial payments, equipment finance, commercial mortgage banking, derivatives, foreign exchange, financial advisory, and public finance.
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, 2021, 2020, and 2019.

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 millions202120202019202120202019
SUMMARY OF OPERATIONS
Net interest income (TE)
$2,357 $2,403 $2,335 $1,655 $1,725 $1,651 
Noninterest income
1,068 999 917 1,989 1,524 1,395 
Total revenue (TE) (a)
3,425 3,402 3,252 3,644 3,249 3,046 
Provision for credit losses
(118)284 186 (279)741 120 
Depreciation and amortization expense
84 77 91 134 144 135 
Other noninterest expense
2,306 2,185 2,062 1,731 1,606 1,424 
Income (loss) from continuing operations before income taxes (TE)
1,153 856 913 2,058 758 1,367 
Allocated income taxes (benefit) and TE adjustments
277 203 216 413 107 223 
Income (loss) from continuing operations
876 653 697 1,645 651 1,144 
Income (loss) from discontinued operations, net of taxes
— — — — — — 
Net income (loss)
876 653 697 1,645 651 1,144 
Less: Net income (loss) attributable to noncontrolling interests
— — — — — — 
Net income (loss) attributable to Key
$876 $653 $697 $1,645 $651 $1,144 
AVERAGE BALANCES (b)
     
Loans and leases
$39,356 $37,842 $30,571 $60,552 $64,543 $60,417 
Total assets (a)
42,572 41,152 34,111 70,117 74,225 68,562 
Deposits
88,235 79,528 72,384 55,715 47,145 36,372 
OTHER FINANCIAL DATA
Expenditures for additions to long-lived assets (a), (b)
$39 $40 $150 $12 $1 $(8)
Net loan charge-offs (b)
126 135 157 81 308 128 
Return on average allocated equity (b)
24.54 %18.97 %21.59 %19.52 %12.99 %24.54 %
Return on average allocated equity
24.54 18.97 21.59 19.52 12.99 24.54 
Average full-time equivalent employees (c)
8,000 8,186 8,540 2,370 2,291 2,438 
Year ended December 31,OtherKey
Dollars in millions202120202019202120202019
SUMMARY OF OPERATIONS
Net interest income (TE)$86 $(65)$(45)$4,098 $4,063 $3,941 
Noninterest income137 129 147 3,194 2,652 2,459 
Total revenue (TE) (a)
223 64 102 7,292 6,715 6,400 
Provision for credit losses(21)(4)139 (418)1,021 445 
Depreciation and amortization expense80 82 87 298 303 313 
Other noninterest expense94 15 102 4,131 3,806 3,588 
Income (loss) from continuing operations before income taxes (TE)70 (29)(226)3,281 1,585 2,054 
Allocated income taxes (benefit) and TE adjustments(21)(54)(93)669 256 346 
Income (loss) from continuing operations91 25 (133)2,612 1,329 1,708 
Income (loss) from discontinued operations, net of taxes13 14 9 13 14 9 
Net income (loss)104 39 (124)2,625 1,343 1,717 
Less: Net income (loss) attributable to noncontrolling interests— — — — — — 
Net income (loss) attributable to Key$104 $39 $(124)
 (d)
$2,625 $1,343 $1,717 
AVERAGE BALANCES (b)
Loans and leases$361 $304 $523 $100,269 $102,689 $91,511 
Total assets (a)
66,230 46,678 40,506 178,919 162,055 143,179 
Deposits1,085 613 1,274 145,035 127,286 110,030 
OTHER FINANCIAL DATA
Expenditures for additions to long-lived assets (a), (b)
$63 $120 $103 $114 $161 $245 
Net loan charge-offs (b)
(22)1 147 185 444 432 
Return on average allocated equity (b)
1.61 %.27 %(1.52)%14.79 %7.54 %10.27 %
Return on average allocated equity1.84 .42 (1.42)14.86 7.62 10.32 
Average full-time equivalent employees (c)
6,604 6,349 6,067 16,974 16,826 17,045 
(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.
(d)Other segments included $106 million provision for credit loss, net of tax, related to a previously disclosed fraud incident.
v3.22.0.1
Condensed Financial Information of the Parent Company
 12 Months Ended
Dec. 31, 2021
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
20212020
ASSETS
Cash and due from banks$2,293 $3,799 
Short-term investments24 21 
Securities available for sale— 12 
Other investments77 43 
Loans to:
Banks50 50 
Nonbank subsidiaries16 16 
Total loans66 66 
Investment in subsidiaries:
Banks17,019 17,645 
Nonbank subsidiaries1,015 900 
Total investment in subsidiaries18,034 18,545 
Goodwill167 167 
Corporate-owned life insurance212 207 
Derivative assets76 100 
Accrued income and other assets309 299 
Total assets$21,258 $23,259 
LIABILITIES
Accrued expense and other liabilities$532 $505 
Long-term debt due to:
Subsidiaries483 500 
Unaffiliated companies2,820 4,273 
Total long-term debt3,303 4,773 
Total liabilities3,835 5,278 
SHAREHOLDERS’ EQUITY (a)
17,423 17,981 
Total liabilities and shareholders’ equity$21,258 $23,259 
(a)See Key’s Consolidated Statements of Changes in Equity.

CONDENSED STATEMENTS OF INCOME
Year ended December 31,
Dollars in millions202120202019
INCOME
Dividends from subsidiaries:
Bank subsidiaries$1,925 $1,250 $1,204 
Nonbank subsidiaries50 — 70 
Interest income from subsidiaries1 4 9 
Other income36 8 11 
Total income2,012 1,262 1,294 
EXPENSE
Interest on long-term debt with subsidiary trusts13 18 22 
Interest on other borrowed funds65 114 151 
Personnel and other expense101 63 87 
Total expense179 195 260 
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries1,833 1,067 1,034 
Income tax (expense) benefit38 38 57 
Income (loss) before equity in net income (loss) less dividends from subsidiaries1,871 1,105 1,091 
Equity in net income (loss) less dividends from subsidiaries754 238 626 
NET INCOME (LOSS)2,625 1,343 1,717 
Less: Net income attributable to noncontrolling interests— — — 
NET INCOME (LOSS) ATTRIBUTABLE TO KEY$2,625 $1,343 $1,717 
.
CONDENSED STATEMENTS OF CASH FLOWS
Year ended December 31,
Dollars in millions202120202019
OPERATING ACTIVITIES
Net income (loss) attributable to Key$2,625 $1,343 $1,717 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Deferred income taxes (benefit)(22)2 (43)
Stock-based compensation expense9 11 8 
Equity in net (income) loss less dividends from subsidiaries(754)(238)(626)
Net (increase) decrease in other assets13 (66)39 
Net increase (decrease) in other liabilities48 12 11 
Other operating activities, net(414)131 244 
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES1,505 1,195 1,350 
INVESTING ACTIVITIES
Net (increase) decrease in securities available for sale and in short-term and other investments(15)(7)(6)
Proceeds from sales, prepayments and maturities of securities available for sale— — — 
Net (increase) decrease in loans to subsidiaries— — 15 
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES(15)(7)9 
FINANCING ACTIVITIES
Net proceeds from issuance of long-term debt— 800 750 
Payments on long-term debt(997)(1,003)(300)
Repurchase of Treasury Shares(1,176)(170)(868)
Net cash from the issuance (redemption) of Common Shares and preferred stock— — 435 
Cash dividends paid(823)(829)(804)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES(2,996)(1,202)(787)
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS(1,506)(14)572 
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR3,799 3,813 3,241 
CASH AND DUE FROM BANKS AT END OF YEAR$2,293 $3,799 $3,813 
KeyCorp paid interest on borrowed funds totaling $130 million in 2021, $204 million in 2020, and $151 million in 2019.
v3.22.0.1
Revenue from Contracts with Customers
 12 Months Ended
Dec. 31, 2021
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, 2021, and December 31, 2020:
Year ended December 31,20212020
Dollars in millionsConsumer BankCommercial BankTotal Contract RevenueConsumer BankCommercial BankTotal Contract Revenue
NONINTEREST INCOME
Trust and investment services income$417 $67 $484 $374 $67 $441 
Investment banking and debt placement fees— 586 586 — 305 305 
Services charges on deposit accounts201 136 337 189 122 311 
Cards and payments income181 226 407 160 201 361 
Other noninterest income7 2 9 10 — 10 
Total revenue from contracts with customers$806 $1,017 $1,823 $733 $695 $1,428 
Other noninterest income (a)
$1,234 $1,095 
Noninterest income from other segments (b)
137 129 
Total noninterest income$3,194 $2,652 
(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, 2021, and December 31, 2020.
v3.22.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2021
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 have been reclassified 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 have the power to direct activities of the VIE that most significantly impact the entity’s economic performance and 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. 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.

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, 2021, the State of Israel's credit rating remains "stable" 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.
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 “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. 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, 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 and Pending Adoption
Accounting Guidance Adopted in 2021
StandardDate of AdoptionDescriptionEffect on Financial Statements or Other Significant Matters
ASU 2019-12,
Simplifying the
Accounting for
Income Taxes		January 1, 2021 This ASU simplifies the accounting for income
taxes by removing certain exceptions to the
existing guidance, such as exceptions related
to the incremental approach for intraperiod tax
allocation, the methodology for calculating
income taxes in an interim period when a
year-to-date loss exceeds the anticipated loss,
and the recognition of deferred tax liabilities
when a foreign subsidiary becomes an equity
method investment and when a foreign equity
method investment becomes a subsidiary.

Along with general improvements, it adds
simplifications related to franchise taxes, the
tax basis of goodwill, and the method for
recognizing an enacted change in tax laws.
The guidance also specifies that an entity is
not required to allocate the consolidated
amount of certain tax expense to a legal entity
not subject to tax in its own separate financial statements.

The guidance should be applied on either a
retrospective, modified retrospective, or
prospective basis depending on the amendment.		The adoption of this accounting guidance did not have a material effect on our financial condition or results of operations.
ASU 2020-01,
Clarifying the
Interactions between Topic
321,Investments
—Equity
Securities;
Topic 323,
Investments— Equity Method and Joint Ventures; and
Topic 815, Derivatives and Hedging 		January 1, 2021This guidance clarifies that when applying the
measurement alternative in Topic 321,
companies should consider certain observable
transactions that require the application or
discontinuance of the equity method under
Topic 323.

It also clarifies that companies should not
consider whether the underlying securities in
certain forward contracts and purchased
options would be accounted for under the
equity method or fair value option when
determining the method of accounting for those contracts.

This guidance should be applied on prospective basis.		The adoption of this accounting guidance did not have a material effect on our financial condition or results of operations.
ASU 2020-08,
Codification Improvements to
Subtopic 310-20,
Receivables—Nonrefundable
Fees and Other Costs		January 1, 2021This ASU clarifies that at each reporting period an entity
should reevaluate whether a callable debt security is within the scope of ASC 310, which says that to the extent the amortized cost basis of an individual callable debt security exceeds the amount repayable by the issuer at the earliest call date, the premium shall be amortized to the earliest call date, unless prepayment guidance is applied.

This guidance should be applied on a prospective basis.		The adoption of this accounting guidance did not have a material effect on our financial condition or results of operations.
ASU 2021-01, Reference
Rate Reform (Topic 848)		January 1, 2021The ASU clarifies that certain optional expedients and
exceptions related to contracts modified as a result of
reference rate reform and hedge accounting apply to
derivatives affected by the discounting transition, such as those that use an interest rate for margining,
discounting, or contract price alignment.

The guidance may be applied on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020.
 
Alternatively, it may be applied on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final Update, until the financial statements are available to be issued.		Key adopted this guidance on January 1, 2021, on a prospective basis and will assess the impact in conjunction with the reference rate transition.

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.
Presentation of Financial Statements (Topic 205), Financial Services—Depository and Lending (Topic 942), and Financial Services— Investment Companies (Topic 946) December 31, 2021The FASB updated the SEC section of the Codification to reflect two releases issued in 2020 to improve disclosure rules related to depository lending and investment companies.

Disclosure requirements have been updated to codify certain Guide 3 disclosure items and eliminate other Guide 3 disclosure items that overlap with Commission rules and U.S. GAAP. Further, codified disclosure requirements were moved to a new part of Regulation S-K.		The adoption of this accounting guidance did not materially impact Key’s financial statement disclosures. Updates to disclosures included the elimination of duplicative disclosures already required by the SEC and U.S. GAAP, as well as streamlining the presentation of prior period information in MD&A to align with periods presented in the financial statements. Additional disclosures regarding uninsured deposits amounts and loan categories required by Regulation S-K were also included.
Accounting Guidance Adopted in 2022
StandardDate of AdoptionDescriptionEffect on Financial Statements or Other Significant Matters
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, 2022

Early adoption is permitted.		The 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, the 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.
v3.22.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
Accounting Guidance Adopted in 2021
StandardDate of AdoptionDescriptionEffect on Financial Statements or Other Significant Matters
ASU 2019-12,
Simplifying the
Accounting for
Income Taxes		January 1, 2021 This ASU simplifies the accounting for income
taxes by removing certain exceptions to the
existing guidance, such as exceptions related
to the incremental approach for intraperiod tax
allocation, the methodology for calculating
income taxes in an interim period when a
year-to-date loss exceeds the anticipated loss,
and the recognition of deferred tax liabilities
when a foreign subsidiary becomes an equity
method investment and when a foreign equity
method investment becomes a subsidiary.

Along with general improvements, it adds
simplifications related to franchise taxes, the
tax basis of goodwill, and the method for
recognizing an enacted change in tax laws.
The guidance also specifies that an entity is
not required to allocate the consolidated
amount of certain tax expense to a legal entity
not subject to tax in its own separate financial statements.

The guidance should be applied on either a
retrospective, modified retrospective, or
prospective basis depending on the amendment.		The adoption of this accounting guidance did not have a material effect on our financial condition or results of operations.
ASU 2020-01,
Clarifying the
Interactions between Topic
321,Investments
—Equity
Securities;
Topic 323,
Investments— Equity Method and Joint Ventures; and
Topic 815, Derivatives and Hedging 		January 1, 2021This guidance clarifies that when applying the
measurement alternative in Topic 321,
companies should consider certain observable
transactions that require the application or
discontinuance of the equity method under
Topic 323.

It also clarifies that companies should not
consider whether the underlying securities in
certain forward contracts and purchased
options would be accounted for under the
equity method or fair value option when
determining the method of accounting for those contracts.

This guidance should be applied on prospective basis.		The adoption of this accounting guidance did not have a material effect on our financial condition or results of operations.
ASU 2020-08,
Codification Improvements to
Subtopic 310-20,
Receivables—Nonrefundable
Fees and Other Costs		January 1, 2021This ASU clarifies that at each reporting period an entity
should reevaluate whether a callable debt security is within the scope of ASC 310, which says that to the extent the amortized cost basis of an individual callable debt security exceeds the amount repayable by the issuer at the earliest call date, the premium shall be amortized to the earliest call date, unless prepayment guidance is applied.

This guidance should be applied on a prospective basis.		The adoption of this accounting guidance did not have a material effect on our financial condition or results of operations.
ASU 2021-01, Reference
Rate Reform (Topic 848)		January 1, 2021The ASU clarifies that certain optional expedients and
exceptions related to contracts modified as a result of
reference rate reform and hedge accounting apply to
derivatives affected by the discounting transition, such as those that use an interest rate for margining,
discounting, or contract price alignment.

The guidance may be applied on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020.
 
Alternatively, it may be applied on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final Update, until the financial statements are available to be issued.		Key adopted this guidance on January 1, 2021, on a prospective basis and will assess the impact in conjunction with the reference rate transition.

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.
Presentation of Financial Statements (Topic 205), Financial Services—Depository and Lending (Topic 942), and Financial Services— Investment Companies (Topic 946) December 31, 2021The FASB updated the SEC section of the Codification to reflect two releases issued in 2020 to improve disclosure rules related to depository lending and investment companies.

Disclosure requirements have been updated to codify certain Guide 3 disclosure items and eliminate other Guide 3 disclosure items that overlap with Commission rules and U.S. GAAP. Further, codified disclosure requirements were moved to a new part of Regulation S-K.		The adoption of this accounting guidance did not materially impact Key’s financial statement disclosures. Updates to disclosures included the elimination of duplicative disclosures already required by the SEC and U.S. GAAP, as well as streamlining the presentation of prior period information in MD&A to align with periods presented in the financial statements. Additional disclosures regarding uninsured deposits amounts and loan categories required by Regulation S-K were also included.
Accounting Guidance Adopted in 2022
StandardDate of AdoptionDescriptionEffect on Financial Statements or Other Significant Matters
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, 2022

Early adoption is permitted.		The 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, the 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.
v3.22.0.1
Earnings Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
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 amounts202120202019
EARNINGS
Income (loss) from continuing operations$2,612 $1,329 $1,708 
Less: Net income (loss) attributable to noncontrolling interests— — — 
Income (loss) from continuing operations attributable to Key2,612 1,329 1,708 
Less: Dividends on preferred stock106 106 97 
Income (loss) from continuing operations attributable to Key common shareholders2,506 1,223 1,611 
Income (loss) from discontinued operations, net of taxes13 14 9 
Net income (loss) attributable to Key common shareholders$2,519 $1,237 $1,620 
WEIGHTED-AVERAGE COMMON SHARES
Weighted-average Common Shares outstanding (000)947,065 967,783 992,091 
Effect of common share options and other stock awards10,349 7,024 10,163 
Weighted-average common shares and potential Common Shares outstanding (000) (a)
957,414 974,807 1,002,254 
EARNINGS PER COMMON SHARE
Income (loss) from continuing operations attributable to Key common shareholders$2.64 $1.26 $1.62 
Income (loss) from discontinued operations, net of taxes.01 .01 .01 
Net income (loss) attributable to Key common shareholders (b)
2.65 1.28 1.63 
Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution2.62 1.26 1.61 
Income (loss) from discontinued operations, net of taxes — assuming dilution.01 .01 .01 
Net income (loss) attributable to Key common shareholders — assuming dilution (b)
2.63 1.27 1.62 
(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.
v3.22.0.1
Loan Portfolio (Tables)
 12 Months Ended
Dec. 31, 2021
Financing Receivable, before Allowance for Credit Loss [Abstract]  
Loans by Category
December 31,  
Dollars in millions20212020
Commercial and industrial (b)
$50,525 $52,907 
Commercial real estate:
Commercial mortgage14,244 12,687 
Construction1,996 1,987 
Total commercial real estate loans16,240 14,674 
Commercial lease financing (c)
4,071 4,399 
Total commercial loans70,836 71,980 
Residential — prime loans:
Real estate — residential mortgage15,756 9,298 
Home equity loans8,467 9,360 
Total residential — prime loans24,223 18,658 
Consumer direct loans5,753 4,714 
Credit cards972 989 
Consumer indirect loans70 4,844 
Total consumer loans31,018 29,205 
Total loans (d)
$101,854 $101,185 
(a)Accrued interest of $198 million and $241 million at December 31, 2021, and December 31, 2020, 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 $139 million and $127 million of commercial credit card balances at December 31, 2021, and December 31, 2020, respectively.
(c)Commercial lease financing includes receivables of $16 million and $23 million held as collateral for a secured borrowing at December 31, 2021, and December 31, 2020, 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 in the amount of $567 million at December 31, 2021, and $710 million at December 31, 2020, related to the discontinued operations of the education lending business.
v3.22.0.1
Asset Quality (Tables)
 12 Months Ended
Dec. 31, 2021
Credit Loss [Abstract]  
Allowance for Loan and Lease Losses and Corresponding Loan Balances The changes in the ALLL by loan category for the periods indicated are as follows:
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, 2020ProvisionCharge-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 credit related to reserves on lending-related commitments of $56 million.
Twelve Months Ended December 31, 2019
Dollars in millionsDecember 31, 2018Provision Charge-offsRecoveries  December 31, 2019
Commercial and industrial$532 $311   $(319)$27 $551 
Real estate — commercial mortgage142 7 (8)2 143 
Real estate — construction33 (6)(5)— 22 
Commercial lease financing36 20 (26)5 35 
Total commercial loans743 332 (358)34 751 
Real estate — residential mortgage7 1 (3)2 7 
Home equity loans35 7 (19)8 31 
Consumer direct loans30 38   (41)7 34 
Credit cards48 36   (44)7 47 
Consumer indirect loans20 27 (34)17 30 
Total consumer loans140 109   (141)41 149 
Total ALLL — continuing operations883 441 
(a)(b)
(499)
(b)
75 900 
Discontinued operations14 3   (12)5 10 
Total ALLL — including discontinued operations$897 $444   $(511)$80 $910 
(a)Excludes a provision related to reserves on lending-related commitments of $4 million.
(b)Includes the realization of a $139 million loss related to a previously disclosed fraud incident.
Schedule of Accounts, Notes, Loans and Financing Receivable The following table discloses key macroeconomic variables for each loan portfolio.
SegmentPortfolio
Key Macroeconomic Variables (a)
CommercialCommercial and industrialBBB corporate bond rate (spread), GDP, industrial production, and unemployment rate
Commercial real estateBBB corporate bond rate (spread), property and real estate price indices, and unemployment rate
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 indirectNew vehicle sales, used vehicle prices, and unemployment 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.
Financing Receivable Credit Quality Indicators
Credit Risk Profile by Creditworthiness Category and Vintage (a)
As of December 31, 2021Term 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 millions20212020201920182017PriorTotal
Commercial and Industrial
Risk Rating:
Pass$11,675 $4,941 $4,040 $2,771 $1,777 $3,108 $20,406 $72 $48,790 
Criticized (Accruing)64 71 115 175 200 121 784 14 1,544 
Criticized (Nonaccruing)1 1 21 10 19 15 122 2 191 
Total commercial and industrial11,740 5,013 4,176 2,956 1,996 3,244 21,312 88 50,525 
Real estate — commercial mortgage
Risk Rating:
Pass4,923 1,197 2,137 1,168 612 2,787 803 53 13,680 
Criticized (Accruing)15 22 70 62 109 206 35 1 520 
Criticized (Nonaccruing)— 1 1 5 — 31 6 — 44 
Total real estate — commercial mortgage
4,938 1,220 2,208 1,235 721 3,024 844 54 14,244 
Real estate — construction
Risk Rating:
Pass495 565 530 223 92 32 2 — 1,939 
Criticized (Accruing)— 4 5 43 4 — 1 — 57 
Criticized (Nonaccruing)— — — — — — — — 
Total real estate — construction495 569 535 266 96 32 3 — 1,996 
Commercial lease financing
Risk Rating:
Pass1,039 748 675 301 309 927 — — 3,999 
Criticized (Accruing)— 6 29 13 13 7 — — 68 
Criticized (Nonaccruing)— — 1 1 1 1 — — 4 
Total commercial lease financing1,039 754 705 315 323 935 — — 4,071 
Total commercial loans$18,212 $7,556 $7,624 $4,772 $3,136 $7,235 $22,159 $142 $70,836 
(a)Accrued interest of $113 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, 2021Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and FICO Score
Dollars in millions20212020201920182017PriorTotal
Real estate — residential mortgage
FICO Score:
750 and above$7,906 $2,909 $777 $84 $126 $1,096 $— $— $12,898 
660 to 7491,686 351 169 39 25 308 — — 2,578 
Less than 66026 14 19 16 9 142 — — 226 
No Score18 — 1 1 3 30 1 — 54 
Total real estate — residential mortgage9,636 3,274 966 140 163 1,576 1 — 15,756 
Home equity loans
FICO Score:
750 and above1,051 830 251 96 128 666 2,244 423 5,689 
660 to 749394 263 111 44 40 204 1,004 143 2,203 
Less than 66027 24 20 13 13 92 333 46 568 
No Score— 2 — — — 2 3 — 7 
Total home equity loans1,472 1,119 382 153 181 964 3,584 612 8,467 
Consumer direct loans
FICO Score:
750 and above1,799 1,129 517 65 17 129 109 — 3,765 
660 to 749612 295 174 46 10 45 212 — 1,394 
Less than 66045 33 27 11 3 12 60 — 191 
No Score68 40 29 17 10 21 218 — 403 
Total consumer direct loans2,524 1,497 747 139 40 207 599 — 5,753 
Credit cards
FICO Score:
750 and above— — — — — — 500 — 500 
660 to 749— — — — — — 387 — 387 
Less than 660— — — — — — 84 — 84 
No Score— — — — — — 1 — 1 
Total credit cards— — — — — — 972 — 972 
Consumer indirect loans
FICO Score:
750 and above5 — — — — 30 — — 35 
660 to 749— — — — — 26 — — 26 
Less than 660— — — — — 9 — — 9 
No Score— — — — — — — — — 
Total consumer indirect loans5 — — — — 65 — — 70 
Total consumer loans$13,637 $5,890 $2,095 $432 $384 $2,812 $5,156 $612 $31,018 
(a)Accrued interest of $85 million, presented in “Accrued income and other assets” on the Consolidated Balance Sheets, was excluded from the amortized cost basis disclosed in this table.
Past Due Loans Including Current Loans The following aging analysis of past due and current loans as of December 31, 2021, and December 31, 2020, provides further information regarding Key’s credit exposure.
Aging Analysis of Loan Portfolio(a)
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.

December 31, 2020Current
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$52,396 $36 $50 $40 $385 $511 $52,907 
Commercial real estate:
Commercial mortgage12,548 9 5 21 104 139 12,687 
Construction1,986 — — 1 — 1 1,987 
Total commercial real estate loans14,534 9 5 22 104 140 14,674 
Commercial lease financing4,369 21 1 — 8 30 4,399 
Total commercial loans$71,299 $66 $56 $62 $497 $681 $71,980 
Real estate — residential mortgage$9,173 $11 $3 $1 $110 $125 $9,298 
Home equity loans9,143 34 20 9 154 217 9,360 
Consumer direct loans4,694 7 4 4 5 20 4,714 
Credit cards972 5 3 7 2 17 989 
Consumer indirect loans4,792 25 7 3 17 52 4,844 
Total consumer loans$28,774 $82 $37 $24 $288 $431 $29,205 
Total loans$100,073 $148 $93 $86 $785 $1,112 $101,185 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $241 million presented in “Accrued income and other assets” on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.
(c)Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums.
Post-Modification Outstanding Recorded Investment by Concession Type for Our Commercial Accruing and Nonaccruing TDRs
December 31,
Dollars in millions20212020
Commercial loans:
Extension of Maturity Date$— $5 
Payment or Covenant Modification/Deferment7 59 
Total$7 $64 
Consumer loans:
Interest rate reduction$7 $41 
Other19 21 
Total$26 $62 
Total TDRs$33 $126 
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 millions20212020
Balance at beginning of the period$363 $347 
Additions103 173 
Payments(217)(95)
Charge-offs(29)(62)
Balance at end of period$220 $363 
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, 2021December 31, 2020
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 industrial36 $30 $14 66 $136 $92 
Commercial real estate:
Real estate — commercial mortgage3 50 25 7 62 50 
Total commercial real estate loans3 50 25 7 62 50 
Total commercial loans39 80 39 73 198 142 
Real estate — residential mortgage220 26 24 258 35 34 
Home equity loans531 36 31 630 41 37 
Consumer direct loans207 3 2 212 3 3 
Credit cards360 2 2 356 2 2 
Consumer indirect loans23 1 1 861 15 11 
Total consumer loans1,341 68 60 2,317 96 87 
Total nonperforming TDRs1,380 148 99 2,390 294 229 
Prior-year accruing: (a)
Commercial and industrial11 — — 3 5 — 
Commercial real estate:
Real estate — commercial mortgage1 — — — — — 
Total commercial loans12 — — 3 5 — 
Real estate — residential mortgage455 39 33 485 37 31 
Home equity loans1,628 97 75 1,781 106 83 
Consumer direct loans236 5 3 163 4 3 
Credit cards579 4 2 536 3 1 
Consumer indirect loans139 15 8 775 29 16 
Total consumer loans3,037 160 121 3,740 179 134 
Total prior-year accruing TDRs3,049 160 121 3,743 184 134 
Total TDRs4,429 $308 $220 6,133 $478 $363 
(a)All TDRs that were restructured prior to January 1, 2021, and January 1, 2020, are fully accruing.
Financing Receivables, Off-Balance Sheet, Liabilities
Changes in the liability for credit losses on off balance sheet exposures are summarized as follows:
 Twelve Months Ended December 31,
Dollars in millions20212020
Balance at the end of the prior period$197 $68 
Liability for credit losses on contingent guarantees at the end of the prior period— 7 
Cumulative effect from change in accounting principle (a), (b)— 66 
Balance at beginning of period197 141 
Provision (credit) for losses on off balance sheet exposures(37)56 
Balance at end of period$160 $197 
(a)The cumulative effect from change in accounting principle relates to the January 1, 2020, adoption of ASU 2016-13.
(b)Excludes $4 million related to the provision for other financial assets.
v3.22.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities Measured on Recurring Basis
The following tables present assets and liabilities measured at fair value on a recurring basis at December 31, 2021, and December 31, 2020.
December 31, 2021December 31, 2020
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Dollars in millions
ASSETS MEASURED ON A RECURRING BASIS
Trading account assets:
U.S. Treasury, agencies and corporations$— $530 $— $530 $— $633 $— $633 
States and political subdivisions— 96 — 96 — 24 — 24 
Other mortgage-backed securities— 44 — 44 — 47 — 47 
Other securities— 13 — 13 — 13 — 13 
Total trading account securities— 683 — 683 — 717 — 717 
Commercial loans— 18 — 18 — 18 — 18 
Total trading account assets— 701 — 701 — 735 — 735 
Securities available for sale:
U.S. Treasury, agencies and corporations— 9,472 — 9,472 — 1,000 — 1,000 
States and political subdivisions— — — — — — — — 
Agency residential collateralized mortgage obligations— 21,119 — 21,119 — 14,273 — 14,273 
Agency residential mortgage-backed securities— 5,122 — 5,122 — 2,164 — 2,164 
Agency commercial mortgage-backed securities— 9,651 — 9,651 — 10,106 — 10,106 
Other securities— — — — — — 13 13 
Total securities available for sale— 45,364 — 45,364 — 27,543 13 27,556 
Other investments:
Principal investments:
Direct— — 1 1 — — 1 1 
Indirect (measured at NAV) (a)
— — — 45 — — — 53 
Total principal investments— — 1 46 — — 1 54 
Equity investments:
Direct24 — 9 33 — — 13 13 
Direct (measured at NAV) (a)
— — — 21 — — — 7 
Indirect (measured at NAV) (a)
— — — 5 — — — 7 
Total equity investments24 — 9 59 — — 13 27 
Total other investments24 — 10 105 — — 14 81 
Loans, net of unearned income (residential)— — 11 11 — — 11 11 
Loans held for sale (residential)— 281 — 281 — 264 — 264 
Derivative assets:
Interest rate— 774 33 807 — 1,528 56 1,584 
Foreign exchange71 10 — 81 78 31 — 109 
Commodity— 1,330 — 1,330 — 424 2 426 
Credit— — 1 1 — — 1 1 
Other— 22 5 27 — 26 32 58 
Derivative assets71 2,136 39 2,246 78 2,009 91 2,178 
Netting adjustments (b)
— — — (284)— — — (380)
Total derivative assets71 2,136 39 1,962 78 2,009 91 1,798 
Total assets on a recurring basis at fair value$95 $48,482 $60 $48,424 $78 $30,551 $129 $30,445 
LIABILITIES MEASURED ON A RECURRING BASIS
Bank notes and other short-term borrowings:
Short positions$75 $513 $— $588 $256 $503 $— $759 
Derivative liabilities:
Interest rate— 253 — 253 — 288 — 288 
Foreign exchange66 10 — 76 72 31 — 103 
Commodity— 1,335 — 1,335 — 408 — 408 
Credit— 5 7 12 — — 11 11 
Other— 11 — 11 — 16 — 16 
Derivative liabilities66 1,614 7 1,687 72 743 11 826 
Netting adjustments (b)
— — — (1,526)— — — (675)
Total derivative liabilities66 1,614 7 161 72 743 11 151 
Total liabilities on a recurring basis at fair value$141 $2,127 $7 $749 $328 $1,246 $11 $910 
(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, 2021, 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, 2022. As of December 31, 2021, 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 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, 2021, and December 31, 2020, the carrying amount of equity investments recorded under this method was $173 million and $171 million, respectively. No impairment was recorded for the year ended December 31, 2021.
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, 2021, and December 31, 2020, 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, 2021December 31, 2020December 31, 2021December 31, 2020
Recurring    
Securities available-for-sale:
Other securities
$— $13 Discounted cash flowsDiscount rate
N/A
N/A (15.09%)
Marketability discount
N/A
N/A (30.00%)
Volatility factor
N/A
N/A (44.00%)
Other investments:(a)
Equity investments
Direct
9 13 
Discounted cash flows
Discount rate
14.43 - 17.56% (16.30%)
13.90 - 17.04% (15.47%)
Marketability discount
N/A (NA)
N/A (30.00%)
Volatility factor
N/A (NA)
N/A (52.00%)
Loans, net of unearned income (residential)
11 11 
Market comparable pricing
Comparability factor
64.50%-97.30% (94.24%)
64.50 - 99.04% (94.17%)
Derivative instruments:
Interest rate
33 56 Discounted cash flowsProbability of default
.02 - 100% (8.88%)
.02 - 100% (7.90%)
Internal risk rating
1 - 19 (13.34)
1 - 19 (9.68)
Loss given default
0 - 1 (.50)
0 - 1 (.48)
Credit (assets)
1 1 
Discounted cash flows
Probability of default
.02 - 100% (6.00%)
.02 - 100% (4.70%)
Internal risk rating
1 - 19 (9.02)
1 - 19 (10.48)
Loss given default
0 - 1 (.49)
0 - 1 (.49)
Credit (liabilities)
(7)(11)
Discounted cash flows
Probability of default
.02 - 100% (3.28%)
.02 - 100% (15.45%)
Internal risk rating
1 - 19 (6.92)
1 - 19 (8.56)
Loss given default
0 - 1 (.50)
0 - 1 (.43)
Other(d)
5 32 
Discounted cash flows
Loan closing rates
2.64 - 99.70% (85.70%)
36.95 - 99.68% (77.51%)
Nonrecurring   
Collateral dependent loans28 108 Fair value of underlying collateralDiscount Rate
0 - 10.00% (8.00%)
0 - 100.00% (36.00%)
Accrued income and other assets:(e)
OREO and other assets13 16 Appraised valueAppraised valueN/MN/M
(a)Principal investments, direct is excluded from this table as the balance at December 31, 2021, 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)Amounts represent interest rate lock commitments.
(e)Excludes $67 million and $40 million pertaining to mortgage servicing assets measured at fair value as of December 31, 2021, and December 31, 2020, respectively. Refer to Note 9 (“Mortgage Servicing Assets”) for significant unobservable inputs pertaining to these assets.
Fair Values of Funds and Unfunded Commitments
The following table presents the fair value of our direct and indirect principal investments and related unfunded commitments at December 31, 2021, as well as financial support provided for the years ended December 31, 2021, and December 31, 2020.
  Financial support provided
  Year ended December 31,
 December 31, 202120212020
Dollars in millionsFair Value
Unfunded
Commitments
Funded
Commitments
Funded
Other
Funded
Commitments
Funded
Other
INVESTMENT TYPE
Direct investments$1 $— $— $— $— $— 
Indirect investments (a)
45 12 4 — 2 — 
Total$46 $12 $4 $— $2 $— 
(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, 2021, 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.
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, 2021, and December 31, 2020.
 
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)— 3 — — 11 — 
Derivative instruments (b)
Interest rate56 — (24)
(d)
3 (12)— — 28 
(e) 
(18)
(e) 
33 —   
Credit(10)— 3 
(d)
1 — — — —   —   (6)—   
Other (a)
32 — (3)— — — (24)— — 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, 2020
Securities available for sale
Other securities$11 $2 $— 
  
$— $— $— $— $—   $—   $13 $— 
Other investments
Principal investments
Direct1 — — — — — — —   —   1 — 
Equity investments
Direct12 1 
(c) 
— —   —   13 1 
Loans held for sale (residential)— — — — (10)— 10 — — — 1 
Loans held for investment (residential)4 — — — (2)— 9 — — 11 — 
Derivative instruments (b)
Interest rate22 19 
(d) 
17 10 — 99 
(e) 
(91)
(e) 
56 
Credit(8)— (2)
(d) 
1 (1)$— — —     (10)— 
Other (a)
5 — 7 — — — 20 — — 32 — 
 
(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 Nonrecurring Basis
The following table presents our assets measured at fair value on a nonrecurring basis at December 31, 2021, and December 31, 2020:
 December 31, 2021December 31, 2020
Dollars in millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
ASSETS MEASURED ON A NONRECURRING BASIS
Collateral-dependent loans$— $— $28 $28 $— $— $108 $108 
Accrued income and other assets— — 80 80 — — 56 56 
Total assets on a nonrecurring basis at fair value$— $— $108 $108 $— $— $164 $164 
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, 2021, and December 31, 2020, are shown in the following table.
 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 
December 31, 2020
 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)
$735 $— $735 $— $— $— $735 
Other investments (b)
621 — — 555 66 — 621 
Loans, net of unearned income (residential) (d)
11 — — 11 — — 11 
Loans held for sale (residential) (b)
264 — 264 — — — 264 
Derivative assets - trading (b)
1,676 $78 1,939 91 — (433)
(f) 
1,675 
Fair value - OCI
Securities available for sale (b)
27,556 — 27,543 13 — — 27,556 
Derivative assets - hedging (b) (g)
123 — 70 — — 53 
(f) 
123 
Amortized cost
Held-to-maturity securities (c)
7,595 — 8,023 — — — 8,023 
Loans, net of unearned income (d)
99,548 — — 98,946 — — 98,946 
Loans held for sale (b)
1,319 — — 1,319 — — 1,319 
Other
Cash and short-term investments (a)
17,285 17,285 — — — — 17,285 
LIABILITIES (by measurement category)
Fair value - net income
Derivative liabilities - trading (b)
154 72 746 11 — (675)
(f) 
154 
Fair value - OCI
Derivative liabilities - hedging (b) (g)
(3)— (3)— — — 
(f) 
(3)
Amortized cost
Time deposits (e)
5,743 — 5,765 — — — 5,765 
Short-term borrowings (a)
979 256 723 — — — 979 
Long-term debt (e)
13,709 13,925 $734 — — — 14,659 
Other
Deposits with no stated maturity (a)
129,539 — 129,539 — — — 129,539 
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.”
v3.22.0.1
Securities (Tables)
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
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.
 20212020
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$9,573 $— $101 $9,472 $1,000 $— $— $1,000 
Agency residential collateralized mortgage obligations
21,430 99 410 21,119 14,001 297 25 14,273 
Agency residential mortgage-backed securities5,137 37 52 5,122 2,094 70 — 2,164 
Agency commercial mortgage-backed securities 9,753 188 290 9,651 9,707 432 33 10,106 
Other securities— — — — 8 5 — 13 
Total securities available for sale$45,893 $324 $853 $45,364 $26,810 $804 $58 $27,556 
HELD-TO-MATURITY SECURITIES
Agency residential collateralized mortgage obligations
$2,196 $33 $— $2,229 $3,775 $124 $— $3,899 
Agency residential mortgage-backed securities164 6 — 170 271 14 — 285 
Agency commercial mortgage-backed securities2,678 118 — 2,796 3,515 290 — 3,805 
Asset-backed securities(b)
2,485 — 31 2,454 19 — — 19 
Other securities16 — — 16 15 — — 15 
Total held-to-maturity securities$7,539 $157 $31 $7,665 $7,595 $428 $— $8,023 
 
(a)Amortized cost amounts exclude accrued interest receivable which is recorded within “other assets” on the balance sheet. At December 31, 2021, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $59 million and $15 million, respectively. At December 31, 2020, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $42 million and $15 million, respectively.
(b)Includes $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.
Schedule of Unrealized Loss on Investments
The following table summarizes available for sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of December 31, 2021, and December 31, 2020:
 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, 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 — 
(a)
— — 96 — 
Asset-backed securities2,450 31 1 — 
(a)
2,451 31 
Other securities15 — 
(a)
— — 15 — 
Total securities in an unrealized loss position$29,680 $568 $5,511 $316 $35,191 $884 
December 31, 2020      
Securities available for sale:
Agency residential collateralized mortgage obligations$2,110 $25 $— $— $2,110 $25 
Agency residential mortgage-backed securities6 — 
(b)
5 — 
(b)
11 — 
Agency commercial mortgage-backed securities 2,709 33 — — 2,709 33 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations— — 24 — 
(b)
24 — 
Other securities5 — 
(b)
— — 5 — 
Total securities in an unrealized loss position$4,830 $58 $29 $— $4,859 $58 
(a)At December 31, 2021, gross unrealized losses totaled less than $1 million 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.
(b)At December 31, 2020, gross unrealized losses totaled less than $1 million for agency residential mortgage-backed securities available for sale and other securities held to maturity with a loss duration of less than 12 months. At December 31, 2020, gross unrealized losses totaled less than $1 million for agency residential mortgage-backed securities available for sale and agency residential collateralized mortgage obligations held to maturity with a loss duration greater than 12 months or longer.
Securities by Maturity
The following table shows securities by remaining maturity. CMOs and other mortgage-backed securities in the available-for-sale and held-to-maturity portfolios 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, 2021
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Dollars in millions
Due in one year or less$376 $385 $76 $75 
Due after one through five years21,937 21,999 5,631 5,673 
Due after five through ten years20,442 20,011 1,832 1,917 
Due after ten years3,138 2,969 — — 
Total$45,893 $45,364 $7,539 $7,665 
v3.22.0.1
Derivatives and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
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, 2021, and December 31, 2020. The change in the notional amounts of these derivatives by type from December 31, 2020, to December 31, 2021, indicates the volume of our derivative transaction activity during 2021. 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 balance sheet, as indicated in the following table:
 
 December 31, 2021December 31, 2020
  
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$38,654 $39 $4 $36,135 $70 $(3)
Derivatives not designated as hedging instruments:
Interest rate72,088 768 249 78,424 1,514 291 
Foreign exchange9,073 81 76 6,385 109 103 
Commodity14,151 1,330 1,335 9,702 426 408 
Credit465 1 12 423 1 11 
Other (b)
3,330 27 11 4,951 58 16 
Total99,107 2,207 1,683 99,885 2,108 829 
Netting adjustments (c)
— (284)(1,526)— (380)(675)
Net derivatives in the balance sheet137,761 1,962 161 136,020 1,798 151 
Other collateral (d)
— (1)— — (2)(11)
Net derivative amounts$137,761 $1,961 $161 $136,020 $1,796 $140 
 
(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 and forward sale 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.
(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.
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, 2021 and December 31, 2020, related to cumulative basis adjustments for fair value hedges.
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 
December 31, 2020
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)
$8,182 $416 
Interest rate contracts
Securities available for sale(c)
$2,080 $(21)
(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 $7 million and $8 million at December 31, 2021 and December 31, 2020, 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, 2021 and December 31, 2020 the amortized cost of the closed portfolios used in these hedging relationships was $7.7 billion and $2.5 billion, respectively.
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location The following tables summarize the effect of fair value and cash flow hedge accounting on the income statement for the years ended December 31, 2021, December 31, 2020, and December 31, 2019.
Location and amount of net gains (losses) recognized in income on fair value and cash flow hedging relationships
Dollars in millionsInterest expense – long-term debtInterest income – loansInterest Income - securitiesInvestment banking and debt placement feesInterest expense – depositsOther income
Twelve Months Ended December 31, 2021
Total amounts presented in the consolidated statement of income$(221)$3,532 $546 $937 $(67)$147 
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 $— $4 $— $— 
Twelve Months Ended December 31, 2020
Total amounts presented in the consolidated statement of income$(286)$3,866 $484 $661 $(347)$15 
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 $— $— $— $— 
Twelve Months Ended December 31, 2019
Total amounts presented in the consolidated statement of income$(454)$4,267 $537 $630 $(853)$68 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items(247)— — — (1)— 
Recognized on derivatives designated as hedging instruments231 — — — — — 
Net income (expense) recognized on fair value hedges$(16)$— $— $— $(1)$— 
Net gain (loss) on cash flow hedging relationships
Realized gains (losses) (pre-tax) reclassified from AOCI into net income
Interest contracts$(1)$15 $— $— $— $32 
Net income (expense) recognized on cash flow hedges$(1)$15 $— $— $— 32 
Derivative Instrument Cash Flow Hedge Earning Recognized by Income Statement Location The following table summarizes the pre-tax net gains (losses) on our cash flow and net investment hedges for the years ended December 31, 2021, December 31, 2020, and December 31, 2019, and where they are recorded on the income statement. The table includes net gains (losses) recognized in OCI during the period and net gains (losses) reclassified from AOCI into income during the current period.
Dollars in millionsNet Gains (Losses)
Recognized in OCI		Income Statement Location of Net Gains (Losses)
Reclassified From OCI Into Income		Net Gains
(Losses) Reclassified
From OCI Into Income		Net Gains (Losses) Recognized in Other Income
Twelve Months Ended December 31, 2021
Cash Flow Hedges
Interest rate$(307)Interest income — Loans$329 $— 
Interest rate2 Interest expense — Long-term debt(4)— 
Interest rate10 Investment banking and debt placement fees4 — 
Net Investment Hedges
Foreign exchange contracts— Other Income— — 
Total$(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— — 
Net Investment Hedges
Foreign exchange contracts— Other Income— — 
Total$614 $315 $— 
Twelve Months Ended December 31, 2019
Cash Flow Hedges
Interest rate$442 Interest income — Loans$15 $— 
Interest rate(1)Interest expense — Long-term debt(1)— 
Interest rate3 Investment banking and debt placement fees— — 
Net Investment Hedges
Foreign exchange contracts(4)Other Income32 — 
Total$440 $46 $— 
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, 2021, December 31, 2020, and December 31, 2019, and where they are recorded on the income statement.
 202120202019
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$30 — $2 $32 $32 — $(10)$22 $46 — $(2)$44 
Foreign exchange47 — — 47 41 — — 41 45 — — 45 
Commodity14 — — 14 19 — — 19 6 — — 6 
Credit4 — (36)(32)(4)— (29)(33)(6)— (36)(42)
Other— $13 (7)6 — $19 19 38 — $2 — 2 
Total net gains (losses)$95 $13 $(41)$67 $88 $19 $(20)$87 $91 $2 $(38)$55 
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
20212020
Interest rate$696 $1,448 
Foreign exchange31 52 
Commodity1,108 178 
Credit— (1)
Other27 58 
Derivative assets before collateral1,862 1,735 
Plus (Less): Related collateral100 63 
Total derivative assets$1,962 $1,798 
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, 2021, and December 31, 2020. 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. 
 20212020
December 31,
Dollars in millions
Notional
Amount		Average
Term
(Years)		Payment /
Performance
Risk 		Notional
Amount		Average
Term
(Years)		Payment /
Performance
Risk
Other$149 13.863.15 %$227 12.7619.53 %
Total credit derivatives sold$149 — — $227 — — 
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, 2021, and December 31, 2020. 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, 2021, and December 31, 2020, 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, 2021, or December 31, 2020.
December 31,
Dollars in millions
20212020
Moody’sS&PMoody’sS&P
KeyBank’s long-term senior unsecured credit ratingsA3A-A3A-
One rating downgrade$3 $3 $1 $1 
Two rating downgrades3 3 1 1 
Three rating downgrades3 3 1 1 
v3.22.0.1
Mortgage Servicing Assets (Tables)
 12 Months Ended
Dec. 31, 2021
Servicing Asset [Abstract]  
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
20212020
Balance at beginning of period$578 $539 
Servicing retained from loan sales128 138 
Purchases29 33 
Amortization(120)(117)
Temporary recoveries (impairments)19 (15)
Balance at end of period$634 $578 
Fair value at end of period$789 $668 
Changes in the carrying amount of residential mortgage servicing assets are summarized as follows:
Dollars in millions20212020
Balance at beginning of period
$58 $46 
Servicing retained from loan sales
43 36 
Purchases
— — 
Amortization(18)(14)
Temporary recoveries (impairments)10 (10)
Balance at end of period$93 $58 
Fair value at end of period
$97 $60 
Schedule of Range and Weighted-Average of Significant Unobservable Inputs The range and weighted-average of the significant unobservable inputs used to fair value our commercial mortgage servicing assets at December 31, 2021, and December 31, 2020, along with the valuation techniques, are shown in the following table:
dollars in millionsDecember 31, 2021December 31, 2020
Valuation Technique
Significant
Unobservable Input
RangeWeighted-AverageRangeWeighted-Average
Discounted cash flowExpected defaults1.00 %2.00 %1.13 %1.01 %2.00 %1.18 %
Residual cash flows discount rate7.92 %10.46 %9.44 %7.48 %10.62 %9.22 %
Escrow earn rate1.34 %1.74 %1.34 %0.92 %1.14 %1.04 %
Loan assumption rate— %1.69 %1.37 %— %1.77 %1.43 %
The range and weighted-average of the significant unobservable inputs used to fair value our residential mortgage servicing assets at December 31, 2021, along with the valuation techniques, are shown in the following table:
December 31, 2021December 31, 2020
Valuation Technique
Significant
Unobservable Input
RangeWeighted-AverageRangeWeighted-Average
Discounted cash flowPrepayment speed9.65 %49.17 %10.97 %12.39 %54.27 %17.09 %
Discount rate7.50 %11.50 %7.53 %7.51 %8.63 %7.55 %
Servicing cost$62.00 $8,075 $66.94 $62.00 $5,125 $75.37 
v3.22.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Components of Lease Expense The components of lease expense are summarized as follows:
Dollars in millionsDecember 31, 2021December 31, 2020
Operating lease cost$133 $135 
Finance lease cost:
Amortization of right-of-use assets2 2 
Interest on lease liabilities— 1 
Variable lease cost22 20 
Total lease cost (a)
$157 $158 
(a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2021, and December 31, 2020
Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
December 31, 2021December 31, 2020
Weighted-average remaining lease term:
Operating leases6.567.09
Finance leases5.335.03
Weighted-average discount rate:
Operating leases2.78 %3.01 %
Finance leases4.50 %3.94 %
Summary of Cash Flows Related to Leases
Cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2021December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases$— $1 
Operating cash flows from operating leases141 143 
Financing cash flows from finance leases2 2 
Right-of-use assets obtained in exchange for lease obligations: (a)
Operating leases$85 $86 
(a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2021 or December 31, 2020.
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, 2021December 31, 2020
Operating lease assetsAccrued income and other assets$595 $630 
Operating lease liabilitiesAccrued expense and other liabilities676 711 
Finance leases:
Property and equipment, grossPremises and equipment18 28 
Accumulated depreciationPremises and equipment(13)(19)
Property and equipment, net5 9 
Finance lease liabilitiesLong-term debt7 11 
Finance Lease, Maturities of Lease Liabilities
Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2022$138 $2 $140 
2023130 2 132 
2024115 2 117 
202596 1 97 
202680 — 80 
Thereafter187 2 189 
Total lease payments746 9 755 
Less imputed interest70 2 72 
Total$676 $7 $683 
Lessee, Operating Lease, Maturities of Lease Liabilities
Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2022$138 $2 $140 
2023130 2 132 
2024115 2 117 
202596 1 97 
202680 — 80 
Thereafter187 2 189 
Total lease payments746 9 755 
Less imputed interest70 2 72 
Total$676 $7 $683 
Operating Lease, Lease Income The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2021December 31, 2020
Sales-type and direct financing leases
Interest income on lease receivable$75 $119 
 Interest income related to accretion of unguaranteed residual asset16 (3)
Total sales-type and direct financing lease income91 116 
Operating leases
Operating lease income related to lease payments127 136 
Other operating leasing gains21 31 
Total operating lease income and other leasing gains148 167 
Total lease income$239 $283 
Sales-type Lease, Lease Income The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2021December 31, 2020
Sales-type and direct financing leases
Interest income on lease receivable$75 $119 
 Interest income related to accretion of unguaranteed residual asset16 (3)
Total sales-type and direct financing lease income91 116 
Operating leases
Operating lease income related to lease payments127 136 
Other operating leasing gains21 31 
Total operating lease income and other leasing gains148 167 
Total lease income$239 $283 
Direct Financing Lease, Lease Income The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2021December 31, 2020
Sales-type and direct financing leases
Interest income on lease receivable$75 $119 
 Interest income related to accretion of unguaranteed residual asset16 (3)
Total sales-type and direct financing lease income91 116 
Operating leases
Operating lease income related to lease payments127 136 
Other operating leasing gains21 31 
Total operating lease income and other leasing gains148 167 
Total lease income$239 $283 
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, 2021December 31, 2020
Lease receivables$3,205 $3,570 
Unearned income(193)(257)
Unguaranteed residual value450 478 
Deferred fees and costs14 8 
Net investment in sales-type and direct financing leases$3,476 $3,799 
Minimum Future Lease Payments to be Received for Sales-Type and Direct Financing Leases
At December 31, 2021, 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
2022$970 
2023725 
2024501 
2025327 
2026239 
Thereafter444 
Total lease payments$3,206 
Minimum Future Lease Payments to be Received for Operating Leases
At December 31, 2021, minimum future lease payments to be received for operating leases are as follows:
Dollars in millionsOperating lease payments
2022$110 
202392 
202479 
202566 
202650 
Thereafter84 
Total lease payments$480 
v3.22.0.1
Premises and Equipment (Tables)
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Schedule of Premises and Equipment
Premises and equipment at December 31, 2021, and December 31, 2020, consisted of the following:
December 31,
Dollars in millions
Useful life (in years)
20212020
LandIndefinite$118 $126 
Buildings and improvements
15-40
680 722 
Leasehold improvements
1-15
616 631 
Furniture and equipment
2-15
814 843 
Capitalized building leases
   1-14 (a)
19 28 
Construction in processN/A70 44 
Total premises and equipment2,317 2,394 
Less: Accumulated depreciation and amortization(1,636)(1,641)
Premises and equipment, net$681 $753 
(a)Capitalized building and equipment leases are amortized over the lesser of the useful life of asset or lease term.
v3.22.0.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2019$1,752 $912 $2,664 
BALANCE AT DECEMBER 31, 20201,752 912 2,664 
AQN Strategies acquisition9 — 9 
XUP acquisition— 20 20 
BALANCE AT DECEMBER 31, 2021$1,761 $932 $2,693 
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:
 20212020
December 31,
Dollars in millions
Gross Carrying
Amount		Accumulated
Amortization
Gross Carrying
Amount
Accumulated
Amortization
Intangible assets subject to amortization:
Core deposit intangibles$355 $275 $355 $236 
PCCR intangibles16 13 16 12 
Other intangible assets82 35 105 40 
Total$453 $323 $476 $288 
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 millions20222023202420252026
Intangible asset amortization expense $45 $36 $26 $16 $6 
v3.22.0.1
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]  
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, 2021, and December 31, 2020. As these investments represent unconsolidated VIEs, the assets and liabilities of the investments themselves are not recorded on our balance sheet.
 Unconsolidated VIEs
Dollars in millions
Total
Assets
Total
Liabilities
Maximum
Exposure to Loss
December 31, 2021
LIHTC investments$7,839 $3,252 $1,985 
December 31, 2020
LIHTC investments$6,914 $2,765 $1,823 
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, 2021.
 Unconsolidated VIEs
Dollars in millions
Total
Assets
Total
Liabilities
Maximum
Exposure to Loss
December 31, 2021
Indirect investments$8,437 $178 $57 
December 31, 2020
Indirect investments$10,899 $168 $69 
Other unconsolidated VIEs
Dollars in millionsTotal AssetsTotal Liabilities
December 31, 2021
Other unconsolidated VIEs$2,827 $1 
December 31, 2020
Other unconsolidated VIEs$351 $1 
v3.22.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
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
202120202019
Currently payable:
Federal$423 $336 $241 
State73 83 20 
Total currently payable496 419 261 
Deferred:
Federal119 (156)34 
State27 (36)19 
Total deferred146 (192)53 
Total income tax (benefit) expense (a)
$642 $227 $314 
(a)There was income tax (benefit) expense on securities transactions of $(2) million in 2021, $1 million in 2020, and $5 million in 2019. 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 2021, $30 million in 2020, and $23 million in 2019.
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 expense and other liabilities” on the balance sheet, are as follows:
December 31,
Dollars in millions
20212020
Allowance for loan and lease losses$296 $443 
Employee benefits203 166 
Net unrealized securities losses102 — 
Federal net operating losses and credits6 7 
Non-tax accruals 73 76 
Operating lease liabilities (a)
165 174 
State net operating losses and credits1 1 
Other266 297 
Gross deferred tax assets1,112 1,164 
Less: Valuation Allowance12 — 
Total deferred tax assets1,100 1,164 
Leasing transactions521 556 
Net unrealized securities gains— 340 
Operating lease right-of-use assets (a)
145 153 
Goodwill121 104 
Other124 111 
Total deferred tax liabilities911 1,264 
Net deferred tax assets (liabilities) (b)
$189 $(100)
(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.
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
202120202019
AmountRateAmountRateAmountRate
Income (loss) before income taxes times 21% statutory federal tax rate$683 21.0 %$327 21.0 %$425 21.0 %
Amortization of tax-advantaged investments151 4.6 150 9.7 132 6.5 
Tax-exempt interest income(26)(.8)(28)(1.8)(30)(1.5)
Corporate-owned life insurance income(27)(.8)(29)(1.9)(29)(1.4)
State income tax, net of federal tax benefit79 2.4 37 2.4 31 1.5 
Tax credits(218)(6.7)(218)(14.0)(231)(11.4)
Other— — (12)(.8)16 .9 
Total income tax expense (benefit)$642 19.7 %$227 14.6 %$314 15.6 %
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		20212020
Balance at beginning of year$58 $19 
Increase for other tax positions of prior years— 40 
Decrease for payments and settlements— — 
Decrease related to tax positions taken in prior years(8)(1)
Balance at end of year$50 $58 
v3.22.0.1
Securities Financing Activities (Tables)
 12 Months Ended
Dec. 31, 2021
Brokers and Dealers [Abstract]  
Summarized Securities Financing Agreements
The following table summarizes our securities financing agreements at December 31, 2021, and December 31, 2020:
 December 31, 2021December 31, 2020
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$11 $(6)$(5)$— $6 $(6)$— $— 
Securities borrowed500 — (500)— 500 — (500)— 
Total$511 $(6)$(505)$— $506 $(6)$(500)$— 
Offsetting of financial liabilities:
Repurchase agreements (c)
$173 $(6)$(167)$— $220 $(6)$(214)$— 
Total$173 $(6)$(167)$— $220 $(6)$(214)$— 
(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.
v3.22.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Assumptions Used in Options Pricing Model The assumptions pertaining to options issued during 2021, 2020, and 2019 are shown in the following table.
Year ended December 31,202120202019
Average option life6.6 years6.5 years6.5 years
Future dividend yield3.88 %3.90 %3.88 %
Historical share price volatility.335 .267 .266 
Weighted-average risk-free interest rate0.8 %1.3 %2.5 %
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, 2021:
Number of
Options
Weighted-Average
Exercise Price Per
Option
Weighted-Average
Remaining Life (in years)
Aggregate
Intrinsic
Value(a)
Outstanding at December 31, 20206,372,684 $14.18 4.6$21 
Granted542,153 20.98 
Exercised(2,319,438)11.71 
Lapsed or canceled(7,767)18.96 
Outstanding at December 31, 20214,587,632 $16.23 5.1$32 
Expected to vest1,280,416 19.53 7.75 
Exercisable at December 31, 20213,223,629 $14.81 3.9$27 
(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, 2021.
 
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, 202011,516,370 $19.01 59,171 $18.20 4,780,039 $16.23 
Granted5,115,781 19.07 29,215 19.07 1,626,607 23.19 
Vested(4,299,104)19.11 — — (1,278,629)18.18 
Forfeited(332,663)19.07 — — (47,494)22.19 
Outstanding at December 31, 202112,000,384 $19.00 88,386 $18.47 5,080,523 $23.18 
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, 2021.
Number of
Nonvested
Shares
Weighted-Average
Grant-Date
Fair Value
Outstanding at December 31, 20202,572,087 $17.46 
Granted1,307,094 21.25 
Vested(891,388)17.93 
Forfeited(38,836)20.20 
Outstanding at December 31, 20212,948,957 $18.65 
v3.22.0.1
Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2021
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
202120202019
Interest cost on PBO$25 $34 $46 
Expected return on plan assets(28)(38)(48)
Amortization of losses18 17 13 
Settlement loss9 9 18 
Net pension cost$24 $22 $29 
Other changes in plan assets and benefit obligations recognized in OCI:
Net (gain) loss$(19)$(18)$(8)
Amortization of gains(27)(26)(31)
Total recognized in comprehensive income$(46)$(44)$(39)
Total recognized in net pension cost and comprehensive income$(22)$(22)$(10)
Changes in PBO Related to Pension Plans
The following table summarizes changes in the PBO related to our pension plans. Actuarial gains in 2021 were primarily driven by an increase in discount rate with a slight offset due to an increased interest credit rate.
Year ended December 31,
Dollars in millions
20212020
PBO at beginning of year$1,248 $1,233 
Interest cost25 34 
Actuarial losses (gains)(31)66 
Benefit payments(86)(85)
PBO at end of year$1,156 $1,248 
Changes in FVA
The following table summarizes changes in the FVA.
Year ended December 31,
Dollars in millions
20212020
FVA at beginning of year$1,153 $1,102 
Actual return on plan assets16 123 
Employer contributions13 13 
Benefit payments(86)(85)
FVA at end of year$1,096 $1,153 
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, 2021, and December 31, 2020.
December 31,
Dollars in millions
20212020
Funded status (a)
$(60)$(95)
Net prepaid pension cost recognized consists of:  
Noncurrent assets$106 $81 
Current liabilities(14)(14)
Noncurrent liabilities(152)(162)
Net prepaid pension cost recognized (b)
$(60)$(95)
(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 31,20212020
Dollars in millionsCash Balance Pension PlanOther Defined Benefit PlansCash Balance Pension PlanOther Defined Benefit Plans
PBO$991 $166 $1,072 $176 
ABO991 166 1,072 176 
Fair value of plan assets1,096 — 1,153 — 
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 31,20212020
Discount rate2.43 %2.05 %
Compensation increase rateN/AN/A
Weighted-average interest crediting rate1.90 %1.65 %
Weighted-Average Rates to Determine Net Pension Cost
To determine net pension cost, we assumed the following weighted-average rates.
Year ended December 31,
202120202019
Discount rate
2.05 %2.89 %4.00 %
Compensation increase rate
N/AN/AN/A
Expected return on plan assets
2.75 3.75 4.50 
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, 2021.
Target Allocation  
Asset Class2021
Global equity securities16 
Fixed income securities84 
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, 2021, and December 31, 2020.
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.

December 31, 2020    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Equity securities:
Common — U.S.$9 $— $— $9 
Preferred — U.S.3 — — 3 
Debt securities:
Corporate bonds — U.S.— 171 — 171 
Corporate bonds — International— 79 — 79 
Government and agency bonds — U.S.— 165 — 165 
Government bonds — International— 2 — 2 
State and municipal bonds— 27 — 27 
Mutual funds:
Equity — International2 — — 2 
Collective investment funds (measured at NAV) (a)
— — — 636 
Insurance investment contracts and pooled separate accounts (measured at NAV) (a)
— — — 17 
Other assets (measured at NAV) (a)
— — — 42 
Total net assets at fair value$14 $444 $— $1,153 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented elsewhere within this footnote.
Pre-tax AOCI Not Yet Recognized as Net Postretirement Benefit Cost
The components of pre-tax AOCI not yet recognized as net postretirement benefit cost are shown below.
December 31,  
Dollars in millions20212020
Net unrecognized losses (gains)$(9)$(10)
Net unrecognized prior service credit(14)(15)
Total unrecognized AOCI$(23)$(25)
Net Postretirement Benefit Cost and Amount Recognized in OCI for All Funded and Unfunded Plans
The components of net postretirement benefit cost and the amount recognized in OCI for all funded and unfunded plans are as follows:
December 31,   
Dollars in millions202120202019
Service cost of benefits earned$— $— $1 
Interest cost on APBO2 2 2 
Expected return on plan assets(2)(2)(2)
Amortization of prior service credit(1)(1)— 
Amortization of gains(1)— (1)
Net postretirement benefit$(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 
Amortization of losses— — — 
Total recognized in comprehensive income$2 $1 $2 
Total recognized in net postretirement benefit cost and comprehensive income$— $— $2 
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 millions20212020
APBO at beginning of year$52 $52 
Service cost— — 
Interest cost2 2 
Plan participants’ contributions2 1 
Actuarial losses (gains)11 8 
Benefit payments(10)(11)
Plan amendments— — 
APBO at end of year$57 $52 
Change in FVA (Other Post Retirement Benefit Plan Assets)
The following table summarizes changes in FVA.
Year ended December 31,  
Dollars in millions20212020
FVA at beginning of year$52 $52 
Employer contributions— — 
Plan participants’ contributions2 1 
Benefit payments(10)(11)
Actual return on plan assets13 10 
FVA at end of year$57 $52 
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 31,202120202019
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 Class2021
Equity securities80 %
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, 2021, and December 31, 2020.
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 
Collective investment funds:
Equity — U.S.(a)
— — — 17 
Other assets (measured at NAV)(a)
— — — 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.
December 31, 2020    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Equity — U.S.$21 — — $21 
Equity — International9 — — 9 
Fixed income — U.S.7 — — 7 
Fixed income — International— — — — 
Collective investment funds:
Equity — U.S. (a)
— — — 14 
Other assets (measured at NAV)— — — 1 
Total net assets at fair value$37 — — $52 
(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.
v3.22.0.1
Short-Term Borrowings (Tables)
 12 Months Ended
Dec. 31, 2021
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 millions202120202019
FEDERAL FUNDS PURCHASED
Balance at year end— — $200 
Average during the year— $455 61 
Maximum month-end balance— 2,285 1,000 
Weighted-average rate during the year (a)
— %1.24 %2.12 %
Weighted-average rate at December 31 (a)
— — 1.56 
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS
Balance at year end$173 $220 $187 
Average during the year239 215 203 
Maximum month-end balance281 267 283 
Weighted-average rate during the year (a)
.02 %.11 %.22 %
Weighted-average rate at December 31 (a)
.01 .04 .09 
OTHER SHORT-TERM BORROWINGS
Balance at year end$588 $759 $705 
Average during the year770 1,452 730 
Maximum month-end balance897 4,606 847 
Weighted-average rate during the year (a)
1.08 %0.85 %2.31 %
Weighted-average rate at December 31 (a)
1.97 .60 1.99 
 
(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”).
v3.22.0.1
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2021
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 millions20212020
Senior medium-term notes due through 2029 (a)
$2,820 $3,962 
2.075% Subordinated notes due 2028 (b)
162 162 
6.875% Subordinated notes due 2029 (b)
107 115 
7.75% Subordinated notes due 2029 (b)
139 149 
7.25% Subordinated notes due 2021 (c)
— 311 
Other subordinated notes (b)(d)
75 74 
Total parent company3,303 4,773 
Senior medium-term notes due through 2039 (e)
6,582 6,718 
3.18% Senior remarketable notes due 2027 (f)
242 232 
3.40% Subordinated notes due 2026 (g)
602 625 
6.95% Subordinated notes due 2028 (g)
299 299 
3.90% Subordinated notes due 2029 (g)
376 398 
Secured borrowing due through 2025 (h)
13 19 
Federal Home Loan Bank advances due through 2038 (i)
604 608 
Investment Fund Financing due through 2052 (j)
10 21 
Key Govt Finance, Inc. Other Long Term Debt-ASR3 4 
Obligations under Capital Leases due through 2032 (k)
8 12 
Total subsidiaries8,739 8,936 
Total long-term debt$12,042 $13,709 
 
(a)Senior medium-term notes had a weighted-average interest rate of 3.2213% at December 31, 2021, and 3.7025% at December 31, 2020. These notes had fixed interest rates at December 31, 2021, and December 31, 2020. 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, 2020. This holding matured on December 15, 2021.
(d)The First Niagara variable rate trust preferred securities had a weighted-average interest rate of 1.68% at December 31, 2021, and 1.72% at December 31, 2020. These notes may be redeemed prior to their maturity dates.
(e)Senior medium-term notes had weighted-average interest rates of 2.116% at December 31, 2021, and 2.516% at December 31, 2020. 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 3.18% at December 31, 2021, and 3.18% at December 31, 2020. These notes had fixed interest rates at December 31, 2021, and December 31, 2020. 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, 2021, and 4.445% at December 31, 2020. 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 1.12% at December 31, 2021, and 1.15% at December 31, 2020. These advances, which had fixed interest rates, were secured by real estate loans and securities totaling $604 million at December 31, 2021, and $607 million at December 31, 2020.
(j)Investment Fund Financing had a weighted-average interest rate of 1.34% at December 31, 2021, and 1.77% at December 31, 2020.
(k)These are capital leases acquired in the First Niagara merger with a maturity range from March 2022 through October 2032.
Scheduled Principal Payments on Long-Term Debt
At December 31, 2021, scheduled principal payments on long-term debt were as follows:
Dollars in millionsParentSubsidiariesTotal
2022$— $2,395 $2,395 
2023— 1,217 1,217 
2024— 2,242 2,242 
2025534 772 1,306 
2026— 615 615 
All subsequent years2,769 1,497 4,267 
v3.22.0.1
Trust Preferred Securities Issued by Unconsolidated Subsidiaries (Tables)
 12 Months Ended
Dec. 31, 2021
Banking and Thrift, Other Disclosures [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, 2021
KeyCorp Capital I$156 $6 $162 0.871 %2028
KeyCorp Capital II121 4 125 6.875 2029
KeyCorp Capital III116 4 120 7.750 2029
HNC Statutory Trust III20 1 21 1.570 2035
Willow Grove Statutory Trust I20 1 21 1.412 2036
HNC Statutory Trust IV17 1 18 1.513 2037
Westbank Capital Trust II8 — 8 2.404 2034
Westbank Capital Trust III8 — 8 2.404 2034
Total$466 $17 $483 4.271 %— 
December 31, 2020$483 $17 $500 4.464 %— 
(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 $52 million at December 31, 2021, and $70 million at December 31, 2020. 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 $52 million at December 31, 2021, and $70 million at December 31, 2020. 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.
v3.22.0.1
Commitments, Contingent Liabilities and Guarantees (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021, and December 31, 2020. 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
20212020
Loan commitments:
Commercial and other$54,614 $47,792 
Commercial real estate and construction3,180 2,365 
Home equity8,888 9,299 
Credit cards7,217 6,685 
Total loan commitments73,899 66,141 
Commercial letters of credit79 74 
Purchase card commitments771 708 
Principal investing commitments12 16 
Tax credit investment commitments679 487 
Total loan and other commitments$75,440 $67,426 
Guarantees The following table shows the types of guarantees that we had outstanding at December 31, 2021. 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, 2021Maximum Potential Undiscounted Future PaymentsLiability Recorded
Dollars in millions
 
Financial guarantees:
Standby letters of credit$3,719 $86 
Recourse agreement with FNMA6,416 26 
Residential mortgage reserve3,113 15 
Written put options (a)
3,688 87 
Total$16,936 $214 
(a)The maximum potential undiscounted future payments represent notional amounts of derivatives qualifying as guarantees.
v3.22.0.1
Accumulated Other Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Changes in AOCI
Our changes in AOCI for the years ended December 31, 2021, and December 31, 2020, 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, 2019$115 $250 $— $(339)$26 
Other comprehensive income before reclassification, net of income taxes
455 466 — 15 936 
Amounts reclassified from accumulated other comprehensive income, net of income taxes (a)
(3)(240)— 19 (224)
Net current-period other comprehensive income, net of income taxes452 226 — 34 712 
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)
(a)See table below for details about these reclassifications.
Reclassifications Out of AOCI
Our reclassifications out of AOCI for the years ended December 31, 2021, and December 31, 2020, are as follows:
Twelve Months Ended December 31,Affected Line Item in the Consolidated Statement of Income
Dollars in millions20212020
Unrealized gains (losses) on available for sale securities
Realized gains$7 $4 Other income
7 4 
Income (loss) from continuing operations before income taxes
2 1 Income taxes
$5 $3 Income (loss) from continuing operations
Unrealized gains (losses) on derivative financial instruments
Interest rate$329 $319 Interest income — Loans
Interest rate(4)(4)Interest expense — Long-term debt
Interest rate4 — Investment banking and debt placement fees
329 315 
Income (loss) from continuing operations before income taxes
78 75 Income taxes
$251 $240 Income (loss) from continuing operations
Net pension and postretirement benefit costs
Amortization of losses$(18)$(17)Other expense
Settlement loss(9)(9)Other expense
Amortization of prior service credit1 1 Other expense
(26)(25)
Income (loss) from continuing operations before income taxes
(6)(6)Income taxes
$(20)$(19)Income (loss) from continuing operations
v3.22.0.1
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Schedule of Stockholders Equity
The following table summarizes our preferred stock at December 31, 2021:
Preferred stock seriesAmount outstanding (in millions)Shares authorized and outstandingPar valueLiquidation preferenceOwnership interest per depositary shareLiquidation preference per depositary share2021 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 
Key's and KeyBank's Actual Capital Amounts and Ratios, Minimum Capital Amounts and Ratios
At December 31, 2021, 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, 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 %
December 31, 2020
TOTAL CAPITAL TO NET RISK-WEIGHTED ASSETS
Key$17,976 13.40 %$10,736 8.00 %N/AN/A
KeyBank (consolidated)17,195 13.09 10,511 8.00 $13,139 10.00 %
TIER 1 CAPITAL TO NET RISK-WEIGHTED ASSETS
Key$14,907 11.11 %$8,052 6.00 %N/AN/A
KeyBank (consolidated)14,539 11.07 7,884 6.00 $10,511 8.00 %
TIER 1 CAPITAL TO AVERAGE QUARTERLY TANGIBLE ASSETS
Key$14,907 8.94 %$6,671 4.00 %N/AN/A
KeyBank (consolidated)14,539 8.80 6,605 4.00 $8,256 5.00 %
v3.22.0.1
Business Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Financial Information of Business Groups
Year ended December 31,
Consumer BankCommercial Bank
Dollars in millions202120202019202120202019
SUMMARY OF OPERATIONS
Net interest income (TE)
$2,357 $2,403 $2,335 $1,655 $1,725 $1,651 
Noninterest income
1,068 999 917 1,989 1,524 1,395 
Total revenue (TE) (a)
3,425 3,402 3,252 3,644 3,249 3,046 
Provision for credit losses
(118)284 186 (279)741 120 
Depreciation and amortization expense
84 77 91 134 144 135 
Other noninterest expense
2,306 2,185 2,062 1,731 1,606 1,424 
Income (loss) from continuing operations before income taxes (TE)
1,153 856 913 2,058 758 1,367 
Allocated income taxes (benefit) and TE adjustments
277 203 216 413 107 223 
Income (loss) from continuing operations
876 653 697 1,645 651 1,144 
Income (loss) from discontinued operations, net of taxes
— — — — — — 
Net income (loss)
876 653 697 1,645 651 1,144 
Less: Net income (loss) attributable to noncontrolling interests
— — — — — — 
Net income (loss) attributable to Key
$876 $653 $697 $1,645 $651 $1,144 
AVERAGE BALANCES (b)
     
Loans and leases
$39,356 $37,842 $30,571 $60,552 $64,543 $60,417 
Total assets (a)
42,572 41,152 34,111 70,117 74,225 68,562 
Deposits
88,235 79,528 72,384 55,715 47,145 36,372 
OTHER FINANCIAL DATA
Expenditures for additions to long-lived assets (a), (b)
$39 $40 $150 $12 $1 $(8)
Net loan charge-offs (b)
126 135 157 81 308 128 
Return on average allocated equity (b)
24.54 %18.97 %21.59 %19.52 %12.99 %24.54 %
Return on average allocated equity
24.54 18.97 21.59 19.52 12.99 24.54 
Average full-time equivalent employees (c)
8,000 8,186 8,540 2,370 2,291 2,438 
Year ended December 31,OtherKey
Dollars in millions202120202019202120202019
SUMMARY OF OPERATIONS
Net interest income (TE)$86 $(65)$(45)$4,098 $4,063 $3,941 
Noninterest income137 129 147 3,194 2,652 2,459 
Total revenue (TE) (a)
223 64 102 7,292 6,715 6,400 
Provision for credit losses(21)(4)139 (418)1,021 445 
Depreciation and amortization expense80 82 87 298 303 313 
Other noninterest expense94 15 102 4,131 3,806 3,588 
Income (loss) from continuing operations before income taxes (TE)70 (29)(226)3,281 1,585 2,054 
Allocated income taxes (benefit) and TE adjustments(21)(54)(93)669 256 346 
Income (loss) from continuing operations91 25 (133)2,612 1,329 1,708 
Income (loss) from discontinued operations, net of taxes13 14 9 13 14 9 
Net income (loss)104 39 (124)2,625 1,343 1,717 
Less: Net income (loss) attributable to noncontrolling interests— — — — — — 
Net income (loss) attributable to Key$104 $39 $(124)
 (d)
$2,625 $1,343 $1,717 
AVERAGE BALANCES (b)
Loans and leases$361 $304 $523 $100,269 $102,689 $91,511 
Total assets (a)
66,230 46,678 40,506 178,919 162,055 143,179 
Deposits1,085 613 1,274 145,035 127,286 110,030 
OTHER FINANCIAL DATA
Expenditures for additions to long-lived assets (a), (b)
$63 $120 $103 $114 $161 $245 
Net loan charge-offs (b)
(22)1 147 185 444 432 
Return on average allocated equity (b)
1.61 %.27 %(1.52)%14.79 %7.54 %10.27 %
Return on average allocated equity1.84 .42 (1.42)14.86 7.62 10.32 
Average full-time equivalent employees (c)
6,604 6,349 6,067 16,974 16,826 17,045 
(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.
(d)Other segments included $106 million provision for credit loss, net of tax, related to a previously disclosed fraud incident.
v3.22.0.1
Condensed Financial Information of the Parent Company (Tables)
 12 Months Ended
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
Condensed Balance Sheets
CONDENSED BALANCE SHEETS
December 31,
Dollars in millions
20212020
ASSETS
Cash and due from banks$2,293 $3,799 
Short-term investments24 21 
Securities available for sale— 12 
Other investments77 43 
Loans to:
Banks50 50 
Nonbank subsidiaries16 16 
Total loans66 66 
Investment in subsidiaries:
Banks17,019 17,645 
Nonbank subsidiaries1,015 900 
Total investment in subsidiaries18,034 18,545 
Goodwill167 167 
Corporate-owned life insurance212 207 
Derivative assets76 100 
Accrued income and other assets309 299 
Total assets$21,258 $23,259 
LIABILITIES
Accrued expense and other liabilities$532 $505 
Long-term debt due to:
Subsidiaries483 500 
Unaffiliated companies2,820 4,273 
Total long-term debt3,303 4,773 
Total liabilities3,835 5,278 
SHAREHOLDERS’ EQUITY (a)
17,423 17,981 
Total liabilities and shareholders’ equity$21,258 $23,259 
(a)See Key’s Consolidated Statements of Changes in Equity.
Condensed Statements of Income
CONDENSED STATEMENTS OF INCOME
Year ended December 31,
Dollars in millions202120202019
INCOME
Dividends from subsidiaries:
Bank subsidiaries$1,925 $1,250 $1,204 
Nonbank subsidiaries50 — 70 
Interest income from subsidiaries1 4 9 
Other income36 8 11 
Total income2,012 1,262 1,294 
EXPENSE
Interest on long-term debt with subsidiary trusts13 18 22 
Interest on other borrowed funds65 114 151 
Personnel and other expense101 63 87 
Total expense179 195 260 
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries1,833 1,067 1,034 
Income tax (expense) benefit38 38 57 
Income (loss) before equity in net income (loss) less dividends from subsidiaries1,871 1,105 1,091 
Equity in net income (loss) less dividends from subsidiaries754 238 626 
NET INCOME (LOSS)2,625 1,343 1,717 
Less: Net income attributable to noncontrolling interests— — — 
NET INCOME (LOSS) ATTRIBUTABLE TO KEY$2,625 $1,343 $1,717 
.
Condensed Statements of Cash Flows
CONDENSED STATEMENTS OF CASH FLOWS
Year ended December 31,
Dollars in millions202120202019
OPERATING ACTIVITIES
Net income (loss) attributable to Key$2,625 $1,343 $1,717 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Deferred income taxes (benefit)(22)2 (43)
Stock-based compensation expense9 11 8 
Equity in net (income) loss less dividends from subsidiaries(754)(238)(626)
Net (increase) decrease in other assets13 (66)39 
Net increase (decrease) in other liabilities48 12 11 
Other operating activities, net(414)131 244 
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES1,505 1,195 1,350 
INVESTING ACTIVITIES
Net (increase) decrease in securities available for sale and in short-term and other investments(15)(7)(6)
Proceeds from sales, prepayments and maturities of securities available for sale— — — 
Net (increase) decrease in loans to subsidiaries— — 15 
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES(15)(7)9 
FINANCING ACTIVITIES
Net proceeds from issuance of long-term debt— 800 750 
Payments on long-term debt(997)(1,003)(300)
Repurchase of Treasury Shares(1,176)(170)(868)
Net cash from the issuance (redemption) of Common Shares and preferred stock— — 435 
Cash dividends paid(823)(829)(804)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES(2,996)(1,202)(787)
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS(1,506)(14)572 
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR3,799 3,813 3,241 
CASH AND DUE FROM BANKS AT END OF YEAR$2,293 $3,799 $3,813 
v3.22.0.1
Revenue from Contracts with Customers (Tables)
 12 Months Ended
Dec. 31, 2021
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, 2021, and December 31, 2020:
Year ended December 31,20212020
Dollars in millionsConsumer BankCommercial BankTotal Contract RevenueConsumer BankCommercial BankTotal Contract Revenue
NONINTEREST INCOME
Trust and investment services income$417 $67 $484 $374 $67 $441 
Investment banking and debt placement fees— 586 586 — 305 305 
Services charges on deposit accounts201 136 337 189 122 311 
Cards and payments income181 226 407 160 201 361 
Other noninterest income7 2 9 10 — 10 
Total revenue from contracts with customers$806 $1,017 $1,823 $733 $695 $1,428 
Other noninterest income (a)
$1,234 $1,095 
Noninterest income from other segments (b)
137 129 
Total noninterest income$3,194 $2,652 
(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.
v3.22.0.1
Summary of Significant Accounting Policies - Narrative (Details)
 12 Months Ended
Dec. 31, 2021
segment
state
machine
branch
Accounting Policies [Line Items]  
Number of retail branches | branch 999
Number of automated teller machines | machine 1,317
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 by which amortized cost is greater than fair value to be considered as other-than-temporary 6 months
Amortization period of stock-based compensation awards 5 years
Vesting period for compensation cost 4 years
Financing Receivable, Number Of Loan Segment Portfolios 2
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%
v3.22.0.1
Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
EARNINGS      
Income (loss) from continuing operations $ 2,612 $ 1,329 $ 1,708
Less: Net income (loss) attributable to noncontrolling interests 0 0 0
Income (loss) from continuing operations attributable to Key 2,612 1,329 1,708
Less: Dividends on preferred stock 106 106 97
Income (loss) from continuing operations attributable to Key common shareholders 2,506 1,223 1,611
Income (loss) from discontinued operations, net of taxes 13 14 9
Net income (loss) attributable to Key common shareholders $ 2,519 $ 1,237 $ 1,620
WEIGHTED-AVERAGE COMMON SHARES      
Weighted-average common shares outstanding (in shares) 947,065 967,783 992,091
Effect of common share options and other stock awards (in shares) 10,349 7,024 10,163
Weighted-average common shares and potential common shares outstanding (in shares) [1] 957,414 974,807 1,002,254
EARNINGS PER COMMON SHARE      
Income (loss) from continuing operations attributable to Key common shareholders (in dollars per share) $ 2.64 $ 1.26 $ 1.62
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] 2.65 1.28 1.63
Income (loss) from continuing operations attributable to Key common shareholders - assuming dilution (in dollars per share) 2.62 1.26 1.61
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] $ 2.63 $ 1.27 $ 1.62
[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.
v3.22.0.1
Restrictions on Cash, Dividends and Lending Activities - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Jan. 01, 2022
Dec. 31, 2021
Restricted Cash and Cash Equivalents Items [Line Items]    
Short-term investments held for discharge of obligations   $ 2,300
KeyBank (consolidated)    
Restricted Cash and Cash Equivalents Items [Line Items]    
Dividends paid by non banking subsidiaries   $ 1,900
KeyBank (consolidated) | Subsequent Event    
Restricted Cash and Cash Equivalents Items [Line Items]    
Capacity to pay dividends $ 844  
v3.22.0.1
Loan Portfolio (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans $ 101,854 $ 101,185
Discontinued Operations | Education Lending    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 567 710
Commercial Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 70,836 71,980
Accrued interest 113  
Commercial Loans | Commercial and industrial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 50,525 52,907
Accrued interest 198 241
Commercial Loans | Commercial mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 14,244 12,687
Commercial Loans | Construction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 1,996 1,987
Commercial Loans | Commercial real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 16,240 14,674
Commercial Loans | Commercial lease financing    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 4,071 4,399
Commercial Loans | Commercial credit card    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 139 127
Commercial Loans | Collateral pledged    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 16 23
Consumer Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 31,018 29,205
Accrued interest 85  
Consumer Loans | Real estate — residential mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 15,756 9,298
Consumer Loans | Home equity loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 8,467 9,360
Consumer Loans | Residential - prime loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 24,223 18,658
Consumer Loans | Consumer direct loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 5,753 4,714
Consumer Loans | Credit cards    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 972 989
Consumer Loans | Consumer indirect loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 70 4,844
Consumer Loans | Commercial credit card    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans $ 972 $ 989
v3.22.0.1
Asset Quality - Changes in Allowance for Loan and Lease Losses by Loan Category (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance $ 1,626 $ 900 $ 883
Provision (381) 965 441
Charge-offs (322) (522) (499)
Recoveries 138 79 75
Ending balance 1,061 1,626 900
Total ALLL, including discontinued operations, beginning balance 1,662 910 897
Total provision, including discontinued operations (387) 960 444
Total charge-offs, including discontinued operations (326) (527) (511)
Total recoveries, including discontinued operations 140 84 80
Total ALLL, including discontinued operations, ending balance 1,089 1,662 910
Provision (credit) for losses on off balance sheet exposures (37) 56 4
Provision for credit loss, net of tax, related to previously disclosed fraud incident     (139)
Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   204  
Ending balance     204
Total ALLL, including discontinued operations, beginning balance   235  
Total ALLL, including discontinued operations, ending balance     235
Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   1,104  
Ending balance     1,104
Total ALLL, including discontinued operations, beginning balance   1,145  
Total ALLL, including discontinued operations, ending balance     1,145
Commercial Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 1,099 751 743
Provision (290) 839 332
Charge-offs (220) (405) (358)
Recoveries 99 38 34
Ending balance 688 1,099 751
Commercial Loans | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   (124)  
Ending balance     (124)
Commercial Loans | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   627  
Ending balance     627
Consumer Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 527 149 140
Provision (91) 126 109
Charge-offs (102) (117) (141)
Recoveries 39 41 41
Ending balance 373 527 149
Consumer Loans | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   328  
Ending balance     328
Consumer Loans | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   477  
Ending balance     477
Commercial and industrial | Commercial Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 678 551 532
Provision (142) 585 311
Charge-offs (174) (351) (319)
Recoveries 83 34 27
Ending balance 445 678 551
Commercial and industrial | Commercial Loans | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   (141)  
Ending balance     (141)
Commercial and industrial | Commercial Loans | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   410  
Ending balance     410
Commercial mortgage | Commercial Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 327 143 142
Provision (114) 184 7
Charge-offs (40) (19) (8)
Recoveries 9 3 2
Ending balance 182 327 143
Commercial mortgage | Commercial Loans | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   16  
Ending balance     16
Commercial mortgage | Commercial Loans | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   159  
Ending balance     159
Construction | Commercial Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 47 22 33
Provision (18) 32 (6)
Charge-offs 0 0 (5)
Recoveries 0 0 0
Ending balance 29 47 22
Construction | Commercial Loans | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   (7)  
Ending balance     (7)
Construction | Commercial Loans | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   15  
Ending balance     15
Commercial real estate | Commercial Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 374 165  
Provision (132) 216  
Charge-offs (40) (19)  
Recoveries 9 3  
Ending balance 211 374 165
Commercial real estate | Commercial Loans | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   9  
Ending balance     9
Commercial real estate | Commercial Loans | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   174  
Ending balance     174
Commercial lease financing | Commercial Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 47 35 36
Provision (16) 38 20
Charge-offs (6) (35) (26)
Recoveries 7 1 5
Ending balance 32 47 35
Commercial lease financing | Commercial Loans | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   8  
Ending balance     8
Commercial lease financing | Commercial Loans | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   43  
Ending balance     43
Real estate — residential mortgage | Consumer Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 102 7 7
Provision (12) 19 1
Charge-offs 2 (2) (3)
Recoveries 3 1 2
Ending balance 95 102 7
Real estate — residential mortgage | Consumer Loans | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   77  
Ending balance     77
Real estate — residential mortgage | Consumer Loans | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   84  
Ending balance     84
Home equity loans | Consumer Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 171 31 35
Provision (57) (3) 7
Charge-offs (9) (11) (19)
Recoveries 5 7 8
Ending balance 110 171 31
Home equity loans | Consumer Loans | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   147  
Ending balance     147
Home equity loans | Consumer Loans | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   178  
Ending balance     178
Consumer direct loans | Consumer Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 128 34 30
Provision (2) 61 38
Charge-offs (29) (37) (41)
Recoveries 8 7 7
Ending balance 105 128 34
Consumer direct loans | Consumer Loans | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   63  
Ending balance     63
Consumer direct loans | Consumer Loans | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   97  
Ending balance     97
Credit cards | Consumer Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 87 47 48
Provision (7) 36 36
Charge-offs (27) (39) (44)
Recoveries 8 8 7
Ending balance 61 87 47
Credit cards | Consumer Loans | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   35  
Ending balance     35
Credit cards | Consumer Loans | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   82  
Ending balance     82
Consumer indirect loans | Consumer Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 39 30 20
Provision (13) 13 27
Charge-offs (39) (28) (34)
Recoveries 15 18 17
Ending balance 2 39 30
Consumer indirect loans | Consumer Loans | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   6  
Ending balance     6
Consumer indirect loans | Consumer Loans | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   36  
Ending balance     36
Discontinued Operations      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 36 10 14
Provision (6) (5) 3
Charge-offs (4) (5) (12)
Recoveries 2 5 5
Ending balance $ 28 36 10
Discontinued Operations | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   31  
Ending balance     31
Discontinued Operations | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance   $ 41  
Ending balance     $ 41
v3.22.0.1
Asset Quality - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
loan
Dec. 31, 2020
USD ($)
loan
Dec. 31, 2019
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans, net of unearned income $ 101,854 $ 101,185  
Portfolio loans that have received payment, CARES Act 75    
Loan modifications and forbearance, CARES Act $ 65    
Percentage of carrying amount of our commercial nonperforming loans outstanding 62.00%    
Percentage of nonperforming loans outstanding face value 73.00%    
Percentage of loans held for sale and other nonperforming assets 80.00%    
Net reduction to interest income $ 17 27 $ 31
Commitments outstanding to lend additional funds to borrowers 15 1  
Financial receivable, modifications, subsequent default, recorded investment 5 10  
Commercial Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans, net of unearned income 70,836 71,980  
Accrued interest 113    
Consumer Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans, net of unearned income 31,018 29,205  
Accrued interest 85    
Continuing Operations | Commercial Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Increase (decrease) in ALLL $ (411)    
Increase (decrease) in ALLL (as a percent) (37.40%)    
Continuing Operations | Consumer Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Increase (decrease) in ALLL $ (154)    
Increase (decrease) in ALLL (as a percent) (29.20%)    
PPP      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans, net of unearned income $ 1,500    
Real estate — residential mortgage | Consumer Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans, net of unearned income $ 15,756 $ 9,298  
Consumer Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Number of loans | loan 131 212  
Commercial Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Number of loans | loan 7 7  
Nonperforming      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans, net of unearned income $ 454 $ 785  
Nonperforming loans on nonaccrual status with no allowance 404    
Nonperforming | Commercial Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans, net of unearned income 239 497  
Nonperforming | Consumer Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans, net of unearned income 215 288  
Nonperforming | Real estate — residential mortgage | Consumer Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans, net of unearned income 72 110  
Real estate — residential mortgage      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment $ 104 $ 92  
v3.22.0.1
Asset Quality - Commercial Credit Exposure (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]    
Total loans $ 101,854 $ 101,185
Commercial Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 18,212  
One year prior 7,556  
Two years prior 7,624  
Three years prior 4,772  
Four years prior 3,136  
Prior 7,235  
Revolving Loans Amortized Cost Basis 22,159  
Revolving Loans Converted to Term Loans Amortized Cost Basis 142  
Total loans 70,836 71,980
Accrued interest 113  
Commercial Loans | Commercial and industrial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 11,740  
One year prior 5,013  
Two years prior 4,176  
Three years prior 2,956  
Four years prior 1,996  
Prior 3,244  
Revolving Loans Amortized Cost Basis 21,312  
Revolving Loans Converted to Term Loans Amortized Cost Basis 88  
Total loans 50,525 52,907
Accrued interest 198 241
Commercial Loans | Commercial and industrial | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 11,675  
One year prior 4,941  
Two years prior 4,040  
Three years prior 2,771  
Four years prior 1,777  
Prior 3,108  
Revolving Loans Amortized Cost Basis 20,406  
Revolving Loans Converted to Term Loans Amortized Cost Basis 72  
Total loans 48,790  
Commercial Loans | Commercial and industrial | Criticized (Accruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 64  
One year prior 71  
Two years prior 115  
Three years prior 175  
Four years prior 200  
Prior 121  
Revolving Loans Amortized Cost Basis 784  
Revolving Loans Converted to Term Loans Amortized Cost Basis 14  
Total loans 1,544  
Commercial Loans | Commercial and industrial | Criticized (Nonaccruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 1  
One year prior 1  
Two years prior 21  
Three years prior 10  
Four years prior 19  
Prior 15  
Revolving Loans Amortized Cost Basis 122  
Revolving Loans Converted to Term Loans Amortized Cost Basis 2  
Total loans 191  
Commercial Loans | Commercial mortgage    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 4,938  
One year prior 1,220  
Two years prior 2,208  
Three years prior 1,235  
Four years prior 721  
Prior 3,024  
Revolving Loans Amortized Cost Basis 844  
Revolving Loans Converted to Term Loans Amortized Cost Basis 54  
Total loans 14,244 12,687
Commercial Loans | Commercial mortgage | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 4,923  
One year prior 1,197  
Two years prior 2,137  
Three years prior 1,168  
Four years prior 612  
Prior 2,787  
Revolving Loans Amortized Cost Basis 803  
Revolving Loans Converted to Term Loans Amortized Cost Basis 53  
Total loans 13,680  
Commercial Loans | Commercial mortgage | Criticized (Accruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 15  
One year prior 22  
Two years prior 70  
Three years prior 62  
Four years prior 109  
Prior 206  
Revolving Loans Amortized Cost Basis 35  
Revolving Loans Converted to Term Loans Amortized Cost Basis 1  
Total loans 520  
Commercial Loans | Commercial mortgage | Criticized (Nonaccruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 0  
One year prior 1  
Two years prior 1  
Three years prior 5  
Four years prior 0  
Prior 31  
Revolving Loans Amortized Cost Basis 6  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 44  
Commercial Loans | Construction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 495  
One year prior 569  
Two years prior 535  
Three years prior 266  
Four years prior 96  
Prior 32  
Revolving Loans Amortized Cost Basis 3  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 1,996 1,987
Commercial Loans | Construction | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 495  
One year prior 565  
Two years prior 530  
Three years prior 223  
Four years prior 92  
Prior 32  
Revolving Loans Amortized Cost Basis 2  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 1,939  
Commercial Loans | Construction | Criticized (Accruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 0  
One year prior 4  
Two years prior 5  
Three years prior 43  
Four years prior 4  
Prior 0  
Revolving Loans Amortized Cost Basis 1  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 57  
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 1,039  
One year prior 754  
Two years prior 705  
Three years prior 315  
Four years prior 323  
Prior 935  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 4,071 $ 4,399
Commercial Loans | Commercial lease financing | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 1,039  
One year prior 748  
Two years prior 675  
Three years prior 301  
Four years prior 309  
Prior 927  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 3,999  
Commercial Loans | Commercial lease financing | Criticized (Accruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 0  
One year prior 6  
Two years prior 29  
Three years prior 13  
Four years prior 13  
Prior 7  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 68  
Commercial Loans | Commercial lease financing | 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 1  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans $ 4  
v3.22.0.1
Asset Quality - Consumer Credit Exposure (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]    
Total loans $ 101,854 $ 101,185
Consumer Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 13,637  
One year prior 5,890  
Two years prior 2,095  
Three years prior 432  
Four years prior 384  
Prior 2,812  
Revolving Loans Amortized Cost Basis 5,156  
Revolving Loans Converted to Term Loans Amortized Cost Basis 612  
Total loans 31,018 29,205
Accrued interest 85  
Consumer Loans | Real estate — residential mortgage    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 9,636  
One year prior 3,274  
Two years prior 966  
Three years prior 140  
Four years prior 163  
Prior 1,576  
Revolving Loans Amortized Cost Basis 1  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 15,756 9,298
Consumer Loans | Real estate — residential mortgage | FICO Score, 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 7,906  
One year prior 2,909  
Two years prior 777  
Three years prior 84  
Four years prior 126  
Prior 1,096  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 12,898  
Consumer Loans | Real estate — residential mortgage | FICO Score, 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 1,686  
One year prior 351  
Two years prior 169  
Three years prior 39  
Four years prior 25  
Prior 308  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 2,578  
Consumer Loans | Real estate — residential mortgage | FICO Score, Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 26  
One year prior 14  
Two years prior 19  
Three years prior 16  
Four years prior 9  
Prior 142  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 226  
Consumer Loans | Real estate — residential mortgage | FICO Score, No Score    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 18  
One year prior 0  
Two years prior 1  
Three years prior 1  
Four years prior 3  
Prior 30  
Revolving Loans Amortized Cost Basis 1  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 54  
Consumer Loans | Home equity loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 1,472  
One year prior 1,119  
Two years prior 382  
Three years prior 153  
Four years prior 181  
Prior 964  
Revolving Loans Amortized Cost Basis 3,584  
Revolving Loans Converted to Term Loans Amortized Cost Basis 612  
Total loans 8,467 9,360
Consumer Loans | Home equity loans | FICO Score, 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 1,051  
One year prior 830  
Two years prior 251  
Three years prior 96  
Four years prior 128  
Prior 666  
Revolving Loans Amortized Cost Basis 2,244  
Revolving Loans Converted to Term Loans Amortized Cost Basis 423  
Total loans 5,689  
Consumer Loans | Home equity loans | FICO Score, 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 394  
One year prior 263  
Two years prior 111  
Three years prior 44  
Four years prior 40  
Prior 204  
Revolving Loans Amortized Cost Basis 1,004  
Revolving Loans Converted to Term Loans Amortized Cost Basis 143  
Total loans 2,203  
Consumer Loans | Home equity loans | FICO Score, Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 27  
One year prior 24  
Two years prior 20  
Three years prior 13  
Four years prior 13  
Prior 92  
Revolving Loans Amortized Cost Basis 333  
Revolving Loans Converted to Term Loans Amortized Cost Basis 46  
Total loans 568  
Consumer Loans | Home equity loans | FICO Score, No Score    
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 2  
Revolving Loans Amortized Cost Basis 3  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 7  
Consumer Loans | Consumer direct loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 2,524  
One year prior 1,497  
Two years prior 747  
Three years prior 139  
Four years prior 40  
Prior 207  
Revolving Loans Amortized Cost Basis 599  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 5,753 4,714
Consumer Loans | Consumer direct loans | FICO Score, 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 1,799  
One year prior 1,129  
Two years prior 517  
Three years prior 65  
Four years prior 17  
Prior 129  
Revolving Loans Amortized Cost Basis 109  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 3,765  
Consumer Loans | Consumer direct loans | FICO Score, 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 612  
One year prior 295  
Two years prior 174  
Three years prior 46  
Four years prior 10  
Prior 45  
Revolving Loans Amortized Cost Basis 212  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 1,394  
Consumer Loans | Consumer direct loans | FICO Score, Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 45  
One year prior 33  
Two years prior 27  
Three years prior 11  
Four years prior 3  
Prior 12  
Revolving Loans Amortized Cost Basis 60  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 191  
Consumer Loans | Consumer direct loans | FICO Score, No Score    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 68  
One year prior 40  
Two years prior 29  
Three years prior 17  
Four years prior 10  
Prior 21  
Revolving Loans Amortized Cost Basis 218  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 403  
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 972  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 972 989
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 500  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 500  
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 387  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 387  
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 84  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 84  
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 5  
One year prior 0  
Two years prior 0  
Three years prior 0  
Four years prior 0  
Prior 65  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 70 $ 4,844
Consumer Loans | Consumer indirect loans | FICO Score, 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 5  
One year prior 0  
Two years prior 0  
Three years prior 0  
Four years prior 0  
Prior 30  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 35  
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 26  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 26  
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 9  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 9  
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  
v3.22.0.1
Asset Quality - Aging Analysis of Past Due and Current Loans (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Financing Receivable, Past Due [Line Items]    
Total loans $ 101,854 $ 101,185
Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 454 785
Financial Asset, 30 to 59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 76 148
Financial Asset, 60 to 89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 89 93
Financial Asset, Equal to or Greater than 90 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 68 86
Financial Asset, Not Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 101,167 100,073
Financial Asset, Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 687 1,112
Commercial Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 70,836 71,980
Accrued interest 113  
Commercial Loans | Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 239 497
Commercial Loans | Commercial and industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 50,525 52,907
Accrued interest 198 241
Commercial Loans | Commercial and industrial | Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 191 385
Commercial Loans | Commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 14,244 12,687
Commercial Loans | Commercial mortgage | Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 44 104
Commercial Loans | Commercial Real Estate : Construction    
Financing Receivable, Past Due [Line Items]    
Total loans 1,996 1,987
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 16,240 14,674
Commercial Loans | Commercial real estate loans | Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 44 104
Commercial Loans | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 4,071 4,399
Commercial Loans | Commercial lease financing | Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 4 8
Commercial Loans | Commercial credit card    
Financing Receivable, Past Due [Line Items]    
Total loans 139 127
Commercial Loans | Financial Asset, 30 to 59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 35 66
Commercial Loans | Financial Asset, 30 to 59 Days Past Due | Commercial and industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 19 36
Commercial Loans | Financial Asset, 30 to 59 Days Past Due | Commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 10 9
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 10 9
Commercial Loans | Financial Asset, 30 to 59 Days Past Due | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 6 21
Commercial Loans | Financial Asset, 60 to 89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 75 56
Commercial Loans | Financial Asset, 60 to 89 Days Past Due | Commercial and industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 49 50
Commercial Loans | Financial Asset, 60 to 89 Days Past Due | Commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 9 5
Commercial Loans | Financial Asset, 60 to 89 Days Past Due | Commercial Real Estate : Construction    
Financing Receivable, Past Due [Line Items]    
Total loans 17 0
Commercial Loans | Financial Asset, 60 to 89 Days Past Due | Commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 26 5
Commercial Loans | Financial Asset, 60 to 89 Days Past Due | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 0 1
Commercial Loans | Financial Asset, Equal to or Greater than 90 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 48 62
Commercial Loans | Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial and industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 40 40
Commercial Loans | Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 7 21
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 1 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 22
Commercial Loans | Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 0 0
Commercial Loans | Financial Asset, Not Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 70,439 71,299
Commercial Loans | Financial Asset, Not Past Due | Commercial and industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 50,226 52,396
Commercial Loans | Financial Asset, Not Past Due | Commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 14,174 12,548
Commercial Loans | Financial Asset, Not Past Due | Commercial Real Estate : Construction    
Financing Receivable, Past Due [Line Items]    
Total loans 1,978 1,986
Commercial Loans | Financial Asset, Not Past Due | Commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 16,152 14,534
Commercial Loans | Financial Asset, Not Past Due | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 4,061 4,369
Commercial Loans | Financial Asset, Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 397 681
Commercial Loans | Financial Asset, Past Due | Commercial and industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 299 511
Commercial Loans | Financial Asset, Past Due | Commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 70 139
Commercial Loans | Financial Asset, Past Due | Commercial Real Estate : Construction    
Financing Receivable, Past Due [Line Items]    
Total loans 18 1
Commercial Loans | Financial Asset, Past Due | Commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 88 140
Commercial Loans | Financial Asset, Past Due | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 10 30
Consumer Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 31,018 29,205
Accrued interest 85  
Consumer Loans | Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 215 288
Consumer Loans | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 15,756 9,298
Consumer Loans | Real estate — residential mortgage | Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 72 110
Consumer Loans | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 8,467 9,360
Consumer Loans | Home equity loans | Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 135 154
Consumer Loans | Consumer direct loans    
Financing Receivable, Past Due [Line Items]    
Total loans 5,753 4,714
Consumer Loans | Consumer direct loans | Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 4 5
Consumer Loans | Commercial credit card    
Financing Receivable, Past Due [Line Items]    
Total loans 972 989
Consumer Loans | Commercial credit card | Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 3 2
Consumer Loans | Consumer indirect loans    
Financing Receivable, Past Due [Line Items]    
Total loans 70 4,844
Consumer Loans | Consumer indirect loans | Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 1 17
Consumer Loans | Financial Asset, 30 to 59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 41 82
Consumer Loans | Financial Asset, 30 to 59 Days Past Due | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 7 11
Consumer Loans | Financial Asset, 30 to 59 Days Past Due | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 21 34
Consumer Loans | Financial Asset, 30 to 59 Days Past Due | Consumer direct loans    
Financing Receivable, Past Due [Line Items]    
Total loans 8 7
Consumer Loans | Financial Asset, 30 to 59 Days Past Due | Commercial credit card    
Financing Receivable, Past Due [Line Items]    
Total loans 4 5
Consumer Loans | Financial Asset, 30 to 59 Days Past Due | Consumer indirect loans    
Financing Receivable, Past Due [Line Items]    
Total loans 1 25
Consumer Loans | Financial Asset, 60 to 89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 14 37
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 6 20
Consumer Loans | Financial Asset, 60 to 89 Days Past Due | Consumer direct loans    
Financing Receivable, Past Due [Line Items]    
Total loans 2 4
Consumer Loans | Financial Asset, 60 to 89 Days Past Due | Commercial credit card    
Financing Receivable, Past Due [Line Items]    
Total loans 3 3
Consumer Loans | Financial Asset, 60 to 89 Days Past Due | Consumer indirect loans    
Financing Receivable, Past Due [Line Items]    
Total loans 0 7
Consumer Loans | Financial Asset, Equal to or Greater than 90 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 20 24
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 5 1
Consumer Loans | Financial Asset, Equal to or Greater than 90 Days Past Due | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 6 9
Consumer Loans | Financial Asset, Equal to or Greater than 90 Days Past Due | Consumer direct loans    
Financing Receivable, Past Due [Line Items]    
Total loans 3 4
Consumer Loans | Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial credit card    
Financing Receivable, Past Due [Line Items]    
Total loans 6 7
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 3
Consumer Loans | Financial Asset, Not Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 30,728 28,774
Consumer Loans | Financial Asset, Not Past Due | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 15,669 9,173
Consumer Loans | Financial Asset, Not Past Due | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 8,299 9,143
Consumer Loans | Financial Asset, Not Past Due | Consumer direct loans    
Financing Receivable, Past Due [Line Items]    
Total loans 5,736 4,694
Consumer Loans | Financial Asset, Not Past Due | Commercial credit card    
Financing Receivable, Past Due [Line Items]    
Total loans 956 972
Consumer Loans | Financial Asset, Not Past Due | Consumer indirect loans    
Financing Receivable, Past Due [Line Items]    
Total loans 68 4,792
Consumer Loans | Financial Asset, Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 290 431
Consumer Loans | Financial Asset, Past Due | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 87 125
Consumer Loans | Financial Asset, Past Due | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 168 217
Consumer Loans | Financial Asset, Past Due | Consumer direct loans    
Financing Receivable, Past Due [Line Items]    
Total loans 17 20
Consumer Loans | Financial Asset, Past Due | Commercial credit card    
Financing Receivable, Past Due [Line Items]    
Total loans 16 17
Consumer Loans | Financial Asset, Past Due | Consumer indirect loans    
Financing Receivable, Past Due [Line Items]    
Total loans $ 2 $ 52
v3.22.0.1
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, 2021
Dec. 31, 2020
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total commercial and consumer TDRs $ 33 $ 126
Commercial Loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Extension of Maturity Date 0 5
Payment or Covenant Modification/Deferment 7 59
Total 7 64
Consumer Loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Interest rate reduction 7 41
Other 19 21
Total $ 26 $ 62
v3.22.0.1
Asset Quality - Summary of Post-Modification Outstanding Recorded Investment TDRs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Financing Receivables, Modifications, Rollforward [Roll Forward]    
Balance at beginning of the period $ 363 $ 347
Additions 103 173
Payments (217) (95)
Charge-offs (29) (62)
Balance at end of period $ 220 $ 363
v3.22.0.1
Asset Quality - Breakdown of Nonperforming TDRs by Loans Category (Details)
 12 Months Ended
Dec. 31, 2021
USD ($)
loan
Dec. 31, 2020
USD ($)
loan
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Loans | loan 4,429 6,133
Pre-modification Outstanding Recorded Investment $ 308,000,000 $ 478,000,000
Post-modification Outstanding Recorded Investment $ 220,000,000 $ 363,000,000
Prior-year accruing    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Loans | loan 3,049 3,743
Pre-modification Outstanding Recorded Investment $ 160,000,000 $ 184,000,000
Post-modification Outstanding Recorded Investment $ 121,000,000 $ 134,000,000
Nonperforming    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Loans | loan 1,380 2,390
Pre-modification Outstanding Recorded Investment $ 148,000,000 $ 294,000,000
Post-modification Outstanding Recorded Investment $ 99,000,000 $ 229,000,000
Commercial Loans | Prior-year accruing    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Loans | loan 12 3
Pre-modification Outstanding Recorded Investment $ 0 $ 5,000,000
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 11 3
Pre-modification Outstanding Recorded Investment $ 0 $ 5
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 1 0
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 39 73
Pre-modification Outstanding Recorded Investment $ 80,000,000 $ 198,000,000
Post-modification Outstanding Recorded Investment $ 39,000,000 $ 142,000,000
Commercial Loans | Nonperforming | Commercial and industrial    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Loans | loan 36 66
Pre-modification Outstanding Recorded Investment $ 30,000,000 $ 136,000,000
Post-modification Outstanding Recorded Investment $ 14,000,000 $ 92,000,000
Commercial Real Estate Portfolio Segment [Member] | Nonperforming | Commercial mortgage    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Loans | loan 3 7
Pre-modification Outstanding Recorded Investment $ 50,000,000 $ 62,000,000
Post-modification Outstanding Recorded Investment $ 25,000,000 $ 50,000,000
Commercial Real Estate Portfolio Segment [Member] | Nonperforming | Commercial real estate loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Loans | loan 3 7
Pre-modification Outstanding Recorded Investment $ 50,000,000 $ 62,000,000
Post-modification Outstanding Recorded Investment $ 25,000,000 $ 50,000,000
Consumer Loans | Prior-year accruing    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Loans | loan 3,037 3,740
Pre-modification Outstanding Recorded Investment $ 160,000,000 $ 179,000,000
Post-modification Outstanding Recorded Investment $ 121,000,000 $ 134,000,000
Consumer Loans | Real estate — residential mortgage | Prior-year accruing    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Loans | loan 455 485
Pre-modification Outstanding Recorded Investment $ 39,000,000 $ 37,000,000
Post-modification Outstanding Recorded Investment $ 33,000,000 $ 31,000,000
Consumer Loans | Home equity loans | Prior-year accruing    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Loans | loan 1,628 1,781
Pre-modification Outstanding Recorded Investment $ 97,000,000 $ 106,000,000
Post-modification Outstanding Recorded Investment $ 75,000,000 $ 83,000,000
Consumer Loans | Consumer direct loans | Prior-year accruing    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Loans | loan 236 163
Pre-modification Outstanding Recorded Investment $ 5,000,000 $ 4,000,000
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 579 536
Pre-modification Outstanding Recorded Investment $ 4,000,000 $ 3,000,000
Post-modification Outstanding Recorded Investment $ 2,000,000 $ 1,000,000
Consumer Loans | Consumer indirect loans | Prior-year accruing    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Loans | loan 139 775
Pre-modification Outstanding Recorded Investment $ 15,000,000 $ 29,000,000
Post-modification Outstanding Recorded Investment $ 8,000,000 $ 16,000,000
Consumer Loans | Nonperforming    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Loans | loan 1,341 2,317
Pre-modification Outstanding Recorded Investment $ 68,000,000 $ 96,000,000
Post-modification Outstanding Recorded Investment $ 60,000,000 $ 87,000,000
Consumer Loans | Nonperforming | Real estate — residential mortgage    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Loans | loan 220 258
Pre-modification Outstanding Recorded Investment $ 26,000,000 $ 35,000,000
Post-modification Outstanding Recorded Investment $ 24,000,000 $ 34,000,000
Consumer Loans | Nonperforming | Home equity loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Loans | loan 531 630
Pre-modification Outstanding Recorded Investment $ 36,000,000 $ 41,000,000
Post-modification Outstanding Recorded Investment $ 31,000,000 $ 37,000,000
Consumer Loans | Nonperforming | Consumer direct loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Loans | loan 207 212
Pre-modification Outstanding Recorded Investment $ 3,000,000 $ 3,000,000
Post-modification Outstanding Recorded Investment $ 2,000,000 $ 3,000,000
Consumer Loans | Nonperforming | Credit cards    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number of Loans | loan 360 356
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 23 861
Pre-modification Outstanding Recorded Investment $ 1,000,000 $ 15,000,000
Post-modification Outstanding Recorded Investment $ 1,000,000 $ 11,000,000
v3.22.0.1
Asset Quality - Changes in Liability for Credit Losses on Lending Related Commitments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at the end of the prior period $ 197 $ 68  
Liability for credit losses on contingent guarantees at the end of the prior period   0 $ 7
Provision (credit) for losses on off balance sheet exposures (37) 56 4
Balance at end of period 160 197 68
Provision (credit) for losses on lending-related commitments     4
Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Cumulative effect from change in accounting principle   0 66
Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at the end of the prior period $ 197 141  
Balance at end of period   $ 197 $ 141
v3.22.0.1
Fair Value Measurements - Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities $ 701 $ 735
Securities available for sale 45,364 27,556
Loans, net of unearned income 101,854 101,185
Netting adjustments (284) (380)
Total derivative assets 1,962 1,798
LIABILITIES MEASURED ON A RECURRING BASIS    
Netting adjustments (1,526) (675)
U.S. Treasury, agencies and corporations    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 9,472 1,000
Other securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 0 13
Agency residential mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 5,122 2,164
Mortgage-backed securities | Agency commercial mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 9,651 10,106
Fair Value, Recurring    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 683 717
Commercial loans 18 18
Total trading account assets 701 735
Securities available for sale 45,364 27,556
Total other investments 105 81
Loans, net of unearned income 11 11
Loans held for sale 281 264
Derivative assets 2,246 2,178
Netting adjustments (284) (380)
Total derivative assets 1,962 1,798
Total assets on a recurring basis at fair value 48,424 30,445
LIABILITIES MEASURED ON A RECURRING BASIS    
Total liabilities on a recurring basis at fair value 749 910
Fair Value, Recurring | Agency residential collateralized mortgage obligations    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 21,119 14,273
Fair Value, Recurring | U.S. Treasury, agencies and corporations    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 530 633
Securities available for sale 9,472 1,000
Fair Value, Recurring | States and political subdivisions    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 96 24
Securities available for sale 0 0
Fair Value, Recurring | Other securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 13 13
Securities available for sale 0 13
Fair Value, Recurring | Agency commercial mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 9,651 10,106
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 46 54
Fair Value, Recurring | Equity Investments, Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 33 13
Fair Value, Recurring | Equity Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 59 27
Fair Value, Recurring | Mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 44 47
Fair Value, Recurring | Mortgage-backed securities | Agency residential mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 5,122 2,164
Fair Value, Recurring | Short positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Short positions 588 759
Fair Value, Recurring | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 1,687 826
Netting adjustments (1,526) (675)
Total derivative liabilities 161 151
Fair Value, Recurring | Interest rate    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 807 1,584
Fair Value, Recurring | Interest rate | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 253 288
Fair Value, Recurring | Foreign exchange    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 81 109
Fair Value, Recurring | Foreign exchange | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 76 103
Fair Value, Recurring | Commodity    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 1,330 426
Fair Value, Recurring | Commodity | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 1,335 408
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 12 11
Fair Value, Recurring | Other    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 27 58
Fair Value, Recurring | Other | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 11 16
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 24 0
Loans, net of unearned income 0 0
Loans held for sale 0 0
Derivative assets 71 78
Netting adjustments 0 0
Total derivative assets 71 78
Total assets on a recurring basis at fair value 95 78
LIABILITIES MEASURED ON A RECURRING BASIS    
Total liabilities on a recurring basis at fair value 141 328
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 24 0
Level 1 | Fair Value, Recurring | Equity Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 24 0
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 75 256
Level 1 | Fair Value, Recurring | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 66 72
Netting adjustments 0 0
Total derivative liabilities 66 72
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 71 78
Level 1 | Fair Value, Recurring | Foreign exchange | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 66 72
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 683 717
Commercial loans 18 18
Total trading account assets 701 735
Securities available for sale 45,364 27,543
Total other investments 0 0
Loans, net of unearned income 0 0
Loans held for sale 281 264
Derivative assets 2,136 2,009
Netting adjustments 0 0
Total derivative assets 2,136 2,009
Total assets on a recurring basis at fair value 48,482 30,551
LIABILITIES MEASURED ON A RECURRING BASIS    
Total liabilities on a recurring basis at fair value 2,127 1,246
Level 2 | Fair Value, Recurring | Agency residential collateralized mortgage obligations    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 21,119 14,273
Level 2 | Fair Value, Recurring | U.S. Treasury, agencies and corporations    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 530 633
Securities available for sale 9,472 1,000
Level 2 | Fair Value, Recurring | States and political subdivisions    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 96 24
Securities available for sale 0 0
Level 2 | Fair Value, Recurring | Other securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 13 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 9,651 10,106
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 44 47
Level 2 | Fair Value, Recurring | Mortgage-backed securities | Agency residential mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 5,122 2,164
Level 2 | Fair Value, Recurring | Short positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Short positions 513 503
Level 2 | Fair Value, Recurring | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 1,614 743
Netting adjustments 0 0
Total derivative liabilities 1,614 743
Level 2 | Fair Value, Recurring | Interest rate    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 774 1,528
Level 2 | Fair Value, Recurring | Interest rate | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 253 288
Level 2 | Fair Value, Recurring | Foreign exchange    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 10 31
Level 2 | Fair Value, Recurring | Foreign exchange | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 10 31
Level 2 | Fair Value, Recurring | Commodity    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 1,330 424
Level 2 | Fair Value, Recurring | Commodity | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 1,335 408
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 5 0
Level 2 | Fair Value, Recurring | Other    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 22 26
Level 2 | Fair Value, Recurring | Other | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 11 16
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 13
Total other investments 10 14
Loans, net of unearned income 11 11
Loans held for sale 0 0
Derivative assets 39 91
Netting adjustments 0 0
Total derivative assets 39 91
Total assets on a recurring basis at fair value 60 129
LIABILITIES MEASURED ON A RECURRING BASIS    
Total liabilities on a recurring basis at fair value 7 11
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 13
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 9 13
Level 3 | Fair Value, Recurring | Equity Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 9 13
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 7 11
Netting adjustments 0 0
Total derivative liabilities 7 11
Level 3 | Fair Value, Recurring | Interest rate    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 33 56
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 2
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 7 11
Level 3 | Fair Value, Recurring | Other    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 5 32
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 45 53
Measured at NAV | Fair Value, Recurring | Equity Investments, Direct, NAV    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 21 7
Measured at NAV | Fair Value, Recurring | Equity Investments, Indirect, NAV    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments $ 5 $ 7
v3.22.0.1
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, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 46  
Unfunded Commitments 12  
Funded Commitments 4 $ 2
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 45  
Unfunded Commitments 12  
Funded Commitments 4 2
Funded Other $ 0 $ 0
v3.22.0.1
Fair Value Measurements - Change in Fair Values of Level 3 Financial Instruments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Other investments    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Beginning of Period Balance $ 13 $ 12
Gains (Losses) included in comprehensive income 0
Gains (Losses) Included in Earnings (1) 1
Purchases 0
Sales 0
Settlements 0
Transfers Other 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 (3) 0
End of Period Balance 9 13
Unrealized Gains (Losses) Included in Earnings (1)  
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
Securities available for sale | Other securities    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Beginning of Period Balance 13 11
Gains (Losses) included in comprehensive income 9 2
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 (22) 0
End of Period Balance 0 13
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 56 22
Gains (Losses) included in comprehensive income 0
Gains (Losses) Included in Earnings (24) 19
Purchases 3 17
Sales (12) 10
Settlements 0
Transfers Other 0 0
Transfers into Level 3 28 99
Transfers out of Level 3 (18) (91)
End of Period Balance 33 56
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 (10) (8)
Gains (Losses) included in comprehensive income 0 0
Gains (Losses) Included in Earnings 3 (2)
Purchases 1 1
Sales 0 (1)
Settlements 0 0
Transfers Other 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0
End of Period Balance (6) (10)
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 32 5
Gains (Losses) included in comprehensive income 0 0
Gains (Losses) Included in Earnings (3) 7
Purchases 0 0
Sales 0 0
Settlements 0 0
Transfers Other (24) 20
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
End of Period Balance 5 32
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 (1) (10)
Settlements 0 0
Transfers Other 1 10
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 4
Gains (Losses) included in comprehensive income 0 0
Gains (Losses) Included in Earnings 0 0
Purchases 0 0
Sales (3) (2)
Settlements 0 0
Transfers Other 3 9
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
End of Period Balance 11 11
Unrealized Gains (Losses) Included in Earnings $ 0 $ 0
v3.22.0.1
Fair Value Measurements - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities without readily determinable fair value $ 173,000,000 $ 171,000,000
Impairment on equity securities without readily determinable fair value 0  
Loans, net of unearned income 101,854,000,000 101,185,000,000
Discontinued Operations | Education Lending    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income 567,000,000 710,000,000
Loans carried at fair value 2,000,000 2,000,000
Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income 100,782,000,000 99,548,000,000
Loans carried at fair value 11,000,000 11,000,000
Carrying Amount | Discontinued Operations | Education Lending    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income 567,000,000 674,000,000
Estimate of Fair Value Measurement    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income 100,428,000,000 98,946,000,000
Loans carried at fair value 11,000,000 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 486,000,000 567,000,000
Fair Value, Recurring    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Liabilities measured at fair value on non recurring basis 749,000,000 910,000,000
Loans, net of unearned income 11,000,000 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
v3.22.0.1
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Details) - Fair Value, Nonrecurring - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
ASSETS MEASURED ON A NONRECURRING BASIS    
Collateral-dependent loans $ 28 $ 108
Accrued income and other assets 80 56
Total assets on a recurring basis at fair value 108 164
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 28 108
Accrued income and other assets 80 56
Total assets on a recurring basis at fair value $ 108 $ 164
v3.22.0.1
Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]    
Securities available for sale $ 45,364 $ 27,556
Derivative assets 1,962 1,798
Mortgage servicing assets excluded from OREO 67 40
Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Securities available for sale 45,364 27,556
Other investments 105 81
Derivative assets 1,962 1,798
Fair Value, Nonrecurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral dependent loans 28 108
Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Securities available for sale 0 13
Other investments 10 14
Derivative assets 39 91
Level 3 | Fair Value, Nonrecurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral dependent loans 28 108
Other securities    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Securities available for sale 0 13
Other securities | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Securities available for sale 0 13
Other securities | Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Securities available for sale 0 13
Principal investments: Direct | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Other investments 1 1
Principal investments: Direct | Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Other investments 1 1
Discounted cash flows | Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Other investments 9 13
Discounted cash flows | Other securities | Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Securities available for sale 0 13
Market comparable pricing | Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Loans, net of unearned income (residential) 11 11
Fair value of underlying collateral | Level 3 | Fair Value, Nonrecurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral dependent loans 28 108
Appraised value | Level 3 | Fair Value, Nonrecurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
OREO and other assets 13 16
Interest rate | Discounted cash flows | Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets 33 56
Credit | Discounted cash flows | Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets 1 1
Derivative liabilities 7 11
Other | Discounted cash flows | Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets $ 5 $ 32
Discount rate | Discounted cash flows | Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Securities available-for-sale, measurement input   0.1509
Discount rate | Discounted cash flows | Level 3 | Fair Value, Recurring | Minimum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Other investments, measurement input 0.1443 0.1390
Discount rate | Discounted cash flows | Level 3 | Fair Value, Recurring | Maximum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Other investments, measurement input 0.1756 0.1704
Discount rate | Discounted cash flows | Level 3 | Fair Value, Recurring | Weighted Average    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Other investments, measurement input 0.1630 0.1547
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 0.1000 1.0000
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 0.0800 0.3600
Marketability discount | Discounted cash flows | Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Securities available-for-sale, measurement input   0.3000
Marketability discount | Discounted cash flows | Level 3 | Fair Value, Recurring | Weighted Average    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Other investments, measurement input   0.3000
Volatility factor | Discounted cash flows | Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Securities available-for-sale, measurement input   0.4400
Volatility factor | Discounted cash flows | Level 3 | Fair Value, Recurring | Weighted Average    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Other investments, measurement input   0.5200
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 0.6450 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 0.9730 0.9904
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 0.9424 0.9417
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 0.0888 0.0790
Probability of default | Credit | Discounted cash flows | Level 3 | Fair Value, Recurring | Minimum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 0.0002 0.0002
Derivative liabilities, measurement input 0.0002 0.0002
Probability of default | Credit | Discounted cash flows | Level 3 | Fair Value, Recurring | Maximum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 1 1
Derivative liabilities, measurement input 1 1
Probability of default | Credit | Discounted cash flows | Level 3 | Fair Value, Recurring | Weighted Average    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 0.0600 0.0470
Derivative liabilities, measurement input 0.0328 0.1545
Internal risk rating | Interest rate | Discounted cash flows | Level 3 | Fair Value, Recurring | Minimum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 1 1
Internal risk rating | Interest rate | Discounted cash flows | Level 3 | Fair Value, Recurring | Maximum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 19 19
Internal risk rating | Interest rate | Discounted cash flows | Level 3 | Fair Value, Recurring | Weighted Average    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 13.34 9.68
Internal risk rating | Credit | Discounted cash flows | Level 3 | Fair Value, Recurring | Minimum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 1 1
Derivative liabilities, measurement input 1 1
Internal risk rating | Credit | Discounted cash flows | Level 3 | Fair Value, Recurring | Maximum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 19 19
Derivative liabilities, measurement input 19 19
Internal risk rating | Credit | Discounted cash flows | Level 3 | Fair Value, Recurring | Weighted Average    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 9.02 10.48
Derivative liabilities, measurement input 6.92 8.56
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 0.50 0.48
Loss given default | Credit | Discounted cash flows | Level 3 | Fair Value, Recurring | Minimum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 0 0
Derivative liabilities, measurement input 0 0
Loss given default | Credit | Discounted cash flows | Level 3 | Fair Value, Recurring | Maximum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 1 1
Derivative liabilities, measurement input 1 1
Loss given default | Credit | Discounted cash flows | Level 3 | Fair Value, Recurring | Weighted Average    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 0.49 0.49
Derivative liabilities, measurement input 0.50 0.43
Loan closing rates | Other | Discounted cash flows | Level 3 | Fair Value, Recurring | Minimum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 0.0264 0.3695
Loan closing rates | Other | Discounted cash flows | Level 3 | Fair Value, Recurring | Maximum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 0.9970 0.9968
Loan closing rates | Other | Discounted cash flows | Level 3 | Fair Value, Recurring | Weighted Average    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 0.8570 0.7751
v3.22.0.1
Fair Value Measurements - Fair Value Disclosures of Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
ASSETS    
Trading account assets $ 701 $ 735
Derivative assets 1,962 1,798
Securities available for sale 45,364 27,556
Held-to-maturity securities 7,539 7,595
Loans, net of unearned income 101,854 101,185
Loans held for sale, Carrying Amount [1] 2,729 1,583
LIABILITIES    
Long-term debt, Carrying Amount 12,042 13,709
Carrying Amount    
ASSETS    
Trading account assets 701 735
Other investments 639 621
Loans, net of allowance 11 11
Loans held for sale 281 264
Securities available for sale 45,364 27,556
Held-to-maturity securities 7,539 7,595
Loans, net of unearned income 100,782 99,548
Loans held for sale, Carrying Amount 2,448 1,319
Cash and short-term investments 11,923 17,285
LIABILITIES    
Time deposits, Carrying Amount 3,858 5,743
Short-term borrowings, Carrying Amount 761 979
Long-term debt, Carrying Amount 12,042 13,709
Deposits with no stated maturity 148,714 129,539
Estimate of Fair Value Measurement    
ASSETS    
Trading account assets 701 735
Other investments 639 621
Loans, net of allowance 11 11
Loans held for sale 281 264
Securities available for sale 45,364 27,556
Held-to-maturity securities 7,665 8,023
Loans, net of unearned income 100,428 98,946
Loans held for sale, Carrying Amount 2,448 1,319
Cash and short-term investments 11,923 17,285
LIABILITIES    
Time deposits 3,866 5,765
Short-term borrowings 761 979
Long-term debt 12,518 14,659
Deposits with no stated maturity 148,714 129,539
Estimate of Fair Value Measurement | Level 1    
ASSETS    
Trading account assets 0 0
Other investments 24 0
Loans, net of allowance 0 0
Loans held for sale 0 0
Securities available for sale 0 0
Held-to-maturity securities 0 0
Loans, net of unearned income 0 0
Loans held for sale, Carrying Amount 0 0
Cash and short-term investments 11,923 17,285
LIABILITIES    
Time deposits 0 0
Short-term borrowings 75 256
Long-term debt 11,813 13,925
Deposits with no stated maturity 0 0
Estimate of Fair Value Measurement | Level 2    
ASSETS    
Trading account assets 701 735
Other investments 0 0
Loans, net of allowance 0 0
Loans held for sale 281 264
Securities available for sale 45,364 27,543
Held-to-maturity securities 7,665 8,023
Loans, net of unearned income 0 0
Loans held for sale, Carrying Amount 0 0
Cash and short-term investments 0 0
LIABILITIES    
Time deposits 3,866 5,765
Short-term borrowings 686 723
Long-term debt 705 734
Deposits with no stated maturity 148,714 129,539
Estimate of Fair Value Measurement | Level 3    
ASSETS    
Trading account assets 0 0
Other investments 543 555
Loans, net of allowance 11 11
Loans held for sale 0 0
Securities available for sale 0 13
Held-to-maturity securities 0 0
Loans, net of unearned income 100,428 98,946
Loans held for sale, Carrying Amount 2,448 1,319
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 72 66
Not Designated as Hedging Instrument | Carrying Amount    
ASSETS    
Derivative assets 1,887 1,676
LIABILITIES    
Derivative liabilities 157 154
Not Designated as Hedging Instrument | Estimate of Fair Value Measurement    
ASSETS    
Derivative assets 1,887 1,675
Derivative assets, netting adjustment (320) (433)
LIABILITIES    
Derivative liabilities 157 154
Derivative liabilities, netting adjustment (1,526) (675)
Not Designated as Hedging Instrument | Estimate of Fair Value Measurement | Level 1    
ASSETS    
Derivative assets 71 78
LIABILITIES    
Derivative liabilities 66 72
Not Designated as Hedging Instrument | Estimate of Fair Value Measurement | Level 2    
ASSETS    
Derivative assets 2,096 1,939
LIABILITIES    
Derivative liabilities 1,610 746
Not Designated as Hedging Instrument | Estimate of Fair Value Measurement | Level 3    
ASSETS    
Derivative assets 40 91
LIABILITIES    
Derivative liabilities 7 11
Designated as Hedging Instrument | Carrying Amount    
ASSETS    
Derivative assets 75 123
LIABILITIES    
Derivative liabilities 4 (3)
Designated as Hedging Instrument | Estimate of Fair Value Measurement    
ASSETS    
Derivative assets 75 123
Derivative assets, netting adjustment 36 53
LIABILITIES    
Derivative liabilities 4 (3)
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 39 70
LIABILITIES    
Derivative liabilities 4 (3)
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 $281 million at December 31, 2021, and $264 million at December 31, 2020
v3.22.0.1
Securities - Details of Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
SECURITIES AVAILABLE FOR SALE    
Amortized Cost $ 45,893 $ 26,810
Gross Unrealized Gains 324 804
Gross Unrealized Losses 853 58
Securities available for sale 45,364 27,556
HELD-TO-MATURITY SECURITIES    
Amortized Cost 7,539 7,595
Gross Unrealized Gains 157 428
Gross Unrealized Losses 31 0
Fair Value 7,665 8,023
Available-for-sale securities, accrued interest 59 42
Held-to-maturity securities, accrued interest 15 15
U.S. Treasury, agencies and corporations    
SECURITIES AVAILABLE FOR SALE    
Amortized Cost 9,573 1,000
Gross Unrealized Gains 0 0
Gross Unrealized Losses 101 0
Securities available for sale 9,472 1,000
Agency residential collateralized mortgage obligations    
SECURITIES AVAILABLE FOR SALE    
Amortized Cost 21,430 14,001
Gross Unrealized Gains 99 297
Gross Unrealized Losses 410 25
Securities available for sale 21,119 14,273
HELD-TO-MATURITY SECURITIES    
Amortized Cost 2,196 3,775
Gross Unrealized Gains 33 124
Gross Unrealized Losses 0 0
Fair Value 2,229 3,899
Agency residential mortgage-backed securities    
SECURITIES AVAILABLE FOR SALE    
Amortized Cost 5,137 2,094
Gross Unrealized Gains 37 70
Gross Unrealized Losses 52 0
Securities available for sale 5,122 2,164
HELD-TO-MATURITY SECURITIES    
Amortized Cost 164 271
Gross Unrealized Gains 6 14
Gross Unrealized Losses 0 0
Fair Value 170 285
Asset-backed securities(b)    
HELD-TO-MATURITY SECURITIES    
Amortized Cost 2,485 19
Gross Unrealized Gains 0 0
Gross Unrealized Losses 31 0
Fair Value 2,454 19
Securities related to purchase of senior notes 2,500  
Other securities    
SECURITIES AVAILABLE FOR SALE    
Amortized Cost 0 8
Gross Unrealized Gains 0 5
Gross Unrealized Losses 0 0
Securities available for sale 0 13
HELD-TO-MATURITY SECURITIES    
Amortized Cost 16 15
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Fair Value 16 15
Mortgage-backed securities | Agency commercial mortgage-backed securities    
SECURITIES AVAILABLE FOR SALE    
Amortized Cost 9,753 9,707
Gross Unrealized Gains 188 432
Gross Unrealized Losses 290 33
Securities available for sale 9,651 10,106
HELD-TO-MATURITY SECURITIES    
Amortized Cost 2,678 3,515
Gross Unrealized Gains 118 290
Gross Unrealized Losses 0 0
Fair Value $ 2,796 $ 3,805
v3.22.0.1
Securities - Summary of Securities in Unrealized Loss Position (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Held-to-maturity securities:    
Temporarily impaired securities, fair value, less than 12 months $ 29,680 $ 4,830
Temporarily impaired securities, gross unrealized losses, less than 12 months 568 58
Temporarily impaired securities, fair value, 12 months or longer 5,511 29
Temporarily impaired securities, gross unrealized losses, 12 months or longer 316 0
Temporarily impaired securities, fair value 35,191 4,859
Temporarily impaired securities, gross unrealized losses 884 58
Loans pledged as collateral 14,600  
U.S. Treasury, agencies and corporations    
Securities available for sale:    
Fair value, less than 12 months 9,078  
Gross unrealized losses, less than 12 months 98  
Fair value, 12 months or longer 243  
Gross unrealized losses, 12 months or longer 3  
Fair value 9,321  
Gross unrealized losses 101  
Agency residential collateralized mortgage obligations    
Securities available for sale:    
Fair value, less than 12 months 12,603 2,110
Gross unrealized losses, less than 12 months 315 25
Fair value, 12 months or longer 1,255 0
Gross unrealized losses, 12 months or longer 95 0
Fair value 13,858 2,110
Gross unrealized losses 410 25
Held-to-maturity securities:    
Fair value, less than 12 months 96 0
Gross unrealized losses, less than 12 months 0 0
Fair value, 12 months or longer 0 24
Gross unrealized losses, 12 months or longer 0 0
Fair value 96 24
Gross unrealized losses 0 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 1,645 2,709
Gross unrealized losses, less than 12 months 75 33
Fair value, 12 months or longer 3,834 0
Gross unrealized losses, 12 months or longer 215 0
Fair value 5,479 2,709
Gross unrealized losses   33
Asset-backed securities(b)    
Held-to-maturity securities:    
Fair value, less than 12 months 2,450  
Gross unrealized losses, less than 12 months 31  
Fair value, 12 months or longer 1  
Gross unrealized losses, 12 months or longer 0  
Fair value 2,451  
Gross unrealized losses 31  
Asset-backed securities(b) | Maximum    
Held-to-maturity securities:    
Gross unrealized losses 1  
Other securities    
Held-to-maturity securities:    
Fair value, less than 12 months 15 5
Gross unrealized losses, less than 12 months 0 0
Fair value, 12 months or longer 0 0
Gross unrealized losses, 12 months or longer 0 0
Fair value 15 5
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 3,793 6
Gross unrealized losses, less than 12 months 49 0
Fair value, 12 months or longer 178 5
Gross unrealized losses, 12 months or longer 3 0
Fair value 3,971 11
Gross unrealized losses 52 $ 0
Mortgage-backed securities | Agency commercial mortgage-backed securities    
Securities available for sale:    
Gross unrealized losses $ 290  
v3.22.0.1
Securities - Securities by Maturity (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]    
Amortized Cost of Securities Available for sale, Due in one year or less $ 376  
Amortized Cost of Securities Available for sale, Due after one through five years 21,937  
Amortized Cost of Securities Available for sale, Due after five through ten years 20,442  
Amortized Cost of Securities Available for sale, Due after ten years 3,138  
Amortized Cost 45,893 $ 26,810
Fair Value of Securities Available for sale, Due in one year or less 385  
Fair Value of Securities Available for sale, Due after one through five years 21,999  
Fair Value of Securities Available for sale, Due after five through ten years 20,011  
Fair Value of Securities Available for sale, Due after ten years 2,969  
Fair Value 45,364 27,556
Amortized Cost of Held-to-Maturity Securities, Due in one year or less 76  
Amortized Cost of Held-to-Maturity Securities, Due after one through five years 5,631  
Amortized Cost of Held-to-Maturity Securities, Due after five through ten years 1,832  
Amortized Cost of Held-to-Maturity Securities, Due after ten years 0  
Amortized Cost 7,539 7,595
Fair Value of Held-to-Maturity Securities, Due in one year or less 75  
Fair Value of Held-to-Maturity Securities, Due after one through five years 5,673  
Fair Value of Held-to-Maturity Securities, Due after five through ten years 1,917  
Fair Value of Held-to-Maturity Securities, Due after ten years 0  
Total Fair Value of Held-to-Maturity Securities $ 7,665 $ 8,023
v3.22.0.1
Derivatives and Hedging Activities - Additional Information (Details)
 1 Months Ended 12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2021
USD ($)
rating
derivative
Dec. 31, 2020
USD ($)
rating
Dec. 31, 2019
USD ($)
Credit Derivatives [Line Items]        
Derivative assets after effects of bilateral collateral and master netting agreements   $ 75,000,000    
Derivative liabilities after effects of bilateral collateral and master netting agreements   (4,000,000)    
Derivative assets not designated as hedging instruments after effects of bilateral collateral and master netting agreements, and a reserve for potential future losses   1,900,000,000    
Derivative liabilities not designated as hedging instruments after effects of bilateral collateral and master netting agreements, and a reserve for potential future losses   157,000,000    
Reclassify of after-tax net losses on derivative instruments from AOCI   $ 96,000,000    
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 8 months 1 day    
Other Comprehensive income unrealized gain on derivatives arising during period net of tax $ 25,000,000     $ 25,000,000
Other income [1]   $ (147,000,000) $ (15,000,000) $ (68,000,000)
Cash collateral netted against derivative assets   100,000,000 63,000,000  
Collateral netted against derivative liabilities   1,100,000,000 232,000,000  
Gross exposure on derivatives, after taking into account the effects of bilateral collateral and master netting agreements   127,000,000    
Net exposure on derivatives, after taking into account, the effects of bilateral collateral and master netting agreements   221,000,000    
Over-collateralization on derivatives to broker-dealers and banks, after the application of master netting agreements and collateral   219,000,000    
Additional collateral held in the form of securities   2,000,000    
Default reserve associated with uncollateralized contracts   24,000,000    
Gross exposure on derivatives after taking into account effects of master netting agreements   1,900,000,000    
Net exposure on derivatives with clients after application of master netting agreements collateral and related reserve   1,700,000,000    
Net liability position totaled   $ 11,000,000 $ 9,000,000  
Number of credit risk derivatives held | derivative   0    
KeyBank (consolidated)        
Credit Derivatives [Line Items]        
Net liability position totaled   $ 1,200,000,000    
Derivative assets included in net liability position   226,000,000    
Derivative liabilities included in net liability position   1,400,000,000    
Cash and securities collateral posted   $ 1,200,000,000    
KeyBank (consolidated) | Unsecured Debt        
Credit Derivatives [Line Items]        
Number of ratings above noninvestment | rating   4 4  
KeyBank (consolidated) | Maximum | Unsecured Debt        
Credit Derivatives [Line Items]        
Payments to terminate contracts   $ 4,000,000 $ 2,000,000  
Key Corp        
Credit Derivatives [Line Items]        
Additional collateral held in the form of securities   $ 0    
Reclassification out of Accumulated Other Comprehensive Income | Foreign currency translation adjustment        
Credit Derivatives [Line Items]        
Other income $ 11,000,000      
[1] Net securities gains (losses) totaled $7 million for the year ended December 31, 2021, $4 million for the year ended December 31, 2020, and $20 million for the year ended December 31, 2019. For 2021, 2020, and 2019, we did not have any impairment losses related to securities.
v3.22.0.1
Derivatives and Hedging Activities - Fair Values, Volume of Activity and Gain (Loss) Information Related to Derivative Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Derivatives, Fair Value [Line Items]    
Notional Amount $ 137,761 $ 136,020
Derivative assets, Netting adjustments (284) (380)
Derivative assets, Fair Value 1,961 1,796
Derivative liabilities, Netting adjustments (1,526) (675)
Derivative liabilities, Fair Value 161 140
Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 99,107 99,885
Derivative assets, Fair Value 2,207 2,108
Derivative liabilities, Fair Value 1,683 829
Interest rate | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 38,654 36,135
Derivative assets, Fair Value 39 70
Derivative liabilities, Fair Value 4 (3)
Interest rate | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 72,088 78,424
Derivative assets, Fair Value 768 1,514
Derivative liabilities, Fair Value 249 291
Foreign exchange | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 9,073 6,385
Derivative assets, Fair Value 81 109
Derivative liabilities, Fair Value 76 103
Commodity | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 14,151 9,702
Derivative assets, Fair Value 1,330 426
Derivative liabilities, Fair Value 1,335 408
Credit | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 465 423
Derivative assets, Fair Value 1 1
Derivative liabilities, Fair Value 12 11
Other | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 3,330 4,951
Derivative assets, Fair Value 27 58
Derivative liabilities, Fair Value 11 16
Net derivatives in the balance sheet    
Derivatives, Fair Value [Line Items]    
Notional Amount 137,761 136,020
Derivative assets, Fair Value 1,962 1,798
Derivative liabilities, Fair Value 161 151
Other collateral    
Derivatives, Fair Value [Line Items]    
Derivative assets, Fair Value (1) (2)
Derivative liabilities, Fair Value $ 0 $ (11)
v3.22.0.1
Derivatives and Hedging Activities - Cumulative Basis Adjustments on Fair Value Hedges (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Derivatives, Fair Value [Line Items]    
Securities available for sale $ 45,364 $ 27,556
Long-term Debt | Interest rate    
Derivatives, Fair Value [Line Items]    
Carrying amount of hedged item 7,553 8,182
Hedge accounting basis adjustment 138 416
Securities available for sale | Interest rate    
Derivatives, Fair Value [Line Items]    
Carrying amount of hedged item 6,280 2,080
Hedge accounting basis adjustment 134 (21)
Securities available for sale 7,700 2,500
Not Designated as Hedging Instrument | Long-term Debt | Interest rate    
Derivatives, Fair Value [Line Items]    
Hedge accounting basis adjustment $ (7) $ (8)
v3.22.0.1
Derivatives and Hedging Activities - Effect of Fair Value and Cash Flow Hedges on Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]      
Interest expense — Long-term debt $ (221) $ (286) $ (454)
Interest income — Loans 3,532 3,866 4,267
Interest Income - securities 546 484 537
Investment banking and debt placement fees 937 661 630
Deposits (67) (347) (853)
Other income [1] 147 15 68
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 4    
Interest rate | Interest expense – long-term debt | Fair Value Hedging      
Gain (Loss) on Fair Value Hedges Recognized in Earnings [Abstract]      
Recognized on hedged items 276 (177) (247)
Recognized on derivatives designated as hedging instruments (150) 305 231
Net income (expense) recognized on fair value hedges 126 128 (16)
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 (4) (4) (1)
Net income (expense) recognized on cash flow hedges (4) (4) (1)
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 329 319 15
Net income (expense) recognized on cash flow hedges 329 319 15
Interest rate | Interest Income - securities | Fair Value Hedging      
Gain (Loss) on Fair Value Hedges Recognized in Earnings [Abstract]      
Recognized on hedged items (113) 0 0
Recognized on derivatives designated as hedging instruments 113 0 0
Net income (expense) recognized on fair value hedges 0 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 4 0 0
Net income (expense) recognized on cash flow hedges   0 0
Interest rate | Interest expense – deposits | Fair Value Hedging      
Gain (Loss) on Fair Value Hedges Recognized in Earnings [Abstract]      
Recognized on hedged items 0 0 (1)
Recognized on derivatives designated as hedging instruments 0 0 0
Net income (expense) recognized on fair value hedges 0 0 (1)
Interest rate | Interest expense – deposits | 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 0
Net income (expense) recognized on cash flow hedges 0 0 0
Interest rate | Other income | 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 | Other income | 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 32
Net income (expense) recognized on cash flow hedges $ 0 $ 0 $ 32
[1] Net securities gains (losses) totaled $7 million for the year ended December 31, 2021, $4 million for the year ended December 31, 2020, and $20 million for the year ended December 31, 2019. For 2021, 2020, and 2019, we did not have any impairment losses related to securities.
v3.22.0.1
Derivatives and Hedging Activities - Derivative Instrument Cash Flow Hedge Earning Recognized by Income Statement Location (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Derivatives, Fair Value [Line Items]      
Net Gains (Losses) Recognized in OCI $ (295) $ 614 $ 440
Net Gains (Losses) Reclassified From OCI Into Income 329 315 46
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 (307) 628 442
Net Gains (Losses) Reclassified From OCI Into Income 329 319 15
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 2 (5) (1)
Net Gains (Losses) Reclassified From OCI Into Income (4) (4) (1)
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 10 (9) 3
Net Gains (Losses) Reclassified From OCI Into Income 4 0 0
Net Gains (Losses) Recognized in Other Income 0 0 0
Other income | Foreign exchange | Net Investment Hedges      
Derivatives, Fair Value [Line Items]      
Net Gains (Losses) Recognized in OCI 0 0 (4)
Net Gains (Losses) Reclassified From OCI Into Income 0 0 32
Net Gains (Losses) Recognized in Other Income $ 0 $ 0 $ 0
v3.22.0.1
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, 2021
Dec. 31, 2020
Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) $ 67 $ 87 $ 55
Interest rate      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 32 22 44
Foreign exchange      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 47 41 45
Commodity      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 14 19 6
Credit      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) (32) (33) (42)
Other      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 6 38 2
Corporate services income      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 95 88 91
Corporate services income | Interest rate      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 30 32 46
Corporate services income | Foreign exchange      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 47 41 45
Corporate services income | Commodity      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 14 19 6
Corporate services income | Credit      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 4 (4) (6)
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) 13 19 2
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) 13 19 2
Other income      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) (41) (20) (38)
Other income | Interest rate      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 2 (10) (2)
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) (36) (29) (36)
Other income | Other      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) $ (7) $ 19 $ 0
v3.22.0.1
Derivatives and Hedging Activities - Fair Value of Derivative Assets by Type (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Credit Derivatives [Line Items]    
Derivative assets before collateral $ 1,862 $ 1,735
Plus (Less): Related collateral 100 63
Total derivative assets 1,962 1,798
Interest rate    
Credit Derivatives [Line Items]    
Derivative assets before collateral 696 1,448
Foreign exchange    
Credit Derivatives [Line Items]    
Derivative assets before collateral 31 52
Commodity    
Credit Derivatives [Line Items]    
Derivative assets before collateral 1,108 178
Credit    
Credit Derivatives [Line Items]    
Derivative assets before collateral 0 (1)
Other    
Credit Derivatives [Line Items]    
Derivative assets before collateral $ 27 $ 58
v3.22.0.1
Derivatives and Hedging Activities - Credit Derivatives Sold and Held (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Credit Derivatives [Line Items]    
Notional Amount $ 149 $ 227
Payment / Performance Risk 0.00% 0.00%
Other    
Credit Derivatives [Line Items]    
Notional Amount $ 149 $ 227
Average Term (Years) 13 years 10 months 9 days 12 years 9 months 3 days
Payment / Performance Risk 3.15% 19.53%
v3.22.0.1
Derivatives and Hedging Activities - Credit Risk Contingent Feature (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Credit Derivatives [Line Items]    
Additional collateral aggregate fair value $ 2  
One rating downgrade | Moody’s    
Credit Derivatives [Line Items]    
Additional collateral aggregate fair value 3 $ 1
One rating downgrade | S&P    
Credit Derivatives [Line Items]    
Additional collateral aggregate fair value 3 1
Two rating downgrades | Moody’s    
Credit Derivatives [Line Items]    
Additional collateral aggregate fair value 3 1
Two rating downgrades | S&P    
Credit Derivatives [Line Items]    
Additional collateral aggregate fair value 3 1
Three rating downgrades | Moody’s    
Credit Derivatives [Line Items]    
Additional collateral aggregate fair value 3 1
Three rating downgrades | S&P    
Credit Derivatives [Line Items]    
Additional collateral aggregate fair value $ 3 $ 1
v3.22.0.1
Mortgage Servicing Assets - Changes in Carrying Amount of Mortgage Servicing Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Agency commercial mortgage-backed securities    
Servicing Asset at Amortized Cost, Balance [Roll Forward]    
Balance at beginning of period $ 578 $ 539
Servicing retained from loan sales 128 138
Purchases 29 33
Amortization (120) (117)
Temporary recoveries (impairments) 19 (15)
Balance at end of period 634 578
Fair value at end of period 789 668
Agency residential mortgage-backed securities    
Servicing Asset at Amortized Cost, Balance [Roll Forward]    
Balance at beginning of period 58 46
Servicing retained from loan sales 43 36
Purchases 0 0
Amortization (18) (14)
Temporary recoveries (impairments) 10 (10)
Balance at end of period 93 58
Fair value at end of period $ 97 $ 60
v3.22.0.1
Mortgage Servicing Assets - Schedule of Range and Weighted-Average of Significant Unobservable Inputs (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Agency commercial mortgage-backed securities | Minimum    
Servicing Assets at Fair Value [Line Items]    
Expected defaults 1.00% 1.01%
Discount rate 7.92% 7.48%
Escrow earn rate 1.34% 0.92%
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%
Discount rate 10.46% 10.62%
Escrow earn rate 1.74% 1.14%
Loan assumption rate 1.69% 1.77%
Agency commercial mortgage-backed securities | Weighted Average    
Servicing Assets at Fair Value [Line Items]    
Expected defaults 1.13% 1.18%
Discount rate 9.44% 9.22%
Escrow earn rate 1.34% 1.04%
Loan assumption rate 1.37% 1.43%
Agency residential mortgage-backed securities | Minimum    
Servicing Assets at Fair Value [Line Items]    
Discount rate 7.50% 7.51%
Prepayment speed 9.65% 12.39%
Servicing cost $ 62.00 $ 62.00
Agency residential mortgage-backed securities | Maximum    
Servicing Assets at Fair Value [Line Items]    
Discount rate 11.50% 8.63%
Prepayment speed 49.17% 54.27%
Servicing cost $ 8,075 $ 5,125
Agency residential mortgage-backed securities | Weighted Average    
Servicing Assets at Fair Value [Line Items]    
Discount rate 7.53% 7.55%
Prepayment speed 10.97% 17.09%
Servicing cost $ 66.94 $ 75.37
v3.22.0.1
Mortgage Servicing Assets - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Agency commercial mortgage-backed securities      
Servicing Assets at Fair Value [Line Items]      
Contractual fee income $ 264 $ 214 $ 196
Amortization of mortgage servicing rights 120 117 118
Agency residential mortgage-backed securities      
Servicing Assets at Fair Value [Line Items]      
Contractual fee income 42 34 21
Amortization of mortgage servicing rights $ 18 $ 14 $ 6
v3.22.0.1
Leases - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Lessee, Lease, Description [Line Items]    
Lease renewal term 5 years  
Carrying amount of residual assets covered by residual value guarantees $ 255 $ 269
Carrying amount of operating lease assets $ 740 $ 859
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  
v3.22.0.1
Leases - Components of Lease Expense and Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
Operating lease cost $ 133 $ 135
Finance lease cost:    
Amortization of right-of-use assets 2 2
Interest on lease liabilities 0 1
Variable lease cost 22 20
Total lease cost 157 158
Short-term lease cost (less than $1 million) $ 1 $ 1
v3.22.0.1
Leases - Summary of Cash Flows Related to Leases (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from finance leases $ 0 $ 1,000,000
Operating cash flows from operating leases 141,000,000 143,000,000
Financing cash flows from finance leases 2,000,000 2,000,000
Right-of-use assets obtained in exchange for lease obligations: (b)    
Operating leases 85,000,000 86,000,000
Finance leases $ 0 $ 0
v3.22.0.1
Leases - Summary of Additional Balance Sheet Information (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
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 $ 595 $ 630
Operating Lease, Liability, Statement of Financial Position [Extensible List] Accrued expense and other liabilities Accrued expense and other liabilities
Operating lease liabilities $ 676 $ 711
Finance leases:    
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Premises and equipment Premises and equipment
Finance lease, right of use asset, before accumulated depreciation $ 18 $ 28
Accumulated depreciation (13) (19)
Property and equipment, net $ 5 $ 9
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Long-term debt Long-term debt
Finance lease liabilities $ 7 $ 11
v3.22.0.1
Leases - Summary of Information Pertaining to Lease Term and Weighted-Average Discount Rate (Details)
Dec. 31, 2021
Dec. 31, 2020
Weighted-average remaining lease term:    
Operating leases 6 years 6 months 21 days 7 years 1 month 2 days
Finance leases 5 years 3 months 29 days 5 years 10 days
Weighted-average discount rate:    
Operating leases (as a percent) 2.78% 3.01%
Finance leases (as a percent) 4.50% 3.94%
v3.22.0.1
Leases - Summary of Maturities of Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Operating Leases    
2022 $ 138  
2023 130  
2024 115  
2025 96  
2026 80  
Thereafter 187  
Total lease payments 746  
Less imputed interest 70  
Total 676 $ 711
Finance Leases    
2022 2  
2023 2  
2024 2  
2025 1  
2026 0  
Thereafter 2  
Total lease payments 9  
Less imputed interest 2  
Total 7 $ 11
2022 140  
2023 132  
2024 117  
2025 97  
2026 80  
Thereafter 189  
Total lease payments 755  
Less imputed interest 72  
Total $ 683  
v3.22.0.1
Leases - Components of Equipment Leasing Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Sales-type and direct financing leases    
Interest income on lease receivable $ 75 $ 119
Interest income related to accretion of unguaranteed residual asset 16 (3)
Total sales-type and direct financing lease income 91 116
Operating leases    
Operating lease income related to lease payments 127 136
Other operating leasing gains 21 31
Total operating lease income and other leasing gains 148 167
Total lease income $ 239 $ 283
v3.22.0.1
Leases - Composition of Net Investment in Sales-Type and Direct Financing Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
Lease receivables $ 3,205 $ 3,570
Unearned income (193) (257)
Unguaranteed residual value 450 478
Deferred fees and costs 14 8
Net investment in sales-type and direct financing leases $ 3,476 $ 3,799
v3.22.0.1
Leases - Minimum Future Lease Payments to be Received for Sales-Type and Direct Financing Leases (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Sales-type and direct financing lease payments  
2022 $ 970
2023 725
2024 501
2025 327
2026 239
Thereafter 444
Total lease payments $ 3,206
v3.22.0.1
Leases - Minimum Future Lease Payments to be Received for Operating Leases (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Leases [Abstract]  
2022 $ 110
2023 92
2024 79
2025 66
2026 50
Thereafter 84
Total lease payments $ 480
v3.22.0.1
Premises and Equipment - Schedule of Premises and Equipment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Property, Plant and Equipment [Line Items]    
Leases $ 18 $ 28
Total premises and equipment 2,317 2,394
Less: Accumulated depreciation and amortization (1,636) (1,641)
Premises and equipment, net 681 753
Land    
Property, Plant and Equipment [Line Items]    
Premises and equipment 118 126
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Premises and equipment $ 680 722
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 $ 616 631
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 $ 814 843
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 $ 19 28
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 $ 70 $ 44
v3.22.0.1
Premises and Equipment - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment [Abstract]      
Depreciation and amortization expense $ 107 $ 115 $ 118
Capitalized computer software 321 385  
Capitalized computer software, accumulated amortization 86 183  
In-process software amortization expense $ 66 $ 49 $ 46
v3.22.0.1
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Goodwill [Line Items]      
Expected deductible goodwill for tax purpose $ 455,000,000    
Accumulated impairment loss $ 0 $ 0 $ 0
Consumer Bank      
Goodwill [Line Items]      
Estimated fair value of the units greater than certain percent of carrying value 62.00%    
Commercial Bank      
Goodwill [Line Items]      
Estimated fair value of the units greater than certain percent of carrying value 60.00%    
Institutional Bank      
Goodwill [Line Items]      
Estimated fair value of the units greater than certain percent of carrying value 32.00%    
v3.22.0.1
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 25, 2021
Dec. 31, 2021
Goodwill [Roll Forward]    
Beginning Balance   $ 2,664
Ending Balance   2,693
AQN Strategies    
Goodwill [Roll Forward]    
AQN Strategies acquisition $ 9 9
XUP    
Goodwill [Roll Forward]    
AQN Strategies acquisition   20
Consumer Bank    
Goodwill [Roll Forward]    
Beginning Balance   1,752
Ending Balance   1,761
Consumer Bank | AQN Strategies    
Goodwill [Roll Forward]    
AQN Strategies acquisition   9
Consumer Bank | XUP    
Goodwill [Roll Forward]    
AQN Strategies acquisition   0
Commercial Bank    
Goodwill [Roll Forward]    
Beginning Balance   912
Ending Balance   932
Commercial Bank | AQN Strategies    
Goodwill [Roll Forward]    
AQN Strategies acquisition   0
Commercial Bank | XUP    
Goodwill [Roll Forward]    
AQN Strategies acquisition   $ 20
v3.22.0.1
Goodwill and Other Intangible Assets - Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Goodwill [Line Items]    
Gross Carrying Amount $ 453 $ 476
Accumulated Amortization 323 288
Core deposit intangibles    
Goodwill [Line Items]    
Gross Carrying Amount 355 355
Accumulated Amortization 275 236
PCCR intangibles    
Goodwill [Line Items]    
Gross Carrying Amount 16 16
Accumulated Amortization 13 12
Other intangible assets    
Goodwill [Line Items]    
Gross Carrying Amount 82 105
Accumulated Amortization $ 35 $ 40
v3.22.0.1
Goodwill and Other Intangible Assets - Future Amortization Expense of Finite-Lived Intangible Assets (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2022 $ 45
2023 36
2024 26
2025 16
2026 $ 6
v3.22.0.1
Variable Interest Entities - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Variable Interest Entity [Line Items]    
Assets $ 186,346,000,000 $ 170,336,000,000
Liabilities 168,923,000,000 152,355,000,000
Fair Value, Recurring    
Variable Interest Entity [Line Items]    
Other investments 105,000,000 81,000,000
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Assets 2,827,000,000 351,000,000
Liabilities 1,000,000 1,000,000
Variable Interest Entity, Not Primary Beneficiary | Qualified affordable housing projects investment    
Variable Interest Entity [Line Items]    
Liabilities 675,000,000 484,000,000
Variable Interest Entity, Not Primary Beneficiary | Other Unconsolidated Variable Interest Entities    
Variable Interest Entity [Line Items]    
Other investments 2,500,000,000  
Variable Interest Entity, Not Primary Beneficiary | Accrued Income And Other Assets    
Variable Interest Entity [Line Items]    
Assets 1,600,000,000 1,400,000,000
Variable Interest Entity, Not Primary Beneficiary | Investments    
Variable Interest Entity [Line Items]    
Amortization of investment 192,000,000 195,000,000
Tax credit of investment 184,000,000 177,000,000
Variable Interest Entity, Primary Beneficiary | Investments    
Variable Interest Entity [Line Items]    
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 $ 45,000,000 $ 53,000,000
v3.22.0.1
Variable Interest Entities - Variable Interest Entities Information (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Variable Interest Entity [Line Items]    
Assets $ 186,346 $ 170,336
Liabilities 168,923 152,355
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Assets 2,827 351
Liabilities 1 1
Variable Interest Entity, Not Primary Beneficiary | LIHTC Investments    
Variable Interest Entity [Line Items]    
Assets 7,839 6,914
Liabilities 3,252 2,765
Maximum Exposure to Loss 1,985 1,823
Variable Interest Entity, Not Primary Beneficiary | Principal investments: Indirect    
Variable Interest Entity [Line Items]    
Assets 8,437 10,899
Liabilities 178 168
Maximum Exposure to Loss $ 57 $ 69
v3.22.0.1
Income Taxes - Income Taxes Included in Income Statement (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Currently payable:      
Federal $ 423 $ 336 $ 241
State 73 83 20
Total currently payable 496 419 261
Deferred:      
Federal 119 (156) 34
State 27 (36) 19
Total deferred 146 (192) 53
Total income tax expense (benefit) 642 227 314
Income tax (benefit) expense on securities transactions (2) 1 5
Equity and gross receipts based taxes assessed in lieu of income tax recorded in noninterest expense $ 33 $ 30 $ 23
v3.22.0.1
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Taxes [Line Items]      
Net capital loss carryforwards $ 12,000,000    
Valuation allowances 12,000,000 $ 0  
Credit carryforward 6,000,000 7,000,000  
Deferred tax asset 1,100,000,000 1,164,000,000  
Unrecognized tax benefits 50,000,000 58,000,000 $ 19,000,000
Net interest expense (benefit) 100,000 200,000 900,000
Recovery of penalties related to unrecognized tax benefits in income tax expense 0 0 $ 0
Accrued interest payable 2,000,000 3,000,000  
Accrued state tax penalties 0 $ 0  
Reduction in federal tax credit carryforward 0    
Maximum      
Income Taxes [Line Items]      
Valuation allowances 12,000,000    
Federal      
Income Taxes [Line Items]      
Federal net operating loss carryforwards 20,000,000    
Credit carryforward 1,000,000    
State      
Income Taxes [Line Items]      
State net operating loss carryforwards 24,000,000    
Deferred tax asset 1,000,000    
First Niagara Bank, N.A.      
Income Taxes [Line Items]      
Allocated bad debt deductions for which no income taxes have been recorded $ 92,000,000    
v3.22.0.1
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]    
Allowance for loan and lease losses $ 296 $ 443
Employee benefits 203 166
Net unrealized securities losses 102 0
Federal net operating losses and credits 6 7
Non-tax accruals 73 76
Operating lease liabilities 165 174
State net operating losses and credits 1 1
Other 266 297
Gross deferred tax assets 1,112 1,164
Less: Valuation Allowance 12 0
Total deferred tax assets 1,100 1,164
Leasing transactions 521 556
Net unrealized securities gains 0 340
Operating lease right-of-use assets 145 153
Goodwill 121 104
Other 124 111
Total deferred tax liabilities 911 1,264
Net deferred tax assets (liabilities) $ 189  
Net deferred tax assets (liabilities)   $ (100)
v3.22.0.1
Income Taxes - Total Income Tax Expense (Benefit) and Resulting Effective Tax Rate (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Amount      
Income (loss) before income taxes times 21% statutory federal tax rate $ 683 $ 327 $ 425
Amortization of tax-advantaged investments 151 150 132
Tax-exempt interest income (26) (28) (30)
Corporate-owned life insurance income (27) (29) (29)
State income tax, net of federal tax benefit 79 37 31
Tax credits (218) (218) (231)
Other 0 (12) 16
Total income tax expense (benefit) $ 642 $ 227 $ 314
Rate      
Federal income tax rate (as a percent) 21.00% 21.00% 21.00%
Amortization of tax-advantaged investments (as a percent) 4.60% 9.70% 6.50%
Tax-exempt interest income (as a percent) (0.80%) (1.80%) (1.50%)
Corporate-owned life insurance income (as a percent) (0.80%) (1.90%) (1.40%)
State income tax, net of federal tax benefit (as a percent) 2.40% 2.40% 1.50%
Tax credits (as a percent) (6.70%) (14.00%) (11.40%)
Other (as a percent) 0.00% (0.80%) 0.90%
Total income tax expense (benefit) (as a percent) 19.70% 14.60% 15.60%
v3.22.0.1
Income Taxes - Change in Liability for Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]    
Balance at beginning of year $ 58 $ 19
Increase for other tax positions of prior years 0 40
Decrease for payments and settlements 0 0
Decrease related to tax positions taken in prior years (8) (1)
Balance at end of year $ 50 $ 58
v3.22.0.1
Acquisitions and Discontinued Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Feb. 25, 2021
Dec. 31, 2021
Dec. 31, 2020
Discontinued Operations | Government Guaranteed Loans      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Loans included in divestiture   $ 567 $ 710
AQN Strategies      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Goodwill acquired $ 9 9  
XUP      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Goodwill acquired   $ 20  
v3.22.0.1
Securities Financing Activities (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
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 (5) 0
Securities borrowed (500) (500)
Total offsetting of financial assets (505) (500)
Repurchase agreements (167) (214)
Total offsetting of financial liabilities (167) (214)
Federal Agency CMOs    
Securities Financing Transaction [Line Items]    
Carrying amount of assets pledged as collateral against repurchase agreements 232  
Liabilities associated with collateral pledged 167  
Gross Amount Presented in Balance Sheet    
Securities Financing Transaction [Line Items]    
Reverse repurchase agreements 11 6
Securities borrowed 500 500
Total offsetting of financial assets 511 506
Repurchase agreements 173 220
Total offsetting of financial liabilities 173 220
Netting Adjustments    
Securities Financing Transaction [Line Items]    
Reverse repurchase agreements (6) (6)
Securities borrowed 0 0
Total offsetting of financial assets (6) (6)
Repurchase agreements (6) (6)
Total offsetting of financial liabilities $ (6) $ (6)
v3.22.0.1
Stock-Based Compensation - Narrative (Details) - USD ($)
 12 Months Ended
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 $ 104,000,000 $ 101,000,000 $ 96,000,000
Total income tax benefit recognized for stock-based compensation plans $ 25,000,000 $ 24,000,000 $ 23,000,000
Common Shares available for future grant under compensation plans (in shares) 34,121,863    
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, issued (in shares) 1,256,702,081 1,256,702,081  
Weighted-average grant-date fair value of options (in dollars per share) $ 3.38 $ 2.96 $ 3.07
Number of options, exercised (in shares) 2,319,438    
Total intrinsic value of exercised options $ 22,000,000 $ 5,000,000 $ 18,000,000
Cash received from options exercised $ 27,000,000 8,000,000 18,000,000
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, 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) 2,319,438 821,916 2,039,208
Unrecognized compensation cost related to nonvested options expected to vest $ 1,000,000    
Weighted-average period 2 years 4 months 24 days    
Stock Options | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period for compensation cost 1 year    
Stock Options | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
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) $ 21.25 $ 16.22 $ 17.57
Deferred Compensation Plans      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation cost related to nonvested options expected to vest $ 25,000,000    
Weighted-average period 3 years 1 month 6 days    
Fair value of units/shares vested $ 16,000,000 $ 18,000,000 $ 19,000,000
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 $ 97,000,000    
Weighted-average period 2 years 3 months 18 days    
Fair value of units/shares vested $ 105,000,000 $ 89,000,000 $ 89,000,000
Weighted-average grant-date fair value granted (in dollars per share) $ 20.06 $ 18.68 $ 18.25
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) 335,951 500,508 327,243
Weighted-average cost of common shares issued under the plan (in dollars per share) $ 19.28 $ 11.76 $ 15.73
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]      
Weighted-average grant-date fair value granted (in dollars per share) $ 19.07    
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)   421,352  
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   $ 8,000,000  
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) 1,278,629    
Weighted-average grant-date fair value granted (in dollars per share) $ 23.19    
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)   654,108  
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 $ 23,000,000 $ 13,000,000  
v3.22.0.1
Stock-Based Compensation - Assumptions Used in Options Pricing Model (Details)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]      
Average option life 6 years 7 months 6 days 6 years 6 months 6 years 6 months
Future dividend yield (as a percentage) 3.88% 3.90% 3.88%
Historical share price volatility (as a percentage) 0.335% 0.267% 0.266%
Weighted-average risk-free interest rate (as a percentage) 0.80% 1.30% 2.50%
v3.22.0.1
Stock-Based Compensation - Activity, Pricing and Other Information for Stock Options (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Number of Options    
Outstanding, beginning balance (in shares) 6,372,684  
Granted (in shares) 542,153  
Exercised (in shares) (2,319,438)  
Lapsed or canceled (in shares) (7,767)  
Outstanding, ending balance (in shares) 4,587,632 6,372,684
Expected to vest (in shares) 1,280,416  
Exercisable, ending balance (in shares) 3,223,629  
Weighted-Average Exercise Price Per Option    
Outstanding, beginning balance (in dollars per share) $ 14.18  
Granted (in dollars per share) 20.98  
Exercised (in dollars per share) 11.71  
Lapsed or canceled (in dollars per share) 18.96  
Outstanding, ending balance (in dollars per share) 16.23 $ 14.18
Expected to vest (in dollars per share) 19.53  
Weighted-Average Exercise Price Per Option Exercisable, Ending Balance (in dollars per share) $ 14.81  
Weighted-Average Remaining Life (Years) Outstanding 5 years 1 month 6 days 4 years 7 months 6 days
Expected to vest, Weighted-Average Remaining Life (Years) 7 years 8 months 12 days  
Weighted-Average Remaining Life (Years) Exercisable 3 years 10 months 24 days  
Aggregate Intrinsic Value Outstanding $ 32 $ 21
Expected to vest, Aggregate Intrinsic Value 5  
Aggregate Intrinsic Value Exercisable $ 27  
v3.22.0.1
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, 2021
$ / shares
shares
Vesting Contingent on Service Conditions  
Number of Nonvested Shares  
Outstanding, beginning balance (in shares) | shares 11,516,370
Granted (in shares) | shares 5,115,781
Vested (in shares) | shares (4,299,104)
Forfeited (in shares) | shares (332,663)
Outstanding, ending balance (in shares) | shares 12,000,384
Weighted-Average Grant-Date Fair Value  
Outstanding, beginning balance (in dollars per share) | $ / shares $ 19.01
Granted (in dollars per share) | $ / shares 19.07
Vested (in dollars per share) | $ / shares 19.11
Forfeited (in dollars per share) | $ / shares 19.07
Outstanding, ending balance (in dollars per share) | $ / shares $ 19.00
Vesting Contingent on Performance and Service Conditions - Payable in Stock  
Number of Nonvested Shares  
Outstanding, beginning balance (in shares) | shares 59,171
Granted (in shares) | shares 29,215
Vested (in shares) | shares 0
Forfeited (in shares) | shares 0
Outstanding, ending balance (in shares) | shares 88,386
Weighted-Average Grant-Date Fair Value  
Outstanding, beginning balance (in dollars per share) | $ / shares $ 18.20
Granted (in dollars per share) | $ / shares 19.07
Vested (in dollars per share) | $ / shares 0
Forfeited (in dollars per share) | $ / shares 0
Outstanding, ending balance (in dollars per share) | $ / shares $ 18.47
Vesting Contingent on Performance and Service Conditions - Payable in Cash  
Number of Nonvested Shares  
Outstanding, beginning balance (in shares) | shares 4,780,039
Granted (in shares) | shares 1,626,607
Vested (in shares) | shares (1,278,629)
Forfeited (in shares) | shares (47,494)
Outstanding, ending balance (in shares) | shares 5,080,523
Weighted-Average Grant-Date Fair Value  
Outstanding, beginning balance (in dollars per share) | $ / shares $ 16.23
Granted (in dollars per share) | $ / shares 23.19
Vested (in dollars per share) | $ / shares 18.18
Forfeited (in dollars per share) | $ / shares 22.19
Outstanding, ending balance (in dollars per share) | $ / shares $ 23.18
v3.22.0.1
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, 2021
Dec. 31, 2020
Dec. 31, 2019
Number of Nonvested Shares      
Outstanding, beginning balance (in shares) 2,572,087    
Granted (in shares) 1,307,094    
Vested (in shares) (891,388)    
Forfeited (in shares) (38,836)    
Outstanding, ending balance (in shares) 2,948,957 2,572,087  
Weighted-Average Grant-Date Fair Value      
Outstanding, beginning balance (in dollars per share) $ 17.46    
Granted (in dollars per share) 21.25 $ 16.22 $ 17.57
Vested (in dollars per share) 17.93    
Forfeited (in dollars per share) 20.20    
Outstanding, ending balance (in dollars per share) $ 18.65 $ 17.46  
v3.22.0.1
Employee Benefits - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]        
Pre-tax AOCI not yet recognized as net pension cost   $ 381 $ 427  
Accumulated benefit obligation for all pension plans   $ 1,200 $ 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% 3.75% 4.50%
Expected return on plan assets on estimating 2020 pension cost (as a percent)   2.75%    
Employer contribution to saving plan   6.00%    
Employer discretionary contribution, required service period   1 year    
Employer discretionary contribution percentage   1.00% 1.00% 1.00%
Total expenses associated with saving plan   $ 105 $ 103 $ 98
Pension Plan        
Defined Benefit Plan Disclosure [Line Items]        
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2022   90    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2023   89    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2024   87    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2025   85    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2026   82    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2027 through 2031   360    
Accumulated benefit obligation for all pension plans   991 1,072  
Net pension cost (benefit)   $ 24 $ 22 $ 29
Expected return on plan assets (as a percent)   2.75% 3.75% 4.50%
Discount rate   2.43% 2.05%  
Other Postretirement Benefit Plans        
Defined Benefit Plan Disclosure [Line Items]        
Pre-tax AOCI not yet recognized as net pension cost   $ (23) $ (25)  
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2022   6    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2023   6    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2024   6    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2025   6    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2026   6    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2027 through 2031   29    
Net pension cost (benefit)   $ (2) $ (1) $ 0
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) $ 15      
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%    
v3.22.0.1
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, 2021
Dec. 31, 2020
Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]      
Interest cost $ 25 $ 34 $ 46
Expected return on plan assets (28) (38) (48)
Amortization of losses 18 17 13
Settlement loss 9 9 18
Net pension cost (benefit) 24 22 29
Other changes in plan assets and benefit obligations recognized in OCI:      
Net (gain) loss (19) (18) (8)
Amortization of gains (27) (26) (31)
Total recognized in comprehensive income (46) (44) (39)
Total recognized in net pension cost and comprehensive income $ (22) $ (22) $ (10)
v3.22.0.1
Employee Benefits - Changes in PBO Related to Pension Plans (Details) - Pension Plan - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
PBO/APBO at beginning of year $ 1,248 $ 1,233  
Interest cost 25 34 $ 46
Actuarial losses (gains) (31) 66  
Benefit payments (86) (85)  
PBO/APBO at end of year $ 1,156 $ 1,248 $ 1,233
v3.22.0.1
Employee Benefits - Changes in FVA (Details) - Pension Plan - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
FVA at beginning of year $ 1,153 $ 1,102
Actual return on plan assets 16 123
Employer contributions 13 13
Benefit payments (86) (85)
FVA at end of year $ 1,096 $ 1,153
v3.22.0.1
Employee Benefits - Funded Status of Pension Plans Recognized in Balance Sheets (Details) - Pension Plan - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]    
Funded status $ (60) $ (95)
Net prepaid pension cost recognized consists of:    
Noncurrent assets 106 81
Current liabilities (14) (14)
Noncurrent liabilities (152) (162)
Net prepaid pension cost recognized $ (60) $ (95)
v3.22.0.1
Employee Benefits - Plans ABO in Excess of Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]    
ABO $ 1,200 $ 1,200
Pension Plan    
Defined Benefit Plan Disclosure [Line Items]    
PBO 991 1,072
ABO 991 1,072
Fair value of plan assets 1,096 1,153
Other Defined Benefit Plans    
Defined Benefit Plan Disclosure [Line Items]    
PBO 166 176
ABO 166 176
Fair value of plan assets $ 0 $ 0
v3.22.0.1
Employee Benefits - Weighted-Average Rates to Determine Actuarial Present Value of Benefit Obligations (Details) - Pension Plan
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Discount rate 2.43% 2.05%
Weighted-average interest crediting rate 1.90% 1.65%
v3.22.0.1
Employee Benefits - Weighted-Average Rates to Determine Net Pension Cost (Details)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Retirement Benefits [Abstract]      
Discount rate 2.05% 2.89% 4.00%
Expected return on plan assets 2.75% 3.75% 4.50%
v3.22.0.1
Employee Benefits - Asset Target Allocations Prescribed by Pension Funds' Investment Policies (Details)
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]  
Total Target Allocation 100.00%
Global equity securities  
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%
v3.22.0.1
Employee Benefits - Fair Values of Pension Plan Assets by Asset Category (Details) - Pension Plan - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]      
Plan assets $ 1,096 $ 1,153 $ 1,102
Fair Value, Inputs, Level 1, 2 and 3 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 454    
Fair Value, Inputs, Level 1, 2 and 3 | Common — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   9  
Fair Value, Inputs, Level 1, 2 and 3 | Preferred — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   3  
Fair Value, Inputs, Level 1, 2 and 3 | Corporate bonds — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   171  
Fair Value, Inputs, Level 1, 2 and 3 | Corporate bonds — International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   79  
Fair Value, Inputs, Level 1, 2 and 3 | U.S. Treasury, agencies and corporations      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   165  
Fair Value, Inputs, Level 1, 2 and 3 | Government bonds — International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   2  
Fair Value, Inputs, Level 1, 2 and 3 | States and political subdivisions      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   27  
Fair Value, Inputs, Level 1, 2 and 3 | Equity - International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   2  
Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 14  
Level 1 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0    
Level 1 | Common — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   9  
Level 1 | Preferred — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   3  
Level 1 | Corporate bonds — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   0  
Level 1 | Corporate bonds — International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   0  
Level 1 | U.S. Treasury, agencies and corporations      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   0  
Level 1 | Government bonds — International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   0  
Level 1 | States and political subdivisions      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   0  
Level 1 | Equity - International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   2  
Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 454 444  
Level 2 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 454    
Level 2 | Common — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   0  
Level 2 | Preferred — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   0  
Level 2 | Corporate bonds — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   171  
Level 2 | Corporate bonds — International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   79  
Level 2 | U.S. Treasury, agencies and corporations      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   165  
Level 2 | Government bonds — International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   2  
Level 2 | States and political subdivisions      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   27  
Level 2 | Equity - International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   0  
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    
Level 3 | Common — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   0  
Level 3 | Preferred — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   0  
Level 3 | Corporate bonds — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   0  
Level 3 | Corporate bonds — International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   0  
Level 3 | U.S. Treasury, agencies and corporations      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   0  
Level 3 | Government bonds — International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   0  
Level 3 | States and political subdivisions      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   0  
Level 3 | Equity - International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   0  
Measured at NAV | Collective Investment Funds (measured at NAV)      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 622 636  
Measured at NAV | Insurance investment contracts and pooled separate accounts (measured at NAV)      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 19 17  
Measured at NAV | Other assets (measured at NAV)      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets $ 1 $ 42  
v3.22.0.1
Employee Benefits - Pre-tax AOCI Not Yet Recognized as Net Postretirement Benefit Cost (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]    
Total unrecognized AOCI $ 381 $ 427
Other Postretirement Benefit Plans    
Defined Benefit Plan Disclosure [Line Items]    
Net unrecognized losses (gains) (9) (10)
Net unrecognized prior service credit (14) (15)
Total unrecognized AOCI $ (23) $ (25)
v3.22.0.1
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, 2021
Dec. 31, 2020
Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]      
Service cost of benefits earned $ 0 $ 0 $ 1
Interest cost on APBO 2 2 2
Expected return on plan assets (2) (2) (2)
Amortization of prior service credit (1) (1) 0
Amortization of gains (1) 0 (1)
Net pension cost (benefit) (2) (1) 0
Other changes in plan assets and benefit obligations recognized in OCI:      
Net (gain) loss 1 1 1
Amortization of prior service credit 1 0 1
Amortization of losses 0 0 0
Total recognized in comprehensive income 2 1 2
Total recognized in net postretirement benefit cost and comprehensive income $ 0 $ 0 $ 2
v3.22.0.1
Employee Benefits - Changes in APBO (Details) - Other Postretirement Benefit Plans - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
PBO/APBO at beginning of year $ 52 $ 52  
Service cost 0 0 $ 1
Interest cost 2 2 2
Plan participants’ contributions 2 1  
Actuarial losses (gains) 11 8  
Benefit payments (10) (11)  
Plan amendments 0 0  
PBO/APBO at end of year $ 57 $ 52 $ 52
v3.22.0.1
Employee Benefits - Change in FVA (Other Post Retirement Benefit Plan Assets) (Details) - Other Postretirement Benefit Plans - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
FVA at beginning of year $ 52 $ 52
Employer contributions 0 0
Plan participants’ contributions 2 1
Benefit payments (10) (11)
Actual return on plan assets 13 10
FVA at end of year $ 57 $ 52
v3.22.0.1
Employee Benefits - Weighted-Average Rates to Determine Net Postretirement Benefit Cost (Details)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 2.05% 2.89% 4.00%
Expected return on plan assets 2.75% 3.75% 4.50%
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%
v3.22.0.1
Employee Benefits - Asset Target Allocations Prescribed by Trusts' Investment Policies (Details)
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]  
Target Allocation 100.00%
Other Postretirement Benefit Plans  
Defined Benefit Plan Disclosure [Line Items]  
Target Allocation 100.00%
Equity securities | Other Postretirement Benefit Plans  
Defined Benefit Plan Disclosure [Line Items]  
Target Allocation 80.00%
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%
v3.22.0.1
Employee Benefits - Fair Values of Postretirement Plan Assets by Asset Category (Details) - Other Postretirement Benefit Plans - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]      
Plan assets $ 57 $ 52 $ 52
Fair Value, Inputs, Level 1, 2 and 3 | Defined Benefit Plan, Mutual Funds, Equity, US      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 21 21  
Fair Value, Inputs, Level 1, 2 and 3 | Equity - International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 10 9  
Fair Value, Inputs, Level 1, 2 and 3 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 7 7  
Fair Value, Inputs, Level 1, 2 and 3 | Defined Benefit Plan, Mutual Funds, Fixed Income, Non-US      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   0  
Fair Value, Inputs, Level 1, 2 and 3 | Defined Benefit Plan, Collective Investment Funds, Equity, US      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 17 14  
Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 38 37  
Level 1 | Defined Benefit Plan, Mutual Funds, Equity, US      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 21 21  
Level 1 | Equity - International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 10 9  
Level 1 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 7 7  
Level 1 | Defined Benefit Plan, Mutual Funds, Fixed Income, Non-US      
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 | Defined Benefit Plan, Mutual Funds, Equity, US      
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 | Defined Benefit Plan, Mutual Funds, Fixed Income, Non-US      
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 | Defined Benefit Plan, Mutual Funds, Equity, US      
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 | Defined Benefit Plan, Mutual Funds, Fixed Income, Non-US      
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  
v3.22.0.1
Short-Term Borrowings - Components of Short-Term Borrowings (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
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 0 0 $ 200
Average during the year 0 455 61
Maximum month-end balance $ 0 $ 2,285 $ 1,000
Weighted-average rate during the year 0.00% 1.24% 2.12%
Weighted-average rate at December 31 0.00% 0.00% 1.56%
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS      
Short-term Debt [Line Items]      
Balance at year end, Securities Sold Under Repurchase Agreements $ 173 $ 220 $ 187
Average during the year 239 215 203
Maximum month-end balance $ 281 $ 267 $ 283
Weighted-average rate during the year 0.02% 0.11% 0.22%
Weighted-average rate at December 31 0.01% 0.04% 0.09%
OTHER SHORT-TERM BORROWINGS      
Short-term Debt [Line Items]      
Balance at year end, Other Short-Term Borrowings $ 588 $ 759 $ 705
Average during the year 770 1,452 730
Maximum month-end balance $ 897 $ 4,606 $ 847
Weighted-average rate during the year 1.08% 0.85% 2.31%
Weighted-average rate at December 31 1.97% 0.60% 1.99%
v3.22.0.1
Short-Term Borrowings - Narrative (Details)
$ in Billions
Dec. 31, 2021
USD ($)
Short-term Debt [Line Items]  
Deposits with the Federal Reserve $ 10.2
Federal Reserve Bank of Cleveland  
Short-term Debt [Line Items]  
Unused Secured borrowing capacity 23.9
Federal Home Loan Bank of Cincinnati  
Short-term Debt [Line Items]  
Unused Secured borrowing capacity $ 12.9
v3.22.0.1
Long-Term Debt - Components of Long-Term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Debt Instrument [Line Items]    
Finance lease liabilities $ 7 $ 11
Total long-term debt 12,042 13,709
Real Estate Loans and securities pledged 604 607
Senior Medium-Term Notes Due Through 2021    
Debt Instrument [Line Items]    
Senior medium-term notes $ 2,820 $ 3,962
Long-term debt weighted average interest rate (as a percent) 3.2213% 3.7025%
3.136% Subordinated notes due 2028    
Debt Instrument [Line Items]    
Debt instrument interest rate (as a percent) 2.075%  
Subordinated long-term notes $ 162 $ 162
6.875% Subordinated Notes Due 2029    
Debt Instrument [Line Items]    
Debt instrument interest rate (as a percent) 6.875%  
Subordinated long-term notes $ 107 115
7.750% Subordinated Notes Due 2029    
Debt Instrument [Line Items]    
Debt instrument interest rate (as a percent) 7.75%  
Subordinated long-term notes $ 139 149
7.25% Subordinated notes due 2021    
Debt Instrument [Line Items]    
Debt instrument interest rate (as a percent) 7.25%  
Subordinated long-term notes $ 0 $ 311
Long-term debt weighted average interest rate (as a percent)   7.25%
Other Subordinated Notes    
Debt Instrument [Line Items]    
Subordinated long-term notes $ 75 $ 74
Long-term debt weighted average interest rate (as a percent) 1.68% 1.72%
Senior Medium-Term Notes Due Through 2039    
Debt Instrument [Line Items]    
Senior medium-term notes $ 6,582 $ 6,718
Long-term debt weighted average interest rate (as a percent) 2.116% 2.516%
3.18% Senior Remarketable Notes Due 2027    
Debt Instrument [Line Items]    
Debt instrument interest rate (as a percent) 3.18%  
Subordinated long-term notes $ 242 $ 232
Long-term debt weighted average interest rate (as a percent) 3.18% 3.18%
3.40% Subordinated notes due 2026    
Debt Instrument [Line Items]    
Debt instrument interest rate (as a percent) 3.40%  
Subordinated long-term notes $ 602 $ 625
6.95% Subordinated notes due 2028    
Debt Instrument [Line Items]    
Debt instrument interest rate (as a percent) 6.95%  
Subordinated long-term notes $ 299 299
3.90% Subordinated notes due 2029    
Debt Instrument [Line Items]    
Debt instrument interest rate (as a percent) 3.90%  
Subordinated long-term notes $ 376 398
Secured Borrowing Due Through 2025    
Debt Instrument [Line Items]    
Secured borrowing due through 2025 $ 13 $ 19
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 $ 604 $ 608
Long-term debt weighted average interest rate (as a percent) 1.12% 1.15%
Investment Fund Financing Due Through 2052    
Debt Instrument [Line Items]    
Investment Fund Financing due through 2052 $ 10 $ 21
Long-term debt weighted average interest rate (as a percent) 1.34% 1.77%
Key Government Finance Incorporated Other Long Term Debt ASR    
Debt Instrument [Line Items]    
Key Govt Finance, Inc. Other Long Term Debt-ASR $ 3 $ 4
Obligations Under Capital Lease Due Through 2032    
Debt Instrument [Line Items]    
Finance lease liabilities 8 12
Key    
Debt Instrument [Line Items]    
Total long-term debt 3,303 4,773
Subsidiaries    
Debt Instrument [Line Items]    
Total long-term debt $ 8,739 $ 8,936
v3.22.0.1
Long-Term Debt - Scheduled Principal Payments on Long-Term Debt (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Debt Instrument [Line Items]  
2022 $ 2,395
2023 1,217
2024 2,242
2025 1,306
2026 615
All subsequent years 4,267
Key  
Debt Instrument [Line Items]  
2022 0
2023 0
2024 0
2025 534
2026 0
All subsequent years 2,769
Subsidiaries  
Debt Instrument [Line Items]  
2022 2,395
2023 1,217
2024 2,242
2025 772
2026 615
All subsequent years $ 1,497
v3.22.0.1
Long-Term Debt - Narrative (Details) - USD ($)
 12 Months Ended
Sep. 28, 2018
Dec. 31, 2021
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   $ 20,000,000,000        
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    
Medium-Term Notes            
Debt Instrument [Line Items]            
Debt term   9 months        
Additional debt securities authorized and available for issuance under note program   $ 5,000,000,000        
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%
v3.22.0.1
Trust Preferred Securities Issued by Unconsolidated Subsidiaries - Summary of Trust Preferred Securities, Common Stock and Related Debentures (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Common Stock $ 1,257 $ 1,257
Debentures adjustments related to financial instrument hedging 52 70
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 of Debentures, Net of Discount $ 162  
Interest Rate of Trust Preferred Securities and Debentures 0.871%  
KeyCorp Capital II    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust Preferred Securities, Net of Discount $ 121  
Common Stock 4  
Principal Amount of of Debentures, Net of Discount $ 125  
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 $ 116  
Common Stock 4  
Principal Amount of of Debentures, Net of Discount $ 120  
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 of Debentures, Net of Discount $ 21  
Interest Rate of Trust Preferred Securities and Debentures 1.57%  
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 of Debentures, Net of Discount $ 21  
Interest Rate of Trust Preferred Securities and Debentures 1.412%  
HNC Statutory Trust IV    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust Preferred Securities, Net of Discount $ 17  
Common Stock 1  
Principal Amount of of Debentures, Net of Discount $ 18  
Interest Rate of Trust Preferred Securities and Debentures 1.513%  
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 of Debentures, Net of Discount $ 8  
Interest Rate of Trust Preferred Securities and Debentures 2.404%  
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 of Debentures, Net of Discount $ 8  
Interest Rate of Trust Preferred Securities and Debentures 2.404%  
Business Trusts    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust Preferred Securities, Net of Discount $ 466 483
Common Stock 17 17
Principal Amount of of Debentures, Net of Discount $ 483 $ 500
Interest Rate of Trust Preferred Securities and Debentures 4.271% 4.464%
Treasury Rate | KeyCorp Capital II    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Basis spread on variable rate 20.00%  
Treasury Rate | KeyCorp Capital III    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Basis spread on variable rate 25.00%  
London Interbank Offered Rate (LIBOR) | KeyCorp Capital I    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Basis spread on variable rate 74.00%  
London Interbank Offered Rate (LIBOR) | HNC Statutory Trust III    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Basis spread on variable rate 140.00%  
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 131.00%  
London Interbank Offered Rate (LIBOR) | HNC Statutory Trust IV    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Basis spread on variable rate 128.00%  
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 219.00%  
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 50.00%  
v3.22.0.1
Commitments, Contingent Liabilities and Guarantees - Commitments to Extend Credit or Funding (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Guarantor Obligations [Line Items]    
Total loan commitments $ 73,899 $ 66,141
Commercial letters of credit 79 74
Purchase card commitments 771 708
Principal investing commitments 12 16
Tax credit investment commitments 679 487
Total loan and other commitments 75,440 67,426
Commercial and other    
Guarantor Obligations [Line Items]    
Total loan commitments 54,614 47,792
Commercial real estate and construction    
Guarantor Obligations [Line Items]    
Total loan commitments 3,180 2,365
Home equity    
Guarantor Obligations [Line Items]    
Total loan commitments 8,888 9,299
Credit cards    
Guarantor Obligations [Line Items]    
Total loan commitments $ 7,217 $ 6,685
v3.22.0.1
Commitments, Contingent Liabilities and Guarantees - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
Written Put Options  
Commitments Contingencies And Guarantees [Line Items]  
Weighted average life of written put options 2 years 2 months 12 days
Standby letters of credit  
Commitments Contingencies And Guarantees [Line Items]  
Remaining weighted-average life of standby letters of credit in years 2 years
Underwriting And Servicing Program  
Commitments Contingencies And Guarantees [Line Items]  
Weighted-average remaining term for outstanding commercial mortgage loans in years 7 years 9 months 18 days
Unpaid principal balance outstanding of loans sold $ 21,000
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 $ 10,200
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 $ 15
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 12 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%
v3.22.0.1
Commitments, Contingent Liabilities and Guarantees - Guarantees (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments $ 16,936
Liability Recorded 214
Written Put Options  
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments 3,688
Liability Recorded 87
Standby letters of credit  
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments 3,719
Liability Recorded 86
Recourse agreement with FNMA  
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments 6,416
Liability Recorded 26
Residential mortgage reserve  
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments 3,113
Liability Recorded $ 15
v3.22.0.1
Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance $ 17,981 $ 17,038 $ 15,596
Other comprehensive income before reclassification, net of income taxes (1,088) 936  
Amounts reclassified from accumulated other comprehensive income, net of income taxes (236) (224)  
Total other comprehensive income (loss), net of tax (1,324) 712 844
Ending Balance 17,423 17,981 17,038
Unrealized gains (losses) on securities available for sale      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance 567 115  
Other comprehensive income before reclassification, net of income taxes (965) 455  
Amounts reclassified from accumulated other comprehensive income, net of income taxes (5) (3)  
Total other comprehensive income (loss), net of tax (970) 452  
Ending Balance (403) 567 115
Unrealized gains (losses) on derivative financial instruments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance 476 250  
Other comprehensive income before reclassification, net of income taxes (137) 466  
Amounts reclassified from accumulated other comprehensive income, net of income taxes (251) (240)  
Total other comprehensive income (loss), net of tax (388) 226  
Ending Balance 88 476 250
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 (305) (339)  
Other comprehensive income before reclassification, net of income taxes 14 15  
Amounts reclassified from accumulated other comprehensive income, net of income taxes 20 19  
Total other comprehensive income (loss), net of tax 34 34  
Ending Balance (271) (305) (339)
Total      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance 738 26 (818)
Total other comprehensive income (loss), net of tax (1,324) 712 844
Ending Balance $ (586) $ 738 $ 26
v3.22.0.1
Accumulated Other Comprehensive Income - Reclassifications Out of AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other income [1] $ 147 $ 15 $ 68
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries 3,281 1,585 2,054
Income taxes 642 227 314
Interest income — Loans 3,532 3,866 4,267
Interest expense — Long-term debt (221) (286) (454)
Investment banking and debt placement fees 937 661 630
Other expense 2,561 2,336 2,250
Income (loss) from continuing operations 2,612 1,329 $ 1,708
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 7 4  
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries 7 4  
Income taxes 2 1  
Income (loss) from continuing operations 5 3  
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 329 315  
Income taxes 78 75  
Income (loss) from continuing operations 251 240  
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 329 319  
Interest expense — Long-term debt (4) (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 4 0  
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) (25)  
Income taxes (6) (6)  
Income (loss) from continuing operations (20) (19)  
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 (18) (17)  
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 (9) (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 $7 million for the year ended December 31, 2021, $4 million for the year ended December 31, 2020, and $20 million for the year ended December 31, 2019. For 2021, 2020, and 2019, we did not have any impairment losses related to securities.
v3.22.0.1
Shareholders' Equity - Comprehensive Capital Plan (Details) - USD ($)
$ / shares in Units, shares in Millions
 3 Months Ended 12 Months Ended
Sep. 10, 2021
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]                
Common shares repurchased, value           $ 559,000,000 $ 134,000,000 $ 835,000,000
Accelerated Share Repurchase Program, Common Stock Repurchased [1]           (585,000,000)    
Cash payment for ASR program           $ 559,000,000 $ 134,000,000 $ 835,000,000
Cash dividends declared per common share (in dollars per share)   $ 0.195 $ 0.185 $ 0.185 $ 0.185 $ 0.75 $ 0.74 $ 0.71
Treasury Stock, at Cost                
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]                
Common shares repurchased, value           $ 559,000,000 $ 134,000,000 $ 835,000,000
Accelerated Share Repurchase Program, Common Stock Repurchased [1]           (585,000,000)    
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    
Common shares repurchased, value           710,000,000    
2020 Capital Plan Authorization                
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]                
Common shares repurchased, value           $ 466,000,000    
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 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 23.6              
Initial price per share (in dollars per share) $ 19.87              
Reduction to capital surplus balance     $ 117,000,000          
Final shares repurchased 2.5              
Average price per share (in dollars per share) $ 22.48              
Share purchased between up front delivery and final settlement 26.0              
[1] See Note 24 (“Shareholders' Equity”) for additional detail regarding ASR program.
v3.22.0.1
Shareholders' Equity - Schedule of Preferred Stock (Details)
Dec. 31, 2021
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 usd 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 usd per share) $ 1,000
Dividend payable per share (in usd 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 usd 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 usd per share) $ 25
Dividend payable per share (in usd 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 usd 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 usd per share) $ 25
Dividend payable per share (in usd 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 usd 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 usd per share) $ 1.406252
v3.22.0.1
Shareholders' Equity - Key's and KeyBank's Actual Capital Amounts and Ratios, Minimum Capital Amounts and Ratios (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Key    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Total Capital to Net Risk-Weighted Assets, Actual Amount $ 18,030 $ 17,976
Tier 1 Capital to Average Quarterly Tangible Assets, Amount 15,549 14,907
Tier 1 Capital to Net Risk-Weighted Assets, Actual Amount $ 15,549 $ 14,907
Total Capital to Net Risk-Weighted Assets, Actual Ratio 0.1249 0.1340
Tier 1 Capital to Net Risk-Weighted Assets, Actual Ratio 0.1077 0.1111
Tier 1 Capital to Average Quarterly Tangible Assets, Actual Ratio 0.0847 0.0894
Total Capital to Net Risk-Weighted Assets, to Meet Minimum Capital Adequacy Requirements, Amount $ 11,552 $ 10,736
Tier 1 Capital to Net Risk-Weighted Assets, to Meet Minimum Capital Adequacy Requirements, Amount 8,664 8,052
Tier 1 Capital to Average Quarterly Tangible Assets to Meet Minimum Capital Adequacy Requirements, Amount $ 7,344 $ 6,671
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 $ 17,211 $ 17,195
Tier 1 Capital to Average Quarterly Tangible Assets, Amount 15,143 14,539
Tier 1 Capital to Net Risk-Weighted Assets, Actual Amount $ 15,143 $ 14,539
Total Capital to Net Risk-Weighted Assets, Actual Ratio 0.1221 0.1309
Tier 1 Capital to Net Risk-Weighted Assets, Actual Ratio 0.1075 0.1107
Tier 1 Capital to Average Quarterly Tangible Assets, Actual Ratio 0.0837 0.0880
Total Capital to Net Risk-Weighted Assets, to Meet Minimum Capital Adequacy Requirements, Amount $ 11,274 $ 10,511
Tier 1 Capital to Net Risk-Weighted Assets, to Meet Minimum Capital Adequacy Requirements, Amount 8,456 7,884
Tier 1 Capital to Average Quarterly Tangible Assets to Meet Minimum Capital Adequacy Requirements, Amount $ 7,241 $ 6,605
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 $ 14,093 $ 13,139
Tier 1 Capital to Net Risk-Weighted Assets, to Qualify as Well Capitalized Under Federal Deposit Insurance Act, Amount 11,274 10,511
Tier 1 Capital to Average Quarterly Tangible Assets to Qualify as Well Capitalized Under Federal Deposit Insurance Act, Amount $ 9,051 $ 8,256
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%
v3.22.0.1
Business Segment Reporting - Narrative (Details)
Dec. 31, 2021
branch
sector
Consumer Bank  
Segment Reporting Information [Line Items]  
Number of state branch network | branch 15
Commercial Bank  
Segment Reporting Information [Line Items]  
Number of business units | sector 7
v3.22.0.1
Business Segment Reporting - Financial Information of Business Groups (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
employee
Dec. 31, 2020
USD ($)
employee
Dec. 31, 2019
USD ($)
employee
Segment Reporting Information [Line Items]      
Net interest income (TE) $ 4,098 $ 4,063 $ 3,941
Noninterest income 3,194 2,652 2,459
Total revenue (TE) 7,292 6,715 6,400
Provision for credit losses (418) 1,021 445
Depreciation and amortization expense 298 303 313
Other noninterest expense 4,131 3,806 3,588
Income (loss) from continuing operations before income taxes (TE) 3,281 1,585 2,054
Allocated income taxes (benefit) and TE adjustments 669 256 346
INCOME (LOSS) FROM CONTINUING OPERATIONS 2,612 1,329 1,708
Income (loss) from discontinued operations, net of taxes 13 14 9
NET INCOME (LOSS) 2,625 1,343 1,717
Less: Net income (loss) attributable to noncontrolling interests 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 2,625 1,343 1,717
AVERAGE BALANCES      
Loans and leases 100,269 102,689 91,511
Total assets 178,919 162,055 143,179
Deposits 145,035 127,286 110,030
OTHER FINANCIAL DATA      
Expenditures for additions to long-lived assets 114 161 245
Net loan charge-offs $ 185 $ 444 $ 432
Return on average allocated equity, continuing operations (as a percentage) 14.79% 7.54% 10.27%
Return on average allocated equity (as a percentage) 14.86% 7.62% 10.32%
Average full-time equivalent employees | employee 16,974 16,826 17,045
Provision for credit loss, net of tax, related to previously disclosed fraud incident     $ (139)
Operating Segments | Consumer Bank      
Segment Reporting Information [Line Items]      
Net interest income (TE) $ 2,357 $ 2,403 2,335
Noninterest income 1,068 999 917
Total revenue (TE) 3,425 3,402 3,252
Provision for credit losses (118) 284 186
Depreciation and amortization expense 84 77 91
Other noninterest expense 2,306 2,185 2,062
Income (loss) from continuing operations before income taxes (TE) 1,153 856 913
Allocated income taxes (benefit) and TE adjustments 277 203 216
INCOME (LOSS) FROM CONTINUING OPERATIONS 876 653 697
Income (loss) from discontinued operations, net of taxes 0 0 0
NET INCOME (LOSS) 876 653 697
Less: Net income (loss) attributable to noncontrolling interests 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 876 653 697
AVERAGE BALANCES      
Loans and leases 39,356 37,842 30,571
Total assets 42,572 41,152 34,111
Deposits 88,235 79,528 72,384
OTHER FINANCIAL DATA      
Expenditures for additions to long-lived assets 39 40 150
Net loan charge-offs $ 126 $ 135 $ 157
Return on average allocated equity, continuing operations (as a percentage) 24.54% 18.97% 21.59%
Return on average allocated equity (as a percentage) 24.54% 18.97% 21.59%
Average full-time equivalent employees | employee 8,000 8,186 8,540
Operating Segments | Commercial Bank      
Segment Reporting Information [Line Items]      
Net interest income (TE) $ 1,655 $ 1,725 $ 1,651
Noninterest income 1,989 1,524 1,395
Total revenue (TE) 3,644 3,249 3,046
Provision for credit losses (279) 741 120
Depreciation and amortization expense 134 144 135
Other noninterest expense 1,731 1,606 1,424
Income (loss) from continuing operations before income taxes (TE) 2,058 758 1,367
Allocated income taxes (benefit) and TE adjustments 413 107 223
INCOME (LOSS) FROM CONTINUING OPERATIONS 1,645 651 1,144
Income (loss) from discontinued operations, net of taxes 0 0 0
NET INCOME (LOSS) 1,645 651 1,144
Less: Net income (loss) attributable to noncontrolling interests 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 1,645 651 1,144
AVERAGE BALANCES      
Loans and leases 60,552 64,543 60,417
Total assets 70,117 74,225 68,562
Deposits 55,715 47,145 36,372
OTHER FINANCIAL DATA      
Expenditures for additions to long-lived assets 12 1 (8)
Net loan charge-offs $ 81 $ 308 $ 128
Return on average allocated equity, continuing operations (as a percentage) 19.52% 12.99% 24.54%
Return on average allocated equity (as a percentage) 19.52% 12.99% 24.54%
Average full-time equivalent employees | employee 2,370 2,291 2,438
Other      
Segment Reporting Information [Line Items]      
Net interest income (TE) $ 86 $ (65) $ (45)
Noninterest income 137 129 147
Total revenue (TE) 223 64 102
Provision for credit losses (21) (4) 139
Depreciation and amortization expense 80 82 87
Other noninterest expense 94 15 102
Income (loss) from continuing operations before income taxes (TE) 70 (29) (226)
Allocated income taxes (benefit) and TE adjustments (21) (54) (93)
INCOME (LOSS) FROM CONTINUING OPERATIONS 91 25 (133)
Income (loss) from discontinued operations, net of taxes 13 14 9
NET INCOME (LOSS) 104 39 (124)
Less: Net income (loss) attributable to noncontrolling interests 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 104 39 (124)
AVERAGE BALANCES      
Loans and leases 361 304 523
Total assets 66,230 46,678 40,506
Deposits 1,085 613 1,274
OTHER FINANCIAL DATA      
Expenditures for additions to long-lived assets 63 120 103
Net loan charge-offs $ (22) $ 1 $ 147
Return on average allocated equity, continuing operations (as a percentage) 1.61% 0.27% (1.52%)
Return on average allocated equity (as a percentage) 1.84% 0.42% (1.42%)
Average full-time equivalent employees | employee 6,604 6,349 6,067
Provision for credit loss, net of tax, related to previously disclosed fraud incident $ 106    
v3.22.0.1
Condensed Financial Information of the Parent Company - Condensed Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Condensed Financial Statements, Captions [Line Items]      
Cash and due from banks $ 913 $ 1,091  
Short-term investments 11,010 16,194  
Securities available for sale 45,364 27,556  
Other investments 639 621  
Goodwill 2,693 2,664 $ 2,664
Corporate-owned life insurance 4,327 4,286  
Derivative assets 1,962 1,798  
Accrued income and other assets 8,265 6,812  
Total assets 186,346 170,336  
Accrued expense and other liabilities 3,548 2,385  
Total long-term debt 12,042 13,709  
Total liabilities 168,923 152,355  
SHAREHOLDERS' EQUITY 17,423 17,981  
Total liabilities and equity 186,346 170,336  
Key      
Condensed Financial Statements, Captions [Line Items]      
Cash and due from banks 2,293 3,799  
Short-term investments 24 21  
Securities available for sale 0 12  
Other investments 77 43  
Total loans 66 66  
Total investment in subsidiaries 18,034 18,545  
Goodwill 167 167  
Corporate-owned life insurance 212 207  
Derivative assets 76 100  
Accrued income and other assets 309 299  
Total assets 21,258 23,259  
Accrued expense and other liabilities 532 505  
Long term debt due to Subsidiaries 483 500  
Total long-term debt 3,303 4,773  
Total liabilities 3,835 5,278  
SHAREHOLDERS' EQUITY 17,423 17,981  
Total liabilities and equity 21,258 23,259  
Key | Banks      
Condensed Financial Statements, Captions [Line Items]      
Total loans 50 50  
Investment in subsidiaries 17,019 17,645  
Key | Nonbank subsidiaries      
Condensed Financial Statements, Captions [Line Items]      
Total loans 16 16  
Investment in subsidiaries 1,015 900  
Key | Unaffiliated companies      
Condensed Financial Statements, Captions [Line Items]      
Total long-term debt $ 2,820 $ 4,273  
v3.22.0.1
Condensed Financial Information of the Parent Company - Condensed Statements of Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Condensed Financial Statements, Captions [Line Items]      
Other income [1] $ 147 $ 15 $ 68
Total interest income 4,367 4,685 5,235
Interest on long-term debt with subsidiary trusts 221 286 454
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries 3,281 1,585 2,054
Income tax (expense) benefit (642) (227) (314)
NET INCOME (LOSS) 2,625 1,343 1,717
Less: Net income attributable to noncontrolling interests 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 2,625 1,343 1,717
Key      
Condensed Financial Statements, Captions [Line Items]      
Interest income from subsidiaries 1 4 9
Other income 36 8 11
Total interest income 2,012 1,262 1,294
Interest on long-term debt with subsidiary trusts 13 18 22
Interest on other borrowed funds 65 114 151
Personnel and other expense 101 63 87
Total expense 179 195 260
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries 1,833 1,067 1,034
Income tax (expense) benefit 38 38 57
Income (loss) before equity in net income (loss) less dividends from subsidiaries 1,871 1,105 1,091
Equity in net income (loss) less dividends from subsidiaries 754 238 626
NET INCOME (LOSS) 2,625 1,343 1,717
Less: Net income attributable to noncontrolling interests 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 2,625 1,343 1,717
Key | Banks      
Condensed Financial Statements, Captions [Line Items]      
Bank/Nonbank subsidiaries 1,925 1,250 1,204
Key | Nonbank subsidiaries      
Condensed Financial Statements, Captions [Line Items]      
Bank/Nonbank subsidiaries $ 50 $ 0 $ 70
[1] Net securities gains (losses) totaled $7 million for the year ended December 31, 2021, $4 million for the year ended December 31, 2020, and $20 million for the year ended December 31, 2019. For 2021, 2020, and 2019, we did not have any impairment losses related to securities.
v3.22.0.1
Condensed Financial Information of the Parent Company - Condensed Statements of Cash Flows (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES      
Net income (loss) attributable to Key $ 2,625 $ 1,343 $ 1,717
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Deferred income taxes (benefit) 146 (191) 53
Stock-based compensation expense 104 101 96
Other operating activities, net (615) (893) 560
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 1,153 1,673 2,906
INVESTING ACTIVITIES      
Net decrease (increase) in short-term investments, excluding acquisitions 5,184 (14,922) 1,290
Proceeds from sales, prepayments and maturities of securities available for sale 7,623 9,923 3,586
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (15,068) (24,721) (4,918)
FINANCING ACTIVITIES      
Net proceeds from issuance of long-term debt 1,203 3,607 2,129
Payments on long-term debt (2,566) (2,508) (3,634)
Repurchase of Treasury Shares (559) (134) (835)
Cash dividends paid (823) (829) (804)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 13,737 23,407 2,066
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS (178) 359 54
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR 1,091 732 678
CASH AND DUE FROM BANKS AT END OF YEAR 913 1,091 732
Key      
OPERATING ACTIVITIES      
Net income (loss) attributable to Key 2,625 1,343 1,717
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Deferred income taxes (benefit) (22) 2 (43)
Stock-based compensation expense 9 11 8
Equity in net (income) loss less dividends from subsidiaries (754) (238) (626)
Net (increase) decrease in other assets 13 (66) 39
Net increase (decrease) in other liabilities 48 12 11
Other operating activities, net (414) 131 244
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 1,505 1,195 1,350
INVESTING ACTIVITIES      
Net decrease (increase) in short-term investments, excluding acquisitions (15) (7) (6)
Proceeds from sales, prepayments and maturities of securities available for sale 0 0 0
Net (increase) decrease in loans to subsidiaries 0 0 15
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (15) (7) 9
FINANCING ACTIVITIES      
Net proceeds from issuance of long-term debt 0 800 750
Payments on long-term debt (997) (1,003) (300)
Repurchase of Treasury Shares (1,176) (170) (868)
Net cash from the issuance (redemption) of Common Shares and preferred stock 0 0 435
Cash dividends paid (823) (829) (804)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (2,996) (1,202) (787)
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS (1,506) (14) 572
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR 3,799 3,813 3,241
CASH AND DUE FROM BANKS AT END OF YEAR $ 2,293 $ 3,799 $ 3,813
v3.22.0.1
Condensed Financial Information of the Parent Company - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Condensed Financial Statements, Captions [Line Items]      
Interest paid $ 363 $ 731 $ 1,251
Key      
Condensed Financial Statements, Captions [Line Items]      
Interest paid $ 130 $ 204 $ 151
v3.22.0.1
Revenue from Contracts with Customers (Details) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers $ 1,823,000,000 $ 1,428,000,000  
Other noninterest income 1,234,000,000 1,095,000,000  
Noninterest income 3,194,000,000 2,652,000,000 $ 2,459,000,000
Contract assets 0 0  
Contract liabilities 0 0  
Trust and investment services income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 484,000,000 441,000,000  
Investment banking and debt placement fees      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 586,000,000 305,000,000  
Services charges on deposit accounts      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 337,000,000 311,000,000  
Cards and payments income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 407,000,000 361,000,000  
Other noninterest income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 9,000,000 10,000,000  
Operating Segments | Consumer Bank      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 806,000,000 733,000,000  
Noninterest income 1,068,000,000 999,000,000 917,000,000
Operating Segments | Consumer Bank | Trust and investment services income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 417,000,000 374,000,000  
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 201,000,000 189,000,000  
Operating Segments | Consumer Bank | Cards and payments income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 181,000,000 160,000,000  
Operating Segments | Consumer Bank | Other noninterest income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 7,000,000 10,000,000  
Operating Segments | Commercial Bank      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 1,017,000,000 695,000,000  
Noninterest income 1,989,000,000 1,524,000,000 1,395,000,000
Operating Segments | Commercial Bank | Trust and investment services income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 67,000,000 67,000,000  
Operating Segments | Commercial Bank | Investment banking and debt placement fees      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 586,000,000 305,000,000  
Operating Segments | Commercial Bank | Services charges on deposit accounts      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 136,000,000 122,000,000  
Operating Segments | Commercial Bank | Cards and payments income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 226,000,000 201,000,000  
Operating Segments | Commercial Bank | Other noninterest income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 2,000,000 0  
Other      
Disaggregation of Revenue [Line Items]      
Noninterest income $ 137,000,000 $ 129,000,000 $ 147,000,000
v3.22.0.1
Label Element Value
Consumer Bank [Member]  
Goodwill us-gaap_Goodwill $ 1,752,000,000
Commercial Bank [Member]  
Goodwill us-gaap_Goodwill $ 912,000,000