Company: KEY-PI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000091576-25-000038
Chunk: 126

Company: KEYCORP /NEW/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 126
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Other unconsolidated VIEs$733 $1 December 31, 2023Other unconsolidated VIEs$1,149 $1 

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 millions202420232022Currently payable:Federal$211 $257 $368 State(3)48 80 Total currently payable$208 $305 $448 Deferred:Federal$(307)$(84)$(14)State(44)(25)(12)Total deferred(351)(109)(26)Total income tax (benefit) expense (a)$(143)$196 $422 (a)There was income tax (benefit) expense on securities transactions of $(445) million in 2024, $(3) million in 2023, and $2 million in 2022. 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 $32 million in 2024, $34 million in 2023, and $33 million in 2022.Significant components of our deferred tax assets and liabilities included in “accrued income and other assets”  on our Consolidated Balance Sheets, are as follows:

158

December 31,Dollars in millions20242023Allowance for loan and lease losses$411 $422 Employee benefits209 166 Net unrealized securities losses1,045 1,612 Federal net operating losses and credits303 3 Non-tax accruals109 142 Operating lease liabilities(a)127 136 State net operating losses and credits20 1 Partnership investments79 78 Other149 148 Gross deferred tax assets2,452 2,708 Less: Valuation Allowance15 12 Total deferred tax assets$2,437 $2,696 Leasing transactions$378 $446 State taxes76 77 Operating lease right-of-use assets (a)114 119 Goodwill178 157 Other68 82 Total deferred tax liabilities814 881 Net deferred tax assets (liabilities) (b)$1,623 $1,815 (a)A separate deferred tax