Company: KEY-PI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000091576-25-000038
Chunk: 284

Company: KEYCORP /NEW/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 284
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 that are more-likely-than-not to be realized, and therefore recorded. The available evidence used in connection with these assessments includes a history of pretax income, projected future taxable income, potential tax-planning strategies, and projected future reversals of deferred tax liabilities. These assessments are subjective and may change. Based on these criteria, and all available positive and negative evidence, we establish a valuation allowance for deferred tax assets when we are unable to conclude it is more likely than not that they will be realized. However, if our assessments prove incorrect, they could have a material adverse effect on our results of operations in the period in which they occur. For further information on our accounting for income taxes, see Note 1 (“Summary of Significant Accounting Policies”) and Note 14 (“Income Taxes”).

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Accounting and reporting developments 

The following table presents accounting guidance pending adoption.

StandardRequired Adoption DescriptionEffect on Financial Statements or Other Significant MattersASU 2023-06DisclosureImprovementsThe date on which the SEC’s removal of relateddisclosures fromRegulation S-X orRegulation S-K becomes effective.Early adoption isprohibited.This guidance clarifies and improves disclosure requirements for a variety of topics to align with the SEC's regulations.The amendments should be applied prospectively.The guidance is not expected to have a material impact on Key’s disclosures.ASU 2024-03Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Topic 220-40)January 1, 2027Early adoption is permitted.The guidance requires public companies disclose additional information about certain types of costs and expenses.The guidance should be applied on a prospective or retrospective basis.The guidance is not expected to have a material impact on Key’s disclosures.ASU 2024-04Debt—Debt with Conversion andOther Options (Topic 470-20)January 1, 2026Early adoption is permitted.The guidance clarifies criteria to determine whether a settlement of a convertible debt instrument should be accounted for as an induced conversion. The guidance should be applied on a prospective or retrospective basis.The guidance is not expected to have a material impact on Key’s disclosures.