Company: KEY-PI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000091576-25-000038
Chunk: 33

Company: KEYCORP /NEW/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 33
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Table of contents

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 Page NumberManagement’s Annual Report on Internal Control over Financial Reporting100Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting101Report of Independent Registered Public Accounting Firm (PCAOB ID: 42)102Consolidated Balance Sheets105Consolidated Statements of Income106Consolidated Statements of Comprehensive Income107Consolidated Statements of Changes in Equity108Consolidated Statements of Cash Flows109Notes to Consolidated Financial Statements110Note 1. Summary of Significant Accounting Policies110Note 2. Earnings Per Common Share122Note 3. Restrictions on Cash, Dividends and Lending Activities122Note 4. Loan Portfolio123Note 5. Asset Quality124Note 6. Fair Value Measurements133Note 7. Securities142Note 8. Derivatives and Hedging Activities144Note 9. Mortgage Servicing Assets150Note 10. Leases152Note 11. Premises and Equipment154Note 12. Goodwill and Other Intangible Assets155Note 13. Variable Interest Entities156Note 14. Income Taxes158Note 15. Discontinued Operations160Note 16. Securities Financing Activities161Note 17. Stock-Based Compensation161Note 18. Employee Benefits164Note 19. Short-Term Borrowings169Note 20. Long-Term Debt170Note 21. Trust Preferred Securities Issued by Unconsolidated Subsidiaries171Note 22. Commitments, Contingent Liabilities, and Guarantees172Note 23. Accumulated Other Comprehensive Income174Note 24. Shareholders’ Equity175Note 25. Business Segment Reporting178Note 26. Condensed Financial Information of the Parent Company180Note 27. Revenue from Contracts with Customers182

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Table of contents

Management’s Annual Report on Internal Control over Financial Reporting

We are responsible for the preparation, content and integrity of the financial statements and other statistical data and analyses compiled for this annual report. The financial statements and related notes have been prepared in conformity with U.S. generally accepted accounting principles and include amounts which of necessity are based on management’s best estimates and judgments and give due consideration to materiality. We believe the financial statements and notes present fairly our financial position, results of operations and cash flows in all material respects.

We are responsible for establishing and maintaining a system of internal control that is designed to protect our assets and the integrity of our financial