Company: KEY-PI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000091576-25-000038
Chunk: 122

Company: KEYCORP /NEW/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 122
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 accumulated impairment losses related to any of Key’s reporting units at December 31, 2024, December 31, 2023, and December 31, 2022.The following table shows the gross carrying amount and the accumulated amortization of intangible assets subject to amortization: 20242023December 31,Dollars in millionsGross CarryingAmountAccumulatedAmortizationGross CarryingAmountAccumulatedAmortizationIntangible assets subject to amortization:Core deposit intangibles$356 $342 $356 $326 PCCR intangibles16 16 16 15 Other intangible assets154 141 80 56 Total$526 $499 $452 $397 The following table presents estimated intangible asset amortization expense for the next five years.EstimatedDollars in millions20252026202720282029Intangible asset amortization expense $19 $7 $1 $— $— 

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