Company: KEY-PI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000091576-25-000038
Chunk: 141

Company: KEYCORP /NEW/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 141
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 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.The following tables show the fair values of our pension plan assets by asset class at December 31, 2024, and December 31, 2023.December 31, 2024    Dollars in millionsLevel 1Level 2Level 3TotalASSET CLASSMutual funds:Fixed income — U.S.$— $324 $— $324 Collective investment funds (measured at NAV) (a)— — — 459 Insurance investment contracts and pooled separate accounts (measured at NAV) (a)— — — 22 Total net assets at fair value$— $324 $— $805 (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. 

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December 31, 2023    Dollars in millionsLevel 1Level 2Level 3TotalASSET CLASSMutual funds:Fixed income — U.S.$— $342 $— $342 Collective investment funds (measured at NAV) (a)— — — 465 Insurance investment contracts and pooled separate accounts (measured at NAV) (a)— — — 20 Total net assets at fair value$— $342 $— $827 (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