Company: KEY-PI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000091576-25-000038
Chunk: 86

Company: KEYCORP /NEW/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 86
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1 — 1 Other— 14 — 14 — 20 — 20 Derivative liabilities85 1,354 — 1,439 58 1,719 — 1,777 Netting adjustments (b)— — — (411)— — — (473)Total derivative liabilities85 1,354 — 1,028 58 1,719 — 1,304 Total liabilities on a recurring basis at fair value$192 $2,127 $— $1,908 $88 $2,493 $— $2,108 (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.(b)Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments.

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Qualitative Disclosures of Valuation TechniquesThe following table describes the valuation techniques and significant inputs used to measure the classes of assets and liabilities reported at fair value on a recurring basis, as well as the classification of each within the valuation hierarchy.Asset/liability classValuation techniqueValuation hierarchy classification(s)Securities (includes trading account assets, securities available for sale, and U.S. Treasury Bills classified as short-term investments)Fair value of level 1 securities is determined by:•  Quoted market prices available in an active market for identical securities. This includes exchange-traded equity securities.Fair value of level 2 securities is determined by:•  Pricing models (either by a third party pricing service or internally).  Inputs include: yields, benchmark securities, bids, offers, actual trade data (i.e., spreads, credit ratings, and interest rates) for comparable assets, spread tables, matrices, high-grade scales, and option-adjusted spreads.•  Observable market prices of similar securities.The valuations provided by the third-party pricing service are based on observable market inputs, which include benchmark yields, reported trades, issuer spreads, benchmark securities, bids, offers, and reference data obtained from market research publications. Inputs used