Company: KEY-PI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000091576-25-000038
Chunk: 119

Company: KEYCORP /NEW/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 119
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 Key assesses net investments in leases, including residual values, for impairment and recognizes any impairment losses in accordance with the impairment guidance for financial instruments. The carrying amount of residual assets covered by residual value guarantees at December 31, 2024, and December 31, 2023, was $238 million and $258 million, respectively. At December 31, 2024, minimum future lease payments to be received for sales-type and direct financing leases are as follows:Dollars in millionsSales-type and direct financing lease payments2025$667 2026548 2027374 2028217 2029160 Thereafter376 Total lease payments$2,342 At December 31, 2024, minimum future lease payments to be received for operating leases are as follows:Dollars in millionsOperating lease payments2025$39 202630 202721 202812 20296 Thereafter20 Total lease payments$128 

The carrying amount of operating lease assets at December 31, 2024 and December 31, 2023, was $224 million and $372 million, respectively. 

11. Premises and EquipmentPremises and EquipmentOur premises and equipment consisted of the following:December 31,Dollars in millionsUseful life (in years)20242023LandIndefinite$111 $114 Buildings and improvements15-40644 665 Leasehold improvements1-15556 535 Furniture and equipment2-15787 812 Capitalized building leases   1-14 (a)18 18 Construction in processN/A24 61 Total premises and equipment2,140 2,205 Less:  Accumulated depreciation and amortization(1,526)(1,544)Premises and equipment, net$614 $661 (a)Capitalized building and equipment leases are amortized over the lesser of the useful life of asset or lease term.Depreciation and amortization expense related to premises and equipment for the years ended December 31, 2024, December 31, 2023, and December 31, 2022 was $91 million, $89 million, and $96 million, respectively.  This includes amortization of assets under capital leases.

154

SoftwareEligible costs related to computer software developed or obtained for internal use that add functionality, improve efficiency or extend the useful life of a system are capitalized. Amortization of capitalized software begins