Company: KEY-PI
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000091576-25-000038
Chunk: 117

Company: KEYCORP /NEW/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 117
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. Certain ATM leases include variable payments based on volume of transactions.Operating lease expense is recognized in "net occupancy" and "equipment" on the income statement. The components of lease expense are summarized as follows:Dollars in millionsDecember 31, 2024December 31, 2023Operating lease cost$118 $122 Finance lease cost:Amortization of right-of-use assets1 1 Interest on lease liabilities— — Variable lease cost21 19 Total lease cost (a)$140 $142 (a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2024, and December 31, 2023Cash flows related to leases are summarized as follows:Dollars in millionsDecember 31, 2024December 31, 2023Cash paid for amounts included in the measurement of lease liabilities:Operating cash flows from operating leases$133 $135 Financing cash flows from finance leases1 1 Right-of-use assets obtained in exchange for lease obligations: (a)Operating leases$70 $65 (a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2024 or December 31, 2023.Additional balance sheet information related to leases is summarized as follows:

152

Dollars in millionsBalance sheet classificationDecember 31, 2024December 31, 2023Operating lease assetsAccrued income and other assets$453 $479 Operating lease liabilitiesAccrued expense and other liabilities506 548 Finance leases:Property and equipment, grossPremises and equipment$18 $18 Accumulated depreciationPremises and equipment(16)(15)Property and equipment, net$2 $3 Finance lease liabilitiesLong-term debt3 5 Information pertaining to the lease term and weighted-average discount rate is summarized as follows:December 31, 2024December 31, 2023Weighted-average remaining lease term:Operating leases5.425.69Finance leases2.523.53Weighted-average discount rate:Operating leases3.40 %3.09 %Finance leases4.54 %4.54 %Maturities of lease liabilities are summarized as follows:Dollars in millionsOperating LeasesFinance LeasesTotal2025$128 $1 $129 2026117 — 117 2027100