Company: KEY-PI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000091576-25-000058
Chunk: 92

Company: KEYCORP /NEW/
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 2
Chunk 92
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 accounting guidance that requires assets and liabilities to be recorded at the lower of cost or fair value, or assessed for impairment. For more information on the valuation techniques used to measure classes of assets and liabilities measured at fair value on a nonrecurring basis, refer to Note 6 (“Fair Value Measurements”) in our 2024 Form 10-K. There were no liabilities measured at fair value on a nonrecurring basis at March 31, 2025, and December 31, 2024. The following table presents our assets measured at fair value on a nonrecurring basis at March 31, 2025, and December 31, 2024: March 31, 2025December 31, 2024Dollars in millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3TotalASSETS MEASURED ON A NONRECURRING BASISCollateral-dependent loans$— $— $69 $69 $— $— $152 $152 Accrued income and other assets— — 16 16 — — 14 14 Total assets on a nonrecurring basis at fair value$— $— $85 $85 $— $— $166 $166 

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We have other investments in equity securities that do not have readily determinable fair values and do not qualify for the practical expedient to measure the investment using a net asset value per share. We have elected to measure these securities at cost less impairment plus or minus adjustments due to observable orderly transactions. Impairment is recorded when there is evidence that the expected fair value of the investment has declined to below the recorded cost. At each reporting period, we assess if these investments continue to qualify for this measurement alternative. At March 31, 2025, and December 31, 2024, the carrying amount of equity investments under this method was $419 million and $394 million, respectively. We recorded less than $1 million of adjustments or impairments for the three months ended March 31, 2025.Quantitative Information about Level 3 Fair Value MeasurementsThe range and weighted-average of the significant unobservable inputs used to measure the fair value of our material Level 3 recurring and nonrecurring assets at March 31, 2025, and December 31, 2024, along with the valuation techniques used, are shown in the following table