Company: KEY-PI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000091576-25-000058
Chunk: 87

Company: KEYCORP /NEW/
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 2
Chunk 87
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 recourse associated with loans sold under the Fannie Mae Delegated Underwriting and Servicing program and credit losses inherent in unfunded lending-related commitments, such as letters of credit and unfunded loan commitments, and certain financial guarantees. Changes in the liability for credit losses on lending-related commitments are summarized as follows: Three months ended March 31,Dollars in millions20252024Balance at beginning of period$290 $296 Provision (credit) for losses on lending-related commitments(12)(14)Other— (1)Balance at end of period$278 $281 

5. Fair Value MeasurementsIn accordance with GAAP, Key measures certain assets and liabilities at fair value. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between market participants in the principal market of the asset or liability. Additional information regarding our accounting policies for determining fair value is provided in Note 6 (“Fair Value Measurements”) and Note 1 (“Summary of Significant Accounting Policies”) under the heading “Fair Value Measurements” of our 2024 Form 10-K. 

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Assets and Liabilities Measured at Fair Value on a Recurring BasisCertain assets and liabilities are measured at fair value on a recurring basis in accordance with GAAP. For more information on the valuation techniques used to measure classes of assets and liabilities reported at fair value on a recurring basis as well as the classification of each in the valuation hierarchy, refer to Note 6 (“Fair Value Measurements”) in our 2024 Form 10-K. The following tables present these assets and liabilities at March 31, 2025, and December 31, 2024.March 31, 2025December 31, 2024Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalDollars in millionsASSETS MEASURED ON A RECURRING BASISTrading account assets:U.S. Treasury, agencies and corporations$— $824 $— $824 $— $930 $— $930 States and political subdivisions— 136 — 136 — 127 — 127 Other mortgage-backed securities— 311 — 311 — 183 — 183 Other securities— 19 — 19 — 25 — 25 Total trading account securities— 1,290 — 1,290 — 1,265 —