Company: KEY-PI
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000091576-25-000058
Chunk: 103

Company: KEYCORP /NEW/
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 2
Chunk 103
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 a gross basis to a net basis in accordance with the applicable accounting guidance. The other collateral consists of securities and is exchanged under bilateral collateral and master netting agreements that allow us to offset the net derivative position with the related collateral. The application of the other collateral cannot reduce the net derivative position below zero. Therefore, excess other collateral, if any, is not reflected above.

72

Fair value hedges. During the three months ended March 31, 2025, we did not exclude any portion of fair value hedging instruments from the assessment of hedge effectiveness. The following tables summarize the amounts that were recorded on the balance sheet as of March 31, 2025, and December 31, 2024, related to cumulative basis adjustments for fair value hedges.March 31, 2025Dollars in millionsBalance sheet line item in which the hedge item is includedCarrying amount of hedged item (a)Hedge accounting basis adjustment - active hedgesHedge accounting basis adjustment - discontinued hedgesInterest rate contractsLong-term debt$11,112 $(341)$(4)Interest rate contractsSecurities Available for Sale(c)11,909 (72)16 December 31, 2024Balance sheet line item in which the hedge item is includedCarrying amount of hedged item (a)Hedge accounting basis adjustment - active hedgesHedge accounting basis adjustment - discontinued hedgesInterest rate contractsLong-term debt$10,249 $(490)$(4)Interest rate contractsSecurities Available for Sale(c)12,097 5 17 (a)The carrying amount represents the portion of the asset or liability designated as the hedged item.(b)Certain amounts are designed as fair value hedges under the portfolio layer method. The carrying amount represents the amortized costs basis of the prepayable financial assets used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the relationship. At March 31, 2025, and December 31, 2024, the amortized costs of the closed portfolios in these hedging relationships was $5.4 billion and $5 billion, respectively, of which $4.0 billion was designated in a portfolio layer hedging relationship for both period ends. At March 31, 2025, and December 31, 2024, the cumulative basis adjustments associated with these amounts totaled $9 million and $41 million