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Condensed Financial Information of the Parent Company (Tables) | 12 Months Ended
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Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheets | CONDENSED BALANCE SHEETS
December 31, in millions | 2019 | 2018
ASSETS |  |
Cash and due from banks | $ | 3,813 |  | $ | 3,241 |
Short-term investments | 20 |  | 19 |
Securities available for sale | 10 |  | 10 |
Other investments | 36 |  | 31 |
Loans to: |  |
Banks | 50 |  | 50 |
Nonbank subsidiaries | 16 |  | 31 |
Total loans | 66 |  | 81 |
Investment in subsidiaries: |  |
Banks | 16,969 |  | 15,554 |
Nonbank subsidiaries | 823 |  | 833 |
Total investment in subsidiaries | 17,792 |  | 16,387 |
Goodwill | 167 |  | 167 |
Corporate-owned life insurance | 205 |  | 199 |
Derivative assets | 44 |  | 61 |
Accrued income and other assets | 295 |  | 279 |
Total assets | $ | 22,448 |  | $ | 20,475 |
LIABILITIES |  |
Accrued expense and other liabilities | $ | 492 |  | $ | 480 |
Long-term debt due to: |  |
Subsidiaries | 483 |  | 471 |
Unaffiliated companies | 4,435 |  | 3,929 |
Total long-term debt | 4,918 |  | 4,400 |
Total liabilities | 5,410 |  | 4,880 |
SHAREHOLDERS’ EQUITY (a) | 17,038 |  | 15,595 |
Total liabilities and shareholders’ equity | $ | 22,448 |  | $ | 20,475 |
(a) See Key’s Consolidated Statements of Changes in Equity.
Condensed Statements of Income | CONDENSED STATEMENTS OF INCOME
Year ended December 31, |  |  |
in millions | 2019 | 2018 | 2017
INCOME |  |  |
Dividends from subsidiaries: |  |  |
Bank subsidiaries | $ | 1,204 |  | $ | 1,675 |  | $ | 750 |
Nonbank subsidiaries | 70 |  | — |  | — |
Interest income from subsidiaries | 9 |  | 11 |  | 10 |
Other income | 11 |  | 11 |  | 9 |
Total income | 1,294 |  | 1,697 |  | 769 |
EXPENSE |  |  |
Interest on long-term debt with subsidiary trusts | 22 |  | 20 |  | 17 |
Interest on other borrowed funds | 151 |  | 137 |  | 95 |
Personnel and other expense | 87 |  | 69 |  | 46 |
Total expense | 260 |  | 226 |  | 158 |
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries | 1,034 |  | 1,471 |  | 611 |
Income tax (expense) benefit | 57 |  | 55 |  | 29 |
Income (loss) before equity in net income (loss) less dividends from subsidiaries | 1,091 |  | 1,526 |  | 640 |
Equity in net income (loss) less dividends from subsidiaries | 626 |  | 340 |  | 658 |
NET INCOME (LOSS) | 1,717 |  | 1,866 |  | 1,298 |
Less: Net income attributable to noncontrolling interests | — |  | — |  | 2 |
NET INCOME (LOSS) ATTRIBUTABLE TO KEY | $ | 1,717 |  | $ | 1,866 |  | $ | 1,296 |
.
Condensed Statements of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS
Year ended December 31, |  |  |
in millions | 2019 | 2018 | 2017
OPERATING ACTIVITIES |  |  |
Net income (loss) attributable to Key | $ | 1,717 |  | $ | 1,866 |  | $ | 1,296 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |
Deferred income taxes (benefit) | (43 | ) | 109 |  | 38 |
Stock-based compensation expense | 8 |  | 8 |  | 11 |
Equity in net (income) loss less dividends from subsidiaries | (626 | ) | (340 | ) | (658 | )
Net (increase) decrease in other assets | 39 |  | (58 | ) | 82 |
Net increase (decrease) in other liabilities | 11 |  | 8 |  | (82 | )
Other operating activities, net | 244 |  | 79 |  | (114 | )
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 1,350 |  | 1,672 |  | 573 |
INVESTING ACTIVITIES |  |  |
Net (increase) decrease in securities available for sale and in short-term and other investments | (6 | ) | 1 |  | 47 |
Cash infusion from purchase of Cain Brothers | — |  | — |  | (90 | )
Proceeds from sales, prepayments and maturities of securities available for sale | — |  | — |  | 1 |
Net (increase) decrease in loans to subsidiaries | 15 |  | 200 |  | — |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 9 |  | 201 |  | (42 | )
FINANCING ACTIVITIES |  |  |
Net proceeds from issuance of long-term debt | 750 |  | 1,250 |  | — |
Payments on long-term debt | (300 | ) | (750 | ) | — |
Repurchase of Treasury Shares | (868 | ) | (1,145 | ) | (730 | )
Net cash from the issuance (redemption) of Common Shares and preferred stock | 435 |  | 412 |  | (350 | )
Cash dividends paid | (804 | ) | (656 | ) | (480 | )
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (787 | ) | (889 | ) | (1,560 | )
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS | 572 |  | 984 |  | (1,029 | )
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR | 3,241 |  | 2,257 |  | 3,286 |
CASH AND DUE FROM BANKS AT END OF YEAR | $ | 3,813 |  | $ | 3,241 |  | $ | 2,257 |

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