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Business Segment Reporting | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Business Segment Reporting | 25. Business Segment Reporting The following is a description of the segments and their primary businesses at December 31, 2023. Consumer Bank The Consumer Bank serves individuals and small businesses throughout our 15-state branch footprint as well as healthcare professionals nationally through our Laurel Road digital brand by offering a variety of deposit and investment products, personal finance and financial wellness services, lending, mortgage and home equity, student loan refinancing, credit card, treasury services, and business advisory services. In addition, wealth management and investment services are offered to assist institutional, non-profit, and high-net-worth clients with their banking, trust, portfolio management, charitable giving, and related needs. Commercial Bank The Commercial Bank is an aggregation of our Institutional and Commercial operating segments. The Commercial operating segment is a full-service corporate bank focused principally on serving the borrowing, cash management, and capital markets needs of middle market clients within Key’s 15-state branch footprint. It is also a significant, national, commercial real estate lender and third-party servicer of commercial mortgage loans and a special servicer of CMBS. The Institutional operating segment operates nationally in providing lending, equipment financing, and banking products and services to large corporate and institutional clients. The industry coverage and product teams have established expertise in the following sectors: Consumer, Energy, Healthcare, Industrial, Public Sector, Real Estate, and Technology. The operating segment includes the KBCM platform which provides a broad suite of capital markets products and services including syndicated finance, debt and equity capital markets, derivatives, foreign exchange, financial advisory, and public finance. Additionally, KBCM provides fixed income and equity sales and trading services to investor clients. Other Other includes various corporate treasury activities such as management of our investment securities portfolio, long-term debt, short-term liquidity and funding activities, and balance sheet risk management, our principal investing unit, and various exit portfolios as well as reconciling items, which primarily represent the unallocated portion of nonearning assets of corporate support functions. Charges related to the funding of these assets are part of net interest income and are allocated to the business segments through noninterest expense. Reconciling items also include intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations. The table on the following page shows selected financial data for our major business segments for the years ended December 31, 2023, 2022, and 2021. The information was derived from the internal financial reporting system that we use to monitor and manage our financial performance. GAAP guides financial accounting, but there is no authoritative guidance for “management accounting” — the way we use our judgment and experience to make reporting decisions. Consequently, the line of business results we report may not be comparable to line of business results presented by other companies. The selected financial data is based on internal accounting policies designed to compile results on a consistent basis and in a manner that reflects the underlying economics of the businesses. In accordance with our policies: •Net interest income is determined by assigning a standard cost for funds used or a standard credit for funds provided based on their assumed maturity, prepayment, and/or repricing characteristics. •Indirect expenses, such as computer servicing costs and corporate overhead, are allocated based on assumptions regarding the extent that each line of business actually uses the services. •The consolidated provision for credit losses is allocated among the lines of business primarily based on their actual net loan charge-offs, adjusted periodically for loan growth and changes in risk profile. The amount of the consolidated provision is based on the methodology that we use to estimate our consolidated ALLL. This methodology is described in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Allowance for Loan and Lease Losses.” •Capital is assigned to each line of business based on economic equity. Developing and applying the methodologies that we use to allocate items among our lines of business is a dynamic process. Accordingly, financial results may be revised periodically to reflect enhanced alignment of expense base allocation drivers, changes in the risk profile of a particular business, or changes in our organizational structure.
Year ended December 31, | Consumer Bank |  | Commercial Bank
Dollars in millions | 2023 | 2022 | 2021 |  | 2023 | 2022 | 2021
SUMMARY OF OPERATIONS |  |  |  |  |  |  |
Net interest income (TE) | $ | 2,276 |  | $ | 2,409 |  | $ | 2,361 |  |  | $ | 1,811 |  | $ | 1,863 |  | $ | 1,650 |
Noninterest income | 944 |  | 995 |  | 1,068 |  |  | 1,422 |  | 1,600 |  | 1,990 |
Total revenue (TE) (a) | 3,220 |  | 3,404 |  | 3,429 |  |  | 3,233 |  | 3,463 |  | 3,640 |
Provision for credit losses | 111 |  | 193 |  | (118) |  |  | 379 |  | 317 |  | (279) |
Depreciation and amortization expense | 106 |  | 87 |  | 84 |  |  | 99 |  | 113 |  | 134 |
Other noninterest expense | 2,677 |  | 2,644 |  | 2,321 |  |  | 1,703 |  | 1,620 |  | 1,732 |
Income (loss) from continuing operations before income taxes (TE) | 326 |  | 480 |  | 1,142 |  |  | 1,052 |  | 1,413 |  | 2,053 |
Allocated income taxes (benefit) and TE adjustments | 78 |  | 115 |  | 274 |  |  | 213 |  | 269 |  | 412 |
Income (loss) from continuing operations | 248 |  | 365 |  | 868 |  |  | 839 |  | 1,144 |  | 1,641 |
Income (loss) from discontinued operations, net of taxes | — |  | — |  | — |  |  | — |  | — |  | — |
Net income (loss) | 248 |  | 365 |  | 868 |  |  | 839 |  | 1,144 |  | 1,641 |
Less: Net income (loss) attributable to noncontrolling interests | — |  | — |  | — |  |  | — |  | — |  | — |
Net income (loss) attributable to Key | $ | 248 |  | $ | 365 |  | $ | 868 |  |  | $ | 839 |  | $ | 1,144 |  | $ | 1,641 |
AVERAGE BALANCES (b) |  |  |  |  |  |  |
Loans and leases | $ | 42,408 |  | $ | 41,315 |  | $ | 39,422 |  |  | $ | 75,143 |  | $ | 69,549 |  | $ | 60,486 |
Total assets (a) | 45,232 |  | 44,414 |  | 42,656 |  |  | 84,895 |  | 80,068 |  | 70,051 |
Deposits | 83,964 |  | 90,132 |  | 88,474 |  |  | 53,874 |  | 54,672 |  | 55,598 |
OTHER FINANCIAL DATA |  |  |  |  |  |  |
Expenditures for additions to long-lived assets (a), (b) | $ | 72 |  | $ | 52 |  | $ | 39 |  |  | $ | 3 |  | $ | 4 |  | $ | 12 |
Net loan charge-offs (b) | 133 |  | 83 |  | 126 |  |  | 111 |  | 84 |  | 81 |
Return on average allocated equity (b) | 6.92 | % | 10.36 | % | 24.31 | % |  | 8.14 | % | 12.57 | % | 19.21 | %
Return on average allocated equity | 6.92 |  | 10.36 |  | 24.31 |  |  | 8.14 |  | 12.57 |  | 19.21 |
Average full-time equivalent employees (c) | 7,773 |  | 8,101 |  | 8,043 |  |  | 2,484 |  | 2,466 |  | 2,384 |
Year ended December 31, | Other |  | Key
Dollars in millions | 2023 | 2022 | 2021 |  | 2023 | 2022 | 2021
SUMMARY OF OPERATIONS |  |  |  |  |  |  |
Net interest income (TE) | $ | (144) |  | $ | 282 |  | $ | 87 |  |  | $ | 3,943 |  | $ | 4,554 |  | $ | 4,098 |
Noninterest income | 104 |  | 123 |  | 136 |  |  | 2,470 |  | 2,718 |  | 3,194 |
Total revenue (TE) (a) | (40) |  | 405 |  | 223 |  |  | 6,413 |  | 7,272 |  | 7,292 |
Provision for credit losses | (1) |  | (8) |  | (21) |  |  | 489 |  | 502 |  | (418) |
Depreciation and amortization expense | 27 |  | 71 |  | 80 |  |  | 232 |  | 271 |  | 298 |
Other noninterest expense | 122 |  | (125) |  | 78 |  |  | 4,502 |  | 4,139 |  | 4,131 |
Income (loss) from continuing operations before income taxes (TE) | (188) |  | 467 |  | 86 |  |  | 1,190 |  | 2,360 |  | 3,281 |
Allocated income taxes (benefit) and TE adjustments | (65) |  | 65 |  | (17) |  |  | 226 |  | 449 |  | 669 |
Income (loss) from continuing operations | (123) |  | 402 |  | 103 |  |  | 964 |  | 1,911 |  | 2,612 |
Income (loss) from discontinued operations, net of taxes | 3 |  | 6 |  | 13 |  |  | 3 |  | 6 |  | 13 |
Net income (loss) | (120) |  | 408 |  | 116 |  |  | 967 |  | 1,917 |  | 2,625 |
Less: Net income (loss) attributable to noncontrolling interests | — |  | — |  | — |  |  | — |  | — |  | — |
Net income (loss) attributable to Key | $ | (120) |  | $ | 408 |  | $ | 116 |  |  | $ | 967 |  | $ | 1,917 |  | $ | 2,625 |
AVERAGE BALANCES (b) |  |  |  |  |  |  |
Loans and leases | $ | 453 |  | $ | 438 |  | $ | 361 |  |  | $ | 118,004 |  | $ | 111,302 |  | $ | 100,269 |
Total assets (a) | 61,500 |  | 61,404 |  | 66,212 |  |  | 191,627 |  | 185,886 |  | 178,919 |
Deposits | 6,221 |  | 2,058 |  | 963 |  |  | 144,059 |  | 146,862 |  | 145,035 |
OTHER FINANCIAL DATA |  |  |  |  |  |  |
Expenditures for additions to long-lived assets (a), (b) | $ | 118 |  | $ | 198 |  | $ | 63 |  |  | $ | 193 |  | $ | 254 |  | $ | 114 |
Net loan charge-offs (b) | — |  | (6) |  | (23) |  |  | 244 |  | 161 |  | 184 |
Return on average allocated equity (b) | 1,025.00 | % | 19.12 | % | 1.85 | % |  | 6.94 | % | 12.97 | % | 14.79 | %
Return on average allocated equity | 1,000.00 |  | 19.40 |  | 2.09 |  |  | 6.97 |  | 13.01 |  | 14.86 |
Average full-time equivalent employees (c) | 7,435 |  | 7,094 |  | 6,547 |  |  | 17,692 |  | 17,661 |  | 16,974 |
(a)Substantially all revenue generated by our major business segments is derived from clients that reside in the United States. Substantially all long-lived assets, including premises and equipment, capitalized software, and goodwill held by our major business segments, are located in the United States. (b)From continuing operations. (c)The number of average full-time equivalent employees was not adjusted for discontinued operations.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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