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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Components of Long-Term Debt | The following table presents the components of our long-term debt, net of unamortized discounts and adjustments related to hedging with derivative financial instruments. We use interest rate swaps and caps, which modify the repricing characteristics of certain long-term debt, to manage interest rate risk. For more information about such financial instruments, see Note 8 (“Derivatives and Hedging Activities”).
December 31, |  |
Dollars in millions | 2023 | 2022
Senior medium-term notes due through 2033 (a) | $ | 3,870 |  | $ | 3,789 |
2.075% Subordinated notes due 2028 (b) | 162 |  | 162 |
6.875% Subordinated notes due 2029 (b) | 91 |  | 99 |
7.75% Subordinated notes due 2029 (b) | 117 |  | 112 |
Other subordinated notes (b)(c) | 77 |  | 77 |
Total parent company | 4,317 |  | 4,239 |
Senior medium-term notes due through 2039 (d) | 5,519 |  | 6,411 |
4.39% Senior remarketable notes due 2027 (e) | 214 |  | 191 |
3.40% Subordinated notes due 2026 (f) | 569 |  | 555 |
6.95% Subordinated notes due 2028 (f) | 286 |  | 281 |
3.90% Subordinated notes due 2029 (f) | 333 |  | 327 |
4.90% Subordinated notes due 2032 (f) | 695 |  | 685 |
Secured borrowing due through 2032 (g) | 11 |  | 14 |
Federal Home Loan Bank advances due through 2038 (h) | 7,586 |  | 6,594 |
Investment Fund Financing due through 2055 (i) | 24 |  | 10 |
Total subsidiaries | 15,237 |  | 15,068 |
Total long-term debt | $ | 19,554 |  | $ | 19,307 |
(a)Senior medium-term notes had a weighted-average interest rate of 2.31% a t December 31, 2023, and 2.3134% at December 31, 2022. These notes had fixed interest rates at December 31, 2023, and December 31, 2022. These notes may not be redeemed prior to their maturity dates. (b)See Note 21 (“Trust Preferred Securities Issued by Unconsolidated Subsidiaries”) for a description of these notes. (c)The First Niagara variable rate trust preferred securities had a weighted-average interest rate o f 7.14% a t December 31, 2023, and 6.16% at December 31, 2022. These notes may be redeemed prior to their maturity dates. (d)Senior medium-term notes had weighted-average interest rates of 4.88% at December 31, 2023, and 5.96% at December 31, 2022. These notes are a combination of fixed and floating rates. These notes may not be redeemed prior to their maturity dates. (e)The remarketable senior medium-term notes had a weighted-average interest rate of 4.39% at both December 31, 2023 and December 31, 2022. These notes had fixed interest rates at December 31, 2023, and December 31, 2022. These notes may not be redeemed prior to their maturity dates. (f)These notes are all obligations of KeyBank. Only medium term notes due 2027 may be redeemed prior to maturity date. (g)This includes $5 million of Capital Lease financing debt with maturity dates ranging from October 1, 2025 to October 1, 2032. This category of debt consists primarily of non-recourse debt collateralized by leased equipment under operating, direct financing and sales-type leases. Additional information pertaining to these commercial lease financing receivables is included in Note 4 (“Loan Portfolio”). This also includes $5 million of capital leases acquired in the First Niagara merger with a maturity range from March 2022 through October 2032. (h)Long-term advances from the Federal Home Loan Bank had a weighted-average interest ra te of 5.76% at December 31, 2023, and 4.48% at December 31, 2022. These advances, which had fixed interest rates, were secured by real estate loans and securities totaling $7.6 billion at December 31, 2023, and $6.6 billion at December 31, 2022. (i)Investment Fund Financing with maturity dates of September 1, 2048 and April 29, 2055 respectively.
Schedule of Scheduled Principal Payments on Long-Term Debt | At December 31, 2023, scheduled principal payments on long-term debt were as follows:
Dollars in millions | Parent | Subsidiaries | Total
2024 | $ | — |  | $ | 8,708 |  | $ | 8,708 |
2025 | 1,081 |  | 1,896 |  | 2,977 |
2026 | — |  | 1,059 |  | 1,059 |
2027 | 720 |  | 1,227 |  | 1,947 |
2028 | 888 |  | 296 |  | 1,184 |
All subsequent years | 1,628 |  | 2,051 |  | 3,679 |

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