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Condensed Financial Information of the Parent Company
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of the Parent Company
26. Condensed Financial Information of the Parent Company
CONDENSED BALANCE SHEETS
December 31,
Dollars in millions
20232022
ASSETS
Cash and due from banks$2,727 $3,146 
Short-term investments17 15 
Securities available for sale— — 
Other investments85 78 
Loans to:
Banks250 250 
Nonbank subsidiaries— 16 
Total loans250 266 
Investment in subsidiaries:
Banks14,789 13,033 
Nonbank subsidiaries901 928 
Total investment in subsidiaries15,690 13,961 
Goodwill167 167 
Corporate-owned life insurance197 209 
Derivative assets1 111 
Accrued income and other assets331 248 
Total assets$19,465 $18,201 
LIABILITIES
Accrued expense and other liabilities$511 $508 
Long-term debt due to:
Subsidiaries447 450 
Unaffiliated companies3,870 3,789 
Total long-term debt4,317 4,239 
Total liabilities4,828 4,747 
SHAREHOLDERS’ EQUITY (a)
14,637 13,454 
Total liabilities and shareholders’ equity$19,465 $18,201 
(a)See Key’s Consolidated Statements of Changes in Equity.

CONDENSED STATEMENTS OF INCOME
Year ended December 31,
Dollars in millions202320222021
INCOME
Dividends from subsidiaries:
Bank subsidiaries$675 $475 $1,925 
Nonbank subsidiaries— 100 50 
Interest income from subsidiaries15 4 1 
Other income24 7 36 
Total income714 586 2,012 
EXPENSE
Interest on long-term debt with subsidiary trusts33 19 13 
Interest on other borrowed funds273 130 65 
Personnel and other expense111 101 101 
Total expense417 250 179 
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries297 336 1,833 
Income tax (expense) benefit95 60 38 
Income (loss) before equity in net income (loss) less dividends from subsidiaries392 396 1,871 
Equity in net income (loss) less dividends from subsidiaries575 1,521 754 
NET INCOME (LOSS)967 1,917 2,625 
Less: Net income attributable to noncontrolling interests— — — 
NET INCOME (LOSS) ATTRIBUTABLE TO KEY$967 $1,917 $2,625 
.
CONDENSED STATEMENTS OF CASH FLOWS
Year ended December 31,
Dollars in millions202320222021
OPERATING ACTIVITIES
Net income (loss) attributable to Key$967 $1,917 $2,625 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Deferred income taxes (benefit)(6)6 (22)
Stock-based compensation expense9 117 9 
Equity in net (income) loss less dividends from subsidiaries(575)(1,521)(754)
Net (increase) decrease in other assets44 23 13 
Net increase (decrease) in other liabilities3 (24)48 
Other operating activities, net122 (480)(414)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES564 38 1,505 
INVESTING ACTIVITIES
Net (increase) decrease in securities available for sale and in short-term and other investments(14)(26)(15)
Proceeds from sales, prepayments and maturities of securities available for sale— — — 
Net (increase) decrease in loans to subsidiaries16 (200)— 
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES2 (226)(15)
FINANCING ACTIVITIES
Net proceeds from issuance of long-term debt— 1,350 — 
Payments on long-term debt— — (997)
Repurchase of Treasury Shares(73)(44)(1,176)
Net cash from the issuance (redemption) of Common Shares and preferred stock— 590 — 
Cash dividends paid(912)(855)(823)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES(985)1,041 (2,996)
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS(419)853 (1,506)
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR3,146 2,293 3,799 
CASH AND DUE FROM BANKS AT END OF YEAR$2,727 $3,146 $2,293 
KeyCorp paid interest on borrowed funds totaling $171 million in 2023, $137 million in 2022, and $130 million in 2021.