XML 131 R57.htm IDEA: XBRL DOCUMENT v3.24.0.1

Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Net Pension Cost and Amount Recognized in OCI for All Funded and Unfunded Plans

The components of net pension cost and the amount recognized in OCI for all funded and unfunded plans are as follows:

Year ended December 31, Dollars in millions			2023			2022			2021
Interest cost on PBO			$	45		$	27		$	25
Expected return on plan assets			(42)			(27)			(28)
Amortization of losses			9			15			18
Settlement loss			18			12			9
Net pension cost			$	30		$	27		$	24
Other changes in plan assets and benefit obligations recognized in OCI:
Net (gain) loss			$	26		$	31		$	(19)
Amortization of gains			(27)			(27)			(27)
Total recognized in comprehensive income			$	(1)		$	4		$	(46)
Total recognized in net pension cost and comprehensive income			$	29		$	31		$	(22)

Schedule of Changes in Fair Value of Plan Assets

The following table summarizes changes in the FVA.

Year ended December 31, Dollars in millions			2023			2022
FVA at beginning of year			$	886		$	1,096
Actual return on plan assets			25			(138)
Employer contributions			13			13
Benefit payments			(97)			(85)
FVA at end of year			$	827		$	886

The following table summarizes changes in FVA.

Year ended December 31,
Dollars in millions			2023			2022
FVA at beginning of year			$	40		$	57
Employer contributions			—			—
Plan participants’ contributions			1			1
Benefit payments			(9)			(15)
Actual return on plan assets			8			(3)
FVA at end of year			$	40		$	40

Schedule of Changes in Projected Benefit Obligations

The following table summarizes changes in the PBO related to our pension plans. Actuarial losses in 2023 were primarily driven by a decrease in discount rates.

Year ended December 31, Dollars in millions			2023			2022
PBO at beginning of year			$	965		$	1,156
Interest cost			45			27
Actuarial losses (gains)			10			(133)
Benefit payments			(97)			(85)
PBO at end of year			$	923		$	965

Schedule of Amounts Recognized in Balance Sheet

The following table summarizes the funded status of the pension plans, which equals the amounts recognized in the balance sheets at December 31, 2023, and December 31, 2022.

December 31, Dollars in millions			2023			2022
Funded status (a)			$	(95)		$	(78)
Net prepaid pension cost recognized consists of:
Noncurrent assets			$	34		$	58
Current liabilities			(14)			(13)
Noncurrent liabilities			(115)			(123)
Net prepaid pension cost recognized (b)			$	(95)		$	(78)

(a)The shortage of the FVA under the PBO.

(b)Represents the accrued benefit liability of the pension plans.

Schedule of Plans ABO in Excess of Plan Assets

As indicated in the table below, collectively our plans had an ABO in excess of plan assets as follows: 

December 31,			2023						2022
Dollars in millions			Cash Balance Pension Plan			Other Defined Benefit Plans			Cash Balance Pension Plan			Other Defined Benefit Plans
PBO			$	793		$	128		$	828		$	137
ABO			793			128			828			137
Fair value of plan assets			827			—			886			—

Schedule of Weighted-Average Rates to Determine Actuarial Present Value of Benefit Obligations

To determine the actuarial present value of benefit obligations, we assumed the following weighted-average rates.

December 31,			2023			2022
Discount rate			4.68		%	4.85		%
Weighted-average interest crediting rate			4.09		%	3.97		%

Schedule of Weighted-Average Rates to Determine Net Pension Cost

To determine net pension cost, we assumed the following weighted-average rates.

Year ended December 31,			2023			2022			2021
Discount rate			4.85		%	2.43		%	2.05		%
Expected return on plan assets			4.50		%	2.75		%	2.75		%

Schedule of Asset Target Allocations Prescribed by Pension Funds' Investment Policies

The following table shows the asset target allocations prescribed by the pension fund’s investment policies based on the plan’s funded status at December 31, 2023.

			Target Allocation
Asset Class			2023
Global equity			16		%
Fixed income			84
Total			100		%

Schedule of Changes in Accumulated Postemployment Benefit Obligations

The following table summarizes changes in the APBO. Actuarial losses are a result of asset performance.

Year ended December 31,
Dollars in millions			2023			2022
APBO at beginning of year			$	40		$	57
Service cost			—			—
Interest cost			2			2
Plan participants’ contributions			1			1
Actuarial losses (gains)			6			(5)
Benefit payments			(9)			(15)
Plan amendments			—			—
APBO at end of year			$	40		$	40

Schedule of Fair Values of Pension Plan Assets by Asset Category

The following tables show the fair values of our postretirement plan assets by asset class at December 31, 2023, and December 31, 2022.

December 31, 2023
Dollars in millions			Level 1			Level 2			Level 3			Total
ASSET CLASS
Mutual funds:
Equity — U.S.			$	24		$	—		$	—		$	24
Equity — International			7			—			—			7
Fixed income — U.S.			8			—			—			8
Other assets (measured at NAV)(a)			—			—			—			1
Total net assets at fair value			$	39		$	—		$	—		$	40

(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented elsewhere within this footnote.

December 31, 2022
Dollars in millions			Level 1			Level 2			Level 3			Total
ASSET CLASS
Mutual funds:
Equity — U.S.			$	24		$	—		$	—		$	24
Equity — International			7			—			—			7
Fixed income — U.S.			8			—			—			8
Other assets (measured at NAV)			—			—			—			1
Total net assets at fair value			$	39		$	—		$	—		$	40

(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented elsewhere within this footnote.

Schedule of Allocation of Plan Assets

The following tables show the fair values of our pension plan assets by asset class at December 31, 2023, and December 31, 2022.

December 31, 2023
Dollars in millions			Level 1			Level 2			Level 3			Total
ASSET CLASS
Mutual funds:
Fixed income — U.S.			$	—		$	342		$	—		$	342
Collective investment funds (measured at NAV) (a)			—			—			—			465
Insurance investment contracts and pooled separate accounts (measured at NAV) (a)			—			—			—			20
Total net assets at fair value			$	—		$	342		$	—		$	827

(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented elsewhere within this footnote.

December 31, 2022
Dollars in millions			Level 1			Level 2			Level 3			Total
ASSET CLASS
Mutual funds:
Fixed income — U.S.			$	—		$	359		$	—		$	359
Collective investment funds (measured at NAV) (a)			—			—			—			507
Insurance investment contracts and pooled separate accounts (measured at NAV) (a)			—			—			—			20
Total net assets at fair value			$	—		$	359		$	—		$	886

(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented elsewhere within this footnote.

The following table shows the asset target allocations prescribed by the trust’s investment policy.

			Target Allocation
Asset Class			2023
U.S. equity securities			64		%
International equity securities			16
Fixed income securities			20
Total			100		%

Defined Benefit Plan, Assumptions

To determine net postretirement benefit cost, we assumed the following weighted-average rates.

Year ended December 31,			2023			2022			2021
Discount rate			4.50		%	4.50		%	4.50		%
Expected return on plan assets			4.50			4.50			4.50

Schedule of Net Periodic Benefit Cost Not yet Recognized

The components of pre-tax AOCI not yet recognized as net postretirement benefit cost are shown below.

December 31,
Dollars in millions			2023			2022
Net unrecognized losses (gains)			$	(9)		$	(9)
Net unrecognized prior service credit			(11)			(12)
Total unrecognized AOCI			$	(20)		$	(21)

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

The components of net postretirement benefit cost and the amount recognized in OCI for all funded and unfunded plans are as follows:

December 31,
Dollars in millions			2023			2022			2021
Interest cost on APBO			$	2		$	2		$	2
Expected return on plan assets			(2)			(2)			(2)
Amortization of prior service credit			(1)			(1)			(1)
Amortization of gains			(1)			(1)			(1)
Net postretirement benefit cost			$	(2)		$	(2)		$	(2)
Other changes in plan assets and benefit obligations recognized in OCI:
Net (gain) loss			$	1		$	1		$	1
Amortization of prior service credit			1			1			1
Total recognized in comprehensive income			$	2		$	2		$	2
Total recognized in net postretirement benefit cost and comprehensive income			$	—		$	—		$	—

X

- Definition

Fair Values Of Postretirement Plan Assets By Asset Category [Text Block]

+ References

No definition available.

+ Details

Name:	key_FairValuesOfPostretirementPlanAssetsByAssetCategoryTableTextBlock
Namespace Prefix:	key_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Weighted Average Rates To Determine Actuarial Present Value Of Benefit Obligations [Text Block]

+ References

No definition available.

+ Details

Name:	key_WeightedAverageRatesToDetermineActuarialPresentValueOfBenefitObligationsTableTextBlock
Namespace Prefix:	key_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Weighted Average Rates To Determine Net Pension Cost [Text Block]

+ References

No definition available.

+ Details

Name:	key_WeightedAverageRatesToDetermineNetPensionCostTableTextBlock
Namespace Prefix:	key_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of investment allocation of defined benefit plan assets. Includes, but is not limited to, investment allocation percentage or range of percentages.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_DefinedBenefitPlanPlanAssetsAllocationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-3

+ Details

Name:	us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (d)(5)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in the accumulated postemployment benefit obligation from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (a)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfChangesInAccumulatedPostemploymentBenefitObligationsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (b)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (a)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income or loss that have not yet been recognized as components of net periodic benefit cost, such as the net gain (loss), net prior service cost or credit, and net transition asset or obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (j)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration