Condensed Financial Information of the Parent Company (Tables)

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

CONDENSED BALANCE SHEETS


December 31, in millions	2014		2013
ASSETS
Cash and due from banks	$	2,207	$	2,418
Short-term investments		31		35
Securities available for sale		22		20
Other investments		15		15
Loans to:
Banks		90		90
Nonbank subsidiaries		211		468
Total loans		301		558
Investment in subsidiaries:
Banks		9,998		9,342
Nonbank subsidiaries		632		579
Total investment in subsidiaries		10,630		9,921
Goodwill		244		167
Other intangible assets		11		—
Corporate owned life insurance		212		204
Derivative assets		11		6
Accrued income and other assets		356		333
Total assets	$	14,040	$	13,677


LIABILITIES
Accrued expense and other liabilities	$	511	$	413
Derivative liabilities		2		10
Long-term debt due to:
Subsidiaries		422		398
Unaffiliated companies		2,575		2,553
Total long-term debt		2,997		2,951
Total liabilities		3,510		3,374

SHAREHOLDERS’ EQUITY ^(a)		10,530		10,303
Total liabilities and shareholders’ equity	$	14,040	$	13,677

(a)	See Key’s Consolidated Statements of Changes in Equity.

Condensed Statements of Income

CONDENSED STATEMENTS OF INCOME

Year ended December 31,


in millions	2014		2013		2012
INCOME
Dividends from subsidiaries:
Bank subsidiaries	$	300	$	600	$	1,775
Nonbank subsidiaries		—		—		—
Interest income from subsidiaries		16		26		36
Other income		15		15		66
Total income		331		641		1,877

EXPENSE
Interest on long-term debt with subsidiary trusts		10		14		29
Interest on other borrowed funds		53		59		86
Personnel and other expense		40		65		68
Total expense		103		138		183
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries		228		503		1,694
Income tax (expense) benefit		45		33		48
Income (loss) before equity in net income (loss) less dividends from subsidiaries		273		536		1,742
Equity in net income (loss) less dividends from subsidiaries ^(a)		634		374		(877	)
NET INCOME (LOSS)		907		910		865
Less: Net income attributable to noncontrolling interests		7		—		7
NET INCOME (LOSS) ATTRIBUTABLE TO KEY	$	900	$	910	$	858

(a)	Includes results of discontinued operations described in Note 13 (“Acquisitions and Discontinued Operations”).

Condensed Statements of Cash Flows

CONDENSED STATEMENTS OF CASH FLOWS

Year ended December 31,


in millions	2014			2013			2012
OPERATING ACTIVITIES
Net income (loss) attributable to Key	$	900		$	910			$ 858
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Deferred income taxes (benefit)		(8	)		37			32
Stock-based compensation expense		14			11			17
Equity in net (income) loss less dividends from subsidiaries ^(a)		(634	)		(374	)		877
Net (increase) decrease in other assets		(53	)		612			(72	)
Net increase (decrease) in other liabilities		98			(154	)		16
Other operating activities, net		24			(151	)		(50	)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		341			891			1,678
INVESTING ACTIVITIES
Net (increase) decrease in short-term investments		4			2,096			(2,048	)
Purchases of securities available for sale		(2	)		(14	)		(34	)
Cash used in acquisitions		(114	)		—			—
Proceeds from sales, prepayments and maturities of securities available for sale		—			39			1
Net (increase) decrease in loans to subsidiaries		257			(4	)		36
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		145			2,117			(2,045	)
FINANCING ACTIVITIES
Net proceeds from issuance of long-term debt		—			750			—
Payments on long-term debt		—			(750	)		(1,149	)
Repurchase of Treasury Shares		(484	)		(474	)		(251	)
Net proceeds from the issuance of common shares and preferred stock		27			26			2
Cash dividends paid		(240	)		(217	)		(191	)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		(697	)		(665	)		(1,589	)
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS		(211	)		2,343			(1,956	)
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR		2,418			75			2,031
CASH AND DUE FROM BANKS AT END OF YEAR	$	2,207		$	2,418		$	75

(a)	Includes results of discontinued operations described in Note 13 (“Acquisitions and Discontinued Operations”).