Voya 2013 Annual Report Download - page 196

As of December 31, 2013, we had approximately $2.9 billion of federal NOLs and $88 million of capital
loss carryforwards, which expire as follows (the deferred tax asset and offsetting valuation allowances, if any, are
also presented). The life ordinary loss is an SLDI-related loss which is subject to certain restrictions.
($ in millions)
Expiration
Life
Ordinary
Loss
Non-Life
Ordinary
Losses
Life
Capital
Losses
Non-Life
Capital
Losses
Total
Carryforward
2014 .......................................... $ — $ — $— $(41.0) $ (41.0)
2015 .......................................... — — — (7.6) (7.6)
2016 .......................................... — — — (0.1) (0.1)
2017 .......................................... — (3.2) — (30.6) (33.8)
2018 .......................................... — (5.3) — (9.0) (14.3)
2019 .......................................... — (8.2) — — (8.2)
2020 .......................................... — (24.9) — — (24.9)
2021 .......................................... — (36.4) — — (36.4)
2022 .......................................... — (7.2) — — (7.2)
2023 .......................................... — (89.4) — — (89.4)
2024 .......................................... — — — — —
2025 .......................................... — (510.1) — — (510.1)
2026 .......................................... — (355.0) — — (355.0)
2027 .......................................... — (168.4) — — (168.4)
2028 .......................................... (331.1) (214.2) — — (545.3)
2029 .......................................... — (411.5) — — (411.5)
2030 .......................................... — (379.2) — — (379.2)
2031 .......................................... — (59.4) — — (59.4)
2032 .......................................... — (131.8) — — (131.8)
2033 .......................................... — (136.2) — — (136.2)
Total losses .................................... $(331.1) $(2,540.4) $— $(88.3) $(2,959.8)
Gross deferred tax asset .......................... $115.9 $ 889.1 $— $ 30.9 $ 1,035.9
Valuation allowance ............................. 115.9 889.1 — 30.9 1,035.9
Deferred tax asset on losses ...................... $ — $ — $— $ — $ —
The current level of and assumptions related to the valuation allowances have implications for our future tax
provisions. First, to the extent we have future U.S. GAAP losses before income taxes, additional valuation
allowances will most likely be provided to offset the majority of the deferred tax assets created. Second, to the
extent we have future U.S. GAAP income before income taxes, valuation allowances will most likely be released
in the near term to offset the majority of the deferred tax liabilities created. Third, to the extent income is
sustained for a period of time in the future, we may be able to consider future taxable income to support deferred
tax assets. This may result in a release of significant valuation allowances. These changes in the valuation
allowance could have a significant impact on earnings in the future.
Section 382 imposes limitations on a corporation’s ability to use its NOLs when we undergo an ownership
change (see “Item 1A. Risk Factors-Risks Related to Our Business-General”).We expect that our ability to use
beneficial U.S. tax attributes will be subject to limitations. As of December 31, 2013 and 2012, we did not record
a valuation allowance giving specific consideration to a Section 382 ownership change event because the
ultimate divestiture by ING Group of its interest in the Company has not occurred. If ING Group were to divest
its interest in the Company in a manner such that Section 382 does apply, additional valuation allowances may be
required. We are uncertain as to the ultimate financial impact of a reduction of the deferred tax asset resulting
from an ownership change.
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