Voya 2013 Annual Report Download - page 264

ING U.S., Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
The provisions of ASU 2013-08 are effective for interim and annual reporting periods in years beginning after
December 15, 2013, and should be applied prospectively for entities that are investment companies upon the
effective date of the amendments. The Company is currently in the process of determining the impact of adoption
of the provisions of ASU 2013-08.
Joint and Several Liability Arrangements
In February 2013, the FASB issued ASU 2013-04, “Liabilities (ASC Topic 405): Obligations Resulting from
Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting
Date” (“ASU 2013-04”), which requires an entity to measure obligations resulting from joint and several liable
arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the
reporting date, as the sum of (1) the amount the reporting entity agreed to pay on the basis of its arrangement
among its co-obligors and (2) any additional amount it expects to pay on behalf of its co-obligors. ASU 2013-04
also requires an entity to disclose the nature and amount of the obligation, as well as other information about
those obligations.
The provisions of ASU 2013-04 are effective for years, and interim periods within those years, beginning after
December 15, 2013. The amendments should be applied retrospectively for those obligations resulting from joint
and several liability arrangements that exist at the beginning of an entity’s year of adoption. The Company does not
expect ASU 2013-04 to have an impact on its financial condition, results of operations or cash flows, as the
Company does not have any fixed obligations under joint and several liable arrangements as of December 31, 2013.
Fees Paid to the Federal Government by Health Insurers
In July 2011, the FASB issued ASU 2011-06, “Other Expenses (Topic 720): Fees Paid to the Federal
Government by Health Insurers” (“ASU 2011-06”), which specifies how health insurers should recognize and
classify the annual fee imposed by the Patient Protection and Affordable Care Act as amended by the Health
Care Education Reconciliation Act (the “Acts”). The liability for the fee should be estimated and recorded in full
at the time the entity provides qualifying health insurance in the year in which the fee is payable, with a
corresponding deferred cost that is amortized to expense.
The provisions of ASU 2011-06 are effective for calendar years beginning after December 31, 2013, when the
fee initially becomes effective. The Company does not expect ASU 2011-06 to have an impact on its financial
condition, results of operations or cash flows, as the amount of net premium written for qualifying health
insurance by the Company is expected to be below the $25.0 threshold as defined by the Acts and, thus, not
subject to the fee.
254