Voya 2013 Annual Report Download - page 334

ING U.S., Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
Real estate: Real estate is based on unobservable inputs. The fair value used relies on the investment manager’s
own assumptions and the use of appraisals. These investments are included in Level 3. The fair value of the
investment in this category has been estimated using the NAV per share.
Limited partnerships: Limited partnerships are classified as Level 3 because of the investment manager’s use of
unobservable inputs in its valuation assumptions. The fair value of the investments in this category has been
estimated using the NAV per share.
Derivatives: For the interest rate swaps, the fair values are derived using market observable inputs from third-
party sources and are classified as Level 2. Futures contracts are based on unadjusted quoted prices from an
active exchange and therefore, are classified as Level 1.
The following table summarizes the change in fair value of the pension plan’s Level 3 assets and liabilities and
transfers in and out of Level 3 for the years ended December 31, 2013 and 2012:
2013
Actual Return on
Plan Assets
Issuances Settlements
Transfers
in to
Level 3
Transfers
out of
Level 3
Fair Value
as of
January 1
Held at
Year-end
Sold
During
Year Purchases Sales
Fair Value
as of
December 31
Other liabilities .... $ — $— $— $— $— $— $— $— $— $ —
Real estate ........ 67.4 0.8 — 6.4 — — — — — 74.6
Limited
partnerships ..... 123.0 13.7 2.5 18.2 — (9.9) — — — 147.5
$190.4 $14.5 $ 2.5 $24.6 $— $(9.9) $— $— $— $222.1
2012
Actual Return on
Plan Assets
Issuances Settlements
Transfers
in to
Level 3
Transfers
out of
Level 3
Fair Value
as of
January 1
Held at
Year-end
Sold
During
Year Purchases Sales
Fair Value
as of
December 31
Other liabilities .... $ (0.8) $— $— $ — $— $ 0.8 $— $— $— $ —
Real estate ........ 62.0 (0.4) — 5.8 — — — — — 67.4
Limited
partnerships ..... 110.1 9.7 0.3 7.6 — (4.7) — — — 123.0
$171.3 $ 9.3 $ 0.3 $13.4 $— $(3.9) $— $— $— $190.4
Expected Future Contributions and Benefit Payments
The following table summarizes the expected benefit payments for the Company’s pension and postretirement
plans to be paid for the years indicated are as follows:
Pension
Benefits
Other
Postretirement
Benefits
Gross
2014 ......................................... $ 97.1 $ 3.7
2015 ......................................... 102.4 3.3
2016 ......................................... 107.9 3.0
2017 ......................................... 113.0 2.8
2018 ......................................... 119.0 2.6
2019-2022 .................................... 670.9 11.1
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