Voya 2013 Annual Report Download - page 371

ING U.S., Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
Level 3 assets primarily include investments in private equity funds and single strategy hedge funds held by the
consolidated VOEs, while the Level 3 liabilities consist of CLO notes. Transfers of investments out of Level 3
and into Level 2 or Level 1, if any, are recorded as of the beginning of the period in which the transfer occurred.
During the year ended December 31, 2013, investments held in single strategy hedge funds were transferred from
Level 3 to level 2 based upon the specific review and assessment of the underlying securities held by a single
strategy hedge fund. There were no transfers between Level 1 and Level 2. During the year ended December 31,
2012, there were no transfers in or out of Level 3, or transfers between Level 1 and Level 2.
The reconciliation of the beginning and ending fair value measurements for Level 3 assets and liabilities using
significant unobservable inputs for the year ended December 31, 2013 is presented in the table below:
Fair Value
as of
January 1
Gains (Losses)
Included in the
Consolidated
Statement of
Operations Purchases Sales
Transfer in
to Level 3
Transfer
out of
Level 3
Fair Value
as of
December 31
Assets
VIEs—CLO entities:
Corporate loans, at fair
value using the fair
value option ......... $ — $ — $ — $ — $25.5 $ — $ 25.5
VOEs—Private equity funds
and single strategy hedge
funds:
Limited
partnerships/corporations,
at fair value ......... 2,931.2 211.0 848.0 (771.6) — (484.5) 2,734.1
Total assets, at fair value ..... $2,931.2 $211.0 $ 848.0 $(771.6) $25.5 $(484.5) $ 2,759.6
Liabilities
VIEs—CLO entities:
CLO notes, at fair value
using the fair value
option .............. $(3,829.4) $ (6.3) $(1,594.1) $ 268.2 $ — $ — $(5,161.6)
Total liabilities, at fair value . . $(3,829.4) $ (6.3) $(1,594.1) $ 268.2 $ — $ — $(5,161.6)
361