Voya 2014 Annual Report Download - page 203

Aggregate Contractual Obligations
As of December 31, 2014, we had certain contractual obligations due over a period of time as summarized
in the following table. The estimated payments reflected in this table are based on our estimates and assumptions
about these obligations. Because these estimates and assumptions are necessarily subjective, the actual cash
outflows in future periods will vary, possibly materially, from those presented in the table.
($ in millions) Total
Less than
1 Year 1-3 Years 3-5 Years
More than
5 Years
Contractual Obligations
Purchase obligations(1) ....................... $ 887.4 $ 762.5 $ 115.5 $ 9.4 $ —
Reserves for insurance obligations(2)(3) .......... 110,398.6 7,214.1 13,419.6 12,075.5 77,689.4
Retirement and other plans(4) .................. 1,550.1 122.2 261.8 291.0 875.1
Short-term and long-term debt obligations(5) ..... 7,338.3 179.3 359.1 1,315.2 5,484.7
Operating leases(6) .......................... 188.2 33.3 60.7 33.1 61.1
Securities lending and repurchase agreements(7) . . . 563.9 563.9 — — —
Total .................................... $120,926.5 $8,875.3 $14,216.7 $13,724.2 $84,110.3
(1) Purchase obligations consist primarily of outstanding commitments under alternative investments that may
occur any time within the terms of the partnership and private loans. The exact timing, however, of funding
these commitments related to partnerships and private loans cannot be estimated. Therefore, the amount of
the commitments related to partnerships and private loans is included in the category “Less than 1 Year.”
(2) Reserves for insurance obligations consist of amounts required to meet our future obligations for future policy
benefits and contract owner account balances. Amounts presented in the table represent estimated cash
payments under such contracts, including significant assumptions related to the receipt of future premiums,
mortality, morbidity, lapse, renewal, retirement, disability and annuitization comparable with actual
experience. These assumptions also include market growth and interest crediting consistent with assumptions
used in amortizing DAC. Estimated cash payments are undiscounted for the time value of money.
Accordingly, the sum of cash flows presented of $110.4 billion significantly exceeds the sum of Future policy
benefits and Contract owner account balances of $85.0 billion recorded on our Consolidated Balance Sheets as
of December 31, 2014. Estimated cash payments are also presented gross of reinsurance. Due to the
significance of the assumptions used, the amounts presented could materially differ from actual results.
(3) Contractual obligations related to certain closed blocks, with reserves in the amount of $5.3 billion, have been
excluded from the table because the blocks were divested through reinsurance contracts and collateral is
provided by third parties that is accessible by us. Although we are not relieved of legal liability to the contract
holder for these closed blocks, third-party collateral of $6.7 billion has been provided for the payment of the
related insurance obligations. The sufficiency of collateral held for any individual block may vary.
(4) Includes estimated benefit payments under our qualified and non-qualified pension plans, estimated benefit
payments under our postretirement benefit plan, and estimated payments of deferred compensation based on
participant elections and an average retirement age.
(5) The estimated payments due by period for long-term debt reflects the contractual maturities of principal, as
well as estimated future interest payments. The payment of principal and estimated future interest for short-
term debt are reflected in estimated payments due in less than one year. See the Financing Agreements Note
in our Consolidated Financial Statements in Part II, Item 8. of this Annual Report on Form 10-K for
additional information concerning the short-term and long-term debt obligations.
(6) Operating leases consist primarily of outstanding commitments for office space, equipment and
automobiles.
(7) Payables under securities loan agreements including collateral held represent the liability to return collateral
received from counterparties under securities lending agreements. Securities lending agreements include
provisions which permit us to call back securities with minimal notice and accordingly, the payable is
classified as having a term of less than 1 year.
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