Voya 2014 Annual Report Download - page 305

Voya Financial, Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
December 31, 2013
Notional Amount Asset Fair Value Liability Fair Value
Credit contracts ................................... $ 3,221.0 $ 40.5 $ 14.5
Equity contracts ................................... 4,513.5 170.7 32.0
Foreign exchange contracts .......................... 1,456.4 24.1 44.9
Interest rate contracts ............................... 64,734.1 912.0 1,239.5
$1,147.3 $1,330.9
Counterparty netting(1) .............................. (701.0) (701.0)
Cash collateral netting(1) ............................ (241.7) (15.7)
Securities collateral netting(1) ........................ (35.9) (479.1)
Net receivables/payables ............................ $ 168.7 $ 135.1
(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same
counterparty under eligible netting agreements.
Collateral
Under the terms of the OTC Derivative International Swaps and Derivatives Association, Inc. (“ISDA”)
agreements, the Company may receive from, or deliver to, counterparties collateral to assure that terms of the
ISDA agreements will be met with regard to the Credit Support Annex (“CSA”). The terms of the CSA call for
the Company to pay interest on any cash received equal to the Federal Funds rate. To the extent cash collateral is
received and delivered, it is included in Payables under securities loan agreements, including collateral held and
Short-term investments under securities loan agreements, including collateral delivered, respectively, on the
Consolidated Balance Sheets and is reinvested in short-term investments. Collateral held is used in accordance
with the CSA to satisfy any obligations. Investment grade bonds owned by the Company are the source of
noncash collateral posted, which is reported in Securities pledged on the Consolidated Balance Sheets. As of
December 31, 2014, the Company held $515.8 and $119.1 of net cash collateral related to OTC derivative
contracts and cleared derivative contracts, respectively. As of December 31, 2013, the Company held $214.7 and
$18.8 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In
addition, as of December 31, 2014, the Company delivered $638.7 of securities and held $159.3 of securities as
collateral. As of December 31, 2013, the Company delivered $1.0 billion of securities and held $51.3 of
securities as collateral.
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