Voya 2014 Annual Report Download - page 389

Voya Financial, Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
The following table summarizes the fair value hierarchy levels of consolidated investment entities as of
December 31, 2014:
Level 1 Level 2 Level 3 Total
Assets
VIEs—CLO entities:
Cash and cash equivalents .............................. $605.9 $—$—$605.9
Corporate loans, at fair value using the fair value option ...... — 6,773.9 19.2 6,793.1
VOEs—Private equity funds and single strategy hedge funds:
Cash and cash equivalents .............................. 104.5 — — 104.5
Limited partnerships/corporations, at fair value ............. — 1,035.6 2,691.7 3,727.3
Total assets, at fair value ................................... $710.4 $7,809.5 $2,710.9 $11,230.8
Liabilities
VIEs—CLO entities:
CLO notes, at fair value using the fair value option .......... $ — $ — $6,838.1 $ 6,838.1
Total liabilities, at fair value ................................ $ — $ — $6,838.1 $ 6,838.1
The following table summarizes the fair value hierarchy levels of consolidated investment entities as of
December 31, 2013:
Level 1 Level 2 Level 3 Total
Assets
VIEs—CLO entities:
Cash and cash equivalents ............................... $642.5 $—$—$642.5
Corporate loans, at fair value using the fair value option ....... — 4,939.8 25.5 4,965.3
VOEs—Private equity funds and single strategy hedge funds:
Cash and cash equivalents ............................... 68.2 — — 68.2
Limited partnerships/corporations, at fair value .............. — 484.5 2,734.1 3,218.6
Total assets, at fair value .................................... $710.7 $5,424.3 $2,759.6 $8,894.6
Liabilities
VIEs—CLO entities:
CLO notes, at fair value using the fair value option ........... $ — $ — $5,161.6 $5,161.6
Total liabilities, at fair value ................................. $ — $ — $5,161.6 $5,161.6
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.
For the year ended December 31, 2014, investments held in single strategy hedge funds were transferred from
Level 2 to Level 3 based upon the use of broker quotes to price certain underlying securities held by the single
strategy hedge fund. There were no transfers between Level 1 and Level 2.
For 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.
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