Voya 2014 Annual Report Download - page 391

Voya Financial, Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
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
Deconsolidation of Certain Investment Entities
For the years ended December 31, 2014 and 2013, the Company did not deconsolidate any investment entities.
Nonconsolidated VIEs
CLO Entities
In addition to the consolidated CLO entities, the Company also holds variable interest in certain CLO entities that
are not consolidated as it has been determined that the Company is not the primary beneficiary. With these CLO
entities, the Company serves as the investment manager and receives investment management fees and
contingent performance fees. Generally, the Company does not hold any interest in the nonconsolidated CLO
entities but if it does, such ownership has been deemed to be insignificant. The Company has not provided, and is
not obligated to provide, any financial or other support to these entities.
The Company reviews its assumptions on a periodic basis to determine if conditions have changed such that the
projection of these contingent fees becomes significant enough to reconsider the Company’s consolidation status
as variable interest holder. As of December 31, 2014 and 2013, the Company does not hold any ownership
interests in these unconsolidated CLOs.
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