Voya 2014 Annual Report Download - page 428

Voya Financial, Inc.
Schedule II
Notes to Condensed Financial Information of Parent
(Dollar amounts in millions, unless otherwise stated)
Valuation allowances have been applied to these deferred tax assets as of December 31, 2014 and 2013.
Character, amount and estimated expiration date of the carryforwards and the related allowances are disclosed in
the Income Taxes Note to these Consolidated Financial Statements.
As of December 31, 2014 and 2013, Voya Financial, Inc. has recognized deferred tax assets of $398.2 and
$204.4, respectively, primarily related to federal net operating loss carryforwards and AMT credit carryforwards.
Tax Sharing Agreement
Voya Financial, Inc. has entered into a federal tax sharing agreement with members of an affiliated group as
defined in Section 1504 of the Internal Revenue Code of 1986, as amended. The agreement provides for the
manner of calculation and the amounts/timing of the payments between the parties as well as other related
matters in connection with the filing of consolidated federal income tax returns. For 2012 and prior years, the
federal tax sharing agreement required Voya Financial, Inc. to pay its subsidiaries for the tax benefits of ordinary
and capital losses as they were incurred, and in turn required its subsidiaries to pay Voya Financial, Inc. for the
taxes payable on their ordinary income and capital gains. Under the agreement, Voya Financial, Inc. was required
to make payments even if losses do not offset other subsidiaries’ ordinary income or capital gains. Effective
January 1, 2013, the parties have entered into a federal tax sharing agreement which provides that for 2013 and
subsequent years, Voya Financial, Inc. will pay its subsidiaries for the tax benefits of ordinary and capital losses
only in the event that the consolidated tax group actually uses the tax benefit of losses generated.
Voya Financial, Inc. has also entered into a state tax sharing agreement with each of the specific subsidiaries that
are parties to the agreement. The state tax agreement applies to situations in which Voya Financial, Inc. and all or
some of the subsidiaries join in the filing of a state or local franchise, income tax, or other tax return on a
consolidated, combined or unitary basis.
405