Voya 2014 Annual Report Download - page 452

bReconciliation of Financial Leverage to Short-term and Long-term Debt
($ in millions)
As of
December 31, 2014
As of
December 31, 2013
As of
December 31, 2012
Short-term debt ............. $ — $ — $1,064.6
Long-term debt ............. 3,515.7 3,514.7 3,171.1
Total Debt ................. 3,515.7 3,514.7 4,235.7
Less operating leverage ....... — — (688.5)
Plus loans from subsidiaries . . . — — 261.1
Financial Leverage .......... $3,515.7 $3,514.7 $3,808.3
4The January 1, 2013 beginning capital is different from the December 31, 2012 ending capital at the
segment level due to certain reallocations of capital, primarily due to recapitalization activity (completed
and anticipated)
5Average capital and equity for 2014 are calculated as the average of the quarterly capital and equity averages
for the trailing four quarters, while average capital and equity for 2012 and 2013 are calculated as the average
of beginning of period and end of period capital and equity, as applicable.
4