Financing Agreements

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Financing Agreements

Financing Agreements

Short-term and Long-term Debt

The following table summarizes the carrying value of the Company’s debt securities issued and outstanding as of September 30, 2022 and December 31, 2021:

	Issuer	Maturity	September 30, 2022		December 31, 2021
3.65% Senior Notes, due 2026 (2)(3)	Voya Financial, Inc.	06/15/2026	$	445	$	445
5.7% Senior Notes, due 2043 (2)(3)	Voya Financial, Inc.	07/15/2043	395		395
4.8% Senior Notes, due 2046 (2)(3)	Voya Financial, Inc.	06/15/2046	297		297
4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048(4)	Voya Financial, Inc.	01/23/2048	336		345
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053(4)	Voya Financial, Inc.	05/15/2053	388		740
7.25% Voya Holdings Inc. debentures, due 2023(1)	Voya Holdings, Inc.	08/15/2023	140		140
7.63% Voya Holdings Inc. debentures, due 2026(1)	Voya Holdings, Inc.	08/15/2026	139		139
6.97% Voya Holdings Inc. debentures, due 2036(1)	Voya Holdings, Inc.	08/15/2036	79		79
8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027	Equitable of Iowa Capital Trust II	04/01/2027	13		13
1.00% Windsor Property Loan	Voya Retirement Insurance and Annuity Company	06/14/2027	3		3
Subtotal			2,235		2,596
Less: Current portion of long-term debt			141		1
Total			$	2,094	$	2,595

(1) Guaranteed by ING Group.

(2) Interest is paid semi-annually in arrears.

(3) Guaranteed by Voya Holdings.

(4) See the Junior Subordinated Notes section below.

As of September 30, 2022, the Company was in compliance with its debt covenants.

Aetna Notes

As of September 30, 2022, the outstanding principal amount of the Aetna Notes was $358, which is guaranteed by ING Group. As of September 30, 2022, the Company provided $365 of collateral benefiting ING Group, comprised of a deposit of $202 to a control account with a third-party collateral agent and $163 of letter of credit. The collateral may be exchanged at any time upon the posting of any other form of acceptable collateral to the account.

Junior Subordinated Notes

During the nine months ended September 30, 2022, the Company repurchased $357 par value of its 5.65% Fixed-to-Floating Rate Junior Subordinated Note, due 2053, on the open market, resulting in loss on debt extinguishment of $5, which is included in Interest expense on the Condensed Consolidated Statements of Operations.

During the nine months ended September 30, 2022, the Company repurchased $10 par value of its 4.7% Fixed-to-Floating Rate Junior Subordinated Note, due 2048, on the open market, resulting in gain on debt extinguishment of $1, which is included in Interest expense on the Condensed Consolidated Statements of Operations.

Senior Unsecured Credit Facility Agreement

As of September 30, 2022, the Company had a $500 senior unsecured credit facility with a syndicate of banks which expires November 1, 2024. The facility provides $500 of committed capacity for issuing letters of credit and the full $500 may be utilized for direct borrowings. As of September 30, 2022, there were no amounts outstanding as revolving credit borrowings and no amounts of LOCs outstanding under the senior unsecured credit facility. Under the terms of the facility, the Company is required to maintain a minimum net worth of $6,150, which may increase upon any future equity issuances by the Company.