Voya Financial Inc
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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. Accumulated Other Comprehensive Income (Loss)
- Accumulated Other Comprehensive Income (Loss)
Shareholders' equity included the following components of AOCI as of the dates indicated:
| December 31, | |||||
|---|---|---|---|---|---|
| 2023 | 2022 | 2021(2) | |||
| Fixed maturities, net of impairment | $(2,370) | $(3,294) | $3,196 | ||
| Derivatives(1) | 64 | 125 | 79 | ||
| Change in current discount rate | (890) | (858) | (1,147) | ||
| Deferred income tax asset (liability) | 794 | 969 | (324) | ||
| Total | (2,402) | (3,058) | 1,804 | ||
| Pension and other postretirement benefits liability, net of tax | 2 | 3 | 3 | ||
| AOCI | $(2,400) | $(3,055) | $1,807 | ||
(1)Gains and losses reported in AOCI from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of December 31, 2023, the portion of the AOCI that is expected to be reclassified into earnings within the next 12 months is $15.
(2)Upon adoption of ASU 2018-12 on January 1, 2023, the DAC/VOBA adjustments on available-for-sale securities were reversed as of the January 1, 2021 transition date and in subsequent periods.
Changes in AOCI, including the reclassification adjustments recognized in the Consolidated Statements of Operations were as follows for the periods indicated:
| December 31, 2023 | ||||
|---|---|---|---|---|
| Before-Tax Amount · Income Tax (Benefit) · After-Tax Amount | ||||
| Available-for-sale securities: | ||||
| Fixed maturities | $899 | $(189) | $710 | |
| Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations | 25 | (5) | 20 | |
| Change in unrealized gains (losses) on available-for-sale securities | 924 | (194) | 730 | |
| Derivatives: | ||||
| Derivatives | (43) | (1) | 9 | (34) |
| Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations | (18) | 4 | (14) | |
| Change in unrealized gains (losses) on derivatives | (61) | 13 | (48) | |
| Change in current discount rate | (33) | 7 | (26) | |
| Pension and other postretirement benefits liability: | ||||
| Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations | (1) | (2) | — | (1) |
| Change in pension and other postretirement benefits liability | (1) | — | (1) | |
| Change in Accumulated other comprehensive income (loss) | $829 | $(174) | $655 | |
(2) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.
| December 31, 2022 | ||||
|---|---|---|---|---|
| Before-Tax Amount · Income Tax (Benefit) · After-Tax Amount | ||||
| Available-for-sale securities: | ||||
| Fixed maturities | $(6,569) | $1,380 | $(5,189) | |
| Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations | 78 | (16) | 62 | |
| Change in unrealized gains (losses) on available-for-sale securities | (6,491) | 1,364 | (5,127) | |
| Derivatives: | ||||
| Derivatives | 66 | (1) | (14) | 52 |
| Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations | (20) | 4 | (16) | |
| Change in unrealized gains (losses) on derivatives | 46 | (10) | 36 | |
| Change in current discount rate | 290 | (61) | 229 | |
| Change in Accumulated other comprehensive income (loss) | $(6,155) | $1,293 | $(4,862) | |
| December 31, 2021 | |||||
|---|---|---|---|---|---|
| Before-Tax Amount · Income Tax (Benefit) · After-Tax Amount | |||||
| Available-for-sale securities: | |||||
| Fixed maturities | $(3,595) | $525 | (3) | $(3,070) | |
| Other | (3) | 1 | (2) | ||
| Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations | (1,823) | 383 | (1,440) | ||
| DAC and Other intangibles related to discontinued operations | 830 | (175) | 655 | ||
| Other intangibles not subjected to ASU 2018-12 | 435 | (92) | 343 | ||
| Change in unrealized gains (losses) on available-for-sale securities | (4,156) | 642 | (3,514) | ||
| Derivatives: | |||||
| Derivatives | 24 | (1) | (5) | 19 | |
| Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations | (21) | 4 | (17) | ||
| Change in unrealized gains (losses) on derivatives | 3 | (1) | 2 | ||
| Change in current discount rate | 202 | (42) | 160 | ||
| Pension and other postretirement benefits liability: | |||||
| Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations | (2) | (2) | — | (2) | |
| Change in pension and other postretirement benefits liability | (2) | — | (2) | ||
| Change in Accumulated other comprehensive income (loss) | $(3,953) | $599 | $(3,354) | ||
(2) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.
(3)The tax effect of $756 is offset by a $(231) stranded tax benefit release from AOCI to continuing operations.
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