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Financing Agreements | 6 Months Ended
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Jun. 30, 2024
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 issued or borrowed and outstanding as of the periods indicated:
| Issuer |  | Maturity |  | June 30, 2024 |  | December 31, 2023
3.976% Senior Notes, due 2025 (2)(3) | Voya Financial, Inc. |  | 02/15/2025 |  | $ | 395 |  |  | $ | 390 |
3.65% Senior Notes, due 2026 (2)(3) | Voya Financial, Inc. |  | 06/15/2026 |  | 446 |  |  | 446 |
5.7% Senior Notes, due 2043 (2)(3) | Voya Financial, Inc. |  | 07/15/2043 |  | 395 |  |  | 396 |
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 | Voya Financial, Inc. |  | 01/23/2048 |  | 336 |  |  | 336 |
7.625% 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 |  | 2 |  |  | 2 |
Subtotal |  |  |  |  | 2,102 |  |  | 2,098 |
Less: Current portion of long-term debt |  |  |  |  | 395 |  |  | 1 |
Total |  |  |  |  | $ | 1,707 |  |  | $ | 2,097 |
(1) Guaranteed by ING Group. (2) Interest is paid semi-annually in arrears. (3) Guaranteed by Voya Holdings. As of June 30, 2024, the Company was in compliance with its debt covenants. Aetna Notes As of June 30, 2024, outstanding principal amount of the 7.625% Voya Holdings Inc. debentures, due 2026 and 6.97% Voya Holdings Inc. debentures, due 2036 (collectively, the "Aetna Notes") was $218, which is guaranteed by ING Group. As of June 30, 2024, the Company provided $228 of collateral benefiting ING Group, comprised of a deposit of $216 to a control account with a third-party collateral agent and $12 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. Credit Facilities The Company uses credit facilities as part of its capital management practices. Total fees associated with credit facilities for the six months ended June 30, 2024 and 2023 were immaterial. The following table summarizes the Company's credit facilities as of June 30, 2024:
Obligor / Applicant |  | Business Supported |  | Secured / Unsecured |  | Committed / Uncommitted |  | Expiration |  | Capacity |  | Utilization |  |  |  | Unused Commitment
Voya Financial, Inc. |  | Other |  | Unsecured |  | Committed |  | 05/01/2028 |  | $ | 500 |  |  | $ | — |  |  |  |  | $ | 500 |
Voya Financial, Inc. |  | Other |  | Unsecured |  | Committed |  | 04/07/2025 |  | 12 |  | (2) | 12 |  | (1) |  |  | — |
Total |  |  |  |  |  |  |  |  |  | $ | 512 |  |  | $ | 12 |  |  |  |  | $ | 500 |
(1) Amount utilized as collateral for outstanding Aetna Notes. (2) In March of 2024, the Company decreased the capacity of its letter of credit, expiring in 2025, from $200 to $12. This reduction was due to the reduced collateral requirements resulting from the maturity of a portion of the Aetna Notes. Additionally, the full capacity was not expected to be utilized through its expiration. Put Option Agreement for Senior Debt Issuance During 2015, the Company entered into an off-balance sheet 10-year put option agreement with a Delaware trust formed by the Company, in connection with the sale by the trust of pre-capitalized trust securities ("P-Caps"), that provides Voya Financial, Inc. the right, at any time over a 10-year period, to issue up to $500 principal amount of its 3.976% Senior Notes due 2025 ("3.976% Senior Notes") to the trust and receive in exchange a corresponding principal amount of U.S. Treasury securities that are held by the trust. The 3.976% Senior Notes will not be issued unless and until the put option is exercised. In return, the Company pays a semi-annual put premium to the trust at a rate of 1.875% per annum applied to the unexercised portion of the put option and reimburses the trust for its expenses. The put premium and expense reimbursements are recorded in Operating expenses in the Condensed Consolidated Statements of Operations. If and when issued, the 3.976% Senior Notes will be guaranteed by Voya Holdings. Upon an event of default, the put option will be exercised automatically in full. The Company has a one-time right to unwind a prior voluntary exercise of the put option by repurchasing all of the 3.976% Senior Notes then held by the trust for U.S. Treasury securities. If the put option has been fully exercised, the 3.976% Senior Notes issued may be redeemed by the Company prior to their maturity at par or, if greater, at a make-whole redemption price, in each case plus accrued and unpaid interest to the date of redemption. The P-Caps are to be redeemed by the trust on February 15, 2025 or upon any early redemption of the 3.976% Senior Notes. On May 1, 2023, pursuant to the put option agreement, the Company exercised the put option to require the trust to purchase $400 aggregate principal amount of 3.976% Senior Notes in exchange for a corresponding amount of U.S. Treasury securities held by the trust. On May 3, 2023, the Company issued $400 aggregate principal amount of 3.976% Senior Notes to the trust and the Company received approximately $400 of U.S. Treasury securities. The proceeds from the sale of the U.S. Treasury securities were used to redeem the 5.65% Fixed-to-Floating Rate Junior Subordinated Notes due 2053 on May 15, 2023. As of June 30, 2024, the Company may issue up to $100 principal amount of its 3.976% Senior Notes to the trust under the put option agreement. Senior Unsecured Credit Facility Agreement As of June 30, 2024, the Company had a $500 senior unsecured credit facility with a syndicate of banks which expires May 1, 2028. The facility provides $500 of committed capacity for revolving loan borrowings and letters of credit issuances, including a sublimit for swingline (short-term) loans in an aggregate amount of up to $25. As of June 30, 2024, there were no amounts outstanding as revolving credit borrowings, no amounts of LOCs outstanding, and no amounts of swingline loans outstanding under the senior unsecured credit facility. Under the terms of the facility, the Company is required to maintain a minimum net worth of $4.998 billion, which may increase upon any future equity issuances by the Company.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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