Financing Agreements (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Long-term Debt Securities Issued and Outstanding

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

	Issuer	Maturity	2022		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	396		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	2		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.

Outstanding junior subordinated notes were as follows as of December 31, 2022:

Issuer	Issue Date	Interest Rate(1)		Scheduled Redemption Date	Interest Rate Subsequent to Scheduled Redemption Date(2)			Final Maturity Date		Face Value
Voya Financial, Inc.	05/16/2013	5.65	%	05/15/2023	LIBOR	+	3.58%	05/15/2053	(3)	$	393
Voya Financial, Inc.	01/23/2018	4.70	%	01/23/2028	LIBOR	+	2.084%	01/23/2048	(4)	$	340

(1) Prior to the scheduled redemption date, interest is paid semi-annually, in arrears.

(2) In the event the securities are not redeemed on or before the scheduled redemption date, interest will accrue after such date at an annual rate of three month LIBOR plus the indicated margin, payable quarterly in arrears.

(3) The 5.65% Fixed-to-Floating Rate Junior Subordinated Notes due 2053 (the "2053 Notes") are guaranteed on a junior subordinated basis by Voya Holdings.

(4) The 4.70% Fixed-to-Floating Rate Junior Subordinated Notes due 2048 (the "2048 Notes") are guaranteed on an unsecured, junior subordinated basis by Voya Holdings.

Credit Facilities

The following table outlines the Company's credit facilities as of December 31, 2022:

	Secured/ Unsecured	Committed/ Uncommitted	Expiration	Capacity		Utilization		Unused Commitment
Obligor / Applicant
Voya Financial, Inc.	Unsecured	Committed	11/01/2024	$	500	$	—	$	500
Voya Financial, Inc.	Unsecured	Committed	04/07/2025	200		163		37
Total				$	700	$	163	$	537