2014 Q1 Form 10-Q Financial Statement

#000153592914000011 Filed on May 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $2.675B $1.819B
YoY Change 47.09% 22.44%
Cost Of Revenue $865.0M $540.5M
YoY Change 60.04%
Gross Profit $1.810B $1.278B
YoY Change 41.61%
Gross Profit Margin 67.66% 70.28%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $101.3M $116.4M
YoY Change -12.97%
% of Gross Profit 5.6% 9.11%
Operating Expenses $789.5M $759.1M
YoY Change 4.0% -61.11%
Operating Profit $85.40M $92.90M
YoY Change -8.07%
Interest Expense $47.60M $44.40M
YoY Change 7.21% -195.48%
% of Operating Profit 55.74% 47.79%
Other Income/Expense, Net $1.100M $700.0K
YoY Change 57.14%
Pretax Income $231.1M $256.7M
YoY Change -9.97% -150.05%
Income Tax $30.70M $11.20M
% Of Pretax Income 13.28% 4.36%
Net Earnings $262.1M -$212.0M
YoY Change -223.63% -58.04%
Net Earnings / Revenue 9.8% -11.66%
Basic Earnings Per Share $0.99 -$0.92
Diluted Earnings Per Share $0.98 -$0.92
COMMON SHARES
Basic Shares Outstanding 261.1M shares 230.0M shares
Diluted Shares Outstanding 263.5M shares 230.0M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $2.500B $2.788B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $7.151B
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $86.07B $88.33B
YoY Change -2.56%
Other Assets $0.00
YoY Change
Total Long-Term Assets $213.7B
YoY Change
TOTAL ASSETS
Total Short-Term Assets $7.151B
Total Long-Term Assets $213.7B
Total Assets $223.5B $220.9B
YoY Change 1.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $321.0M
YoY Change -100.0%
Total Short-Term Liabilities $321.0M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $3.515B $3.441B
YoY Change 2.15%
Other Long-Term Liabilities $78.94B $79.89B
YoY Change -1.18%
Total Long-Term Liabilities $3.515B $83.33B
YoY Change -95.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $321.0M
Total Long-Term Liabilities $3.515B $83.33B
Total Liabilities $207.1B $207.5B
YoY Change -0.15%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $23.58B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $269.8M
YoY Change
Treasury Stock Shares 7.891M shares
Shareholders Equity $14.00B $13.39B
YoY Change
Total Liabilities & Shareholders Equity $223.5B $220.9B
YoY Change 1.2%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $262.1M -$212.0M
YoY Change -223.63% -58.04%
Depreciation, Depletion And Amortization $101.3M $116.4M
YoY Change -12.97%
Cash From Operating Activities $786.6M -$28.40M
YoY Change -2869.72% -108.76%
INVESTING ACTIVITIES
Capital Expenditures $8.700M $6.600M
YoY Change 31.82% -180.49%
Acquisitions
YoY Change
Other Investing Activities $0.00 $933.8M
YoY Change -100.0% 97.71%
Cash From Investing Activities -$1.044B $927.2M
YoY Change -212.59% 99.78%
FINANCING ACTIVITIES
Cash Dividend Paid $2.600M $0.00
YoY Change
Common Stock Issuance & Retirement, Net $250.0M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$83.70M 102.1M
YoY Change -181.98% -168.34%
NET CHANGE
Cash From Operating Activities $786.6M -28.40M
Cash From Investing Activities -$1.044B 927.2M
Cash From Financing Activities -$83.70M 102.1M
Net Change In Cash -$341.0M 1.001B
YoY Change -134.07% 56.64%
FREE CASH FLOW
Cash From Operating Activities $786.6M -$28.40M
Capital Expenditures $8.700M $6.600M
Free Cash Flow $777.9M -$35.00M
YoY Change -2322.57% -110.53%

Facts In Submission

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CY2014Q1 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
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CY2014Q1 us-gaap Impairment Of Investments
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3300000 USD
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CY2013 us-gaap Impairment Of Real Estate
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231100000 USD
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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256700000 USD
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302300000 USD
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CY2013Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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25800000 USD
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21900000 USD
CY2013Q1 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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105800000 USD
CY2013Q1 us-gaap Income Tax Reconciliation Minority Interest Income Expense
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4700000 USD
CY2014Q1 us-gaap Income Tax Reconciliation Nondeductible Expense
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400000 USD
CY2013Q1 us-gaap Income Tax Reconciliation Nondeductible Expense
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4300000 USD
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CY2014Q1 us-gaap Income Tax Reconciliation Other Adjustments
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2600000 USD
CY2014Q1 us-gaap Income Tax Reconciliation State And Local Income Taxes
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6500000 USD
CY2013Q1 us-gaap Income Tax Reconciliation State And Local Income Taxes
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4100000 USD
CY2014Q1 us-gaap Income Tax Reconciliation Tax Credits
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4600000 USD
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CY2014Q1 us-gaap Interest Expense
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CY2014Q1 us-gaap Interest Paid
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1400000 USD
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1200000 USD
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218900000 USD
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CY2013Q4 us-gaap Liabilities
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16500000000 USD
CY2014Q1 us-gaap Liabilities For Guarantees On Long Duration Contracts Guaranteed Benefit Liability Gross
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16400000000 USD
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200000 USD
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CY2013Q1 us-gaap Net Cash Provided By Used In Continuing Operations
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CY2013Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2013Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2013Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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CY2014Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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CY2014Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
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CY2014Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
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CY2014Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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CY2013Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
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CY2014Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
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CY2013Q1 us-gaap Other Comprehensive Income Loss Before Tax
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CY2014Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
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CY2013Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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CY2013Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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CY2014Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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CY2013Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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3500000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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3400000 USD
CY2013Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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2300000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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2200000 USD
CY2013Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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1200000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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1200000 USD
CY2013Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
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14600000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
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8800000 USD
CY2013Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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9500000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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5700000 USD
CY2013Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
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5100000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
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3100000 USD
CY2013Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
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200000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
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1400000 USD
CY2013Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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100000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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900000 USD
CY2013Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
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100000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
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500000 USD
CY2013Q1 us-gaap Other Comprehensive Income Loss Tax
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CY2014Q1 us-gaap Other Comprehensive Income Loss Tax
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393900000 USD
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CY2014Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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24600000 USD
CY2013Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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16000000 USD
CY2013Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
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CY2014Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
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8600000 USD
CY2013Q1 us-gaap Other Expenses
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CY2014Q1 us-gaap Other Expenses
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CY2013Q4 us-gaap Other Investments
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CY2014Q1 us-gaap Other Investments
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124100000 USD
CY2014Q1 us-gaap Other Liabilities
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CY2013Q4 us-gaap Other Liabilities
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CY2014Q1 us-gaap Other Nonoperating Income Expense
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105500000 USD
CY2013Q1 us-gaap Other Nonoperating Income Expense
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CY2014Q1 us-gaap Other Short Term Investments
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1046200000 USD
CY2013Q4 us-gaap Other Short Term Investments
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1048100000 USD
CY2014Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses
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1000000 USD
CY2013Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses
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CY2013Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions No Previous Impairment
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200000 USD
CY2014Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions No Previous Impairment
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1100000 USD
CY2012Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
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CY2013Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
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CY2013Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
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102800000 USD
CY2014Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
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101100000 USD
CY2014Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Change In Status
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0 USD
CY2013Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Change In Status
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsReductionsChangeInStatus
0 USD
CY2014Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Securities Sold
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsReductionsSecuritiesSold
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CY2013Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Reductions Securities Sold
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CY2014Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Including Portion Attributable To Noncontrolling Interest
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CY2013Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Including Portion Attributable To Noncontrolling Interest
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CY2014Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Portion Attributable To Parent Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAvailableforsaleSecurities
0 USD
CY2013Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Portion Attributable To Parent Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParentAvailableforsaleSecurities
600000 USD
CY2013Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Net Of Tax Including Portion Attributable To Noncontrolling Interest
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-16000000 USD
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135100000 USD
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7500000 USD
CY2014Q1 ingus Other Comprehensive Income Loss Other Investments Adjustment Net Of Tax
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28400000 USD
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18500000 USD
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CY2013Q1 ingus Other Comprehensive Income Loss Sales Inducements Available For Sale Securities Adjustment Tax
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9900000 USD
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CY2014Q1 ingus Other Liabilities Consolidated Investment Entities
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78 security
CY2014Q1 ingus Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Number Of Securities
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CY2014Q1 ingus Payments For Maturity Of Long Term Intercompany Loans
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CY2014Q1 ingus Payments For Return Of Capital Contributions To Parent
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CY2014Q1 ingus Payments Received For Maturity Of Long Term Intercompany Loans To Subsidiary
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CY2013Q1 ingus Payments Received For Net Mauturity Of Intercompany Loans To Subsidiaries
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251000000 USD
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CY2013Q4 ingus Restricted Assets Fixed Maturity Deposits Pledged To Federal Home Loan Bank
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CY2013Q4 ingus Restricted Assets Securities Pledged
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CY2014Q1 ingus Restricted Assets Securities Pledged
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1271300000 USD
CY2013Q1 ingus Revenue Loss Attributable To Noncontrolling Interest
RevenueLossAttributableToNoncontrollingInterest
40300000 USD
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60800000 USD
CY2013Q1 ingus Revenue Loss Closed Block Variable Annuity
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CY2014Q1 ingus Revenue Loss Closed Block Variable Annuity
RevenueLossClosedBlockVariableAnnuity
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CY2014Q1 ingus Revenue Net Realized Investment Gain Loss And Related Charges And Adjustments
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49600000 USD
CY2013Q1 ingus Revenue Net Realized Investment Gain Loss And Related Charges And Adjustments
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30400000 USD
CY2014Q1 ingus Sales Inducements Contract Holders
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258600000 USD
CY2013Q4 ingus Sales Inducements Contract Holders
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279000000 USD
CY2014Q1 ingus Securities Lending Required Collateral Percentage Of Market Value Of Loaned Securities
SecuritiesLendingRequiredCollateralPercentageOfMarketValueOfLoanedSecurities
1.02
CY2014Q1 ingus Value Of Business Acquired Voba Additions
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3400000 USD
CY2013Q1 ingus Value Of Business Acquired Voba Additions
ValueOfBusinessAcquiredVobaAdditions
3300000 USD
CY2013Q1 ingus Value Of Business Acquired Voba Amortization Expense Interest Accrued
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22500000 USD
CY2014Q1 ingus Value Of Business Acquired Voba Amortization Expense Interest Accrued
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22500000 USD
CY2014Q1 ingus Value Of Business Acquired Voba Change In Unrealized Capital Gains Losses Available For Sale Securities
ValueOfBusinessAcquiredVobaChangeInUnrealizedCapitalGainsLossesAvailableForSaleSecurities
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CY2013Q1 ingus Value Of Business Acquired Voba Change In Unrealized Capital Gains Losses Available For Sale Securities
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124000000 USD
CY2013Q1 ingus Valueof Business Acquired Voba Amortization Expense Excluding Interest Accrued
ValueofBusinessAcquiredVOBAAmortizationExpenseExcludingInterestAccrued
36600000 USD
CY2014Q1 ingus Valueof Business Acquired Voba Amortization Expense Excluding Interest Accrued
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CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001535929
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
254594220 shares
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
Voya Financial, Inc.

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