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Share-based Incentive Compensation Plans
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Share-based Incentive Compensation Plans Share-based Incentive Compensation Plans
The Company previously offered equity-based compensation awards to its employees and non-employee directors under various employee and non-employee incentive plans (together, the "Omnibus Plans"). On May 23, 2024, the Company's shareholders approved the Voya Financial, Inc. 2024 Omnibus Incentive Plan (the "2024 Omnibus Plan"), which is a successor to the Omnibus Plans, and no further grants shall be made pursuant to the Omnibus Plans. The 2024 Omnibus Plan provides for 8,000,000 shares of common stock to be initially available for issuance as equity-based compensation awards, less one share for every one share granted under the Omnibus Plans after December 31, 2023 and prior to the effective date of the 2024 Omnibus Plan. As of September 30, 2024, common stock reserved and available for issuance under the 2024 Omnibus Plan was 7,048,255 shares.

Compensation Cost

The following table summarizes share-based compensation expense, which includes expenses related to awards granted under the Omnibus Plans and the 2024 Omnibus Plan for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Restricted Stock Unit (RSU) awards$13 $14 $49 $67 
Performance Stock Unit (PSU) awards10 7 36 43 
Total share-based compensation expense23 21 85 110 
Income tax benefit5 4 21 26 
After-tax share-based compensation expense$18 $17 $64 $84 

Awards Outstanding

The following table summarizes RSU and PSU awards activity under the Omnibus Plans and the 2024 Omnibus Plan for the period indicated:
RSU AwardsPSU Awards
(awards in millions)
Number of AwardsWeighted Average Grant Date Fair ValueNumber of AwardsWeighted Average Grant Date Fair Value
Outstanding as of January 1, 2024
2.0 $67.06 2.2 $61.17 
Adjustment for PSU performance factor— — (0.1)46.94 
Granted0.9 67.70 0.7 59.21 
Vested(0.8)64.91 (0.6)53.53 
Forfeited(0.1)

69.42 — *69.19 
Outstanding as of September 30, 20242.0 $68.06 2.2 $63.55 
*Less than 0.1
The following table summarizes the number of options under the Omnibus Plans for the period indicated:
Stock Options
(awards in millions)
Number of AwardsWeighted Average Exercise Price
Outstanding as of January 1, 2024
1.2 $44.79 
Granted— — 
Exercised(0.3)42.55 
Forfeited— 
*
50.03 
Outstanding as of September 30, 20240.9 $45.47 
Vested, exercisable, as of September 30, 20240.9 $45.47 
*Less than 0.1