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Earnings per Common Share Earnings per Common Share (Tables)
 12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted

The following table presents a reconciliation of Net income (loss) and shares used in calculating basic and diluted net income (loss) per common share for the periods indicated:
(in millions, except for per share data) 
Year Ended December 31,
Earnings
2019
 
2018
 
2017
Net income (loss) available to common shareholders
 
 
 
 
 
Income (loss) from continuing operations
$
765

 
$
491

 
$
(302
)
Less: Preferred stock dividends
28

 
—

 
—

Less: Net income (loss) attributable to noncontrolling interest
50

 
145

 
217

Income (loss) from continuing operations available to common shareholders
687

 
346

 
(519
)
Income (loss) from discontinued operations, net of tax
(1,066
)
 
529

 
(2,473
)
Net income (loss) available to common shareholders
$
(379
)
 
$
875

 
$
(2,992
)
 
 
 
 
 
 
Weighted-average common shares outstanding
 
 
 
 
 
Basic
141.0

 
163.2

 
184.1

Dilutive Effects:(1)
 
 
 
 
 
Warrants(2)
2.1

 
0.8

 
—

RSUs(3)
1.4

 
1.7

 
—

PSU awards(3)
1.9

 
1.9

 
—

Stock Options(4)
0.6

 
0.6

 
—

Diluted
147.0

 
168.2

 
184.1

 
 
 
 
 
 
Basic(5)
 
 
 
 
 
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders
$
4.88

 
$
2.12

 
$
(2.82
)
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders
$
(7.57
)
 
$
3.24

 
$
(13.43
)
Income (loss) available to Voya Financial, Inc.'s common shareholders
$
(2.69
)
 
$
5.36

 
$
(16.25
)
Diluted(5)
 
 
 
 
 
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders
$
4.68

 
$
2.05

 
$
(2.82
)
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders
$
(7.26
)
 
$
3.14

 
$
(13.43
)
Income (loss) available to Voya Financial, Inc.'s common shareholders
$
(2.58
)
 
$
5.20

 
$
(16.25
)
(1) For the years ended December 31, 2019 and December 31, 2017, weighted average shares used for calculating earnings per share excludes the impact of forward contracts related to the share repurchase agreements entered into on December 19, 2019 and December 26, 2017, respectively, as the inclusion of these instruments would be antidilutive to the earnings per share calculation. For more information on the share repurchase agreements, see the Shareholders' Equity Note to these Consolidated Financial Statements.
(2) For the year ended December 31, 2017, weighted average shares used for calculating earnings per share excludes the impact of warrants, as the inclusion of this equity instrument would be antidilutive to the earnings per share calculation due to "out of the moneyness" in the period presented. For more information on warrants, see the Shareholders' Equity Note to these Consolidated Financial Statements.
(3) For the year ended December 31, 2017, weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of 1.9 and 0.8 shares for stock compensation plans of RSU and PSU awards, respectively, would be antidilutive to the earnings per share calculation due to the net loss from continuing operations during the period.
(4) For the year ended December 31, 2017, weighted average shares used for calculating basic and diluted earnings per share excludes the dilutive impact of stock options, as the inclusion of this equity instrument would be antidilutive to the earnings per share calculation due to the average share price for the period presented. For more information on stock options, see the Share-based Incentive Compensation Plans Note to these Consolidated Financial Statements.
(5) Basic and diluted earnings per share are calculated using unrounded, actual amounts. Therefore, the components of earnings per share may not sum to its corresponding total.