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Subsequent Events
9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events

R. Subsequent Events

In October 2021, the Company signed a group annuity contract to transfer the obligation to pay the remaining retirement benefits of approximately 800 retirees and deferred vested participants from one of its Suriname pension plans to an insurance company. The transfer of $55 in both plan obligations and plan assets was completed on October 19, 2021. As a result, a $63 settlement loss will be recorded in Restructuring and other charges, net on the Statement of Consolidated Operations in the fourth quarter of 2021.

On October 14, 2021, the Company announced the initiation of a quarterly cash dividend on its common stock. The Board of Directors declared the first quarterly cash dividend of $0.10 per share of the Company’s common stock, to be paid on November 19, 2021 to stockholders of record as of the close of business on October 29, 2021.

On October 14, 2021, the Company announced that its Board of Directors approved a new $500 share repurchase program. The Company is authorized to repurchase up to a total of $650 of its outstanding shares of common stock, which includes $500 under the newly authorized share repurchase program and a remaining $150 under the Company’s previously authorized share repurchase program. As of October 22, 2021, the Company had 187,103,147 issued and outstanding shares of common stock.