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Subsequent Events
9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Defined Pension Plan Settlement
On October 12, 2022, we settled the remainder of our qualified defined benefit pension plan. The settlement was completed through the purchase of an annuity contract from an independent insurance company for $103 million. The independent insurance company has assumed the obligation to pay the outstanding accrued benefits to the participants and beneficiaries of the plan. As a result of this action, in October 2022, we realized a loss of $99 million upon reclassification from accumulated other comprehensive loss, which included $50 million of compensation and benefits expense and $49 million of income tax expense. We expect to recognize additional insignificant expenses during the fourth quarter of 2022 within compensation and benefits expense related to the settlement of the plan.
Declaration of Common Dividend
On October 10, 2022, our Board declared a quarterly cash dividend of $0.30 per share on all common stock. The dividend is payable on November 15, 2022, to stockholders of record at the close of business on November 1, 2022.