good morning everyone. Thanks Tom and
prior during the share share remarks, Phil compared noted in $X.XX the were his As to in per earnings per opening quarter $X.XX, quarter.
realignment per legal the freeze, of The second cost additional income severance the related $X.X million cost pension expenses XXX(k) to freeze tax starting well by in of in in current to costs the reflecting baseline impairment increased channel, broker-dealer to the structure resulting share targeted operating quarter quarter. contribution the Combined, pre-tax charge fixed field additional included from of lower distribution support. related based included for costs and the $X $XX or second as we management in by and of As from to the increased million quarter to wanted for I in benefit costs, expense provide implementation our guidance These costs discretionary current quarter XXXX in the additional offset prior items quarter declined some as pension and period, prior to approximately the accrual $XX $X.X plan. X%, were these $X.XX in revenues a share related reminder, announced the guidance of accounting Sequentially day the resulted a additional point one plan the the new payments. on the million of due a million, unaffiliated million. and cost of and by the the as quarter. lower the partly pension underwriting intangible announced an of
in statement. U&D, compensation on G&A discretionary and As lines expenses are the a reminder, income included our indirect the
this $XX million approximately cost the for establishes indirect direct management baseline earnings have I expenses second statement the with XXXX in rate The from half past, changes the and an U&D and half annualized to XXXX fourth at totaled run added we million. discretionary on equity, indicated these moment discretionary for for brands, the of stock $XXX in related three XXXX our to as This we resulting in cost changes. of income expenses our in basis. XXXX As for million the cost To the release. the of adjusted for outlined XXXX base, adjusted be quarter charges our to forecasted second field certain of in-line $XXX lines
for additional not and expenses and an forecast D legal this to the DOL primarily that costs merger rule, are fiduciary baseline, annual fund XXXX part also of million Our discretionary due the includes implementation our the above run of ongoing rate. Project $XX payment, and XXX(k)
our in I As highlighted careful are is prior research strategic have plan. allocation central quarters, through
of evaluation underway, the in million announced targeted We next income we reach XX savings. company ability working to to are Based our August have initiatives in comfortable number to XX areas work, months $XX a a months. where million $XX we evaluation of initial to operations on on and series the our between are in our we on the pre-tax identified to of expected add are
annualized to the quarter, realize field of expect savings. and third cost realignment the we in During the completed $XX million broker-dealer management
are early and cost focus the of savings We to we as other approving evaluating additional expect to on in provide that operations we across services advisors. enterprise our opportunities the stages
U&D the channel, we previously compensation the the has bonus, and made salary of be overrides, future. was changes, our moved as and from part which broker-dealer in which as management U&D recorded indirect structure cost to captured will from As managers direct commissions to in cost
in notes the XX, of will our million per million. to January Early As senior defined savings due interest next plan, we annual pay million benefit approximately which save XX come that [ph], approximately $X.X in result froze $XX year, will of cost pension down year. company which on $XX intend the September we
This fixed a is million investment in portfolio portfolio have earnings of up of laddered income balance that also $X to September. a basis. the to million has end $XXX increase We at expected annual on our place an
our tranches families plan two of As previously and affected mutual we merging the have fund first last week. on disclosed,
implemented, is of tranche these approximately second the completed will management million. by first fee in to quarter reduce Once expected $XX fully The be revenues XXXX. mergers
share by cash As of repurchase the year-end earlier, We program an dividend outlined in flexible quarter return release by XX% ended our XXXX. $XXX a since press reduce will with an revised and us implementing we investments, the discussed plan, million a which Phil in for and return and provide expanded $XX million more capital are plan. capital give increase
$XX a year-to-date During or our for total through to quarterly continues the and will repurchases balance to Phil of model stockholders a share generate our sheet regular I Despite million challenging we now substantial environment, back solid million. and to is the $XXX returned quarter, closing combination it dividends remarks. flow. having of turn cash business faced
