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LONG TERM RETENTION PROGRAM
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
LONG TERM RETENTION PROGRAM LONG TERM RETENTION PROGRAM
On April 18, 2024, the board of directors, upon the recommendation of the Compensation Committee, adopted the 2024 Long-Term Retention Program (“2024 LTRP”). In addition to the annual salary and bonus of each employee, certain employees (“Eligible Employees”) are eligible to participate in the 2024 LTRP, which provides for the grant to an Eligible Employee of a cash-settled fixed (a “2024 LTRP Fixed Award”) and cash-settled variable award (a “2024 LTRP Variable Award”, and together with any 2024 LTRP Fixed Award, the “2024 LTRP Awards”). In order to receive payment in respect of the 2024 LTRP Awards, each Eligible Employee must remain employed as of each applicable payment date. The 2024 LTRP award is payable as follows:
■the eligible employee will receive 16.66% of half of his or her target 2024 LTRP bonus once a year for a period of six years, with the first payment occurring no later than April 30, 2025 (the “2024 Annual Fixed Payment”); and
■on each date the Company pays the Annual Fixed payment to the eligible employee, he or she will also receive a payment (the “2024 LTRP Variable Payment”) equal to the product of (i) 16.66% of half of the target 2024 LTRP Award and (ii) the quotient of (a) divided by (b), where (a), the numerator, equals the Applicable Year Stock Price (as defined below) and (b), the denominator, equals the 2023 Stock Price (as defined below). For purposes of the 2024 LTRP, the “2023 Stock Price” shall equal $1,426.11 (the average closing price of the Company’s common stock on the NASDAQ Global Select Market during the final 60 trading days of 2023) and the “Applicable Year Stock Price” shall equal the average closing price of the Company’s common stock on the NASDAQ Global Select Market during the final 60 trading days of the year preceding the applicable payment date for so long as the Company’s common stock is listed on the NASDAQ.
The rest of the LTRPs outstanding as of December 31, 2024, 2023 and 2022 follow a similar calculation method as explained above for the 2024 LTRP, except that the 2017 and 2018 LTRPs have performance conditions established by the board of directors that must be achieved at the first year-end of each program. Similar to the 2024 LTRP, the rest of the outstanding LTRPs additionally have eligibility conditions to be achieved at each year-end and require the employee remain employed by the Company as of each payment date.
During the year ended December 31, 2024, the Company paid $160 million ($61 million in cash-settled fixed and $99 million in cash-settled variable award) of LTRP plus social security obligations applicable in each local jurisdiction.
The following table summarizes the 2017, 2018, 2019, 2020, 2021, 2022, 2023 and 2024 LTRP Variable Award contractual obligation for the years ended December 31, 2024, 2023 and 2022:
December 31, 2024December 31, 2023December 31, 2022
Aggregate
Intrinsic
value		Weighted-average
remaining
contractual
life (years)		Aggregate
Intrinsic
value		Weighted-average
remaining
contractual
life (years)		Aggregate
Intrinsic
value		Weighted-average
remaining
contractual
life (years)
(In millions)
Outstanding LTRP 2017— —— — 7 0.08
Outstanding LTRP 2018— — 4 0.085 0.58
Outstanding LTRP 201923 0.0837 0.6135 1.08
Outstanding LTRP 202042 0.5555 1.1245 1.58
Outstanding LTRP 202141 1.0451 1.6239 2.08
Outstanding LTRP 202297 1.53115 2.1286 2.58
Outstanding LTRP 2023234 2.03270 2.62— —
Outstanding LTRP 2024210 2.53— — — —
The following table summarizes the LTRP accrued compensation expense for the years ended December 31, 2024, 2023 and 2022:
December 31,
202420232022
(In millions)
LTRP 2017$— $— $(2)
LTRP 2018— 3 (1)
LTRP 201926 18 16 
LTRP 202028 21 19 
LTRP 202126 23 21 
LTRP 202245 42 31 
LTRP 202375 60 — 
LTRP 202461 — — 
$261 $167 $84