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Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Pay Versus Performance
PAY VERSUS PERFORMANCE TABLE
The following table sets forth compensation information of our CEO (the “PEO”) and other NEOs (the
“Non-PEO
NEOs”), on an average basis, along with total shareholder return, net income, and ROIC performance results for our fiscal years 2024, 2023, 2022, 2021 and 2020. For additional information regarding the Company’s
pay-for-performance
philosophy and compensation objectives, including emphasizing multiple performance factors tied
to
stockholder value creation over short- and long-term time horizons, refer to the Compensation Discussion and Analysis (“CD&A”).
 
Fiscal Year
Summary
Compensation
Table (SCT)
Total For PEO
1
($)
Compensation
Actually Paid
(CAP) to PEO
2
($)
Average
Summary
Compensation
Table Total
for
Non-PEO

NEOs
1
($)
Average
Compensation
Actually Paid
to
Non-PEO

NEOs
2
($)
Value of Initial Fixed
$100 Investment
Based On:
Net Income
($)
Company
Selected
Measure:
Adjusted
ROIC
4
Total
Shareholder
Return
(TSR)
3
($)
Peer
Group
TSR
3
($)
2024
 
21,569,894
 
(13,224,711
)
 
6,292,328
 
2,346,088
 
124.60
 
216.60
 
1,800,000,000
 
8.3
%
2023
 
24,414,668
 
(271,382
)
 
5,497,139
 
2,081,427
 
172.00
 
165.40
 
3,483,000,000
 
12.2
%
2022
 
24,749,178
 
65,662,660
 
5,891,112
 
14,567,967
 
216.10
 
124.40
 
4,340,000,000
 
13.6
%
2021
 
23,508,841
 
60,063,855
 
6,078,204
 
15,161,710
 
154.40
 
157.20
 
2,709,000,000
 
10.0
%
2020
 
22,749,628
 
33,167,553
 
7,169,286
 
9,758,997
 
112.50
 
121.50
 
1,772,000,000
 
7.7
%
 
(1)
For each of 2024, 2023, 2022, 2021 and 2020, our PEO was Juan Luciano. For each of 2021 and 2020, the
Non-PEO
NEOs were Ray Young, Vincent Macciocchi, Gregory Morris, and Joseph Taets. For 2022, the
Non-PEO
NEOs included the same NEOs as in 2021 and 2020, as well as Vikram Luthar and Christopher Cuddy. For 2023, the
Non-PEO
NEOs were Vikram Luthar, Regina Jones, Gregory Morris, Christopher Cuddy and Vincent Macciocchi. For 2024, the
Non-PEO
NEOs were Monish Patolawala, Ismael Roig, Greg Morris, Christopher Cuddy, Ian Pinner and Vikram Luthar.
 
(2)
The dollar amounts reported represent the Compensation Actually Paid (“CAP”) to Mr. Luciano and the
Non-PEO
NEOs in accordance with, and using the adjustments set forth in, Item 402(v) of Regulation
S-K.
The following adjustments related to pension plans and equity awards were made to their total compensation each year as reported in the SCT to determine the CAP:
 
 
Reconciliation of PEO Summary Compensation Table Total to Compensation Actually Paid
 
Fiscal Year
Reported
SCT Total
($)
Reported Value
of Equity
Awards
($)
Equity Award
Adjustments
($)
Dividends Paid
or Accrued
on Unvested
Shares and
Stock Options
($)
Reported
Change in the
Actuarial
Present Value of
Pension Benefits
($)
Pension Benefit
Adjustments
($)
Compensation
Actually Paid
($)
2024
 
21,569,894
 
(17,700,074
)
 
(18,189,770
)
 
1,084,138
 
(37,857
)
 
48,958
 
(13,224,711
)
2023
 
24,414,668
 
(17,919,686
)
 
(7,597,412
)
 
902,498
 
(117,551
)
 
46,100
 
(271,382
)
2022
 
24,749,178
 
(17,727,259
)
 
57,902,844
 
689,008
 
—
 
48,889
 
65,662,660
2021
 
23,508,841
 
(15,939,571
)
 
51,787,958
 
718,567
 
(59,843
)
 
47,903
 
60,063,855
2020
 
22,749,628
 
(15,940,148
)
 
25,738,557
 
692,287
 
(112,853
)
 
40,082
 
33,167,553
 
 
 
 
Reconciliation of
Non-PEO
NEOs Summary Compensation Table Total to Compensation Actually Paid
 
Fiscal Year
  
Reported
SCT Total
($)
  
Reported Value
of Equity
Awards
($)
  
Equity Award
Adjustments
($)
  
Dividends Paid
or Accrued
on Unvested
Shares and
Stock Options
($)
  
Reported
Change in the
Actuarial
Present Value of
Pension Benefits
($)
  
Pension Benefit
Adjustments
($)
  
Compensation
Actually Paid
($)
2024
    
 
6,292,328
    
 
(4,758,392
)
    
 
625,835
    
 
170,347
    
 
(2,473
)
    
 
18,443
    
 
2,346,088
2023
    
 
5,497,139
    
 
(3,746,208
)
    
 
288,332
    
 
132,976
    
 
(107,675
)
    
 
16,864
    
 
2,081,427
2022
    
 
5,891,112
    
 
(3,657,711
)
    
 
12,165,647
    
 
143,963
    
 
—
    
 
24,956
    
 
14,567,967
2021
    
 
6,078,204
    
 
(3,533,337
)
    
 
12,401,366
    
 
184,138
    
 
(14,810
)
    
 
46,149
    
 
15,161,710
2020
    
 
7,169,286
    
 
(4,556,257
)
    
 
7,322,254
    
 
179,588
    
 
(398,558
)
    
 
42,685
    
 
9,758,997
 
(3)
Our peer group for the calculation of TSR is the S&P 100, which is the industry index used to show our performance in our CD&A. TSR, in the case of both the Company and our peer group, reflects the cumulative return on $100 as if invested on December 31, 2019, including reinvestment of any dividends, and is rounded to the nearest tenth. The TSR amounts for prior years were updated from the prior years’ disclosures to reflect the $100 initial investments in the dollar amount. This change does not affect the relationship of Company TSR and peer group TSR to CAP, which remains the same on a relative basis.
 
(4)
Our Company selected measure, which we believe represents the most important financial performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link CAP to the NEOs for 2024 to company performance, is Adjusted ROIC. Adjusted ROIC is one of the metrics under both the 2024 annual cash incentive program and the 2024 PSUs. Adjusted ROIC (return on invested capital, adjusted to exclude the impact of certain items) is a
non-GAAP
financial measure. Annex A to this proxy statement provides a more detailed definition of this term, a reconciliation to the most directly comparable GAAP financial measure, and related disclosures about the use of this
non-GAAP
financial measure.
 
 
In order to calculate CAP, the following amounts were excluded from or added to the SCT total
compensation
:
 
 
Reconciliation of the Pension and Equity Award Adjustments for the PEO’s Compensation Actually Paid
 
Fiscal Year
Reported
SCT Total
($)
Pension & Equity
amounts reported in
SCT
($)
Pension value
attributable to
covered years’
service and any
change in pension
value attributable
to plan amendments
made in covered
year
($)
Dividends paid or
accrued on
unvested shares
and stock options
($)
Change in fair value
related to equity
awards
a,b

($)
CAP
($)
2024
 
21,569,894
 
(17,737,931
)
 
48,958
 
1,084,138
 
(18,189,770
)
 
(13,224,711
)
2023
 
24,414,668
 
(18,037,237
)
 
46,100
 
902,498
 
(7,597,412
)
 
(271,382
)
2022
 
24,749,178
 
(17,727,259
)
 
48,889
 
689,008
 
57,902,844
 
65,662,660
2021
 
23,508,841
 
(15,999,414
)
 
47,903
 
718,567
 
51,787,958
 
60,063,855
2020
 
22,749,628
 
(16,053,001
)
 
40,082
 
692,287
 
25,738,557
 
33,167,553
 
 
 
Reconciliation of the Pension and Equity Award Adjustments for the Average of
Non-PEO
NEOs’ Compensation Actually Paid
 
Fiscal Year
Reported
SCT Total
($)
Pension & Equity
amounts reported in
SCT
($)
Pension value
attributable to
covered years’
service and any
change in pension
value attributable
to plan amendments
made in covered
year
($)
Dividends paid or
accrued on
unvested shares
and stock options
($)
Change in fair value
related to equity
awards
a,b

($)
CAP
($)
2024
 
6,292,328
 
(4,760,865
)
 
18,443
 
170,347
 
625,835
 
2,346,088
2023
 
5,497,139
 
(3,853,883
)
 
16,864
 
132,976
 
288,332
 
2,081,427
2022
 
5,891,112
 
(3,657,711
)
 
24,956
 
143,963
 
12,165,647
 
14,567,967
2021
 
6,078,204
 
(3,548,148
)
 
46,149
 
184,138
 
12,401,366
 
15,161,710
2020
 
7,169,286
 
(4,954,815
)
 
42,685
 
179,588
 
7,322,254
 
9,758,997
 
(a)
With respect to performance-based equity awards, change in fair value is based on the probable outcome of the related performance
metrics
.
 
(b)
The amounts deducted or added are as follows to determine the equity award adjustments for year-over-year change in fair value:
PEO
 
Fiscal Year
Fair Value at
Covered Year-
End of Equity
Awards
Granted in
Covered Year
Change in Fair
Value at End of
Covered Year
from End of
Prior Year of
Awards
Granted in
Prior Years that
are Unvested
at End of
Covered Year
Fair Value as
of Vesting
Date of Equity
Awards
Granted and
Vested in the
Covered Year
Change in Fair
Value at Vesting
Date from End
of Prior Year
of Equity
Awards
Granted in
Prior Years
that Vested in
the Covered
Year
Fair Value at
End of the
Prior Year of
Prior Year
Equity Awards
that Failed to
Meet Vesting
Conditions in
the Covered
Year
Value of
Dividends or
other Earnings
Paid or Accrued
on Stock or
Option Awards
not Otherwise
Reflected in Fair
Value or Total
Compensation
Total Equity
Award
Adjustments
2024
 
9,133,097
 
(22,628,216
)
 
—
 
(4,694,651
)
 
—
 
—
 
(18,189,770
)
2023
 
23,167,914
 
(25,124,590
)
 
—
 
(5,640,736
)
 
—
 
—
 
(7,597,412
)
2022
 
29,050,156
 
24,982,970
 
—
 
3,869,718
 
—
 
—
 
57,902,844
2021
 
29,297,900
 
19,489,626
 
—
 
3,000,433
 
—
 
—
 
51,787,958
2020
 
25,686,592
 
408,760
 
—
 
(356,795
)
 
—
 
—
 
25,738,557
 
Average
Non-PEO
NEOs
 
Fiscal Year
Fair Value at
Covered Year-
End of Equity
Awards
Granted in
Covered Year
Change in Fair
Value at End of
Covered Year
from End of
Prior Year of
Awards
Granted in
Prior Years that
are Unvested
at End of
Covered Year
Fair Value as
of Vesting
Date of Equity
Awards
Granted and
Vested in the
Covered Year
Change in Fair
Value at Vesting
Date from End
of Prior Year
of Equity
Awards
Granted in
Prior Years
that Vested in
the Covered
Year
Fair Value at
End of the
Prior Year of
Equity Awards
that Failed to
Meet Vesting
Conditions in
the Covered
Year
Value of
Dividends or
other Earnings
Paid or Accrued
on Stock or
Option Awards
not Otherwise
Reflected in Fair
Value or Total
Compensation
Total Equity
Award
Adjustments
2024
 
3,060,568
 
(2,161,287
)
 
—
 
(273,446
)
 
—
 
—
 
625,835
2023
 
4,605,203
 
(3,418,100
)
 
—
 
(898,772
)
 
—
 
—
 
288,332
2022
 
6,009,503
 
5,340,024
 
—
 
816,121
 
—
 
—
 
12,165,647
2021
 
6,494,489
 
5,193,596
 
—
 
713,281
 
—
 
—
 
12,401,366
2020
 
7,342,134
 
57,093
 
—
 
(76,973
)
 
—
 
—
 
7,322,254
       
Company Selected Measure Name Adjusted ROIC        
Named Executive Officers, Footnote For each of 2024, 2023, 2022, 2021 and 2020, our PEO was Juan Luciano. For each of 2021 and 2020, the
Non-PEO
NEOs were Ray Young, Vincent Macciocchi, Gregory Morris, and Joseph Taets. For 2022, the
Non-PEO
NEOs included the same NEOs as in 2021 and 2020, as well as Vikram Luthar and Christopher Cuddy. For 2023, the
Non-PEO
NEOs were Vikram Luthar, Regina Jones, Gregory Morris, Christopher Cuddy and Vincent Macciocchi. For 2024, the
Non-PEO
NEOs were Monish Patolawala, Ismael Roig, Greg Morris, Christopher Cuddy, Ian Pinner and Vikram Luthar. 		       
Peer Group Issuers, Footnote Our peer group for the calculation of TSR is the S&P 100, which is the industry index used to show our performance in our CD&A. TSR, in the case of both the Company and our peer group, reflects the cumulative return on $100 as if invested on December 31, 2019, including reinvestment of any dividends, and is rounded to the nearest tenth. The TSR amounts for prior years were updated from the prior years’ disclosures to reflect the $100 initial investments in the dollar amount. This change does not affect the relationship of Company TSR and peer group TSR to CAP, which remains the same on a relative basis.        
PEO Total Compensation Amount $ 21,569,894 $ 24,414,668 $ 24,749,178 $ 23,508,841 $ 22,749,628
PEO Actually Paid Compensation Amount $ (13,224,711) (271,382) 65,662,660 60,063,855 33,167,553
Adjustment To PEO Compensation, Footnote
(2)
The dollar amounts reported represent the Compensation Actually Paid (“CAP”) to Mr. Luciano and the
Non-PEO
NEOs in accordance with, and using the adjustments set forth in, Item 402(v) of Regulation
S-K.
The following adjustments related to pension plans and equity awards were made to their total compensation each year as reported in the SCT to determine the CAP:
 
 
Reconciliation of PEO Summary Compensation Table Total to Compensation Actually Paid
 
Fiscal Year
Reported
SCT Total
($)
Reported Value
of Equity
Awards
($)
Equity Award
Adjustments
($)
Dividends Paid
or Accrued
on Unvested
Shares and
Stock Options
($)
Reported
Change in the
Actuarial
Present Value of
Pension Benefits
($)
Pension Benefit
Adjustments
($)
Compensation
Actually Paid
($)
2024
 
21,569,894
 
(17,700,074
)
 
(18,189,770
)
 
1,084,138
 
(37,857
)
 
48,958
 
(13,224,711
)
2023
 
24,414,668
 
(17,919,686
)
 
(7,597,412
)
 
902,498
 
(117,551
)
 
46,100
 
(271,382
)
2022
 
24,749,178
 
(17,727,259
)
 
57,902,844
 
689,008
 
—
 
48,889
 
65,662,660
2021
 
23,508,841
 
(15,939,571
)
 
51,787,958
 
718,567
 
(59,843
)
 
47,903
 
60,063,855
2020
 
22,749,628
 
(15,940,148
)
 
25,738,557
 
692,287
 
(112,853
)
 
40,082
 
33,167,553
       
Non-PEO NEO Average Total Compensation Amount $ 6,292,328 5,497,139 5,891,112 6,078,204 7,169,286
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,346,088 2,081,427 14,567,967 15,161,710 9,758,997
Adjustment to Non-PEO NEO Compensation Footnote
 
Reconciliation of
Non-PEO
NEOs Summary Compensation Table Total to Compensation Actually Paid
 
Fiscal Year
  
Reported
SCT Total
($)
  
Reported Value
of Equity
Awards
($)
  
Equity Award
Adjustments
($)
  
Dividends Paid
or Accrued
on Unvested
Shares and
Stock Options
($)
  
Reported
Change in the
Actuarial
Present Value of
Pension Benefits
($)
  
Pension Benefit
Adjustments
($)
  
Compensation
Actually Paid
($)
2024
    
 
6,292,328
    
 
(4,758,392
)
    
 
625,835
    
 
170,347
    
 
(2,473
)
    
 
18,443
    
 
2,346,088
2023
    
 
5,497,139
    
 
(3,746,208
)
    
 
288,332
    
 
132,976
    
 
(107,675
)
    
 
16,864
    
 
2,081,427
2022
    
 
5,891,112
    
 
(3,657,711
)
    
 
12,165,647
    
 
143,963
    
 
—
    
 
24,956
    
 
14,567,967
2021
    
 
6,078,204
    
 
(3,533,337
)
    
 
12,401,366
    
 
184,138
    
 
(14,810
)
    
 
46,149
    
 
15,161,710
2020
    
 
7,169,286
    
 
(4,556,257
)
    
 
7,322,254
    
 
179,588
    
 
(398,558
)
    
 
42,685
    
 
9,758,997
       
Compensation Actually Paid vs. Total Shareholder Return
Compensation Actually Paid versus Company TSR and Peer Group
TSR
*
 
 

 
*
TSR valuations are based upon a fixed value initial investment of $100 as of December 31, 2019 for determination of both peer group and Company TSR from 2020 through 2024.
       
Compensation Actually Paid vs. Net Income
Compensation Actually Paid versus Net Income
 
 

        
Compensation Actually Paid vs. Company Selected Measure
Compensation Actually Paid versus Adjusted ROIC*
 
 

 
*
Adjusted ROIC is a
non-GAAP
financial measure. See Annex A to this proxy statement for a reconciliation to the most directly comparable GAAP financial measure.
 
        
Total Shareholder Return Vs Peer Group
Compensation Actually Paid versus Company TSR and Peer Group
TSR
*
 
 

 
*
TSR valuations are based upon a fixed value initial investment of $100 as of December 31, 2019 for determination of both peer group and Company TSR from 2020 through 2024.
       
Tabular List, Table
FINANCIAL PERFORMANCE MEASURES
The three financial performance measures listed below represent the most important measures used to link co
mp
ensation actually paid to the NEOs for 2024 to Company performance, as further described in the CD&A.
 
 
•
  
Adjusted ROIC
 
 
•
  
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA)
 
 
•
  
Adjusted earnings per share (EPS)
       
Total Shareholder Return Amount $ 124.6 172 216.1 154.4 112.5
Peer Group Total Shareholder Return Amount 216.6 165.4 124.4 157.2 121.5
Net Income (Loss) $ 1,800,000,000 $ 3,483,000,000 $ 4,340,000,000 $ 2,709,000,000 $ 1,772,000,000
Company Selected Measure Amount 0.083 0.122 0.136 0.10 0.077
PEO Name Juan Luciano        
Measure:: 1          
Pay vs Performance Disclosure          
Name Adjusted ROIC        
Non-GAAP Measure Description Adjusted ROIC (return on invested capital, adjusted to exclude the impact of certain items) is a
non-GAAP
financial measure. Annex A to this proxy statement provides a more detailed definition of this term, a reconciliation to the most directly comparable GAAP financial measure, and related disclosures about the use of this
non-GAAP
financial measure. 		       
Measure:: 2          
Pay vs Performance Disclosure          
Name Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA)        
Measure:: 3          
Pay vs Performance Disclosure          
Name Adjusted earnings per share (EPS)        
PEO          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (4,694,651) $ (5,640,736) $ 3,869,718 $ 3,000,433 $ (356,795)
PEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (18,189,770) (7,597,412) 57,902,844 51,787,958 25,738,557
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 9,133,097 23,167,914 29,050,156 29,297,900 25,686,592
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (22,628,216) (25,124,590) 24,982,970 19,489,626 408,760
PEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,084,138 902,498 689,008 718,567 692,287
PEO | Reported Value of Equity Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (17,700,074) (17,919,686) (17,727,259) (15,939,571) (15,940,148)
PEO | Pension and Equity [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (17,737,931) (18,037,237) (17,727,259) (15,999,414) (16,053,001)
PEO | Pension Value Attributable To Current Years Service [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 48,958 46,100 48,889 47,903 40,082
PEO | Reported Change in the Actuarial Present Value of Pension Benefits [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (37,857) (117,551)   (59,843) (112,853)
Non-PEO NEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 625,835 288,332 12,165,647 12,401,366 7,322,254
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 3,060,568 4,605,203 6,009,503 6,494,489 7,342,134
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,161,287) (3,418,100) 5,340,024 5,193,596 57,093
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (273,446) (898,772) 816,121 713,281 (76,973)
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 170,347 132,976 143,963 184,138 179,588
Non-PEO NEO | Reported Value of Equity Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (4,758,392) (3,746,208) (3,657,711) (3,533,337) (4,556,257)
Non-PEO NEO | Pension and Equity [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (4,760,865) (3,853,883) (3,657,711) (3,548,148) (4,954,815)
Non-PEO NEO | Pension Value Attributable To Current Years Service [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 18,443 16,864 $ 24,956 46,149 42,685
Non-PEO NEO | Reported Change in the Actuarial Present Value of Pension Benefits [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (2,473) $ (107,675)   $ (14,810) $ (398,558)