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Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Share Based Compensation Restricted Stock Units Performance Awards Weighting Each executive will receive between 0% and 200% (0% to 150% for the 2019 and 2020 grants based on the executive performance grant modification in 2020 described below) of his or her target
performance-based award based on the Company’s performance against established company-wide performance metrics, which are:
Metric2020 - 2021 Grants2017 - 2019 Grants
Average return on net assets (1)33%50%
Cumulative net income33%25%
Relative total shareholder return (2)33%25%
(1)Average return on net assets is measured by tax-affected operating income divided by average net working capital plus average net property, plant and equipment for each calendar year during the respective performance period.
(2)Relative total shareholder return is measured by comparing the average closing price per share of the Company’s ordinary shares for the specified trading days in the fourth quarter of the end of the performance period to the average closing price per share of the Company’s ordinary shares for the specified trading days in the fourth quarter of the year preceding the grant, including dividends, and assessed against a comparable measure of competitor and peer group companies.
Schedule of Executive RSU Grants
The details of the executive grants were as follows:
Grant DateRSUs GrantedGrant Date Fair ValueTime-Based Award Vesting DatesPerformance-Based Award Vesting Date
(in millions)
February 20170.80 $63 Annually on anniversary of grant date, 2018 - 2020December 31, 2019
February 20180.63 61 Annually on anniversary of grant date, 2019 - 2021December 31, 2020
February 20190.71 62 Annually on anniversary of grant date, 2020 - 2022December 31, 2021
February 20200.75 62 Annually on anniversary of grant date, 2021 - 2023December 31, 2022
February 20210.44 72 Annually on anniversary of grant date, 2022 - 2024December 31, 2023
Schedule of Share-based Compensation Restricted Stock Units Award Activity
A summary of RSU activity, including award grants, vesting and forfeitures is provided below:
RSUsWeighted Average Grant Date Fair Value
 (in thousands)
Nonvested, January 1, 20191,879 $81.24 
Granted1,363 83.93 
Vested(1,131)70.78 
Forfeited(289)83.97 
Nonvested, December 31, 20191,822 89.32 
Granted934 99.14 
Vested(773)98.90 
Forfeited(197)82.93 
Nonvested, December 31, 20201,786 102.95 
Granted661 161.90 
Vested(829)98.55 
Forfeited(274)118.97 
Nonvested, December 31, 20211,344 131.40