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Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
Pay vs. Performance
The table below sets forth our pay versus performance disclosure, in accordance with SEC Item 402(v) of Regulation
S-K.
Pay vs. Performance Table
 
LOGO
 
  YEAR
(1)
  
SUMMARY
COMPENSATION
TABLE TOTAL
FOR PEO
(2)
    
COMPENSATION
ACTUALLY PAID
TO PEO
(3)
    
AVERAGE
SUMMARY
COMPENSATION
TABLE TOTAL
FOR NON-PEO
NEOS (C)
(4)
    
AVERAGE
COMPENSATION
ACTUALLY PAID
TO NON-PEO
NEOS (D)
(5)
    
VALUE OF INITIAL FIXED $100
INVESTMENT BASED ON:
                  
    
NET
INCOME
(IN
MILLIONS)
(8)
    
ADJUSTED
EPS
(9)
  
 
TOTAL
SHAREHOLDER
RETURN
(6)
    
PEER GROUP
TOTAL
SHAREHOLDER
RETURN
(7)
  
    
    
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
  
2023
  
 
$17,659,164
 
  
 
$25,319,045
 
  
 
$6,096,656
 
  
 
$7,723,806
 
  
 
117.19
 
  
 
150.20
 
  
 
$865.8
 
  
 
$3.43
 
2022
  
 
$16,611,190
 
  
 
$5,409,783
 
  
 
$4,775,035
 
  
 
$2,516,311
 
  
 
101.84
 
  
 
127.15
 
  
 
$755.2
 
  
 
$3.15
 
2021
  
 
$16,598,719
 
  
 
$20,783,335
 
  
 
$6,672,447
 
  
 
$7,428,269
 
  
 
120.39
 
  
 
134.52
 
  
 
$608.4
 
  
 
$2.75
 
2020
  
 
$13,624,063
 
  
 
$22,518,383
 
  
 
$3,426,630
 
  
 
$5,304,179
 
  
 
111.33
 
  
 
111.06
 
  
 
$1,613.3
 
  
 
$2.09
 
 
(1)
This statement includes four years (2020, 2021, 2022, and 2023) rather than five because this is a transition year for a new regulation.
 
(2)
The principal executive officer (“PEO”) is Mr. Lico for all years presented.
 
(3)
Compensation actually paid is adjusted from summary compensation table total compensation for changes in fair value of outstanding equity-based awards. See additional detail below. Consistent with the methodology used to calculate the fair value of our equity-based awards generally, (1) the fair value of RSUs was calculated using the closing price of our common stock on the relevant date, adjusted to the extent applicable for the impact of RSUs not having dividend rights prior to vesting, (2) the fair value of restricted stock awards was calculated using the closing price of our common stock on the relevant date, (3) the fair value of PSUs dependent on rTSR was calculated using a Monte Carlo pricing model, (4) the fair value of PSUs dependent on core revenue growth was based on estimation of performance at the time of valuation and (5) the fair value of stock options was calculated using a Black-Scholes Merton option pricing model. Assumptions made in valuing such outstanding equity-based awards included the following: (x) for PSUs dependent on rTSR, the risk-free interest rate ranged from 4.19% to 4.73% and peer group volatility ranged from 25.95% to 29.77%; and (y) for stock options, the risk-free interest rate ranged from 3.51% to 4.31%, volatility ranged from 25.68% to 32.69%, dividend yield ranged from 0.37% to 0.45% and expected life of 3.46 to 7.16 years.
 
(4)
Includes Mr. McLaughlin for 2020, 2021, 2022 and 2023; Ms. Walker for 2020, 2022 and 2023; Ms. Barbara Hulit for 2020 and 2021; Mr. William Pringle for 2020; Mr. Edward R. Simmons for 2021; Soroye for 2021, 2022 and 2023; Mr. Murphy for 2022; and Ms. Newcombe for 2023.
 
(5)
Average of (d) adjusted for same items as PEO in (c).
 
(6)
Assumes $100 invested on market close on December 31, 2019 through end of the fiscal year for which Total Shareholder Return (“TSR”) is being calculated. TSR is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period.
 
(7)
Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is S&P 500 Industrial.
 
(8)
Net income is calculated pursuant to U.S. GAAP.
 
(9)
We have identified Adjusted EPS, a
non-GAAP
measure, as our company-selected measure. See Appendix B for
non-GAAP
reconciliation.
To calculate compensation actually paid (“CAP”), the following amounts were deducted from and added to Summary Compensation Table (“SCT”) total compensation:
Reconciliation of Compensation Actually Paid to Summary Compensation Table
Principal Executive Officer
 
LOGO
 
 YEAR
  
SUMMARY
COMPENSATION
TABLE TOTAL
FOR PEO
    
LESS: FAIR
VALUE OF
EQUITY
AWARDS AT
GRANT DATE
    
ADD: FAIR VALUE
OF EQUITY
AWARDS
GRANTED IN
SUCH YEAR AT
END OF THE
APPLICABLE
YEAR
    
ADD: CHANGE IN
FAIR VALUE OF
PRIOR YEAR
EQUITY AWARDS
VESTED IN THE
APPLICABLE
YEAR
    
ADD: YEAR OVER
YEAR CHANGE
IN FAIR VALUE
OF PRIOR YEAR
EQUITY AWARDS
REMAINING
UNVESTED IN
THE APPLICABLE
YEAR
    
COMPENSATION
ACTUALLY PAID
TO PEO
  
2023
  
 
$17,659,164
 
  
 
$(13,225,188)
 
  
 
$15,120,994
 
  
 
$627,495
 
  
 
$5,136,580
 
  
 
$25,319,045
 
 
Non-Principal Named Executive Officers
 
LOGO
 
 YEAR
  
APPLICABLE OTHER NEOs
  
AVERAGE
SUMMARY
COMPENSATION
TABLE TOTAL
FOR OTHER
NEOs
    
LESS:
AVERAGE
FAIR VALUE
OF EQUITY
AWARDS AT
GRANT DATE
    
ADD:
AVERAGE FAIR
VALUE OF
EQUITY
AWARDS
GRANTED IN
SUCH YEAR
AT END OF THE
APPLICABLE
YEAR
    
ADD:
AVERAGE
CHANGE IN
FAIR VALUE
OF EQUITY
AWARDS
VESTED IN THE
APPLICABLE
YEAR
    
ADD:
AVERAGE
YEAR OVER YEAR
CHANGE IN FAIR
VALUE OF PRIOR
YEAR EQUITY
AWARDS
REMAINING
UNVESTED IN
THE APPLICABLE
YEAR
    
AVERAGE
COMPENSATION
ACTUALLY PAID
TO NON-PEO
NAMED
EXECUTIVE
OFFICERS
  
2023
  
Charles McLaughlin,
Tamara
Newcombe, Olumide Soroye, Stacey Walker
  
 
$6,096,656
 
  
 
$(4,139,761)
 
  
 
$4,733,206
 
  
 
$119,729
 
  
 
$913,976
 
  
 
$7,723,806
 
      
Company Selected Measure Name Adjusted EPS      
Named Executive Officers, Footnote Includes Mr. McLaughlin for 2020, 2021, 2022 and 2023; Ms. Walker for 2020, 2022 and 2023; Ms. Barbara Hulit for 2020 and 2021; Mr. William Pringle for 2020; Mr. Edward R. Simmons for 2021; Soroye for 2021, 2022 and 2023; Mr. Murphy for 2022; and Ms. Newcombe for 2023.      
Peer Group Issuers, Footnote Represents the weighted peer group TSR, weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is S&P 500 Industrial.      
PEO Total Compensation Amount $ 17,659,164 $ 16,611,190 $ 16,598,719 $ 13,624,063
PEO Actually Paid Compensation Amount $ 25,319,045 5,409,783 20,783,335 22,518,383
Adjustment To PEO Compensation, Footnote
Principal Executive Officer
 
LOGO
 
 YEAR
  
SUMMARY
COMPENSATION
TABLE TOTAL
FOR PEO
    
LESS: FAIR
VALUE OF
EQUITY
AWARDS AT
GRANT DATE
    
ADD: FAIR VALUE
OF EQUITY
AWARDS
GRANTED IN
SUCH YEAR AT
END OF THE
APPLICABLE
YEAR
    
ADD: CHANGE IN
FAIR VALUE OF
PRIOR YEAR
EQUITY AWARDS
VESTED IN THE
APPLICABLE
YEAR
    
ADD: YEAR OVER
YEAR CHANGE
IN FAIR VALUE
OF PRIOR YEAR
EQUITY AWARDS
REMAINING
UNVESTED IN
THE APPLICABLE
YEAR
    
COMPENSATION
ACTUALLY PAID
TO PEO
  
2023
  
 
$17,659,164
 
  
 
$(13,225,188)
 
  
 
$15,120,994
 
  
 
$627,495
 
  
 
$5,136,580
 
  
 
$25,319,045
 
      
Non-PEO NEO Average Total Compensation Amount $ 6,096,656 4,775,035 6,672,447 3,426,630
Non-PEO NEO Average Compensation Actually Paid Amount $ 7,723,806 2,516,311 7,428,269 5,304,179
Adjustment to Non-PEO NEO Compensation Footnote
Non-Principal Named Executive Officers
 
LOGO
 
 YEAR
  
APPLICABLE OTHER NEOs
  
AVERAGE
SUMMARY
COMPENSATION
TABLE TOTAL
FOR OTHER
NEOs
    
LESS:
AVERAGE
FAIR VALUE
OF EQUITY
AWARDS AT
GRANT DATE
    
ADD:
AVERAGE FAIR
VALUE OF
EQUITY
AWARDS
GRANTED IN
SUCH YEAR
AT END OF THE
APPLICABLE
YEAR
    
ADD:
AVERAGE
CHANGE IN
FAIR VALUE
OF EQUITY
AWARDS
VESTED IN THE
APPLICABLE
YEAR
    
ADD:
AVERAGE
YEAR OVER YEAR
CHANGE IN FAIR
VALUE OF PRIOR
YEAR EQUITY
AWARDS
REMAINING
UNVESTED IN
THE APPLICABLE
YEAR
    
AVERAGE
COMPENSATION
ACTUALLY PAID
TO NON-PEO
NAMED
EXECUTIVE
OFFICERS
  
2023
  
Charles McLaughlin,
Tamara
Newcombe, Olumide Soroye, Stacey Walker
  
 
$6,096,656
 
  
 
$(4,139,761)
 
  
 
$4,733,206
 
  
 
$119,729
 
  
 
$913,976
 
  
 
$7,723,806
 
      
Compensation Actually Paid vs. Total Shareholder Return
The charts below reflect the relationship between the PEO and the average
non-PEO
CAP to Total Shareholder Return, Net Income, and Adjusted EPS, and the relationship of the Company’s TSR to the peer group TSR.
CAP v. Total Shareholder Return
 
 
LOGO
     
Compensation Actually Paid vs. Net Income
CAP v. Net Income (GAAP)
 
LOGO
     
Compensation Actually Paid vs. Company Selected Measure
CAP v. Adjusted EPS
(1)
 
 
LOGO
     
Total Shareholder Return Vs Peer Group
The charts below reflect the relationship between the PEO and the average
non-PEO
CAP to Total Shareholder Return, Net Income, and Adjusted EPS, and the relationship of the Company’s TSR to the peer group TSR.
CAP v. Total Shareholder Return
 
 
LOGO
     
Tabular List, Table
List of Most Important Performance Measures
The three performance measures listed below represent the most important metrics we used to determine executive compensation for 2023 as further described in our Compensation Discussion and Analysis.
 
PERFORMANCE MEASURE
Adjusted EPS
(1)
Core Revenue Growth Rate
(
1)
Free Cash Flow
(1)
 
(1)
“Adjusted EPS,” “Core Revenue Growth” and “Free Cash Flow” are
non-GAAP
measures. See
Appendix B
for
non-GAAP
reconciliation.
     
Total Shareholder Return Amount $ 117.19 101.84 120.39 111.33
Peer Group Total Shareholder Return Amount 150.2 127.15 134.52 111.06
Net Income (Loss) $ 865,800,000 $ 755,200,000 $ 608,400,000 $ 1,613,300,000
Company Selected Measure Amount 3.43 3.15 2.75 2.09
PEO Name Mr. Lico      
PSUs Risk Free Interest Rate Minimum 4.19%      
PSUs Risk Free Interest Rate Maximum 4.73%      
Peer Group Volatility Minimum 25.95%      
Peer Group Volatility Maximum 29.77%      
Stock Options Risk Free Interest Rate Minimum 3.51%      
Stock Options Risk Free Interest Rate Maximum 4.31%      
Stock Options Volatility Ranged Minimum 25.68%      
Stock Options Volatility Ranged Maximum 32.69%      
Stock Options Dividend Yield Ranged Minimum 0.37%      
Stock Options Dividend Yield Ranged Maximum 0.45%      
Stock Options Expected Life Minimum 3 years 5 months 15 days      
Stock Options Expected Life Maximum 7 years 1 month 28 days      
Measure:: 1        
Pay vs Performance Disclosure        
Name Adjusted EPS      
Non-GAAP Measure Description We have identified Adjusted EPS, a
non-GAAP
measure, as our company-selected measure. See Appendix B for
non-GAAP
reconciliation. 		     
Measure:: 2        
Pay vs Performance Disclosure        
Name Core Revenue Growth Rate      
Measure:: 3        
Pay vs Performance Disclosure        
Name Free Cash Flow      
PEO | Fair Value Of Equity Awards At Grant Date [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (13,225,188)      
PEO | Fair Value Of Equity Awards At End Of The Applicable Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 15,120,994      
PEO | Change In Fair Value Of Prior Year Equity Awards Vested In The Applicable Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 627,495      
PEO | Year Over Year Change In Fair Value Of Prior Year Equity Awards Remaining Unvested In The Applicable Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 5,136,580      
Non-PEO NEO | Fair Value Of Equity Awards At Grant Date [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (4,139,761)      
Non-PEO NEO | Fair Value Of Equity Awards At End Of The Applicable Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 4,733,206      
Non-PEO NEO | Change In Fair Value Of Prior Year Equity Awards Vested In The Applicable Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 119,729      
Non-PEO NEO | Year Over Year Change In Fair Value Of Prior Year Equity Awards Remaining Unvested In The Applicable Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 913,976