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Pay vs Performance Disclosure - USD ($)

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table


Year	Summary Compensation Table Total for PEO1	Compensation Actually Paid to PEO2	Average Summary Compensation Table Total for Non-PEO NEOs3	Average Compensation Actually Paid to Non-PEO NEOs4	Value of Initial Fixed $100 Investment Based On:			Net Income (millions)9	EPS10
					Total Shareholder Return5,8	2024 Peer Group Total Shareholder Return6	2023 Peer Group Total Shareholder Return7,8

(a)	(b)	(c)	(d)	(e)	(f)	(g)		(h)	(i)
2024	$20,974,319	$63,012,160	$4,742,181	$10,119,401	$251	$193	$178	$1,056	$7.56
2023	$15,493,240	$26,664,494	$3,457,624	$5,595,542	$167	$167	$159	$815	$5.92
2022	$11,685,472	$14,962,045	$2,629,586	$3,049,535	$131	$133	$135	$633	$4.86
2021	$11,027,238	$15,961,883	$3,806,454	$3,565,170	$120	$150	$150	$558	$4.26
2020	$11,044,419	$9,083,133	$2,847,857	$1,487,328	$95	$120	$120	$414	$3.79

Company Selected Measure Name

djusted earnings per diluted share

Named Executive Officers, Footnote

The dollar amounts reported in column (b) are the amounts of total compensation reported for Rafael Santana (our Principal Executive Officer ”PEO“) for each corresponding year in the “Total” column of the Summary Compensation Table. Refer to “Executive Compensation—Executive Compensation Tables—Summary Compensation Table.”

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 2024 Peer Group is largely the same as the 2023 Peer Group, except that BorgWarner Inc. and Terex Corporation were removed from the Peer Group and Jacobs Solutions Inc. and Snap-on Incorporated were added to the Peer Group. The Compensation Committee believes that these minor refinements resulted in a Peer Group that better reflects the Company's evolving business and executive talent market. The peer group used for this purpose is our peer group of manufacturing companies which consists of the following publicly traded companies: AGCO, AMETEK, CSX, Dover, Eaton Corporation, Emerson Electric, Illinois Tool Works, Ingersoll-Rand, Jacobs Solutions, Norfolk Southern, Oshkosh, Parker-Hannifin Corporation, Rockwell Automation, Snap-On Inc, Stanley Black & Decker, Textron, Timken Company, Transdigm Group, and Xylem.

(7)The 2023 peer group used for this purpose was our peer group of manufacturing companies which consists of the following publicly traded companies: AGCO, AMETEK, Borg Warner Inc, CSX, Dover, Emerson Electric, Fortive Corp, Greenbrier, Howmet Aerospace, Illinois Tool Works, Ingersoll-Rand, Norfolk Southern, Oshkosh, Parker-Hannifin Corporation, Rockwell Automation, Terex Corp, Textron, Trinity Industries, and Xylem.

(8)Both the Total Shareholder Return and the 2024 Peer Group Total Shareholder Return for 2023 were corrected due to a calculation error that did not impact any of the amounts for prior years.

PEO Total Compensation Amount

$ 20,974,319

$ 15,493,240

$ 11,685,472

$ 11,027,238

$ 11,044,419

PEO Actually Paid Compensation Amount

$ 63,012,160

26,664,494

14,962,045

15,961,883

9,083,133

Adjustment To PEO Compensation, Footnote

The dollar amounts reported in column (c) represent the amount of “compensation actually paid” to Mr. Santana, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Santana during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Santana’s total compensation for the most recent fiscal year to determine the compensation actually paid (see our spring 2024 proxy statement for adjustments made for prior years in the table above:


Year	Reported Summary Compensation Table Total for PEO	Reported Value of Equity Awardsa	Equity Award Adjustmentb	Compensation Actually Paid to PEO

2024	$20,974,319	$(14,988,497)	$57,026,338	$63,012,160

(a)The grant date fair value of equity awards represents the total of the amounts reported in the “Stock Awards” column in the Summary Compensation Table for the most recent fiscal year.

(b)The equity award adjustments for each applicable year include the addition (or subtraction, as applicable) of the following: (i) the year-end fair value of any equity awards granted in the applicable year that are outstanding and unvested as of the end of the year; (ii) the amount of change as of the end of the applicable year (from the end of the prior fiscal year) in fair value of any awards granted in prior years that are outstanding and unvested as of the end of the applicable year; (iii) for awards that are granted and vest in same applicable year, the fair value as of the vesting date; (iv) for awards granted in prior years that vest in the applicable year, the amount equal to the change as of the vesting date (from the end of the prior fiscal year) in fair value; (v) for awards granted in prior years that are determined to fail to meet the applicable vesting conditions during the applicable year, a deduction for the amount equal to the fair value at the end of the prior fiscal year; and (vi) the dollar value of any dividends or other earnings paid on stock or option awards in the applicable year prior to the vesting date that are not otherwise reflected in the fair value of such award or included in any other component of total compensation for the applicable year. The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. The amounts deducted or added in calculating the equity award adjustments for the most recent fiscal year are as follows:


Year	Year End Fair Value of Equity Awards Granted During the Covered Year	Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards	Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year		Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year	Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year		Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation	Total Equity Award Adjustments

2024	$32,087,728	$23,483,810	$	—	$1,391,196	$	—	$63,604	$57,026,338

Non-PEO NEO Average Total Compensation Amount

$ 4,742,181

3,457,624

2,629,586

3,806,454

2,847,857

Non-PEO NEO Average Compensation Actually Paid Amount

$ 10,119,401

5,595,542

3,049,535

3,565,170

1,487,328

Adjustment to Non-PEO NEO Compensation Footnote

The dollar amounts reported in column (e) represent the average amount of “compensation actually paid” to the NEOs as a group (excluding Mr. Santana), as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group (excluding Mr. Santana) during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to average total compensation for the NEOs as a group (excluding Mr. Santana) for the most recent fiscal year to determine the compensation actually paid, using the same methodology described above in Note 2:


Year	Average Reported Summary Compensation Table Total for Non-PEO NEOs	Average Reported Value of Equity Awards	Average Equity Award Adjustmentsa	Average Compensation Actually Paid to Non-PEO NEOs

2024	$4,742,181	$(2,708,234)	$8,085,454	$10,119,401

(a)The amounts deducted or added in calculating the total average equity award adjustments are as follows:


Year	Average Year End Fair Value of Equity Awards Granted During the Covered Yeara	Year over Year Average Change in Fair Value of Outstanding and Unvested Equity Awards	Average Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year		Year over Year Average Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year	Average Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year	Average Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation	Total Average Equity Award Adjustments

2024	$5,185,097	$3,150,561	$	—	$191,268	-$449,980	$8,508	$8,085,454

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Company Selected Measure

Total Shareholder Return Vs Peer Group

Tabular List, Table


EPS	EBIT Margin %	Return on Invested Capital
Annual Cash Conversion	Cumulative Cash Conversion	Relative TSR

Total Shareholder Return Amount

$ 251

167

131

120

Peer Group Total Shareholder Return Amount

193

167

133

150

120

Net Income (Loss)

$ 1,056,000,000

$ 815,000,000

$ 633,000,000

$ 558,000,000

$ 414,000,000

Company Selected Measure Amount

7.56

5.92

4.86

4.26

3.79

PEO Name

Rafael Santana

Additional 402(v) Disclosure

Cumulative TSR for the Company 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 based on a deemed fixed investment of $100 at the beginning of such period.The dollar amounts reported represent the amount of net income excluding non-controlling interest reflected in the Company’s audited financial statements for the applicable year.

Peer Group Total Shareholder Return Amount, Prior Year

$ 178

$ 159

$ 135

$ 150

$ 120

Measure:: 1

Pay vs Performance Disclosure

Name

EPS

Non-GAAP Measure Description

EPS means our “adjusted earnings per diluted share” calculated as U.S. GAAP earnings per diluted share, adjusted for non-cash amortization expense and certain restructuring costs. This is a non-GAAP financial measure. See page A-1 for a reconciliation to the most directly comparable financial measure calculated under GAAP.

Measure:: 2

Pay vs Performance Disclosure

Name

EBIT Margin %

Measure:: 3

Pay vs Performance Disclosure

Name

Return on Invested Capital

Measure:: 4

Pay vs Performance Disclosure

Name

Annual Cash Conversion