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Long Term Retention Plan
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Long Term Retention Plan Long term retention plan
On May 4, 2022, the board of directors, upon the recommendation of the Compensation Committee, adopted the 2022 Long-Term Retention Plan (“2022 LTRP”). In addition to the annual salary and bonus of each employee, certain employees (“Eligible Employees”) are eligible to participate in the 2022 LTRP, which provides for the grant to an Eligible Employee of a cash-settled fixed (a “2022 LTRP Fixed Award”) and cash-settled variable award (a “2022 LTRP Variable Award”, and together with any 2022 LTRP Fixed Award, the “2022 LTRP Awards”). In order to receive payment in respect of the 2022 LTRP Awards, each Eligible Employee must remain employed as of each applicable payment date. The 2022 LTRP award is payable as follows:
•the eligible employee will receive 16.66% of half of his or her target 2022 LTRP bonus once a year for a period of six years, with the first payment occurring no later than January 31, 2023 (the “2022 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 “2022 LTRP Variable Payment”) equal to the product of (i) 16.66% of half of the target 2022 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 2021 Stock Price (as defined below). For purposes of the 2022 LTRP, the “2021 Stock Price” shall equal $1,391.81 (the average closing price of the Company’s common stock on the NASDAQ Global Select Market during the final 60 trading days of 2021) 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 LTRP outstanding as of December 31, 2022, 2021, 2020 and 2019 follows similar calculation method as explained above for 2022 LTRP, except that the 2015, 2016, 2017 and 2018 LTRP have performance conditions established by the board of directors that must be achieved at the first year-end of each plan. Similar to the 2022 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, 2022, the Company paid $103 million of LTRP plus social security obligations applicable in each local jurisdiction.
The following table summarizes the 2015, 2016, 2017, 2018, 2019, 2020, 2021 and 2022 LTRP Variable Award contractual obligation for the years ended December 31, 2022, 2021 and 2020:
December 31, 2022December 31, 2021December 31, 2020
Aggregate
Intrinsic
value		Weighted-average
remaining
contractual
life (years)		Aggregate
Intrinsic
value		Weighted-average
remaining
contractual
life (years)		Aggregate
Intrinsic
value		Weighted-average
remaining
contractual
life (years)
(In millions)
Outstanding LTRP 2015— —— — 13 0.08
Outstanding LTRP 2016— — 15 0.0835 0.62
Outstanding LTRP 20177 0.0824 0.5841 1.13
Outstanding LTRP 20185 0.5814 1.0823 1.64
Outstanding LTRP 201935 1.0884 1.58133 2.14
Outstanding LTRP 202045 1.58100 2.09153 2.67
Outstanding LTRP 202139 2.0885 2.58— —
Outstanding LTRP 202286 2.58— — — —
The following table summarizes the LTRP accrued compensation expense for the years ended December 31, 2022, 2021 and 2020:
Year Ended December 31,
202220212020
(In millions)
LTRP 2015$— $— $10 
LTRP 2016— 2 23 
LTRP 2017(2)3 26 
LTRP 2018(1)2 12 
LTRP 201916 27 29 
LTRP 202019 29 30 
LTRP 202121 26 — 
LTRP 202231 — — 
$84 $89 $130