XML 140 R2.htm IDEA: XBRL DOCUMENT v3.24.1
Pay vs Performance Disclosure
 3 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
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
In this section, we are providing information about the relationship between the compensation paid to our NEOs and the financial performance of the company, as required by SEC rules. The following table shows the past four fiscal years’ total compensation for our CEO and other NEOs (expressed as an average) as set forth in the
Summary Compensation Table
, the total compensation actually paid (CAP) to our CEO and other NEOs (expressed as an average), our TSR, our peer group’s TSR over the same period, our net income and our operating EPS.
Pay vs. Performance Table
 
                   
Average
Summary
Compensation
Table Total
for
Non-CEO

NEOs
(3)
($)
 
  
Average
Compensation
Actually Paid
to
Non-CEO

NEOs
(3)(6)
($)
 
  
Value of Initial Fixed $100
Investment Based On:
        
Year
 
  
Summary
Compensation
Table Total for
CEO
(1)
($)
 
  
Compensation
Actually Paid
to CEO
(1)(6)
($)
 
  
Summary
Compensation
Table Total for
CEO
(2)
($)
 
  
Compensation
Actually Paid
to CEO
(2)(6)
($)
 
  
Total
Shareholder
Return
(4)
($)
 
  
Peer Group
Total
Shareholder
Return
(4)
($)
 
  
Net
Income ($)
(5)
(in millions)
 
  
Operating
Earnings Per
Share
(5)
($)
 
2023
       6,278,835       2,851,310       N/A       N/A       2,525,850       1,690,381       67       112       1,994       1.99
2022
       6,794,985       5,095,318       N/A       N/A       2,042,074       1,260,497       83       120       1,321       3.06
2021
       8,161,083       7,796,007       N/A       N/A       5,002,308       4,186,674       102       119       3,399       2.89
2020
       7,912,643       6,307,480       16,040,625       15,518,646       3,960,554       3,207,595       95       101       (401 )       2.68
 
(1)
The amounts in these columns reflect the
Summary Compensation Table
and Compensation Actually Paid totals, respectively, for Mr. Blue for fiscal years 2020–2023. Mr. Blue became CEO on October 1, 2020. See footnote 6 below for additional information on how CAP is calculated.
 
(2)
The amounts in these columns reflect the
Summary Compensation Table
and Compensation Actually Paid totals, respectively, for Mr. Thomas F. Farrell, II, who was CEO until October 1, 2020. As he was CEO for a portion of 2020, information is included for the year 2020. See footnote 6 below for additional information on how CAP is calculated.
 
(3)
The amounts in these columns reflect the average
Summary Compensation Table
and average Compensation Actual Paid totals, respectively, for our
non-CEO
NEOs. For 2023, our
non-CEO
NEOs were Messrs. Ridge, Brown, Baine and Stoddard; and Ms. Leopold. For 2022, our
non-CEO
NEOs were Messrs. Ridge, Stoddard, Brown and Chapman; and Ms. Leopold. For 2021, our
non-CEO
NEOs were Messrs. Chapman, Stoddard, Brown and Farrell; and Ms. Leopold. For 2020, our
non-CEO
NEOs were Messrs. Chapman, Stoddard and Brown; and Ms. Leopold. See footnote 6 below for additional information on how CAP is calculated.
 
(4)
The calculation of TSR is based on the value of an initial fixed investment of $100 from the beginning of 2020 through the end of 2023 in the table, assuming reinvestment of dividends. The peer group TSR is represented by the S&P 500 Utilities Index.
 
(5)
See Reconciliation of Reported Earnings (GAAP) to Operating Earnings
(non-GAAP)
in Appendix A.
 
(6)
SEC rules require certain adjustments be made to the
Summary Compensation Table
totals to determine CAP as reported in the
Pay vs. Performance Table
. The following table details these adjustments:
 
Year
  
Executives
   
Summary
Compensation
Table Total ($)
   
Deduct
Change
in Pension
Value
 
($)
   
Deduct Stock
Awards
 
($)
   
Add Pension
Valuation
Adjustment
(a) 
($)
   
Add Equity
Award
Adjustment
(b) 
($)
  
CAP ($)
2023
  
CEO
     
 
6,278,835
    
 
1,250,219
    
 
2,084,904
    
 
276,663
    
 
(369,065
)
    
 
2,851,310
 
   Other NEOs        2,525,850        519,863        618,820        108,993        194,221       1,690,381
 
 
(a)
SEC rules require certain adjustments be made to pension compensation totals to determine CAP. The following table details these adjustments:
 
Year
   
Executives
   
Pension Service
Cost Adjustment ($)
   
Prior Service Cost
Adjustment ($)
   
Pension Valuation
Adjustment ($)
2023
    CEO        276,663        0        276,663
 
    Other NEOs        108,993        0        108,993
 
 
(b)
SEC rules require certain adjustments be made to equity award totals to determine CAP. The following table details these adjustments:
 
       
Unvested Awards
 
  
Vested Awards
 
            
Year
  
Executives
  
Year End Fair
Value of Equity
Awards Granted
During Year and
Outstanding
and Unvested
at Year End ($)
  
Year over Year
Change in
Fair Value of
Outstanding
and Unvested
Equity Awards
at Year End
($)
  
Fair Value as
of Vesting
Date of Equity
Awards
Granted and
Vested During
Year ($)
  
Change as of
Vesting Date
from Prior Year
End of Prior
Awards that
Vested During
Year ($)
  
Deduct
Forfeited
Awards (Fair
Value at End
of Prior Year)
($)
  
Value of
Dividends
and Earnings
Paid ($)
  
Equity
Award
Adjustment
($)
2023
   CEO       616,159       (1,262,494 )       —       41,875       —       235,395       (369,065 )
 
   Other NEOs       407,679       (143,927 )       17,573       (74,192 )       (68,617 )       55,705       194,221
     
Company Selected Measure Name     Operating Earnings Per Share      
Named Executive Officers, Footnote     For 2023, our
non-CEO
NEOs were Messrs. Ridge, Brown, Baine and Stoddard; and Ms. Leopold. 		For 2022, our
non-CEO
NEOs were Messrs. Ridge, Stoddard, Brown and Chapman; and Ms. Leopold. 		For 2021, our
non-CEO
NEOs were Messrs. Chapman, Stoddard, Brown and Farrell; and Ms. Leopold. 		For 2020, our
non-CEO
NEOs were Messrs. Chapman, Stoddard and Brown; and Ms. Leopold. See footnote 6 below for additional information on how CAP is calculated.
Peer Group Issuers, Footnote     The calculation of TSR is based on the value of an initial fixed investment of $100 from the beginning of 2020 through the end of 2023 in the table, assuming reinvestment of dividends. The peer group TSR is represented by the S&P 500 Utilities Index.      
Adjustment To PEO Compensation, Footnote    
(6)
SEC rules require certain adjustments be made to the
Summary Compensation Table
totals to determine CAP as reported in the
Pay vs. Performance Table
. The following table details these adjustments:
 
Year
  
Executives
   
Summary
Compensation
Table Total ($)
   
Deduct
Change
in Pension
Value
 
($)
   
Deduct Stock
Awards
 
($)
   
Add Pension
Valuation
Adjustment
(a) 
($)
   
Add Equity
Award
Adjustment
(b) 
($)
  
CAP ($)
2023
  
CEO
     
 
6,278,835
    
 
1,250,219
    
 
2,084,904
    
 
276,663
    
 
(369,065
)
    
 
2,851,310
 
   Other NEOs        2,525,850        519,863        618,820        108,993        194,221       1,690,381
 
 
(a)
SEC rules require certain adjustments be made to pension compensation totals to determine CAP. The following table details these adjustments:
 
Year
   
Executives
   
Pension Service
Cost Adjustment ($)
   
Prior Service Cost
Adjustment ($)
   
Pension Valuation
Adjustment ($)
2023
    CEO        276,663        0        276,663
 
    Other NEOs        108,993        0        108,993
 
 
(b)
SEC rules require certain adjustments be made to equity award totals to determine CAP. The following table details these adjustments:
 
       
Unvested Awards
 
  
Vested Awards
 
            
Year
  
Executives
  
Year End Fair
Value of Equity
Awards Granted
During Year and
Outstanding
and Unvested
at Year End ($)
  
Year over Year
Change in
Fair Value of
Outstanding
and Unvested
Equity Awards
at Year End
($)
  
Fair Value as
of Vesting
Date of Equity
Awards
Granted and
Vested During
Year ($)
  
Change as of
Vesting Date
from Prior Year
End of Prior
Awards that
Vested During
Year ($)
  
Deduct
Forfeited
Awards (Fair
Value at End
of Prior Year)
($)
  
Value of
Dividends
and Earnings
Paid ($)
  
Equity
Award
Adjustment
($)
2023
   CEO       616,159       (1,262,494 )       —       41,875       —       235,395       (369,065 )
 
   Other NEOs       407,679       (143,927 )       17,573       (74,192 )       (68,617 )       55,705       194,221
     
Non-PEO NEO Average Total Compensation Amount     $ 2,525,850 $ 2,042,074 $ 5,002,308 $ 3,960,554
Non-PEO NEO Average Compensation Actually Paid Amount     $ 1,690,381 1,260,497 4,186,674 3,207,595
Adjustment to Non-PEO NEO Compensation Footnote    
(6)
SEC rules require certain adjustments be made to the
Summary Compensation Table
totals to determine CAP as reported in the
Pay vs. Performance Table
. The following table details these adjustments:
 
Year
  
Executives
   
Summary
Compensation
Table Total ($)
   
Deduct
Change
in Pension
Value
 
($)
   
Deduct Stock
Awards
 
($)
   
Add Pension
Valuation
Adjustment
(a) 
($)
   
Add Equity
Award
Adjustment
(b) 
($)
  
CAP ($)
2023
  
CEO
     
 
6,278,835
    
 
1,250,219
    
 
2,084,904
    
 
276,663
    
 
(369,065
)
    
 
2,851,310
 
   Other NEOs        2,525,850        519,863        618,820        108,993        194,221       1,690,381
 
 
(a)
SEC rules require certain adjustments be made to pension compensation totals to determine CAP. The following table details these adjustments:
 
Year
   
Executives
   
Pension Service
Cost Adjustment ($)
   
Prior Service Cost
Adjustment ($)
   
Pension Valuation
Adjustment ($)
2023
    CEO        276,663        0        276,663
 
    Other NEOs        108,993        0        108,993
 
 
(b)
SEC rules require certain adjustments be made to equity award totals to determine CAP. The following table details these adjustments:
 
       
Unvested Awards
 
  
Vested Awards
 
            
Year
  
Executives
  
Year End Fair
Value of Equity
Awards Granted
During Year and
Outstanding
and Unvested
at Year End ($)
  
Year over Year
Change in
Fair Value of
Outstanding
and Unvested
Equity Awards
at Year End
($)
  
Fair Value as
of Vesting
Date of Equity
Awards
Granted and
Vested During
Year ($)
  
Change as of
Vesting Date
from Prior Year
End of Prior
Awards that
Vested During
Year ($)
  
Deduct
Forfeited
Awards (Fair
Value at End
of Prior Year)
($)
  
Value of
Dividends
and Earnings
Paid ($)
  
Equity
Award
Adjustment
($)
2023
   CEO       616,159       (1,262,494 )       —       41,875       —       235,395       (369,065 )
 
   Other NEOs       407,679       (143,927 )       17,573       (74,192 )       (68,617 )       55,705       194,221
     
Equity Valuation Assumption Difference, Footnote    
 
(b)
SEC rules require certain adjustments be made to equity award totals to determine CAP. The following table details these adjustments:
 
       
Unvested Awards
 
  
Vested Awards
 
            
Year
  
Executives
  
Year End Fair
Value of Equity
Awards Granted
During Year and
Outstanding
and Unvested
at Year End ($)
  
Year over Year
Change in
Fair Value of
Outstanding
and Unvested
Equity Awards
at Year End
($)
  
Fair Value as
of Vesting
Date of Equity
Awards
Granted and
Vested During
Year ($)
  
Change as of
Vesting Date
from Prior Year
End of Prior
Awards that
Vested During
Year ($)
  
Deduct
Forfeited
Awards (Fair
Value at End
of Prior Year)
($)
  
Value of
Dividends
and Earnings
Paid ($)
  
Equity
Award
Adjustment
($)
2023
   CEO       616,159       (1,262,494 )       —       41,875       —       235,395       (369,065 )
 
   Other NEOs       407,679       (143,927 )       17,573       (74,192 )       (68,617 )       55,705       194,221
     
Compensation Actually Paid vs. Total Shareholder Return    
CAP vs. Total Shareholder Return
 
 
 
LOGO
     
Compensation Actually Paid vs. Net Income    
CAP vs. Net Income
 
 
LOGO
     
Compensation Actually Paid vs. Company Selected Measure    
CAP vs. Operating Earnings Per Share
 
 
LOGO
     
Total Shareholder Return Vs Peer Group    
CAP vs. Total Shareholder Return
 
 
 
LOGO
     
Tabular List, Table    
Most Important Performance Measures Table
The three items listed below represent the most important performance measures we used to link compensation actually paid to our NEOs for 2023 to company performance, as further described in the
Annual Incentive Plan
and the
Long-Term Incentive Plan
sections of our
CD&A
.
 
     
Operating Earnings Per Share   Relative Total Shareholder Return   Return on Invested Capital
      
Total Shareholder Return Amount     $ 67 83 102 95
Peer Group Total Shareholder Return Amount     112 120 119 101
Net Income (Loss)     $ 1,994,000,000 $ 1,321,000,000 $ 3,399,000,000 $ (401,000,000)
Company Selected Measure Amount     1.99 3.06 2.89 2.68
PEO Name Mr. Blue Mr. Thomas F. Farrell Mr. Blue Mr. Blue Mr. Blue  
Measure:: 1            
Pay vs Performance Disclosure            
Name     Operating Earnings Per Share      
Measure:: 2            
Pay vs Performance Disclosure            
Name     Relative Total Shareholder Return      
Measure:: 3            
Pay vs Performance Disclosure            
Name     Return on Invested Capital      
Mr. Blue [Member]            
Pay vs Performance Disclosure            
PEO Total Compensation Amount     $ 6,278,835 $ 6,794,985 $ 8,161,083 $ 7,912,643
PEO Actually Paid Compensation Amount     2,851,310 $ 5,095,318 $ 7,796,007 6,307,480
Mr. Thomas F. Farrell [Member]            
Pay vs Performance Disclosure            
PEO Total Compensation Amount           16,040,625
PEO Actually Paid Compensation Amount           $ 15,518,646
PEO | Pension Valuation Adjustmen [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     276,663      
PEO | Equity Award Adjustment [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (369,065)      
PEO | Pension Service Cost Adjustment [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     276,663      
PEO | Prior Service Cost Adjustment [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0      
PEO | Year End Fair Value of Equity Awards Granted During Year and Outstanding and Unvested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     616,159      
PEO | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards at Year End () [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (1,262,494)      
PEO | Fair Value as of Vesting Date of Equity Awards Granted and Vested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0      
PEO | Change as of Vesting Date from Prior Year End of Prior Awards that Vested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     41,875      
PEO | Forfeited Awards (Fair Value at End of Prior Year) [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0      
PEO | Value of Dividends and Earnings Paid [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     235,395      
PEO | Mr. Blue [Member] | Change in Pension Value [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     1,250,219      
PEO | Mr. Blue [Member] | Stock Awards [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     2,084,904      
PEO | Mr. Blue [Member] | Pension Valuation Adjustmen [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     276,663      
PEO | Mr. Blue [Member] | Equity Award Adjustment [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (369,065)      
Non-PEO NEO | Change in Pension Value [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     519,863      
Non-PEO NEO | Stock Awards [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     618,820      
Non-PEO NEO | Pension Valuation Adjustmen [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     108,993      
Non-PEO NEO | Equity Award Adjustment [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     194,221      
Non-PEO NEO | Pension Service Cost Adjustment [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     108,993      
Non-PEO NEO | Prior Service Cost Adjustment [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0      
Non-PEO NEO | Year End Fair Value of Equity Awards Granted During Year and Outstanding and Unvested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     407,679      
Non-PEO NEO | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards at Year End () [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (143,927)      
Non-PEO NEO | Fair Value as of Vesting Date of Equity Awards Granted and Vested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     17,573      
Non-PEO NEO | Change as of Vesting Date from Prior Year End of Prior Awards that Vested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (74,192)      
Non-PEO NEO | Forfeited Awards (Fair Value at End of Prior Year) [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (68,617)      
Non-PEO NEO | Value of Dividends and Earnings Paid [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     $ 55,705