Pay Versus Performance

The following table and graphs below summarize the relationship between executive compensation “actually paid” (referred to as “Compensation Actually Paid” or the “CAP Amounts”) to the Principal Executive Officer (“PEO”) and the Non-PEO Named Executive Officers (“Non-PEO NEOs”), and the financial performance of the Company over the time horizon set forth below in accordance with SEC rules. The Compensation Committee does not use the CAP Amounts as a basis for making compensation decisions. For a discussion of how our Compensation Committee seeks to align pay with performance when making compensation decisions, please review the Compensation Discussion and Analysis beginning on page 50 of this Proxy Statement.

The financial performance measures used are the Company’s TSR, the peer group TSR (as disclosed under Item 201(e) of Regulation S-K), and the Company’s Net Income, each of which are required financial performance measures under the SEC rules. The SEC rules also require an issuer to select its most important other financial performance measure that is used to link the CAP Amounts paid to these officers to the Company’s performance, which is Core Constant Currency EPS Growth, as reflected in the SEC-required table below.


	Summary Compensation Table Total for PEO ($)⁽¹⁾	Compensation Actually Paid to PEO ($)⁽²⁾	Average Summary Compensation Table Total for Non-PEO NEOs ($)⁽¹⁾	Average Compensation Actually Paid to Non-PEO NEOs ($)⁽²⁾	Value of Initial Fixed $100 Investment Based On:		GAAP Net Income ($ Millions)	Company Selected Measure: Core Constant Currency EPS Growth⁽⁴⁾
Year	Summary Compensation Table Total for PEO ($)⁽¹⁾	Compensation Actually Paid to PEO ($)⁽²⁾		Average Compensation Actually Paid to Non-PEO NEOs ($)⁽²⁾	TSR ($)	Peer Group TSR ($)⁽³⁾	GAAP Net Income ($ Millions)
2023	33,906,212	36,541,470	8,940,674	9,643,270	139.01	125.66	9,155	14%
2022	28,388,228	39,459,410	9,410,089	13,789,185	143.76	132.87	8,978	11%
2021	25,506,607	42,875,825	9,096,366	15,171,885	134.65	122.05	7,679	12%
2020	21,486,982	22,842,981	8,459,321	9,727,328	111.71	106.77	7,175	10%

Named Executive Officers, Footnote [Text Block]

⁽¹⁾	The PEO was Ramon L. Laguarta for all years in the table. The Non-PEO NEOs were Kirk Tanner (all years), Silviu Popovici (all years), Hugh F. Johnston (all years), Steven Williams (2023, 2022, and 2021), Jamie Caulfield (2023), and David Yawman (2020).

PEO Total Compensation Amount

$ 33,906,212

$ 28,388,228

$ 25,506,607

$ 21,486,982

Adjustment To PEO Compensation, Footnote [Text Block]

	2023
Adjustments ($)	PEO		Non-PEO NEOs*
SCT Amounts	33,906,212		8,940,674
Adjustments for defined benefit and actuarial pension plans
Aggregate change in actuarial present value included in “Change in Pension Value and Non-Qualified Deferred Compensation Earnings” column in SCT	(7,746,199	)	(1,848,621	)
Service cost for the covered fiscal year	932,487		295,364
Prior service cost for the covered fiscal year	—		—
Adjustments for stock awards
Aggregate value for stock awards included in “Stock Awards” column in SCT	(10,230,075	)	(2,654,741	)
Fair value at year-end of awards granted during the covered fiscal year that were outstanding and unvested at the covered fiscal year-end	17,608,867		4,385,877
Year-over-year change in fair value at covered fiscal year-end of awards granted in any prior fiscal year that were outstanding and unvested at the covered fiscal year-end	1,709,818		412,722
Change as of the vesting date (from the end of the prior fiscal year) in fair value of awards granted in any prior fiscal year for which vesting conditions were satisfied during the covered fiscal year	(1,215,984	)	(403,987	)
Dividends or other earnings paid on stock awards in the covered fiscal year prior to vesting if not otherwise included in the total compensation for the covered fiscal year	1,576,344		515,982
Compensation Actually Paid (as calculated)	36,541,470		9,643,270

*	Amounts presented are averages for the entire group of Non-PEO NEOs.

Non-PEO NEO Average Compensation Actually Paid Amount

$ 9,643,270

13,789,185

15,171,885

9,727,328

Equity Valuation Assumption Difference, Footnote [Text Block]

The valuation assumptions used to calculate the fair values of stock awards for Compensation Actually Paid differ from those used to calculate the fair values at the time of grant as reflected in the SCT Amounts. Instead of using the target value for stock-settled compensation, Compensation Actually Paid reflects the fiscal year-end performance forecast for each outstanding award. Performance forecasts are not disclosed because such disclosure would result in competitive harm to the Company; however, as of fiscal year-end 2023, all outstanding stock awards are forecasted to pay out above target. In addition, instead of using the grant price for stock-settled compensation, Compensation Actually Paid reflects the stock price of $169.84 on December 29, 2023, the last trading day of the 2023 fiscal year.

Compensation Actually Paid vs. Net Income [Text Block]

CAP VERSUS GAAP NET INCOME (2020 - 2023)

Tabular List [Table Text Block]

The following table lists the seven performance measures that, in our assessment, represent the most important performance measures we used to link compensation for our Named Executive Officers in 2023 to Company performance.


Most Important Performance Measures
Core Constant Currency EPS Growth⁽⁵⁾	Organic Revenue Growth⁽⁵⁾
Core Constant Currency Net Income Growth⁽⁵⁾⁽⁶⁾	Relative Competitive Performance
Core Constant Currency Operating Profit Growth⁽⁵⁾	Relative Total Shareholder Return
Free Cash Flow Excluding Certain Items⁽⁵⁾