THERMO FISHER SCIENTIFIC INC., DEF 14A filed on 4/9/2024
Proxy Statement (definitive)
v3.24.1.u1
Cover
 12 Months Ended
Dec. 31, 2023
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name Thermo Fisher Scientific Inc.
Entity Central Index Key 0000097745
v3.24.1.u1
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 versus performance
As required by SEC rules, we are providing the following information about the relationship between executive compensation actually paid (as defined by SEC rules) and certain financial performance measures. For information about how our Compensation Committee seeks to align executive compensation with the Company’s performance, see “Compensation discussion and analysis.” The amounts in the table below are calculated in accordance with SEC rules and do not represent amounts actually earned or realized by our NEOs.
Pay versus performance table
 
Year
Summary
Compensation
Table Total
for
CEO
Compensation
Actually Paid
to CEO
(1)
Average
Summary
Compensation
Table Total
for Non-CEO
Named
Executive
Officers
(2)
Average
Compensation
Actually Paid
to
Non-CEO

Named
Executive
Officers
(1)
Value of Initial Fixed $100
Investment Based on:
Net
Income
(in Millions)
Company
Selected
Measure
(Adjusted
EPS)
(5)
Total
Shareholder
Return
(3)
Peer Group
Total
Shareholder
Return
(4)
2023
$
18,976,669
$
9,231,815
$
5,527,624
$
2,788,969
$
164.90
$
144.58
$
5,955
$
21.55
2022
$
28,208,909
$
(4,695,030
)
$
5,944,038
$
(639,700
)
$
170.63
$
137.66
$
6,960
$
23.24
2021
$
21,234,358
$
65,926,795
$
8,235,368
$
23,903,448
$
206.28
$
141.38
$
7,728
$
25.13
2020
$
26,390,073
$
79,705,130
$
8,981,197
$
27,907,550
$
143.71
$
112.97
$
6,377
$
19.56
 
(1)
Represents the amount of “Compensation Actually Paid” or “CAP” as computed per SEC rules. These amounts do not reflect the actual amount of compensation earned by or paid to the applicable individual(s) during the applicable year. The following table summarizes the adjustments made to total compensation in accordance with Item 402(v) of Regulation
S-K
in order to determine the compensation amounts shown in the table above as being “Compensation Actually Paid”.
 
 
 
  
2023
      
 
    
2022
      
 
    
2021
      
 
    
2020
  
Adjustments
  
CEO
    
Other
NEOs*
       
 
    
CEO
    
Other
NEOs*
       
 
    
CEO
    
Other
NEOs*
       
 
    
CEO
    
Other
NEOs*
  
Total Compensation from Summary Compensation Table (“SCT”)
  
$
18,976,669
 
  
$
5,527,624
 
  
 
 
 
 
 
 
  
$
28,208,909
 
  
$
5,944,038
 
  
 
 
 
 
 
 
  
$
21,234,358
 
  
$
8,235,368
 
  
 
 
 
 
 
 
  
$
26,390,073
 
  
$
8,981,197
 
Adjustments for defined benefit and actuarial pension plans
 
(Subtraction): SCT amounts
  
$
—
 
  
$
—
 
  
 
 
 
 
 
 
  
$
—
 
  
$
—
 
  
 
 
 
 
 
 
  
$
—
 
  
$
—
 
  
 
 
 
 
 
 
  
$
—
 
  
$
(158,701
) 
Adjustments for stock and option awards**
 
(Subtraction): SCT amounts
  
$
(13,893,334
) 
  
$
(3,748,831
) 
  
 
 
 
 
 
 
  
$
(20,198,218
) 
  
$
(3,416,337
) 
  
 
 
 
 
 
 
  
$
(12,551,562
) 
  
$
(5,251,850
) 
  
 
 
 
 
 
 
  
$
(16,282,896
) 
  
$
(5,319,794
) 
Addition: Fair value at year end of awards granted during the covered fiscal year that are outstanding and unvested at year end
  
$
6,817,181
 
  
$
1,839,348
 
  
 
 
 
 
 
 
  
$
13,253,670
 
  
$
3,626,807
 
  
 
 
 
 
 
 
  
$
26,760,316
 
  
$
10,357,430
 
  
 
 
 
 
 
 
  
$
31,993,253
 
  
$
10,441,378
 
Addition (Subtraction): Year-over-year change in fair value of awards granted in any prior fiscal year that are outstanding and unvested at year end
  
$
(2,341,587
) 
  
$
(688,989
) 
  
 
 
 
 
 
 
  
$
(15,113,021
) 
  
$
(4,391,710
) 
  
 
 
 
 
 
 
  
$
32,315,930
 
  
$
10,136,736
 
  
 
 
 
 
 
 
  
$
37,866,345
 
  
$
11,887,160
 
Addition: Vesting date fair value of awards granted and vesting during such year
  
$
408,893
 
  
$
110,537
 
  
 
 
 
 
 
 
  
$
399,670
 
  
$
109,219
 
  
 
 
 
 
 
 
  
$
762,602
 
  
$
269,259
 
  
 
 
 
 
 
 
  
$
823,466
 
  
$
270,477
 
Addition (Subtraction): 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 such year
  
$
(736,007
) 
  
$
(250,720
) 
  
 
 
 
 
 
 
  
$
(11,246,041
) 
  
$
(2,511,717
) 
  
 
 
 
 
 
 
  
$
(2,594,849
) 
  
$
156,505
 
  
 
 
 
 
 
 
  
$
(1,085,111
) 
  
$
1,805,834
 
Compensation Actually Paid (as calculated)
  
$
9,231,815
 
  
$
2,788,969
 
  
 
 
 
 
 
 
  
$
(4,695,030
) 
  
$
(639,700
) 
  
 
 
 
 
 
 
  
$
65,926,795
 
  
$
23,903,448
 
  
 
 
 
 
 
 
  
$
79,705,130
 
  
$
27,907,550
 
 
*
Amounts presented are averages for the entire group of NEOs (excluding our CEO).
 
**
Stock option grant date fair values are calculated based on the Black-Scholes option pricing model as of date of grant. Adjustments have been made using stock option fair values as of each measurement date using the stock price as of the measurement date and updated assumptions (i.e., term, volatility, dividend yield, risk free rates) as of the measurement date. Performance-based restricted stock unit grant date fair values are calculated using the stock price and performance accrual modifiers, where relevant, as of date of grant assuming target performance. Adjustments have been made using the stock price and performance accrual modifier as of the applicable year end and as of the date of vest. Time-based restricted stock unit grant date fair values are calculated using the stock price as of date of grant. Adjustments have been made using the stock price as of the applicable year end and as of each date of vest.
 
(2)
The CEO was Mr. Casper for all years in the table. The other NEOs were Messrs Williamson and Lagarde (all years), Mr. Pettiti (2023, 2022 and 2021), Ms. Britt (2023), Michael Boxer (2022), Mark Stevenson (2021 and 2020), and Syed Jafry (2020).
 
(3)
For the relevant fiscal year, represents the cumulative total shareholder return of the Company for the measurement periods ending on December 31 of each of 2023, 2022, 2021 and 2020, respectively.
 
(4)
For the relevant fiscal year, represents the cumulative total shareholder return of a weighted blend (80/20, respectively) of the Standard & Poor’s 500 Healthcare and Standard & Poor’s 500 Industrial Indices (“S&P Index”), our published industry index for purposes of disclosure under Item 201(e) of Regulation
S-K,
for the measurement periods ending on December 31 of each of 2023, 2022, 2021 and 2020, respectively.
 
(5)
Adjusted EPS is a
non-GAAP
measure. Appendix A to this Proxy Statement defines this and other
non-GAAP
financial measures.
     
Company Selected Measure Name Adjusted EPS      
Named Executive Officers, Footnote The other NEOs were Messrs Williamson and Lagarde (all years), Mr. Pettiti (2023, 2022 and 2021), Ms. Britt (2023), Michael Boxer (2022), Mark Stevenson (2021 and 2020), and Syed Jafry (2020).      
Peer Group Issuers, Footnote For the relevant fiscal year, represents the cumulative total shareholder return of a weighted blend (80/20, respectively) of the Standard & Poor’s 500 Healthcare and Standard & Poor’s 500 Industrial Indices (“S&P Index”), our published industry index for purposes of disclosure under Item 201(e) of Regulation
S-K,
for the measurement periods ending on December 31 of each of 2023, 2022, 2021 and 2020, respectively. 		     
PEO Total Compensation Amount $ 18,976,669 $ 28,208,909 $ 21,234,358 $ 26,390,073
PEO Actually Paid Compensation Amount [1] $ 9,231,815 (4,695,030) 65,926,795 79,705,130
Adjustment To PEO Compensation, Footnote
(1)
Represents the amount of “Compensation Actually Paid” or “CAP” as computed per SEC rules. These amounts do not reflect the actual amount of compensation earned by or paid to the applicable individual(s) during the applicable year. The following table summarizes the adjustments made to total compensation in accordance with Item 402(v) of Regulation
S-K
in order to determine the compensation amounts shown in the table above as being “Compensation Actually Paid”.
 
 
 
  
2023
      
 
    
2022
      
 
    
2021
      
 
    
2020
  
Adjustments
  
CEO
    
Other
NEOs*
       
 
    
CEO
    
Other
NEOs*
       
 
    
CEO
    
Other
NEOs*
       
 
    
CEO
    
Other
NEOs*
  
Total Compensation from Summary Compensation Table (“SCT”)
  
$
18,976,669
 
  
$
5,527,624
 
  
 
 
 
 
 
 
  
$
28,208,909
 
  
$
5,944,038
 
  
 
 
 
 
 
 
  
$
21,234,358
 
  
$
8,235,368
 
  
 
 
 
 
 
 
  
$
26,390,073
 
  
$
8,981,197
 
Adjustments for defined benefit and actuarial pension plans
 
(Subtraction): SCT amounts
  
$
—
 
  
$
—
 
  
 
 
 
 
 
 
  
$
—
 
  
$
—
 
  
 
 
 
 
 
 
  
$
—
 
  
$
—
 
  
 
 
 
 
 
 
  
$
—
 
  
$
(158,701
) 
Adjustments for stock and option awards**
 
(Subtraction): SCT amounts
  
$
(13,893,334
) 
  
$
(3,748,831
) 
  
 
 
 
 
 
 
  
$
(20,198,218
) 
  
$
(3,416,337
) 
  
 
 
 
 
 
 
  
$
(12,551,562
) 
  
$
(5,251,850
) 
  
 
 
 
 
 
 
  
$
(16,282,896
) 
  
$
(5,319,794
) 
Addition: Fair value at year end of awards granted during the covered fiscal year that are outstanding and unvested at year end
  
$
6,817,181
 
  
$
1,839,348
 
  
 
 
 
 
 
 
  
$
13,253,670
 
  
$
3,626,807
 
  
 
 
 
 
 
 
  
$
26,760,316
 
  
$
10,357,430
 
  
 
 
 
 
 
 
  
$
31,993,253
 
  
$
10,441,378
 
Addition (Subtraction): Year-over-year change in fair value of awards granted in any prior fiscal year that are outstanding and unvested at year end
  
$
(2,341,587
) 
  
$
(688,989
) 
  
 
 
 
 
 
 
  
$
(15,113,021
) 
  
$
(4,391,710
) 
  
 
 
 
 
 
 
  
$
32,315,930
 
  
$
10,136,736
 
  
 
 
 
 
 
 
  
$
37,866,345
 
  
$
11,887,160
 
Addition: Vesting date fair value of awards granted and vesting during such year
  
$
408,893
 
  
$
110,537
 
  
 
 
 
 
 
 
  
$
399,670
 
  
$
109,219
 
  
 
 
 
 
 
 
  
$
762,602
 
  
$
269,259
 
  
 
 
 
 
 
 
  
$
823,466
 
  
$
270,477
 
Addition (Subtraction): 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 such year
  
$
(736,007
) 
  
$
(250,720
) 
  
 
 
 
 
 
 
  
$
(11,246,041
) 
  
$
(2,511,717
) 
  
 
 
 
 
 
 
  
$
(2,594,849
) 
  
$
156,505
 
  
 
 
 
 
 
 
  
$
(1,085,111
) 
  
$
1,805,834
 
Compensation Actually Paid (as calculated)
  
$
9,231,815
 
  
$
2,788,969
 
  
 
 
 
 
 
 
  
$
(4,695,030
) 
  
$
(639,700
) 
  
 
 
 
 
 
 
  
$
65,926,795
 
  
$
23,903,448
 
  
 
 
 
 
 
 
  
$
79,705,130
 
  
$
27,907,550
 
 
*
Amounts presented are averages for the entire group of NEOs (excluding our CEO).
 
**
Stock option grant date fair values are calculated based on the Black-Scholes option pricing model as of date of grant. Adjustments have been made using stock option fair values as of each measurement date using the stock price as of the measurement date and updated assumptions (i.e., term, volatility, dividend yield, risk free rates) as of the measurement date. Performance-based restricted stock unit grant date fair values are calculated using the stock price and performance accrual modifiers, where relevant, as of date of grant assuming target performance. Adjustments have been made using the stock price and performance accrual modifier as of the applicable year end and as of the date of vest. Time-based restricted stock unit grant date fair values are calculated using the stock price as of date of grant. Adjustments have been made using the stock price as of the applicable year end and as of each date of vest.
     
Non-PEO NEO Average Total Compensation Amount [2] $ 5,527,624 5,944,038 8,235,368 8,981,197
Non-PEO NEO Average Compensation Actually Paid Amount [1],[2] $ 2,788,969 (639,700) 23,903,448 27,907,550
Adjustment to Non-PEO NEO Compensation Footnote
(1)
Represents the amount of “Compensation Actually Paid” or “CAP” as computed per SEC rules. These amounts do not reflect the actual amount of compensation earned by or paid to the applicable individual(s) during the applicable year. The following table summarizes the adjustments made to total compensation in accordance with Item 402(v) of Regulation
S-K
in order to determine the compensation amounts shown in the table above as being “Compensation Actually Paid”.
 
 
 
  
2023
      
 
    
2022
      
 
    
2021
      
 
    
2020
  
Adjustments
  
CEO
    
Other
NEOs*
       
 
    
CEO
    
Other
NEOs*
       
 
    
CEO
    
Other
NEOs*
       
 
    
CEO
    
Other
NEOs*
  
Total Compensation from Summary Compensation Table (“SCT”)
  
$
18,976,669
 
  
$
5,527,624
 
  
 
 
 
 
 
 
  
$
28,208,909
 
  
$
5,944,038
 
  
 
 
 
 
 
 
  
$
21,234,358
 
  
$
8,235,368
 
  
 
 
 
 
 
 
  
$
26,390,073
 
  
$
8,981,197
 
Adjustments for defined benefit and actuarial pension plans
 
(Subtraction): SCT amounts
  
$
—
 
  
$
—
 
  
 
 
 
 
 
 
  
$
—
 
  
$
—
 
  
 
 
 
 
 
 
  
$
—
 
  
$
—
 
  
 
 
 
 
 
 
  
$
—
 
  
$
(158,701
) 
Adjustments for stock and option awards**
 
(Subtraction): SCT amounts
  
$
(13,893,334
) 
  
$
(3,748,831
) 
  
 
 
 
 
 
 
  
$
(20,198,218
) 
  
$
(3,416,337
) 
  
 
 
 
 
 
 
  
$
(12,551,562
) 
  
$
(5,251,850
) 
  
 
 
 
 
 
 
  
$
(16,282,896
) 
  
$
(5,319,794
) 
Addition: Fair value at year end of awards granted during the covered fiscal year that are outstanding and unvested at year end
  
$
6,817,181
 
  
$
1,839,348
 
  
 
 
 
 
 
 
  
$
13,253,670
 
  
$
3,626,807
 
  
 
 
 
 
 
 
  
$
26,760,316
 
  
$
10,357,430
 
  
 
 
 
 
 
 
  
$
31,993,253
 
  
$
10,441,378
 
Addition (Subtraction): Year-over-year change in fair value of awards granted in any prior fiscal year that are outstanding and unvested at year end
  
$
(2,341,587
) 
  
$
(688,989
) 
  
 
 
 
 
 
 
  
$
(15,113,021
) 
  
$
(4,391,710
) 
  
 
 
 
 
 
 
  
$
32,315,930
 
  
$
10,136,736
 
  
 
 
 
 
 
 
  
$
37,866,345
 
  
$
11,887,160
 
Addition: Vesting date fair value of awards granted and vesting during such year
  
$
408,893
 
  
$
110,537
 
  
 
 
 
 
 
 
  
$
399,670
 
  
$
109,219
 
  
 
 
 
 
 
 
  
$
762,602
 
  
$
269,259
 
  
 
 
 
 
 
 
  
$
823,466
 
  
$
270,477
 
Addition (Subtraction): 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 such year
  
$
(736,007
) 
  
$
(250,720
) 
  
 
 
 
 
 
 
  
$
(11,246,041
) 
  
$
(2,511,717
) 
  
 
 
 
 
 
 
  
$
(2,594,849
) 
  
$
156,505
 
  
 
 
 
 
 
 
  
$
(1,085,111
) 
  
$
1,805,834
 
Compensation Actually Paid (as calculated)
  
$
9,231,815
 
  
$
2,788,969
 
  
 
 
 
 
 
 
  
$
(4,695,030
) 
  
$
(639,700
) 
  
 
 
 
 
 
 
  
$
65,926,795
 
  
$
23,903,448
 
  
 
 
 
 
 
 
  
$
79,705,130
 
  
$
27,907,550
 
 
*
Amounts presented are averages for the entire group of NEOs (excluding our CEO).
 
**
Stock option grant date fair values are calculated based on the Black-Scholes option pricing model as of date of grant. Adjustments have been made using stock option fair values as of each measurement date using the stock price as of the measurement date and updated assumptions (i.e., term, volatility, dividend yield, risk free rates) as of the measurement date. Performance-based restricted stock unit grant date fair values are calculated using the stock price and performance accrual modifiers, where relevant, as of date of grant assuming target performance. Adjustments have been made using the stock price and performance accrual modifier as of the applicable year end and as of the date of vest. Time-based restricted stock unit grant date fair values are calculated using the stock price as of date of grant. Adjustments have been made using the stock price as of the applicable year end and as of each date of vest.
     
Compensation Actually Paid vs. Total Shareholder Return
Compensation Actually Paid vs. Total Shareholder Return
 
LOGO
     
Compensation Actually Paid vs. Net Income
Compensation Actually Paid vs. Net Income
 
LOGO
     
Compensation Actually Paid vs. Company Selected Measure
Compensation Actually Paid vs. Adjusted EPS
 
LOGO
     
Total Shareholder Return Vs Peer Group
Compensation Actually Paid vs. Total Shareholder Return
 
LOGO
     
Tabular List, Table
Measures linking pay and performance
As described in greater detail in “Compensation discussion and analysis,” our approach to executive compensation is designed to provide a market-competitive total compensation program that directly links pay to performance, promotes the achievement of key strategic and financial performance, motivates long-term value creation, aligns executive officers’ interests with those of our shareholders, and attracts and retains the best possible executive talent. The most important financial measures used by the Company to link Compensation Actually Paid (as defined by SEC rules) to the Company’s NEOs for the most recently completed fiscal year to the Company’s performance are:
 
Organic Revenue Growth*
  
 
Adjusted Net Income
* 
  
 
Adjusted EPS
* 
  
 
Free Cash Flow
* 
  
 
Total Shareholder Return
 
 
*
These measures are
non-GAAP
measures. Appendix A to this Proxy Statement defines these and other
non-GAAP
financial measures and reconciles them to the most directly comparable historical GAAP financial measures.
     
Total Shareholder Return Amount $ 164.9 170.63 206.28 143.71
Peer Group Total Shareholder Return Amount 144.58 137.66 141.38 112.97
Net Income (Loss) $ 5,955,000,000 $ 6,960,000,000 $ 7,728,000,000 $ 6,377,000,000
Company Selected Measure Amount 21.55 23.24 25.13 19.56
PEO Name Mr. Casper      
Measure:: 1        
Pay vs Performance Disclosure        
Name Organic Revenue Growth      
Measure:: 2        
Pay vs Performance Disclosure        
Name Adjusted Net Income      
Measure:: 3        
Pay vs Performance Disclosure        
Name Adjusted EPS      
Non-GAAP Measure Description Adjusted EPS is a
non-GAAP
measure. Appendix A to this Proxy Statement defines this and other
non-GAAP
financial measures. 		     
Measure:: 4        
Pay vs Performance Disclosure        
Name Free Cash Flow      
Measure:: 5        
Pay vs Performance Disclosure        
Name Total Shareholder Return      
PEO | Adjustments For Defined Benefit And Actuarial Pension Plans [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 0 $ 0 $ 0 $ 0
PEO | Adjustments For Stock And Option Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount [1] (13,893,334) (20,198,218) (12,551,562) (16,282,896)
PEO | Fair Value At Year End Of Awards Granted During The Covered Fiscal Year That Are Outstanding And Unvested At Year End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount [1] 6,817,181 13,253,670 26,760,316 31,993,253
PEO | Year Over Year Change In Fair Value Of Awards Granted In Any Prior Fiscal Year That Are Outstanding And Unvested At Year End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount [1] (2,341,587) (15,113,021) 32,315,930 37,866,345
PEO | Vesting Date Fair Value Of Awards Granted And Vesting During Such Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount [1] 408,893 399,670 762,602 823,466
PEO | 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 Such Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount [1] (736,007) (11,246,041) (2,594,849) (1,085,111)
Non-PEO NEO | Adjustments For Defined Benefit And Actuarial Pension Plans [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount [2] 0 0 0 (158,701)
Non-PEO NEO | Adjustments For Stock And Option Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount [1],[2] (3,748,831) (3,416,337) (5,251,850) (5,319,794)
Non-PEO NEO | Fair Value At Year End Of Awards Granted During The Covered Fiscal Year That Are Outstanding And Unvested At Year End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount [1],[2] 1,839,348 3,626,807 10,357,430 10,441,378
Non-PEO NEO | Year Over Year Change In Fair Value Of Awards Granted In Any Prior Fiscal Year That Are Outstanding And Unvested At Year End [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount [1],[2] (688,989) (4,391,710) 10,136,736 11,887,160
Non-PEO NEO | Vesting Date Fair Value Of Awards Granted And Vesting During Such Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount [1],[2] 110,537 109,219 269,259 270,477
Non-PEO NEO | 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 Such Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount [1],[2] $ (250,720) $ (2,511,717) $ 156,505 $ 1,805,834
[1] Stock option grant date fair values are calculated based on the Black-Scholes option pricing model as of date of grant. Adjustments have been made using stock option fair values as of each measurement date using the stock price as of the measurement date and updated assumptions (i.e., term, volatility, dividend yield, risk free rates) as of the measurement date. Performance-based restricted stock unit grant date fair values are calculated using the stock price and performance accrual modifiers, where relevant, as of date of grant assuming target performance. Adjustments have been made using the stock price and performance accrual modifier as of the applicable year end and as of the date of vest. Time-based restricted stock unit grant date fair values are calculated using the stock price as of date of grant. Adjustments have been made using the stock price as of the applicable year end and as of each date of vest.
[2] Amounts presented are averages for the entire group of NEOs (excluding our CEO).