Pay vs Performance Disclosure - USD ($)
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12 Months Ended |
Sep. 30, 2023 |
Sep. 24, 2022 |
Sep. 25, 2021 |
| Pay vs Performance Disclosure [Table] |
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| Pay vs Performance [Table Text Block] |
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Pay versus Performance
The information below is provided pursuant to the
SEC pay versus performance disclosure requirements set forth in Item 402(v) of SEC Regulation S-K (the “Pay Versus Performance
Rule”), which requires companies to disclose certain information about the relationship between
performance and the compensation of named executive officers.
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Value of Initial Fixed $100 Investment Based On: | |
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Fiscal Year(a) | |
Summary
Compensation Table Total for Mr. Cook($)(b) | |
Compensation
Actually Paid to Mr. Cook($)(c) | |
Average
Summary Compensation Table Total for Other NEOs($)(d) | |
Average
Compensation Actually Paid to Other NEOs($)(e) | |
Total
Shareholder Return($)(f) | |
Peer
Group Total Shareholder Return($)(g) | |
Net Income ($M)(h) | |
Net
Sales ($M)(i) |
| 2023 | |
63,209,845 | |
106,643,588 | |
26,943,956 | |
41,980,664 | |
155.24 | |
116.88 | |
96,995 | |
383,285 |
| 2022 | |
99,420,097 | |
128,833,021 | |
27,150,293 | |
41,564,946 | |
135.59 | |
92.09 | |
99,803 | |
394,328 |
| 2021 | |
98,734,394 | |
311,845,801 | |
26,987,631 | |
75,307,922 | |
131.69 | |
136.57 | |
94,680 | |
365,817 |
| (1) |
The dollar amounts in column (b) represent the compensation reported for Mr. Cook for
each corresponding year in the “Total” column of the “Summary Compensation Table – 2023, 2022, and 2021” on page 62 of this Proxy
Statement. |
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| (2) |
The dollar amounts in columns (c) and (e) represent the
amount of “Compensation Actually Paid” (otherwise known as CAP), as computed in accordance with SEC rules. Compensation
Actually Paid does not represent cash and/or equity value realized or paid to Apple’s NEOs but rather is a value calculated
under applicable SEC rules. The following table details how Compensation Actually Paid is determined: |
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2023 | |
2022 | |
2021 |
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Mr. Cook ($) | |
Average for Other NEO ($) | |
Mr. Cook ($) | |
Average for Other
NEO($) | |
Mr. Cook ($) | |
Average for Other
NEO ($) |
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Summary Compensation Table (“SCT”) Total | |
63,209,845 | |
26,943,956 | |
99,420,097 | |
27,150,293 | |
98,734,394 | |
26,987,631 |
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Grant Date Fair Value of Stock Awards from SCT | |
(46,970,283) | |
(22,323,641) | |
(82,994,164) | |
(22,132,015) | |
(82,347,835) | |
(21,959,620) |
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Fair Value of Equity Awards Granted in the Year and Unvested as of Year End | |
53,968,355 | |
26,781,593 | |
96,725,167 | |
25,793,656 | |
103,300,873 | |
27,547,147 |
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Change in Fair Value from Prior Year End of Outstanding and Unvested Awards Granted in Prior Years | |
32,763,652 | |
12,828,520 | |
16,199,600 | |
7,769,730 | |
0 | |
38,719,413 |
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Change in Fair Value from Prior Year End of Vested(a) Awards Granted in Prior Years | |
86,782 | |
(2,249,765) | |
(517,680) | |
2,983,282 | |
192,158,369 | |
4,013,351 |
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Fair Value at Vesting Date of Vested Awards Granted in Current Year | |
3,585,238 | |
0 | |
0 | |
0 | |
0 | |
0 |
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Compensation Actually Paid | |
106,643,588 | |
41,980,664 | |
128,833,021 | |
41,564,946 | |
311,845,801 | |
75,307,922 |
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(a) |
For the purposes of CAP and this table, time-based RSUs are considered “vested”
on the date of retirement eligibility. As a result, 100% of the time-based RSUs granted to Mr. Cook in 2021 and 2022 RSUs
were considered “vested”. A pro rata portion of Mr. Cook’s 2023 time-based RSUs are considered
“vested” consistent with the retirement provisions of that award. No other NEOs, other than Mr. Cook, have
retirement provisions in their equity awards. The fair values of the RSUs included in the compensation actually paid to
our CEO and the average compensation actually paid to our other NEOs are calculated at the required measurement
dates, consistent with the approach used to value the awards at the grant date as described above in footnote 1 to the
“Summary Compensation Table – 2023, 2022, and 2021” and footnote 1 to the “Grants of Plan-Based Awards – 2023” table,
respectively. Any changes to the time-based RSU and performance-based RSU grant date fair values (for 2023 grants) and
from prior year-end (for 2021 and 2022 grants) are based on an updated stock price valuation on the measurement dates and
for the performance-based RSUs, including updated input variables for the Monte-Carlo model to estimate the probability
of satisfying the performance objectives established for the respective award. |
| (3) |
The dollar amounts in column (d) represent the average amounts of compensation reported for the other
NEOs for each corresponding year in the “Total” column of the “Summary Compensation Table – 2023, 2022, and 2021” as set forth on page 62 of this
proxy statement. For each of 2021, 2022 and 2023, the other NEOs were Luca Maestri, Kate Adams, Deirdre O’Brien, and
Jeff Williams. |
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| (4) |
Apple’s TSR in column (f) was determined based on the value of an initial fixed investment
of $100, as of September 26, 2020, including the reinvestment of any dividends. |
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| (5) |
The peer groups used to calculate Peer Group TSR in column (g) are our primary peer group as disclosed
in the Compensation Discussion and Analysis section of this Proxy Statement, our 2023 Proxy Statement for 2022 and our 2022 Proxy
Statement for 2021. TSR is based on the value of an initial fixed investment of $100 at the start of 2021 and is weighted for the
market capitalization of each peer company in each applicable year. |
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| (6) |
In addition to Relative TSR and Operating Income, Net Sales in column (i) represents the most important
financial performance measure used to link Compensation Actually Paid to company performance (the “Company Selected Measure”
as defined in the Pay Versus Performance rules). |
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| Company Selected Measure Name |
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Net Sales
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| Named Executive Officers, Footnote [Text Block] |
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| (1) |
The dollar amounts in column (b) represent the compensation reported for Mr. Cook for
each corresponding year in the “Total” column of the “Summary Compensation Table – 2023, 2022, and 2021” on page 62 of this Proxy
Statement. |
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| (3) |
The dollar amounts in column (d) represent the average amounts of compensation reported for the other
NEOs for each corresponding year in the “Total” column of the “Summary Compensation Table – 2023, 2022, and 2021” as set forth on page 62 of this
proxy statement. For each of 2021, 2022 and 2023, the other NEOs were Luca Maestri, Kate Adams, Deirdre O’Brien, and
Jeff Williams. |
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| Peer Group Issuers, Footnote [Text Block] |
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| (5) |
The peer groups used to calculate Peer Group TSR in column (g) are our primary peer group as disclosed
in the Compensation Discussion and Analysis section of this Proxy Statement, our 2023 Proxy Statement for 2022 and our 2022 Proxy
Statement for 2021. TSR is based on the value of an initial fixed investment of $100 at the start of 2021 and is weighted for the
market capitalization of each peer company in each applicable year. |
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| Adjustment To PEO Compensation, Footnote [Text Block] |
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2023 | |
2022 | |
2021 |
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Mr. Cook ($) | |
Average for Other NEO ($) | |
Mr. Cook ($) | |
Average for Other
NEO($) | |
Mr. Cook ($) | |
Average for Other
NEO ($) |
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Summary Compensation Table (“SCT”) Total | |
63,209,845 | |
26,943,956 | |
99,420,097 | |
27,150,293 | |
98,734,394 | |
26,987,631 |
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Grant Date Fair Value of Stock Awards from SCT | |
(46,970,283) | |
(22,323,641) | |
(82,994,164) | |
(22,132,015) | |
(82,347,835) | |
(21,959,620) |
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Fair Value of Equity Awards Granted in the Year and Unvested as of Year End | |
53,968,355 | |
26,781,593 | |
96,725,167 | |
25,793,656 | |
103,300,873 | |
27,547,147 |
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Change in Fair Value from Prior Year End of Outstanding and Unvested Awards Granted in Prior Years | |
32,763,652 | |
12,828,520 | |
16,199,600 | |
7,769,730 | |
0 | |
38,719,413 |
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Change in Fair Value from Prior Year End of Vested(a) Awards Granted in Prior Years | |
86,782 | |
(2,249,765) | |
(517,680) | |
2,983,282 | |
192,158,369 | |
4,013,351 |
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Fair Value at Vesting Date of Vested Awards Granted in Current Year | |
3,585,238 | |
0 | |
0 | |
0 | |
0 | |
0 |
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Compensation Actually Paid | |
106,643,588 | |
41,980,664 | |
128,833,021 | |
41,564,946 | |
311,845,801 | |
75,307,922 |
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| Non-PEO NEO Average Total Compensation Amount |
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$ 26,943,956
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$ 27,150,293
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$ 26,987,631
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| Non-PEO NEO Average Compensation Actually Paid Amount |
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$ 41,980,664
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41,564,946
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75,307,922
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| Adjustment to Non-PEO NEO Compensation Footnote [Text Block] |
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2023 | |
2022 | |
2021 |
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Mr. Cook ($) | |
Average for Other NEO ($) | |
Mr. Cook ($) | |
Average for Other
NEO($) | |
Mr. Cook ($) | |
Average for Other
NEO ($) |
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Summary Compensation Table (“SCT”) Total | |
63,209,845 | |
26,943,956 | |
99,420,097 | |
27,150,293 | |
98,734,394 | |
26,987,631 |
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Grant Date Fair Value of Stock Awards from SCT | |
(46,970,283) | |
(22,323,641) | |
(82,994,164) | |
(22,132,015) | |
(82,347,835) | |
(21,959,620) |
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Fair Value of Equity Awards Granted in the Year and Unvested as of Year End | |
53,968,355 | |
26,781,593 | |
96,725,167 | |
25,793,656 | |
103,300,873 | |
27,547,147 |
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Change in Fair Value from Prior Year End of Outstanding and Unvested Awards Granted in Prior Years | |
32,763,652 | |
12,828,520 | |
16,199,600 | |
7,769,730 | |
0 | |
38,719,413 |
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Change in Fair Value from Prior Year End of Vested(a) Awards Granted in Prior Years | |
86,782 | |
(2,249,765) | |
(517,680) | |
2,983,282 | |
192,158,369 | |
4,013,351 |
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Fair Value at Vesting Date of Vested Awards Granted in Current Year | |
3,585,238 | |
0 | |
0 | |
0 | |
0 | |
0 |
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Compensation Actually Paid | |
106,643,588 | |
41,980,664 | |
128,833,021 | |
41,564,946 | |
311,845,801 | |
75,307,922 |
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| Compensation Actually Paid vs. Total Shareholder Return [Text Block] |
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Relationship Between Compensation Actually Paid and our Total Shareholder
Return
Long-term equity incentives represent a vast majority
of our NEOs’ total target compensation and our stock price performance or TSR is the key driver of Compensation Actually Paid. We also
use Relative TSR as the key performance measure for our performance-based RSUs. Over the three-year period covered in this disclosure,
Apple’s TSR on an absolute basis was high, 55.24%, and outperformed the TSR of our primary peer group by 16.88%. Apple’s
Relative TSR measured against the members of the S&P 500 Index (the peer group for performance-based RSUs) was also strong, resulting
in above-target payouts for the performance-based RSUs with applicable performance periods ending in 2021, 2022, and 2023. Further, the
TSR relative to the currently outstanding performance-based RSUs (granted in 2022 and 2023) continues to trend towards above-target payouts
due to strong TSR relative to the members of the S&P 500. This shows how Compensation Actually Paid to our NEOs and TSR are
tightly linked.
The 2021 Compensation Actually Paid values
for the CEO and NEOs are higher than the Summary Compensation Table totals in 2021, and higher than the Compensation Actually
Paid values in 2022 and 2023 because Apple’s significant and outstanding stock price increase in the years immediately
preceding 2021 resulted in our NEOs holding a larger value of unvested equity awards as of the start of 2021.
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| Compensation Actually Paid vs. Net Income [Text Block] |
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Relationship Between Compensation Actually Paid and Net Income
Net Income is generally a key indicator of company profitability
and for Apple can contribute to changes in our stock price, which in turn drives Compensation Actually Paid. We do not use Net Income
as a financial measure in our executive compensation program but Operating Income from which Net Income is derived. Operating Income and
Net Sales are the two financial performance measures for our Cash Incentive Plan.
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| Compensation Actually Paid vs. Company Selected Measure [Text Block] |
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Relationship Between Compensation Actually Paid and Net Sales
Net Sales is one of the two financial measures, the
People and Compensation Committee has set for our Cash Incentive Plan, and therefore along with Operating Income is the next most important
financial metric in determining Compensation Actually Paid behind Relative TSR. Strong performance in Net Sales and Operating Income led
to above target bonus payouts in 2021, 2022, and 2023 which in turn increased Compensation Actually Paid.
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| Tabular List [Table Text Block] |
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Tabular List of Apple’s most important metrics that link Compensation
Actually Paid to the Mr. Cook and other NEOs
For 2023, the following list represented the most important
financial performance measures used by Apple to link Compensation Actually Paid with our financial performance:
| Net Sales |
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| Operating Income |
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| Relative TSR |
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| Total Shareholder Return Amount |
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$ 155.24
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135.59
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131.69
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| Peer Group Total Shareholder Return Amount |
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116.88
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92.09
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136.57
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| Net Income (Loss) Attributable to Parent |
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$ 96,995,000,000
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$ 99,803,000,000
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$ 94,680,000,000
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| Company Selected Measure Amount |
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383,285,000,000
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394,328,000,000
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365,817,000,000
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| Measure [Axis]: 1 |
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| Pay vs Performance Disclosure [Table] |
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| Measure Name |
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Net Sales
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| Measure [Axis]: 2 |
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| Pay vs Performance Disclosure [Table] |
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| Measure Name |
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Operating Income
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| Measure [Axis]: 3 |
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| Pay vs Performance Disclosure [Table] |
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| Measure Name |
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Relative TSR
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| Non-PEO NEO [Member] | Grant Date Fair Value of Stock Awards from SCT |
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
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$ (22,323,641)
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$ (22,132,015)
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$ (21,959,620)
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| Non-PEO NEO [Member] | Fair Value of Equity Awards Granted in the Year and Unvested as of Year End |
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
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26,781,593
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25,793,656
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27,547,147
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| Non-PEO NEO [Member] | Change in Fair Value from Prior Year End of Outstanding and Unvested Awards Granted in Prior Years |
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
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12,828,520
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7,769,730
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38,719,413
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| Non-PEO NEO [Member] | Change in Fair Value from Prior Year End of Vested Awards Granted in Prior Years |
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
[1] |
(2,249,765)
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2,983,282
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4,013,351
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| Non-PEO NEO [Member] | Fair Value at Vesting Date of Vested Awards Granted in Current Year |
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
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0
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0
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0
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| Mr. Cook |
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| Pay vs Performance Disclosure [Table] |
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| PEO Total Compensation Amount |
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63,209,845
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99,420,097
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98,734,394
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| PEO Actually Paid Compensation Amount |
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$ 106,643,588
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$ 128,833,021
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$ 311,845,801
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| Mr. Cook | PEO [Member] |
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| Pay vs Performance Disclosure [Table] |
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| PEO Name |
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Mr. Cook
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Mr. Cook
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Mr. Cook
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| Mr. Cook | PEO [Member] | Grant Date Fair Value of Stock Awards from SCT |
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
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$ (46,970,283)
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$ (82,994,164)
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$ (82,347,835)
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| Mr. Cook | PEO [Member] | Fair Value of Equity Awards Granted in the Year and Unvested as of Year End |
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
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53,968,355
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96,725,167
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103,300,873
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| Mr. Cook | PEO [Member] | Change in Fair Value from Prior Year End of Outstanding and Unvested Awards Granted in Prior Years |
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
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32,763,652
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16,199,600
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0
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| Mr. Cook | PEO [Member] | Change in Fair Value from Prior Year End of Vested Awards Granted in Prior Years |
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
[1] |
86,782
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(517,680)
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192,158,369
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| Mr. Cook | PEO [Member] | Fair Value at Vesting Date of Vested Awards Granted in Current Year |
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| Pay vs Performance Disclosure [Table] |
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| Adjustment to Compensation Amount |
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$ 3,585,238
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$ 0
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$ 0
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| Luca Maestri | Non-PEO NEO [Member] |
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| Pay vs Performance Disclosure [Table] |
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| PEO Name |
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Luca Maestri
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Luca Maestri
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Luca Maestri
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| Kate Adams | Non-PEO NEO [Member] |
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| Pay vs Performance Disclosure [Table] |
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| PEO Name |
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Kate Adams
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Kate Adams
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Kate Adams
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| Deirdre O’Brien | Non-PEO NEO [Member] |
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| Pay vs Performance Disclosure [Table] |
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| PEO Name |
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Deirdre O’Brien
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Deirdre O’Brien
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Deirdre O’Brien
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| Jeff Williams | Non-PEO NEO [Member] |
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| Pay vs Performance Disclosure [Table] |
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| PEO Name |
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Jeff Williams
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Jeff Williams
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Jeff Williams
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