FREEPORT-MCMORAN INC, DEF 14A filed on 4/25/2025
Proxy Statement (definitive)
v3.25.1
Cover
 12 Months Ended
Dec. 31, 2024
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name Freeport-McMoRan Inc.
Entity Central Index Key 0000831259
v3.25.1
Pay vs Performance Disclosure
 5 Months Ended 7 Months Ended 12 Months Ended
Jun. 10, 2024
Dec. 31, 2024
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure              
Pay vs Performance Disclosure, Table    
Pay-Versus-Performance
The following section has been prepared in accordance with the SEC’s pay versus performance disclosure rules mandated by the Dodd-Frank Act. Under these rules, the SEC has developed a new way to calculate executive pay, referred to as “compensation actually paid,” or CAP, which amounts are then compared to certain performance measures defined by the SEC.
The CAP does not reflect the value received or realized by our NEOs or how the compensation committee evaluates compensation decisions in light of company performance.
Please refer to “Compensation Discussion and Analysis” on page 36 for a discussion of our executive compensation program objectives and the ways in which we design our program to align executive compensation with company performance.
The CAP values are derived from the total compensation amounts reported in the Summary Compensation Table, but adjusts those amounts to replace the grant date fair values of equity awards granted during the year with the fair value of equity awards granted during the year as of the end of the year, plus changes in fair value of any outstanding unvested awards granted in prior years. Thus, unlike the Summary Compensation Table that only factors in current year equity awards, the CAP reflects year-over-year changes in value of all outstanding unvested equity awards and equity awards vesting during the year. The CAP values also replace the change in pension value reported with the pension plan service cost or prior service cost for the year.
 
Year
  
Summary
Compensation
Table
Total for
Mr. Adkerson
(1)
    
Compensation
Actually Paid
to
Mr. Adkerson
(2)
    
Summary
Compensation
Table
Total for
Ms. Quirk
(1)
    
Compensation
Actually Paid
to Ms. Quirk
(2)
    
Average
Summary
Compensation
Table Total
for
Non-PEO

NEOs
(3)
    
Average 
Compensation 
Actually Paid 
to
Non-PEO 

NEOs
(4)
 
    
Value of Initial Fixed $100
Investment Based On:
    
Net Income
($ in MM)
(6)
    
Return on
Investment
(7)
  
 
Total
Stockholder
Return
    
Peer Group
Total
Stockholder
Return
(5)
  
 2024
 
  
 
$23,744,421
 
  
 
$16,451,198
 
  
 
$13,286,084
  
 
$10,935,875
 
  
 
$3,646,350
 
  
 
$3,185,580
 
  
 
$306.59
 
  
 
$208.99
 
  
 
$1,889
 
  
 
17.95%
 
 
2023
 
  
 
24,017,321
 
  
 
25,276,163
 
  
 
—
 
  
 
—
 
  
 
5,123,031
 
  
 
5,798,178
 
  
 
338.45
 
  
 
218.23
 
  
 
1,848
 
  
 
17.77%
 
 
2022
 
  
 
20,521,929
 
  
 
7,164,637
 
  
 
—
 
  
 
—
 
  
 
5,191,453
 
  
 
3,931,649
 
  
 
297.71
 
  
 
178.99
 
  
 
3,468
 
  
 
26.79%
 
 2021
 
  
 
19,111,894
 
  
 
75,686,762
 
  
 
—
 
  
 
—
 
  
 
4,086,801
 
  
 
14,711,132
 
  
 
321.27
 
  
 
157.75
 
  
 
4,306
 
  
 
38.50%
 
 2020
 
  
 
16,720,881
 
  
 
71,047,496
 
  
 
—
 
  
 
—
 
  
 
4,976,641
 
  
 
23,276,187
 
  
 
199.07
 
  
 
116.44
 
  
 
599
 
  
 
11.69%
 
 
(1)
For fiscal years 2020 through 2023, Richard C. Adkerson served as our principal executive officer (PEO). From January 1, 2024 through June 10, 2024, Mr. Adkerson served as our PEO and on June 11, 2024, Kathleen L. Quirk assumed the role of PEO and Mr. Adkerson continued in his role as an executive officer and chairman of the board.
 
(2)
The amounts reported in this column represent the CAP for each PEO, as computed in accordance with Item 402(v) of Regulation
S-K.
The amounts do not reflect the actual amount of compensation earned by or delivered to each PEO during the applicable year. In accordance with the requirements of Item 402(v) of Regulation
S-K,
the adjustments reflected in the tables below were made to each PEO’s total compensation for each year reflected in the Summary Compensation Table (SCT) to determine the CAP values. For Mr. Adkerson, he has reached the maximum years of service under the SERP and thus FCX did not recognize a service cost for him during any of the years reflected in the table.
SCT to CAP Reconciliation — PEO — Adkerson (A)
 
               
Adjust Value of Current
Year’s Equity Grant
    
Adjust For Incremental
Increase/(Decrease)
in
Value of All Other Outstanding Equity Grants
        
Year
  
SCT Total
    
Subtract

Pension
Value
reported
in SCT
    
Subtract

Grant Date
Fair Value
as reported
in SCT
    
Add
Fair
Value
at 12/31
    
Add
 Change
in Fair Value
of Unvested
Awards as
of 12/31
    
Add
 Change
in Fair Value
of Vested
Awards
during Year
    
Forfeited
during
Year
    
Accrued
Dividend
Equivalents
    
CAP
  
 2024
 
  
 
$23,744,421
 
  
 
$(4,385,577
) 
  
 
$(12,542,380)
 
  
 
$11,730,530
 
  
 
$(1,157,955)
 
  
 
$(1,762,113)
 
  
 
$   —
 
  
 
$824,272
 
  
 
$16,451,198
 
 2023
 
  
 
24,017,321
 
  
 
(3,904,609
) 
  
 
(12,518,840
) 
  
 
12,051,685
 
  
 
134,268
 
  
 
5,037,937
 
  
 
 —
 
  
 
458,401
 
  
 
25,276,163
 
 2022
  
 
20,521,929
 
  
 
(3,505,075
) 
  
 
(11,036,050
) 
  
 
10,018,375
 
  
 
(5,674,233
) 
  
 
(4,664,116
) 
  
 
—
 
  
 
1,503,807
 
  
 
7,164,637
 
 2021
  
 
19,111,894
 
  
 
(3,163,533
) 
  
 
(9,818,515
) 
  
 
24,933,600
 
  
 
25,690,784
 
  
 
18,530,775
 
  
 
—
 
  
 
401,757
 
  
 
75,686,762
 
 2020
  
 
16,720,881
 
  
 
(2,869,719
) 
  
 
(9,683,022
) 
  
 
39,619,191
 
  
 
23,782,666
 
  
 
3,477,499
 
  
 
—
 
  
 
—
 
  
 
71,047,496
 
 
SCT to CAP Reconciliation — PEO — Quirk (A)
 
               
Adjust Value of Current
Year’s Equity Grant
    
Adjust For Incremental
Increase/(Decrease)
in
Value of All Other Outstanding Equity Grants
        
Year
  
SCT Total
    
Subtract

Pension
Value
reported
in SCT
    
Subtract

Grant Date
Fair Value
as reported
in SCT
    
Add
Fair
Value
at 12/31
    
Add
 Change
in Fair Value
of Unvested
Awards as
of 12/31
    
Add
 Change
in Fair Value
of Vested
Awards
during Year
    
Forfeited
during
Year
    
Accrued
Dividend
Equivalents
    
CAP
  
 2024 
  
 
$13,286,084
 
  
 
$   — 
 
  
 
$(9,528,290)
 
  
 
$8,606,435
 
  
 
$(731,685)
 
  
 
$(1,111,390)
 
  
 
$   — 
 
  
 
$414,721
 
  
 
$10,935,875
 
 
  (A)
In determining the fair value of unvested equity awards, we applied the same methodology used to determine grant date fair value of equity awards for purposes of accounting for share-based payments as described in our 2024 Form
10-K,
but calculated fair value as of the last day of the year. Factors impacting the fair value of the equity awards primarily relate to the price of our common stock at year end, as well as the projected and actual achievement of performance goals related to our PSUs.
 
(3)
Our NEOs other than our PEOs for each fiscal year included in the table were as follows: 2024 — Maree E. Robertson, Stephen T. Higgins, and Douglas N. Currault II; 2023 and 2022 — Kathleen L. Quirk, Maree E. Robertson, Stephen T. Higgins, and Douglas N. Currault II; 2021 — Kathleen L. Quirk, Stephen T. Higgins, and Douglas N. Currault II; 2020 — Kathleen L. Quirk and Harry M. Conger. The amounts reported in this column represent the average of the total compensation reported for each named executive officer (excluding our PEOs) in the Summary Compensation Table in each applicable year.
 
(4)
The amounts reported in this column represent the average CAP for the NEOs as a group (excluding our PEOs), as computed in accordance with Item 402(v) of Regulation
S-K.
The amounts do not reflect the actual average amount of compensation earned by or delivered to the NEOs as a group during the applicable year. In accordance with the requirements of Item 402(v) of Regulation
S-K,
the adjustments reflected in the table below were made to the average total compensation for the NEOs for each year reflected in the Summary Compensation Table on page 52 to determine the CAP values. Mr. Conger and Mr. Higgins, the only other NEOs who have pension benefits, each reached the maximum years of service under the SRP and thus FCX did not recognize a service cost for either executive during any of the years reflected in the table.
SCT to CAP Reconciliation — Average of All Other NEOs (A)
 
                
Adjust Value of Current
Year’s Equity Grant
    
Adjust For Incremental
Increase/(Decrease)
in
Value of All Other Outstanding Equity Grants
        
Year
   
SCT Total
    
Subtract

Pension
Value
reported
in SCT
    
Subtract

Grant Date
Fair Value
as reported
in SCT
    
Add

Fair Value
at 12/31
    
Add
 Change
in Fair Value
of Unvested
Awards as
of 12/31
    
Add
 Change
in Fair Value
of Awards
Vested
during Year
    
Forfeited
during
Year
    
Accrued
Dividend
Equivalents
    
CAP
  
 2024 
   
 
$3,646,350
 
  
 
$—
 
  
 
$(1,917,153)
 
  
 
$1,799,912
 
  
 
$(182,497
) 
  
 
$(223,898
) 
  
 
$—
 
  
 
$62,867
 
  
 
$3,185,580
 
 2023 
   
 
5,123,031
 
  
 
(311
) 
  
 
(3,266,249
) 
  
 
3,152,590
 
  
 
113,415
 
  
 
576,402
 
  
 
—
 
  
 
99,300
 
  
 
5,798,178
 
 2022
   
 
5,191,453
 
  
 
—
 
  
 
(3,358,315
) 
  
 
2,970,644
 
  
 
(600,525
) 
  
 
(459,070
) 
  
 
—
 
  
 
187,462
 
  
 
3,931,649
 
 2021
   
 
4,086,801
 
  
 
—
 
  
 
(2,132,295
) 
  
 
4,334,855
 
  
 
4,842,400
 
  
 
3,498,433
 
  
 
—
 
  
 
80,938
 
  
 
14,711,132
 
 2020
   
 
4,976,641
 
  
 
(151,488
) 
  
 
(3,541,824
) 
  
 
11,427,713
 
  
 
9,245,824
 
  
 
1,569,827
 
  
 
(248,590
) 
  
 
(1,917
) 
  
 
23,276,187
 
 
  (A)
In determining the fair value of unvested equity awards, we applied the same methodology used to determine grant date fair value of equity awards for purposes of accounting for share-based payments as described in our 2024 Form
10-K,
but calculated fair value as of the last day of the year. Factors impacting the fair value of the equity awards primarily relate to the price of our common stock at year end, as well as the projected and actual achievement of performance goals related to our PSUs.
 
(5)
Represents the weighted peer group total stockholder return, or “TSR,” weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the following published industry index: S&P Metals and Mining Select Industry Index, which is the industry line peer group reported in our performance graph under Item 201(e) of Regulation
S-K
included in our Annual Report.
 
(6)
Net income represents net income attributable to common stock as reported in our consolidated financial statements that appear in our Annual Report on Form
10-K.
 
(7)
While we use numerous financial and
non-financial
performance measures for the purpose of evaluating performance under our AIP and LTIP, we believe that ROI represents the most important performance measure (that is not otherwise required to be disclosed in the table) we use to link compensation actually paid to our executive officers to company performance. Per SEC guidance, the table reflects our annual ROI for each year; however, we use a three-year average ROI to measure performance for purposes of the PSUs granted under our LTIP.
       
Company Selected Measure Name     Return on Investment        
Named Executive Officers, Footnote     Our NEOs other than our PEOs for each fiscal year included in the table were as follows: 2024 — Maree E. Robertson, Stephen T. Higgins, and Douglas N. Currault II; 2023 and 2022 — Kathleen L. Quirk, Maree E. Robertson, Stephen T. Higgins, and Douglas N. Currault II; 2021 — Kathleen L. Quirk, Stephen T. Higgins, and Douglas N. Currault II; 2020 — Kathleen L. Quirk and Harry M. Conger. The amounts reported in this column represent the average of the total compensation reported for each named executive officer (excluding our PEOs) in the Summary Compensation Table in each applicable year.        
Peer Group Issuers, Footnote     Represents the weighted peer group total stockholder return, or “TSR,” weighted according to the respective companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the following published industry index: S&P Metals and Mining Select Industry Index, which is the industry line peer group reported in our performance graph under Item 201(e) of Regulation
S-K
included in our Annual Report. 		       
Adjustment To PEO Compensation, Footnote    
(2)
The amounts reported in this column represent the CAP for each PEO, as computed in accordance with Item 402(v) of Regulation
S-K.
The amounts do not reflect the actual amount of compensation earned by or delivered to each PEO during the applicable year. In accordance with the requirements of Item 402(v) of Regulation
S-K,
the adjustments reflected in the tables below were made to each PEO’s total compensation for each year reflected in the Summary Compensation Table (SCT) to determine the CAP values. For Mr. Adkerson, he has reached the maximum years of service under the SERP and thus FCX did not recognize a service cost for him during any of the years reflected in the table.
SCT to CAP Reconciliation — PEO — Adkerson (A)
 
               
Adjust Value of Current
Year’s Equity Grant
    
Adjust For Incremental
Increase/(Decrease)
in
Value of All Other Outstanding Equity Grants
        
Year
  
SCT Total
    
Subtract

Pension
Value
reported
in SCT
    
Subtract

Grant Date
Fair Value
as reported
in SCT
    
Add
Fair
Value
at 12/31
    
Add
 Change
in Fair Value
of Unvested
Awards as
of 12/31
    
Add
 Change
in Fair Value
of Vested
Awards
during Year
    
Forfeited
during
Year
    
Accrued
Dividend
Equivalents
    
CAP
  
 2024
 
  
 
$23,744,421
 
  
 
$(4,385,577
) 
  
 
$(12,542,380)
 
  
 
$11,730,530
 
  
 
$(1,157,955)
 
  
 
$(1,762,113)
 
  
 
$   —
 
  
 
$824,272
 
  
 
$16,451,198
 
 2023
 
  
 
24,017,321
 
  
 
(3,904,609
) 
  
 
(12,518,840
) 
  
 
12,051,685
 
  
 
134,268
 
  
 
5,037,937
 
  
 
 —
 
  
 
458,401
 
  
 
25,276,163
 
 2022
  
 
20,521,929
 
  
 
(3,505,075
) 
  
 
(11,036,050
) 
  
 
10,018,375
 
  
 
(5,674,233
) 
  
 
(4,664,116
) 
  
 
—
 
  
 
1,503,807
 
  
 
7,164,637
 
 2021
  
 
19,111,894
 
  
 
(3,163,533
) 
  
 
(9,818,515
) 
  
 
24,933,600
 
  
 
25,690,784
 
  
 
18,530,775
 
  
 
—
 
  
 
401,757
 
  
 
75,686,762
 
 2020
  
 
16,720,881
 
  
 
(2,869,719
) 
  
 
(9,683,022
) 
  
 
39,619,191
 
  
 
23,782,666
 
  
 
3,477,499
 
  
 
—
 
  
 
—
 
  
 
71,047,496
 
 
SCT to CAP Reconciliation — PEO — Quirk (A)
 
               
Adjust Value of Current
Year’s Equity Grant
    
Adjust For Incremental
Increase/(Decrease)
in
Value of All Other Outstanding Equity Grants
        
Year
  
SCT Total
    
Subtract

Pension
Value
reported
in SCT
    
Subtract

Grant Date
Fair Value
as reported
in SCT
    
Add
Fair
Value
at 12/31
    
Add
 Change
in Fair Value
of Unvested
Awards as
of 12/31
    
Add
 Change
in Fair Value
of Vested
Awards
during Year
    
Forfeited
during
Year
    
Accrued
Dividend
Equivalents
    
CAP
  
 2024 
  
 
$13,286,084
 
  
 
$   — 
 
  
 
$(9,528,290)
 
  
 
$8,606,435
 
  
 
$(731,685)
 
  
 
$(1,111,390)
 
  
 
$   — 
 
  
 
$414,721
 
  
 
$10,935,875
 
 
  (A)
In determining the fair value of unvested equity awards, we applied the same methodology used to determine grant date fair value of equity awards for purposes of accounting for share-based payments as described in our 2024 Form
10-K,
but calculated fair value as of the last day of the year. Factors impacting the fair value of the equity awards primarily relate to the price of our common stock at year end, as well as the projected and actual achievement of performance goals related to our PSUs.
       
Non-PEO NEO Average Total Compensation Amount     $ 3,646,350 $ 5,123,031 $ 5,191,453 $ 4,086,801 $ 4,976,641
Non-PEO NEO Average Compensation Actually Paid Amount     $ 3,185,580 5,798,178 3,931,649 14,711,132 23,276,187
Adjustment to Non-PEO NEO Compensation Footnote    
(4)
The amounts reported in this column represent the average CAP for the NEOs as a group (excluding our PEOs), as computed in accordance with Item 402(v) of Regulation
S-K.
The amounts do not reflect the actual average amount of compensation earned by or delivered to the NEOs as a group during the applicable year. In accordance with the requirements of Item 402(v) of Regulation
S-K,
the adjustments reflected in the table below were made to the average total compensation for the NEOs for each year reflected in the Summary Compensation Table on page 52 to determine the CAP values. Mr. Conger and Mr. Higgins, the only other NEOs who have pension benefits, each reached the maximum years of service under the SRP and thus FCX did not recognize a service cost for either executive during any of the years reflected in the table.
SCT to CAP Reconciliation — Average of All Other NEOs (A)
 
                
Adjust Value of Current
Year’s Equity Grant
    
Adjust For Incremental
Increase/(Decrease)
in
Value of All Other Outstanding Equity Grants
        
Year
   
SCT Total
    
Subtract

Pension
Value
reported
in SCT
    
Subtract

Grant Date
Fair Value
as reported
in SCT
    
Add

Fair Value
at 12/31
    
Add
 Change
in Fair Value
of Unvested
Awards as
of 12/31
    
Add
 Change
in Fair Value
of Awards
Vested
during Year
    
Forfeited
during
Year
    
Accrued
Dividend
Equivalents
    
CAP
  
 2024 
   
 
$3,646,350
 
  
 
$—
 
  
 
$(1,917,153)
 
  
 
$1,799,912
 
  
 
$(182,497
) 
  
 
$(223,898
) 
  
 
$—
 
  
 
$62,867
 
  
 
$3,185,580
 
 2023 
   
 
5,123,031
 
  
 
(311
) 
  
 
(3,266,249
) 
  
 
3,152,590
 
  
 
113,415
 
  
 
576,402
 
  
 
—
 
  
 
99,300
 
  
 
5,798,178
 
 2022
   
 
5,191,453
 
  
 
—
 
  
 
(3,358,315
) 
  
 
2,970,644
 
  
 
(600,525
) 
  
 
(459,070
) 
  
 
—
 
  
 
187,462
 
  
 
3,931,649
 
 2021
   
 
4,086,801
 
  
 
—
 
  
 
(2,132,295
) 
  
 
4,334,855
 
  
 
4,842,400
 
  
 
3,498,433
 
  
 
—
 
  
 
80,938
 
  
 
14,711,132
 
 2020
   
 
4,976,641
 
  
 
(151,488
) 
  
 
(3,541,824
) 
  
 
11,427,713
 
  
 
9,245,824
 
  
 
1,569,827
 
  
 
(248,590
) 
  
 
(1,917
) 
  
 
23,276,187
 
 
  (A)
In determining the fair value of unvested equity awards, we applied the same methodology used to determine grant date fair value of equity awards for purposes of accounting for share-based payments as described in our 2024 Form
10-K,
but calculated fair value as of the last day of the year. Factors impacting the fair value of the equity awards primarily relate to the price of our common stock at year end, as well as the projected and actual achievement of performance goals related to our PSUs.
       
Compensation Actually Paid vs. Total Shareholder Return    
LOGO
       
Compensation Actually Paid vs. Net Income    
LOGO
       
Compensation Actually Paid vs. Company Selected Measure    
LOGO
       
Total Shareholder Return Vs Peer Group    
LOGO
       
Tabular List, Table    
Performance Measures
As described in greater detail in “Compensation Discussion and Analysis,” our executive compensation program reflects a
pay-for-performance
philosophy. The metrics that we use under our AIP and LTIP are selected with the objective of linking our NEO’s compensation to the key metrics driving our future growth and incentivizing our NEOs to focus on critical elements of our strategic priorities each year. In accordance with the requirements of Item 402(v) of Regulation
S-K,
the most important financial and
non-financial
performance measures used to link executive compensation actually paid to our NEOs, for the most recently completed fiscal year, to our performance are as follows:
 
 
MOST IMPORTANT PERFORMANCE MEASURES (WITHOUT RANKING)
§
  Return on Investment
   
§
  Relative TSR
§
  Consolidated Adjusted EBITDA
   
§
  Copper Sales
        
Total Shareholder Return Amount     $ 306.59 338.45 297.71 321.27 199.07
Peer Group Total Shareholder Return Amount     208.99 218.23 178.99 157.75 116.44
Net Income (Loss)     $ 1,889,000,000 $ 1,848,000,000 $ 3,468,000,000 $ 4,306,000,000 $ 599,000,000
Company Selected Measure Amount     0.1795 0.1777 0.2679 0.385 0.1169
Measure:: 1              
Pay vs Performance Disclosure              
Name     Return on Investment        
Measure:: 2              
Pay vs Performance Disclosure              
Name     Relative TSR        
Measure:: 3              
Pay vs Performance Disclosure              
Name     Consolidated Adjusted EBITDA        
Measure:: 4              
Pay vs Performance Disclosure              
Name     Copper Sales        
Richard C. Adkerson [Member]              
Pay vs Performance Disclosure              
PEO Total Compensation Amount     $ 23,744,421 $ 24,017,321 $ 20,521,929 $ 19,111,894 $ 16,720,881
PEO Actually Paid Compensation Amount     16,451,198 $ 25,276,163 $ 7,164,637 $ 75,686,762 $ 71,047,496
PEO Name Richard C. Adkerson     Richard C. Adkerson Richard C. Adkerson Richard C. Adkerson Richard C. Adkerson
Kathleen L. Quirk [Member]              
Pay vs Performance Disclosure              
PEO Total Compensation Amount     13,286,084 $ 0 $ 0 $ 0 $ 0
PEO Actually Paid Compensation Amount     10,935,875 0 0 0 0
PEO Name   Kathleen L. Quirk          
PEO | Richard C. Adkerson [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (4,385,577) (3,904,609) (3,505,075) (3,163,533) (2,869,719)
PEO | Richard C. Adkerson [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (12,542,380) (12,518,840) (11,036,050) (9,818,515) (9,683,022)
PEO | Richard C. Adkerson [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     11,730,530 12,051,685 10,018,375 24,933,600 39,619,191
PEO | Richard C. Adkerson [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (1,157,955) 134,268 (5,674,233) 25,690,784 23,782,666
PEO | Richard C. Adkerson [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (1,762,113) 5,037,937 (4,664,116) 18,530,775 3,477,499
PEO | Richard C. Adkerson [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     0 0 0 0 0
PEO | Richard C. Adkerson [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     824,272 458,401 1,503,807 401,757 0
PEO | Kathleen L. Quirk [Member] | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     0        
PEO | Kathleen L. Quirk [Member] | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (9,528,290)        
PEO | Kathleen L. Quirk [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     8,606,435        
PEO | Kathleen L. Quirk [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (731,685)        
PEO | Kathleen L. Quirk [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (1,111,390)        
PEO | Kathleen L. Quirk [Member] | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     0        
PEO | Kathleen L. Quirk [Member] | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     414,721        
Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     0 (311) 0 0 (151,488)
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (1,917,153) (3,266,249) (3,358,315) (2,132,295) (3,541,824)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     1,799,912 3,152,590 2,970,644 4,334,855 11,427,713
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (182,497) 113,415 (600,525) 4,842,400 9,245,824
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     (223,898) 576,402 (459,070) 3,498,433 1,569,827
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     0 0 0 0 (248,590)
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount     $ 62,867 $ 99,300 $ 187,462 $ 80,938 $ (1,917)
v3.25.1
Award Timing Disclosure
 12 Months Ended
Dec. 31, 2024
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure
Equity Grant Timing Practices
The committee’s policy is to make annual equity awards under our LTIP at its first or second regular meeting of the year, which is usually held in early February following our fourth quarter earnings release. This meeting is scheduled approximately 24 months in advance and targeted to fall within the window period following the release of the company’s earnings for the fourth quarter of the previous year. To the extent the committee approves any
out-of-cycle
awards at other times during the year, such awards are made during an open window period during which our executive officers and directors are generally permitted to trade company securities. The committee does not take material nonpublic information into account when determining the timing and terms of equity awards, and the company does not time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation. The company has not granted stock options since 2021.
The terms of our stock incentive plan provide that the exercise price of each stock option cannot be less than the fair market value of a share of our common stock on the grant date. Pursuant to the committee’s policies, for purposes of our stock incentive plan, the fair market value of our common stock is determined by reference to the closing quoted per share sale price of our common stock on the grant date. In addition, our stock incentive plan permits the committee to delegate to appropriate personnel its authority to make awards to employees other than those subject to Section 16 of the Exchange Act.
Our current equity grant policy provides that each of our president and CEO and chief administrative officer has authority to make or modify grants to such employees, subject to the following conditions:
 
§
  
no grant may relate to more than 20,000 shares of our common stock if the award is a full-value award and not more than 40,000 shares if the award is an appreciation award;
 
§
  
such grants must be approved during an open window period and must be approved in writing by such officer, the grant date being the date of such written approval or such later date set forth in the grant instrument;
 
§
  
the exercise price of any options granted may not be less than the fair market value of our common stock on the date of grant; and
 
§
  
any such grants must be reported to the committee at its next meeting.
Award Timing Method The terms of our stock incentive plan provide that the exercise price of each stock option cannot be less than the fair market value of a share of our common stock on the grant date. Pursuant to the committee’s policies, for purposes of our stock incentive plan, the fair market value of our common stock is determined by reference to the closing quoted per share sale price of our common stock on the grant date.
Award Timing Predetermined true
MNPI Disclosure Timed for Compensation Value false
v3.25.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true