Proxy Summary | ||||||
Voting Matters and Board Recommendations | ||||||
Our Governance Practices | ||||||
Director Nominees | ||||||
Security Ownership of Principal Shareholders and Management | ||||||
Delinquent Section 16(a) | Reports | |||||
Information About the Board of Directors | ||||||
Proposal 1 - Election of Directors | ||||||
Nominees for Directors for Terms of | Office Continuing until 2022 | |||||
Compensation of | ||||||
Governance of Your Company | ||||||
Governance Policies and Practices | ||||||
Certain Relationships and Transactions | ||||||
Compensation of Named Executive Officers and Directors | ||||||
Proposal 2 - Say-on-Pay: Advisory Vote on Compensation of Named Executive Officers | ||||||
Report of the Compensation Committee | ||||||
Compensation Committee Interlocks and Insider Participation | ||||||
Compensation Discussion and Analysis | ||||||
Audit-Related Matters | ||||||
Proposal 3 - Ratifying the Selection of the Independent Registered Public Accounting Firm | ||||||
Report of the Audit Committee | ||||||
Fees Billed by the Independent Registered Public Accounting Firm | ||||||
Services Provided by the Independent Registered Public Accounting Firm | ||||||
Frequently Asked Questions | ||||||
Conclusion | ||||||
Shareholder Proposals, Director Nominations and Important Dates | ||||||
Cost of Solicitation | ||||||
Other Business | ||||||
Appendix Comparable GAAP Measures |
Our Board’s Recommendation | |||||
Election of Directors (Page | FOR Each Director Nominee | ||||
Advisory Vote to Approve Executive Compensation (Page | FOR | ||||
Ratification of Auditors (Page 68) | FOR |
Name | Age | Primary Occupation | Independent | Committee Memberships | Other Public Company Boards | Name | Age | Primary Occupation | Independent | Committee Memberships | Other Public Company Boards | |||||||||||
Thomas J. Aaron | Thomas J. Aaron | 59 | Executive Vice President and Chief Financial Officer (Retired), Community Health Systems Inc. | ü | A | 0 | ||||||||||||||||
William F. Bahl* | 67 | Chairman, Bahl & Gaynor Investment Counsel Inc. | ü | A, E, I, N (Chair) | 0 | William F. Bahl* | 69 | Chairman, Bahl & Gaynor Investment Counsel Inc. | ü | A, E, I, N (Chair) | 0 | |||||||||||
Gregory T. Bier | 72 | Managing Partner (Retired), Deloitte LLP | ü | A, I | 0 | |||||||||||||||||
Nancy C. Benacci | Nancy C. Benacci | 65 | Head of Equity Research (Retired), KeyBanc Capital Markets | ü | I | 0 | ||||||||||||||||
Linda W. Clement-Holmes | 56 | Chief Information Officer (Retired), The Procter & Gamble Company | ü | A, C, N | 0 | Linda W. Clement-Holmes | 58 | Chief Information Officer (Retired), The Procter & Gamble Company | ü | A, C, N | 1 | |||||||||||
Dirk J. Debbink | 63 | Chairman and Chief Executive Officer, MSI General Corporation | ü | A, N | 0 | Dirk J. Debbink | 65 | Chairman and Chief Executive Officer, MSI General Corporation | ü | A, N | 0 | |||||||||||
Steven J. Johnston | 59 | President and Chief Executive Officer, Cincinnati Financial Corporation | E (Chair), I | 0 | Steven J. Johnston | 61 | Chairman, President and Chief Executive Officer, Cincinnati Financial Corporation | E (Chair), I (Chair) | 0 | |||||||||||||
Kenneth C. Lichtendahl | 70 | Director of Development and Sales, Heliosphere Designs LLC | ü | A, C | 0 | Kenneth C. Lichtendahl | 72 | Director of Development and Sales (Retired), Heliosphere Designs LLC | ü | C | 0 | |||||||||||
W. Rodney McMullen | 58 | Chairman and Chief Executive Officer, The Kroger Co. | ü | C (Chair), E, I | 2 | |||||||||||||||||
Jill P. Meyer | Jill P. Meyer | 49 | President and Chief Executive Officer, Cincinnati USA Regional Chamber | ü | A | 0 | ||||||||||||||||
David P. Osborn | 58 | President, Osborn Williams & Donohoe LLC | ü | A, C, I | 0 | David P. Osborn | 60 | President, Osborn Williams & Donohoe LLC | ü | A, C (Chair), I | 0 | |||||||||||
Gretchen W. Price | 64 | Executive Vice President, Chief Financial and Administrative Officer (Retired), Arbonne International LLC | ü | A (Chair), C, N | 0 | |||||||||||||||||
Thomas R. Schiff | 71 | Chairman and Chief Executive Officer, John J. & Thomas R. Schiff & Co. Inc. | I | 0 | ||||||||||||||||||
Gretchen W. Schar | Gretchen W. Schar | 66 | Executive Vice President, Chief Financial and Administrative Officer (Retired), Arbonne International LLC | ü | A (Chair), C, N | 1 | ||||||||||||||||
Charles O. Schiff | Charles O. Schiff | 51 | Executive Vice President, Secretary and Treasurer, John J. & Thomas R. Schiff & Co. Inc. | I | 0 | |||||||||||||||||
Douglas S. Skidmore | 56 | Chief Executive Officer, Skidmore Sales & Distributing Company Inc. | ü | A, N | 0 | Douglas S. Skidmore | 58 | Chief Executive Officer, Skidmore Sales & Distributing Company Inc. | ü | E, N | 0 | |||||||||||
Kenneth W. Stecher | 72 | Chairman of the Board, Cincinnati Financial Corporation | E, I (Chair) | 0 | ||||||||||||||||||
John F. Steele, Jr. | 65 | Chairman and Chief Executive Officer, Hilltop Basic Resources Inc. | ü | A, E | 0 | John F. Steele, Jr. | 67 | Chairman and Chief Executive Officer, Hilltop Basic Resources Inc. | ü | E | 0 | |||||||||||
Larry R. Webb | 63 | President, Webb Insurance Agency Inc. | E, I | 0 | Larry R. Webb | 65 | President, Webb Insurance Agency Inc. | E, I | 0 |
Name and Principal Position | Salary ($) | Bonus ($) | Stock Awards ($) | Option Awards ($) | Non- Equity Incentive Plan Compensa- tion ($) | Change in Pension Value and Non- Qualified Deferred Compensa- tion Earnings ($) | All Other Compensa- tion ($) | Total Compensa- tion ($) | ||||||||||||||||||
Steven J. Johnston | 1,129,740 | — | 1,167,096 | 902,382 | 410,175 | — | 230,391 | 3,839,784 | ||||||||||||||||||
Chairman, President & Chief Executive Officer | ||||||||||||||||||||||||||
Michael J. Sewell | 940,608 | — | 663,834 | 443,968 | 204,907 | — | 158,331 | 2,411,648 | ||||||||||||||||||
Chief Financial Officer | ||||||||||||||||||||||||||
Martin F. Hollenbeck | 785,168 | — | 554,352 | 370,603 | 171,045 | — | 129,739 | 2,010,907 | ||||||||||||||||||
Chief Investment Officer | ||||||||||||||||||||||||||
Martin J. Mullen (Ret.) | 688,485 | — | 483,666 | 323,316 | 149,220 | 382,417 | 20,883 | 2,047,987 | ||||||||||||||||||
Chief Claims Officer | ||||||||||||||||||||||||||
John S. Kellington | 642,029 | — | 454,159 | 303,567 | 140,107 | — | 106,865 | 1,646,727 | ||||||||||||||||||
Chief Information Officer | ||||||||||||||||||||||||||
Stephen M. Spray | 735,773 | — | 530,243 | 354,462 | 163,597 | 530,698 | 31,173 | 2,345,946 | ||||||||||||||||||
Chief Insurance Officer | ||||||||||||||||||||||||||
Name and Principal Position | Salary ($) | Bonus ($) | Stock Awards ($) | Option Awards ($) | Non- Equity Incentive Plan Compensa- tion ($) | Change in Pension Value and Non- Qualified Deferred Compensa- tion Earnings ($) | All Other Compensa- tion ($) | Total Compensa- tion ($) | |||||||
Steven J. Johnston | 1,025,385 | — | 999,111 | 849,752 | 339,900 | — | 230,462 | 3,444,610 | |||||||
Chief Executive Officer & President | |||||||||||||||
Jacob F. Scherer, Jr. | 949,152 | — | 638,786 | 464,800 | 185,918 | 621,358 | 26,991 | 2,887,005 | |||||||
Chief Insurance Officer | |||||||||||||||
Michael J. Sewell | 851,218 | — | 574,408 | 418,034 | 167,213 | — | 150,667 | 2,161,540 | |||||||
Chief Financial Officer | |||||||||||||||
Martin F. Hollenbeck | 710,560 | — | 479,777 | 348,963 | 139,582 | — | 120,935 | 1,799,817 | |||||||
Chief Investment Officer | |||||||||||||||
Martin J. Mullen | 616,919 | — | 418,678 | 304,423 | 121,767 | 104,226 | 22,883 | 1,588,896 | |||||||
Chief Claims Officer | |||||||||||||||
Title of Class | Name and Address of Beneficial Owner | Amount and Nature of Beneficial Ownership | Footnote Reference | Percent of Class | ||||||||||
Common Stock | The Vanguard Group Inc. | 17,548,657 | (1) | 10.90 | ||||||||||
100 Vanguard Blvd. | ||||||||||||||
Malvern, PA 19355 | ||||||||||||||
Common Stock | BlackRock Inc. | 12,257,437 | (2) | 7.61 | ||||||||||
55 East 52nd Street | ||||||||||||||
New York, NY 10055 | ||||||||||||||
Common Stock | Select Equity Group L.P. | 9,110,578 | (3) | 5.66 | ||||||||||
380 Lafayette Street, 6th Floor | ||||||||||||||
New York, NY 10003 | ||||||||||||||
Common Stock | State Street Corporation | 8,842,778 | (4) | 5.49 | ||||||||||
State Street Financial Center | ||||||||||||||
One Lincoln Street | ||||||||||||||
Boston, MA 02111 | ||||||||||||||
Common Stock | Thomas R. Schiff | 8,573,732 | (5)(6)(7)(8) | 5.32 | ||||||||||
Cincinnati Financial Corporation | ||||||||||||||
6200 South Gilmore Road | ||||||||||||||
Fairfield, OH 45014 | ||||||||||||||
Common Stock | Aristotle Capital Management LLC | 8,064,429 | (9) | 5.01 | ||||||||||
11100 Santa Monica Blvd., Suite 1700 | ||||||||||||||
Los Angeles, CA 90025 | ||||||||||||||
Title of Class | Name and Address of Beneficial Owner | Amount and Nature of Beneficial Ownership | Footnote Reference | Percent of Class | ||
Common Stock | The Vanguard Group Inc. | 18,383,549 | (1) | 11.27 | ||
100 Vanguard Blvd. | ||||||
Malvern, PA 19355 | ||||||
Common Stock | BlackRock Inc. | 13,530,397 | (2) | 8.29 | ||
55 East 52nd Street | ||||||
New York, NY 10055 | ||||||
Common Stock | State Street Corporation | 9,713,262 | (3) | 5.95 | ||
State Street Financial Center | ||||||
One Lincoln Street | ||||||
Boston, MA 02111 | ||||||
Common Stock | Thomas R. Schiff | 8,954,808 | (4)(5)(6)(7) | 5.49 | ||
Cincinnati Financial Corporation | ||||||
6200 South Gilmore Road | ||||||
Fairfield, OH 45014 | ||||||
Name of Beneficial Owner | Amount and Nature of Beneficial Ownership | Footnote Reference | Percent of Class | |||||
Other Directors and Named Executive Officers | ||||||||
William F. Bahl, CFA, CIC | 231,659 | (8) | 0.14 | |||||
Gregory T. Bier, CPA (ret.) | 27,259 | 0.02 | ||||||
Linda W. Clement-Holmes | 11,346 | 0.01 | ||||||
Dirk J. Debbink | 30,477 | 0.02 | ||||||
Martin F. Hollenbeck, CFA, CPCU | 111,401 | (9)(10) | 0.07 | |||||
Steven J. Johnston, FCAS, MAAA, CFA, CERA | 384,552 | (9)(10) | 0.24 | |||||
Kenneth C. Lichtendahl | 37,069 | 0.02 | ||||||
W. Rodney McMullen | 52,594 | 0.03 | ||||||
Martin J. Mullen | 121,663 | (7)(9) | 0.07 | |||||
David P. Osborn, CFA | 40,649 | 0.02 | ||||||
Gretchen W. Price | 28,319 | 0.02 | ||||||
Jacob F. Scherer, Jr. | 243,282 | (7)(9) | 0.15 | |||||
Michael J. Sewell, CPA | 151,574 | (7)(9)(10) | 0.09 | |||||
Douglas S. Skidmore | 38,198 | (11) | 0.02 | |||||
Kenneth W. Stecher | 198,156 | (7)(9) | 0.12 | |||||
John F. Steele, Jr. | 25,467 | 0.02 | ||||||
Larry R. Webb, CPCU | 501,774 | (12) | 0.31 | |||||
All directors and nondirector executive officers as a group (27 individuals) | 11,680,039 | (4)(5)(6)(7)(8) (9)(10)(11)(12) | 7.16 | |||||
Name of Beneficial Owner | Amount and Nature of Beneficial Ownership | Footnote Reference | Percent of Class | |||||||||||
Other Directors and Named Executive Officers | ||||||||||||||
Thomas J. Aaron, CPA | 5,839 | — | ||||||||||||
William F. Bahl, CFA, CIC | 233,776 | (10) | 0.15 | |||||||||||
Nancy C. Benacci | 1,702 | — | ||||||||||||
Linda W. Clement-Holmes | 13,463 | 0.01 | ||||||||||||
Dirk J. Debbink | 39,602 | 0.02 | ||||||||||||
Martin F. Hollenbeck, CFA, CPCU | 184,634 | (11)(12) | 0.11 | |||||||||||
Steven J. Johnston, FCAS, MAAA, CFA, CERA | 592,777 | (11)(12) | 0.37 | |||||||||||
John S. Kellington | 152,784 | 0.09 | ||||||||||||
Kenneth C. Lichtendahl | 39,186 | 0.02 | ||||||||||||
Jill P. Meyer, Esq. | 1,628 | — | ||||||||||||
David P. Osborn, CFA | 44,881 | 0.03 | ||||||||||||
Gretchen W. Schar | 30,436 | 0.02 | ||||||||||||
Charles O. Schiff | 1,787,619 | (8)(13) | 1.11 | |||||||||||
Michael J. Sewell, CPA | 237,169 | (11)(12) | 0.15 | |||||||||||
Douglas S. Skidmore | 46,560 | (14) | 0.03 | |||||||||||
Stephen M. Spray | 114,271 | (8)(11) | 0.07 | |||||||||||
John F. Steele, Jr. | 27,584 | (8) | 0.02 | |||||||||||
Larry R. Webb, CPCU | 503,891 | (15) | 0.31 | |||||||||||
All directors and nondirector executive officers as a group (27 individuals) | 11,996,950 | (4)(5)(6)(7)(8) (10)(11)(12) (13)(14)(15) | 8.22 | |||||||||||
Aaron | Bahl | Benacci | Clement-Holmes | Debbink | Johnston | Lichtendahl | Meyer | Osborn | Schar | C. Schiff | Skidmore | Steele | Webb | |||||||||||||||||||||||||||||||
Business Management | X | X | X | X | X | X | X | X | X | X | X | X | X | X | ||||||||||||||||||||||||||||||
Leadership | X | X | X | X | X | X | X | X | X | X | X | X | X | X | ||||||||||||||||||||||||||||||
Financial Expertise | X | X | X | X | X | X | ||||||||||||||||||||||||||||||||||||||
Insurance | X | X | X | X | X | |||||||||||||||||||||||||||||||||||||||
Investment | X | X | X | X | ||||||||||||||||||||||||||||||||||||||||
Legal | X | |||||||||||||||||||||||||||||||||||||||||||
Accounting and Auditing | X | X | X | |||||||||||||||||||||||||||||||||||||||||
Technology and Information Security | X | X | ||||||||||||||||||||||||||||||||||||||||||
Innovation | X | X | X | |||||||||||||||||||||||||||||||||||||||||
Civic and Community Involvement | X | X | X | X | X | X | X | X | X | X | X | X | X | X | ||||||||||||||||||||||||||||||
Independence | X | X | X | X | X | X | X | X | X | X | X | |||||||||||||||||||||||||||||||||
Diversity | X | X | X | X |
Board | Audit | Compensation | Executive | Investment | Nominating | |||||||||||||||
Mr. Aaron | X | X | ||||||||||||||||||
Mr. Bahl | X | X | X | X | Chair | |||||||||||||||
Ms. Benacci | X | X | ||||||||||||||||||
Ms. Clement-Holmes | X | X | X | X | ||||||||||||||||
Mr. Debbink | X | X | X | |||||||||||||||||
Mr. Johnston | Chair | Chair | Chair | |||||||||||||||||
Mr. Lichtendahl | X | X | ||||||||||||||||||
Ms. Meyer | X | X | ||||||||||||||||||
Mr. Osborn | X | X | Chair | X | ||||||||||||||||
Ms. Schar | X | Chair | X | X | ||||||||||||||||
Mr. C. Schiff | X | X | ||||||||||||||||||
Mr. T. Schiff | X | X | ||||||||||||||||||
Mr. Skidmore | X | X | X | |||||||||||||||||
Mr. Steele, Jr. | X | X | ||||||||||||||||||
Mr. Webb | X | X | X | |||||||||||||||||
Number of 2020 meetings | 14 | 4 | 4 | 3 | 6 | 6 |
Board | Audit | Compensation | Executive | Investment | Nominating | |
Mr. Bahl | X | X | X | X | Chair | |
Mr. Bier | X | X | X | |||
Ms. Clement-Holmes | X | X | X | X | ||
Mr. Debbink | X | X | X | |||
Mr. Johnston | X | Chair | X | |||
Mr. Lichtendahl | X | X | X | |||
Mr. McMullen | X | Chair | X | X | ||
Mr. Osborn | X | X | X | X | ||
Ms. Price | X | Chair | X | X | ||
Mr. T. Schiff | X | X | ||||
Mr. Skidmore | X | X | X | |||
Mr. Stecher | Chair | X | Chair | |||
Mr. Steele, Jr. | X | X | X | |||
Mr. Webb | X | X | X | |||
Number of 2018 meetings | 7 | 4 | 4 | 4 | 6 | 3 |
Annual Cash Retainer | $40,000 | ||||
Annual Stock Retainer | $40,000 | ||||
Chairman Annual Cash | $50,000 | ||||
Lead Director Annual Cash Retainer | $25,000 | ||||
Independent Committee Chair Cash Retainer | $10,000 | ||||
Meeting Fees - Cash | $4,500 per board meeting $1,500 per committee meeting (except investment committee) $6,000 per investment committee meeting $7,500 maximum per day $60,000 minimum per calendar year | ||||
Meeting Fees - Stock | Matches cash meeting fees up to maximum of $60,000 per year |
Name | Fees Earned or Paid in Cash ($) | Stock Awards ($) (2) | All Other Compensation ($) (3) | Total ($) | ||||||||||
Thomas J. Aaron | 119,500 | 100,070 | 1,657 | 221,227 | ||||||||||
William F. Bahl | 199,500 | 100,070 | 2,791 | 302,361 | ||||||||||
Nancy C. Benacci | 60,005 | 60,042 | 515 | 120,562 | ||||||||||
Gregory T. Bier* | 45,017 | 45,074 | 1,289 | 91,380 | ||||||||||
Linda Clement-Holmes | 124,000 | 100,070 | 2,196 | 226,266 | ||||||||||
Dirk J. Debbink | 118,000 | 100,070 | 2,032 | 220,102 | ||||||||||
Kenneth C. Lichtendahl | 112,000 | 100,070 | 1,646 | 213,716 | ||||||||||
W. Rodney McMullen* | 48,396 | 45,074 | 1,417 | 94,887 | ||||||||||
Jill P. Meyer | 119,500 | 100,070 | 1,140 | 220,710 | ||||||||||
David P. Osborn | 156,000 | 100,070 | 1,927 | 257,997 | ||||||||||
Gretchen W. Schar | 132,500 | 100,070 | 1,239 | 233,809 | ||||||||||
Charles O. Schiff | 59,399 | 59,443 | 652 | 119,494 | ||||||||||
Thomas R. Schiff | 139,000 | 100,070 | 1,568 | 240,638 | ||||||||||
Douglas S. Skidmore | 119,500 | 100,070 | 1,771 | 221,341 | ||||||||||
Kenneth W. Stecher* | 61,913 | 45,074 | 1,146 | 108,133 | ||||||||||
John F. Steele, Jr. | 124,000 | 100,070 | 2,064 | 226,134 | ||||||||||
Larry R. Webb | 148,000 | 100,070 | 9,764 | 257,834 | ||||||||||
Name | Fees Earned or Paid in Cash ($) | Stock Awards ($) (2) | All Other Compensation ($) (3) | Total ($) | |||||
William F. Bahl | 168,000 | 100,052 | 10,803 | 278,855 | |||||
Gregory T. Bier | 118,000 | 100,052 | 10,020 | 228,072 | |||||
Linda Clement-Holmes | 88,000 | 88,049 | 2,196 | 178,245 | |||||
Dirk J. Debbink | 82,000 | 82,008 | 10,123 | 174,131 | |||||
Kenneth C. Lichtendahl | 79,000 | 79,027 | 9,839 | 167,866 | |||||
W. Rodney McMullen | 129,500 | 100,052 | 1,692 | 231,244 | |||||
David P. Osborn | 113,500 | 100,052 | 8,799 | 222,351 | |||||
Gretchen W. Price | 98,000 | 88,049 | 1,239 | 187,288 | |||||
Thomas R. Schiff | 107,500 | 100,052 | 1,568 | 209,120 | |||||
Douglas S. Skidmore | 82,000 | 82,008 | 12,094 | 176,102 | |||||
Kenneth W. Stecher | 169,500 | 100,052 | 1,421 | 270,973 | |||||
John F. Steele, Jr. | 97,000 | 97,072 | 2,064 | 196,136 | |||||
Larry R. Webb | 116,500 | 100,052 | 9,764 | 226,316 | |||||
(1) Mr. Johnston is chairman of the board, chief executive officer and president of the company. Compensation for Mr. Johnston is shown |
Name | Title | ||||
Steven J. Johnston | Chairman, President and Chief Executive Officer | ||||
Michael J. Sewell | Chief Financial Officer and Senior Vice President | ||||
Martin F. Hollenbeck | Chief Investment Officer and Senior Vice President | ||||
Martin J. | Chief Claims Officer and Senior Vice President (Retired) | ||||
John S. Kellington | Chief Information Officer and Senior Vice President | ||||
Stephen M. Spray | Chief Insurance Officer and Senior Vice President |
CEO Pay for Performance | 2018 | 2019 | 2020 | ||||||||||||||
SCT Total Compensation | $ | 3,444,610 | $ | 5,528,654 | $ | 3,839,784 | |||||||||||
Realized Total Compensation(1) | $ | 2,520,787 | $ | 4,818,669 | $ | 3,304,339 | |||||||||||
1-Year VCR | (0.1) | % | 30.5 | % | 14.7 | % | |||||||||||
3-Year TSR(2) | 43.0 | % | 51.0 | % | 26.5 | % |
CEO Pay for Performance | 2016 | 2017 | 2018 | ||||||||
SCT Total Compensation | $ | 4,249,903 | $ | 4,978,956 | $ | 3,444,610 | |||||
Realized Total Compensation(1) | $ | 3,711,998 | $ | 4,217,970 | $ | 2,520,787 | |||||
1-Year VCR | 14.5 | % | 22.9 | % | (0.1 | )% | |||||
3-Year TSR(2) | 60.6 | % | 60.2 | % | 43.0 | % |
Annual Incentive Compensation (VCR) | Long-Term Performance-Equity Compensation (3-Year Total Shareholder Return) | |||||||||||||||||||
Baseline Award Placement Relative VCR | Adjustments for Growth and Profitability | Final Relative Award Placement* | Performance Level Earned | Performance Relative to Peer Companies | Performance Level Earned | |||||||||||||||
2020 | > 4 Peers | None | > 4 Peers | Threshold | > 8 Peers | Maximum | ||||||||||||||
2019 | > 8 Peers | +1 | > 9 Peers | Maximum | > 5 Peers | Target | ||||||||||||||
2018 | > 3 Peers | None | > 3 Peers | Threshold | > 4 Peers | Threshold | ||||||||||||||
We Do | We Don’t | ||||||||||
ü | Link Pay to Performance - The majority of pay awarded by the Committee to each executive officer each year is tied to achievement of short- and long-term performance objectives and changes in the market value of the company’s common stock. | û | Use Employment Contracts - We employ all of our executive officers at will. | ||||||||
ü | Review Data Sheets - Each year the Committee reviews data recounting the compensation history for each executive officer. For the named executive officers, the Committee additionally reviews compensation and performance data for the companies in the peer group before making executive compensation decisions. | û | Benchmark Executive Compensation - We review compensation program structures and resulting payouts of the companies in our Peer Group to maintain an awareness of pay levels and practices. We do not benchmark the compensation we pay our named executive officers to achieve a specific level of pay, for example "above the median" of our Peer Group. | ||||||||
ü | Mitigate Excessive Risk - Compensation earned from performance-based awards is capped and is subject to clawback policies and provisions. Company-level performance objectives relative to peers minimizes the ability of any single individual or business unit to control its own performance-based compensation. The Committee’s authority to exercise negative discretion and eliminate payment of any award also is a powerful risk control. | û | Pay Dividends or Dividend Equivalents - We do not pay dividends or dividend equivalents on unvested stock awards. | ||||||||
ü | Use Double-Trigger Change in Control Provisions - Both our annual incentive and stock-based compensation plans include double-trigger change in control provisions. | û | Reprice or Exchange Stock Options - We do not reprice or exchange stock options. We consider stock options to be performance-based compensation that links the financial success of our associates to shareholders. Since shareholders cannot reprice or exchange their shares, neither do we. | ||||||||
ü | Perform Compensation Risk Assessments - Our chief risk officer performs this assessment each year, and it is considered by the Committee as part of its decision making process. | û | Include Stock-Based Awards in Calculations for Pension or Other Retirement Benefits - Our pension is calculated based on salary only, and our matches to 401(k) and Top Hat Savings Plan contributions are limited to cash compensation. | ||||||||
ü | Track Compliance with Ownership Guidelines - All of our directors and executive officers are in compliance with our published stock ownership guidelines. | û | Allow Hedging Transactions by Executive Officers or Directors - Our Securities Trading Policy prohibits transactions such as short sales, prepaid forward sales contracts or other hedging transactions that we believe decouple the director’s or officer’s interests from those shared by our shareholders generally. |
Name | Base Annual Salary ($) | Tier Target % of Base Annual Salary | 2020 Performance Factor (Threshold) (%) | 2020 Annual Incentive Cash Compensation ($) | ||||||||||
Steven J. Johnston | 1,093,800 | 125 | 30 | 410,175 | ||||||||||
Michael J. Sewell | 910,700 | 75 | 30 | 204,907 | ||||||||||
Martin F. Hollenbeck | 760,200 | 75 | 30 | 171,045 | ||||||||||
Martin J. Mullen | 663,200 | 75 | 30 | 149,220 | ||||||||||
John S. Kellington | 622,700 | 75 | 30 | 140,107 | ||||||||||
Stephen M. Spray | 727,100 | 75 | 30 | 163,597 |
Name | Base Annual Salary ($) | Tier Target % of Base Annual Salary | 2018 Performance Factor (Threshold) (%) | 2018 Annual Incentive Cash Compensation ($) |
Steven J. Johnston | 1,030,000 | 110 | 30 | 339,900 |
Jacob F. Scherer, Jr. | 953,424 | 65 | 30 | 185,918 |
Michael J. Sewell | 857,500 | 65 | 30 | 167,213 |
Martin F. Hollenbeck | 715,804 | 65 | 30 | 139,582 |
Martin J. Mullen | 624,445 | 65 | 30 | 121,767 |
Base Annual Salary X Tier Target % X Award Allocation % | = | Target # of Shares Underlying Award | ||||||
Intrinsic Value of Stock Option on Date of Grant |
Base Annual Salary X Tier Target % X Award Allocation % | = | Target # of Shares Underlying Award | ||||||
Grant Date Fair Value |
Base Annual Salary X 25% | = | # of Shares Underlying Award | ||||||
Grant Date Fair Value |
Name | # Nonqualified Stock Options | # PSUs | # RSUs | ||||||||
Steven J. Johnston | 58,031 | 8,091 | 2,452 | ||||||||
Michael J. Sewell | 28,551 | 3,981 | 2,042 | ||||||||
Martin F. Hollenbeck | 23,833 | 3,323 | 1,705 | ||||||||
Martin J. Mullen | 20,792 | 2,899 | 1,487 | ||||||||
John S. Kellington | 19,522 | 2,722 | 1,396 | ||||||||
Stephen M. Spray | 22,795 | 3,179 | 1,630 |
Name | # Nonqualified Stock Options | # PSUs | # RSUs |
Steven J. Johnston | 84,765 | 11,937 | 3,618 |
Jacob F. Scherer, Jr. | 46,365 | 6,529 | 3,349 |
Michael J. Sewell | 41,700 | 5,873 | 3,012 |
Martin F. Hollenbeck | 34,810 | 4,902 | 2,514 |
Martin J. Mullen | 30,367 | 4,277 | 2,193 |
Name | Performance Period | Target PSUs (#) | Achievement Level | PSUs Vested (#) | Value of PSUs Vested ($) (1) | ||||||||||||
Steven J. Johnston | 2018-2020 | 11,937 | Maximum | 23,874 | 2,085,871 | ||||||||||||
2017-2019 | 11,670 | Target | 11,670 | 1,227,101 | |||||||||||||
2016-2018 | 11,768 | Threshold | 3,531 | 273,370 | |||||||||||||
Michael J. Sewell | 2018-2020 | 5,873 | Maximum | 11,746 | 1,026,248 | ||||||||||||
2017-2019 | 5,632 | Target | 5,632 | 592,205 | |||||||||||||
2016-2018 | 6,247 | Threshold | 1,875 | 145,163 | |||||||||||||
Martin F. Hollenbeck | 2018-2020 | 4,902 | Maximum | 9,804 | 856,576 | ||||||||||||
2017-2019 | 4,701 | Target | 4,701 | 494,310 | |||||||||||||
2016-2018 | 5,150 | Threshold | 1,545 | 119,614 | |||||||||||||
Martin J. Mullen | 2018-2020 | 4,277 | Maximum | 8,554 | 747,363 | ||||||||||||
2017-2019 | 3,969 | Target | 3,969 | 417,340 | |||||||||||||
2016-2018 | 4,207 | Threshold | 1,263 | 97,781 | |||||||||||||
John S. Kellington | 2018-2020 | 3,965 | Maximum | 7,930 | 692,844 | ||||||||||||
2017-2019 | 3,803 | Target | 3,803 | 399,885 | |||||||||||||
2016-2018 | 4,205 | Threshold | 1,262 | 97,704 | |||||||||||||
Stephen M. Spray | 2018-2020 | 2,752 | Maximum | 5,504 | 480,885 | ||||||||||||
2017-2019 | 2,614 | Target | 2,614 | 274,862 | |||||||||||||
2016-2018 | 2,614 | Threshold | 785 | 60,775 |
Name | Performance Period | Target PSUs (#) | Achievement Level | PSUs Vested (#) | Value of PSUs Vested ($) (1) | ||||
Steven J. Johnston | 2016-2018 | 11,768 | Threshold | 3,531 | 273,370 | ||||
2015-2017 | 13,573 | Target | 13,573 | 1,017,568 | |||||
2014-2016 | 12,873 | Target | 12,873 | 975,130 | |||||
Jacob F. Scherer, Jr. | 2016-2018 | 7,081 | Threshold | 2,125 | 164,518 | ||||
2015-2017 | 8,087 | Target | 8,087 | 606,282 | |||||
2014-2016 | 8,850 | Target | 8,850 | 670,388 | |||||
Michael J. Sewell | 2016-2018 | 6,247 | Threshold | 1,875 | 145,163 | ||||
2015-2017 | 7,205 | Target | 7,205 | 540,159 | |||||
2014-2016 | 7,885 | Target | 7,885 | 597,289 | |||||
Martin F. Hollenbeck | 2016-2018 | 5,150 | Threshold | 1,545 | 119,614 | ||||
2015-2017 | 5,939 | Target | 5,939 | 445,247 | |||||
2014-2016 | 6,468 | Target | 6,468 | 489,951 | |||||
Martin J. Mullen | 2016-2018 | 4,207 | Threshold | 1,263 | 97,781 | ||||
2015-2017 | 4,782 | Target | 4,782 | 358,507 | |||||
2014-2016 | 5,208 | Target | 5,208 | 394,506 |
Base Annual Salary Risk Mitigation Factors Base annual salary is set each year. Base annual salary adjustments require approval of the Committee. | ||
Annual Incentive Risk Mitigation Factors Awards are based upon multi-metric performance objectives. The primary performance objective is relative to peer companies. The two other performance objectives are publicly reported in the company's periodic reports. Achievement is determined by company performance, not individual performance. Robust processes require the Committee to certify performance achievement and authorize payment. Maximum payout of annual incentive compensation is capped. The Committee may exercise negative discretion to reduce or eliminate awards when appropriate. Annual incentive compensation is subject to clawback provisions. Performance objectives and targets are easily calculable and clearly disclosed to investors. | ||
Long-Term Stock-Based Compensation Risk Mitigation Factors The company has stock ownership guidelines applicable to the named executive officers. Exercising stock options requires investment of the associate’s personal assets. Performance objectives are relative to peer companies. Achievement of performance for PSUs is determined by company performance, not individual performance. Robust processes require the Committee to certify performance achievement and authorize payment. Maximum payout of performance-based restricted stock units is capped. Stock-based compensation is subject to clawback provisions. Performance objectives and targets are easily calculable and clearly disclosed to investors. |
The Allstate Corporation Hanover Insurance Group Inc. Hartford Financial Services Group Inc. Markel Corporation Selective Insurance Group Inc. | State Auto Financial Corporation The Travelers Companies Inc. United Fire Group Inc. W.R. Berkley Corporation |
Rank | Market Capitalization | Three-Year Value Creation Ratio | Three-Year Total Shareholder Return | Total Direct Compensation (from | |||||||||||
1 | Travelers | ||||||||||||||
2 | Allstate | Travelers | |||||||||||||
3 | Hartford | ||||||||||||||
4 | Markel | Hanover | Hartford | ||||||||||||
5 | Cincinnati | ||||||||||||||
6 | W.R. Berkley | Travelers | |||||||||||||
7 | Hanover | ||||||||||||||
8 | Selective | Markel | Markel | Hanover | |||||||||||
9 | State Auto | State Auto | |||||||||||||
10 | United Fire | ||||||||||||||
Name and Principal Position | Year | Salary ($) | Bonus ($) (1) | Stock Awards ($) (2) (4) | Option Awards ($) (3) | Nonequity Incentive Plan Compen- sation ($) | Change in Pension Value and Nonqualified Deferred Compen-sation Earnings ($) (5) | All Other Compen-sation ($) (8)(9) | Total Compen-sation ($) | ||||||||||||||||||||||||||
Steven J. Johnston Chairman, President and Chief Executive Officer Cincinnati Financial Corporation | 2020 | 1,129,740 | — | 1,167,096 | 902,382 | 410,175 | — | 230,391 | 3,839,784 | ||||||||||||||||||||||||||
2019 | 1,055,790 | — | 1,152,831 | 876,100 | 2,336,246 | — | 107,687 | — | 5,528,654 | ||||||||||||||||||||||||||
2018 | 1,025,385 | — | 999,111 | 849,752 | 339,900 | — | 230,462 | — | 3,444,610 | ||||||||||||||||||||||||||
Michael J. Sewell Chief Financial Officer, Senior Vice President and Treasurer Cincinnati Financial Corporation | 2020 | 940,608 | — | 663,834 | 443,968�� | 204,907 | — | 158,331 | 2,411,648 | ||||||||||||||||||||||||||
2019 | 878,971 | — | 677,057 | 431,001 | 1,149,308 | — | 95,915 | 3,232,252 | |||||||||||||||||||||||||||
2018 | 851,218 | — | 574,408 | 418,034 | 167,213 | — | 150,667 | 2,161,540 | |||||||||||||||||||||||||||
Martin F. Hollenbeck Chief Investment Officer and Senior Vice President Cincinnati Financial Corporation | 2020 | 785,168 | — | 554,352 | 370,603 | 171,045 | — | 129,739 | 2,010,907 | ||||||||||||||||||||||||||
2019 | 733,727 | — | 545,770 | 359,774 | 959,392 | — | 80,981 | 2,679,644 | |||||||||||||||||||||||||||
2018 | 710,560 | — | 479,777 | 348,963 | 139,582 | — | 120,935 | 1,799,817 | |||||||||||||||||||||||||||
Martin J. Mullen (Retired)* Chief Claims Officer and Senior Vice President The Cincinnati Insurance Company | 2020 | 688,485 | — | 483,666 | 323,316 | 149,220 | 382,417 | (6) | 20,883 | 2,047,987 | |||||||||||||||||||||||||
2019 | 640,080 | — | 476,249 | 313,864 | 836,943 | 978,232 | (6) | 20,083 | 3,265,451 | ||||||||||||||||||||||||||
2018 | 616,919 | — | 418,678 | 304,423 | 121,767 | 104,226 | (6) | 22,883 | 1,588,896 | ||||||||||||||||||||||||||
John S. Kellington Chief Information Officer and Senior Vice President The Cincinnati Insurance Company | 2020 | 642,029 | — | 454,159 | 303,567 | 140,107 | — | 106,865 | 1,646,727 | ||||||||||||||||||||||||||
Stephen M. Spray Chief Insurance Officer and Senior Vice President The Cincinnati Insurance Company | 2020 | 735,773 | — | 530,243 | 354,462 | 163,597 | 530,698 | (7) | 31,173 | 2,345,946 | |||||||||||||||||||||||||
2019 | 606,692 | — | 463,731 | 305,561 | 814,815 | 256,168 | (7) | 32,919 | 2,479,885 | ||||||||||||||||||||||||||
Name and Principal Position | Year | Salary ($) | Bonus ($) (1) | Stock Awards ($) (2)(4) | Option Awards ($) (3) | Non- equity Incentive Plan Compen- sation ($) | Change in Pension Value and Nonqualified Deferred Compen- sation Earnings ($) (5) | All Other Compen- sation ($) (8)(9) | Total Compen- sation ($) | ||
Steven J. Johnston Chief Executive Officer and President Cincinnati Financial Corporation | 2018 | 1,025,385 | — | 999,111 | 849,752 | 339,900 | — | 230,462 | 3,444,610 | ||
2017 | 995,351 | — | 741,917 | 825,010 | 2,200,000 | — | 216,678 | — | 4,978,956 | ||
2016 | 960,814 | — | 917,696 | 155,459 | 2,121,792 | — | 94,142 | — | 4,249,903 | ||
Jacob F. Scherer, Jr. Chief Insurance Officer and Executive Vice President The Cincinnati Insurance Company | 2018 | 949,152 | — | 638,786 | 464,800 | 185,918 | 621,358 | (6) | 26,991 | 2,887,005 | |
2017 | 921,351 | — | 495,696 | 451,262 | 1,203,350 | 506,246 | (6) | 35,832 | 3,613,737 | ||
2016 | 887,747 | — | 581,968 | 93,542 | 1,160,572 | 575,137 | (6) | 19,200 | 3,318,166 | ||
Michael J. Sewell Chief Financial Officer, Senior Vice President and Treasurer Cincinnati Financial Corporation | 2018 | 851,218 | — | 574,408 | 418,034 | 167,213 | — | 150,667 | 2,161,540 | ||
2017 | 812,871 | — | 437,114 | 398,126 | 1,061,667 | — | 140,114 | 2,849,892 | |||
2016 | 784,665 | — | 513,159 | 82,525 | 1,023,925 | — | 71,520 | 2,475,794 | |||
Martin F. Hollenbeck Chief Investment Officer and Senior Vice President Cincinnati Financial Corporation | 2018 | 710,560 | — | 479,777 | 348,963 | 139,582 | — | 120,935 | 1,799,817 | ||
2017 | 677,473 | — | 365,250 | 332,338 | 886,234 | — | 110,600 | 2,371,895 | |||
2016 | 646,808 | — | 423,473 | 68,033 | 844,032 | — | 59,884 | 2,042,230 | |||
Martin J. Mullen Chief Claims Officer and Senior Vice President The Cincinnati Insurance Company | 2018 | 616,919 | — | 418,678 | 304,423 | 121,767 | 104,226 | (7) | 22,883 | 1,588,896 | |
2017 | 569,629 | — | 308,518 | 280,573 | 748,182 | 590,191 | 21,788 | 2,518,881 | |||
Maximum values for PSUs granted in 2018 are: $1,510,985 for Mr. Johnston; $743,404 for Mr. Sewell; $620,495 for Mr. Hollenbeck; and $541,383 for Mr. Mullen. (5) No above-market or preferential earnings were paid on deferred compensation. The amounts shown in this column represent the aggregate change in actuarial present value of accumulated pension benefits for those named executive officers participating in the company’s Retirement Plan and SERP for each of the years presented, using the same pension plan measurement date and assumptions used for financial reporting purposes. In addition to one year of service credit under the Retirement Plan and the |
Page 56 (6) Mr. Mullen retired in 2020 and pursuant to the Plan, his Qualified Pension Plan benefit was paid on January 1, 2021. Distribution of Mr. Mullen's SERP benefit was delayed as a matter of law and in accordance with the plan for six months following his separation from service. In 2020 there was an increase of $123,051 in his Retirement Plan benefit and an increase of $259,366 in his SERP benefit. For the other years presented for Mr. Mullen, in 2019, an increase of $412,556 in the Retirement Plan and an increase of $565,676 in the SERP; and in 2018, a decrease of $10,073 in the Retirement Plan and an increase of $114,299 in the SERP. (7) For Mr. Spray, in 2020, an increase of $233,687 in the Retirement Plan and an increase of $297,011 in the SERP and in 2019, an increase of $120,475 in the Retirement Plan and an increase of $135,693 in the SERP. (8) For Mr. Johnston, includes perquisites in the amount of $20,107, which includes $16,429 for employer paid health care premiums; premiums paid for a personal umbrella liability policy; personal use of a company car; safe driver award; and an executive health examination. For Mr. Sewell, includes perquisites in the amount of $30,927, which includes $24,121 for employer paid health care premiums; executive tax services; premiums paid for a personal umbrella liability insurance policy; personal use of a company car; and a safe driver award. For Mr. Hollenbeck, includes perquisites in the amount of $23,399, which includes $16,429 for employer paid health care premiums; premiums paid for a personal umbrella liability insurance policy; personal use of a company car; executive tax services; a safe driver award; and an executive health examination. For Mr. Mullen, includes perquisites in the amount of $19,448, which includes $15,797 for employer paid health care premiums; |
Name | Grant Date | Estimated Possible Payouts Under Nonequity Incentive Plan Awards | Estimated Possible Payouts Under Equity Incentive Plan Awards | All Other Stock Awards: Number of Shares of Stock or Units (2) | All Other Option Awards: Number of Securities Under-lying Options | Exercise or Base Price of Option Awards | Grant Date Fair Value of Stock and Option Awards | |||||||||||||||||||||||||||||||
Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | (#) | (#) | ($/Sh) | ($) | |||||||||||||||||||||||||||||
Mr. Johnston | 2/21/2020 | ** | 58,031 | 111.53 | 902,382 | |||||||||||||||||||||||||||||||||
2/21/2020 | * | 410,175 | 1,367,249 | 2,734,499 | ||||||||||||||||||||||||||||||||||
2/21/2020 | ** | 2,428 | 8,091 | 16,182 | 904,331 | |||||||||||||||||||||||||||||||||
2/21/2020 | ** | 2,452 | 262,021 | |||||||||||||||||||||||||||||||||||
11/6/2020 | *** | 10 | 744 | |||||||||||||||||||||||||||||||||||
Mr. Sewell | 2/21/2020 | ** | 28,551 | 111.53 | 443,968 | |||||||||||||||||||||||||||||||||
2/21/2020 | * | 204,907 | 683,025 | 1,366,050 | ||||||||||||||||||||||||||||||||||
2/21/2020 | ** | 1,195 | 3,981 | 7,962 | 444,956 | |||||||||||||||||||||||||||||||||
2/21/2020 | ** | 2,042 | 218,208 | |||||||||||||||||||||||||||||||||||
11/6/2020 | *** | 9 | 670 | |||||||||||||||||||||||||||||||||||
Mr. Hollenbeck | 2/21/2020 | ** | 23,833 | 111.53 | 370,603 | |||||||||||||||||||||||||||||||||
2/21/2020 | * | 171,045 | 570,150 | 1,140,300 | ||||||||||||||||||||||||||||||||||
2/21/2020 | ** | 997 | 3,323 | 6,646 | 371,412 | |||||||||||||||||||||||||||||||||
2/21/2020 | ** | 1,705 | 182,196 | |||||||||||||||||||||||||||||||||||
11/6/2020 | *** | 10 | 744 | |||||||||||||||||||||||||||||||||||
Mr. Mullen | 2/21/2020 | ** | 20,792 | 111.53 | 323,316 | |||||||||||||||||||||||||||||||||
2/21/2020 | * | 149,220 | 497,400 | 994,800 | ||||||||||||||||||||||||||||||||||
2/21/2020 | ** | 870 | 2,899 | 5,798 | 324,021 | |||||||||||||||||||||||||||||||||
2/21/2020 | ** | 1,487 | 158,901 | |||||||||||||||||||||||||||||||||||
11/6/2020 | *** | 10 | 744 | |||||||||||||||||||||||||||||||||||
Mr. Kellington | 2/21/2020 | ** | 19,522 | 111.53 | 303,567 | |||||||||||||||||||||||||||||||||
2/21/2020 | * | 140,107 | 467,025 | 934,049 | ||||||||||||||||||||||||||||||||||
2/21/2020 | ** | 817 | 2,722 | 5,444 | 304,238 | |||||||||||||||||||||||||||||||||
2/21/2020 | ** | 1,396 | 149,177 | |||||||||||||||||||||||||||||||||||
11/6/2020 | *** | 10 | 744 | |||||||||||||||||||||||||||||||||||
Mr. Spray | 2/21/2020 | ** | 22,795 | 111.53 | 354,462 | |||||||||||||||||||||||||||||||||
2/21/2020 | * | 163,597 | 545,325 | 1,090,650 | ||||||||||||||||||||||||||||||||||
2/21/2020 | ** | 954 | 3,179 | 6,358 | 355,317 | |||||||||||||||||||||||||||||||||
2/21/2020 | ** | 1,630 | 174,182 | |||||||||||||||||||||||||||||||||||
11/6/2020 | *** | 10 | 744 |
Name | Grant Date | Estimated Possible Payouts Under Nonequity Incentive Plan Awards | Estimated Possible Payouts Under Equity Incentive Plan Awards | All Other Stock Awards: Number of Shares of Stock or Units (2) | All Other Option Awards: Number of Securities Under-lying Options | Exercise or Base Price of Option Awards | Grant Date Fair Value of Stock and Option Awards | |||||||||||||||
Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | (#) | (#) | ($/Sh) | ($) | |||||||||||||
Mr. Johnston | 2/9/2018 | ** | 84,765 | 71.19 | 849,752 | |||||||||||||||||
2/9/2018 | * | 339,900 | 1,133,000 | 2,266,000 | ||||||||||||||||||
2/9/2018 | ** | 3,581 | 11,937 | 23,874 | 755,493 | |||||||||||||||||
2/9/2018 | ** | 3,618 | 242,804 | |||||||||||||||||||
11/9/2018 | *** | 10 | 815 | |||||||||||||||||||
Mr. Scherer | 2/9/2018 | ** | 46,365 | 71.19 | 464,800 | |||||||||||||||||
2/9/2018 | * | 185,918 | 619,725 | 1,239,451 | ||||||||||||||||||
2/9/2018 | ** | 1,958 | 6,529 | 13,058 | 413,220 | |||||||||||||||||
2/9/2018 | ** | 3,349 | 224,751 | |||||||||||||||||||
11/9/2018 | *** | 10 | 815 | |||||||||||||||||||
Mr. Sewell | 2/9/2018 | ** | 41,700 | 71.19 | 418,034 | |||||||||||||||||
2/9/2018 | * | 167,213 | 557,375 | 1,114,750 | ||||||||||||||||||
2/9/2018 | ** | 1,761 | 5,873 | 11,746 | 371,702 | |||||||||||||||||
2/9/2018 | ** | 3,012 | 202,135 | |||||||||||||||||||
11/9/2018 | *** | 7 | 570 | |||||||||||||||||||
Mr. Hollenbeck | 2/9/2018 | ** | 34,810 | 71.19 | 348,963 | |||||||||||||||||
2/9/2018 | * | 139,582 | 465,273 | 930,545 | ||||||||||||||||||
2/9/2018 | ** | 1,470 | 4,902 | 9,804 | 310,248 | |||||||||||||||||
2/9/2018 | ** | 2,514 | 168,715 | |||||||||||||||||||
11/9/2018 | *** | 10 | 815 | |||||||||||||||||||
Mr. Mullen | 2/9/2018 | ** | 30,367 | 71.19 | 304,423 | |||||||||||||||||
2/9/2018 | * | 121,767 | 405,889 | 811,778 | ||||||||||||||||||
2/9/2018 | ** | 1,283 | 4,277 | 8,554 | 270,691 | |||||||||||||||||
2/9/2018 | ** | 2,193 | 147,172 | |||||||||||||||||||
11/9/2018 | *** | 10 | 815 |
Option Awards (1) | Stock Awards | ||||||||||||||||||||||||||||||||||
Name | Number of Securities Underlying Unexercised Options Exercisable (#) | Number of Securities Underlying Unexercised Options Unexercisable (#) | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) (2)(3)(4) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) (2)(3)(4) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | ||||||||||||||||||||||||||
Mr. Johnston | 4,893 | — | 31.62 | 5/2/2021 | |||||||||||||||||||||||||||||||
13,472 | — | 35.63 | 2/17/2022 | ||||||||||||||||||||||||||||||||
13,088 | — | 44.70 | 2/15/2023 | ||||||||||||||||||||||||||||||||
12,873 | — | 46.81 | 2/14/2024 | ||||||||||||||||||||||||||||||||
13,573 | — | 52.25 | 2/13/2025 | ||||||||||||||||||||||||||||||||
11,768 | — | 61.47 | 2/12/2026 | ||||||||||||||||||||||||||||||||
76,484 | — | 70.70 | 12/10/2027 | ||||||||||||||||||||||||||||||||
56,510 | 28,255 | 71.19 | 2/9/2028 | ||||||||||||||||||||||||||||||||
11,937 | 1,042,936 | ||||||||||||||||||||||||||||||||||
1,206 | 105,368 | ||||||||||||||||||||||||||||||||||
24,235 | 48,471 | 85.67 | 2/21/2029 | ||||||||||||||||||||||||||||||||
10,227 | 893,533 | ||||||||||||||||||||||||||||||||||
2,066 | 180,506 | ||||||||||||||||||||||||||||||||||
58,031 | 111.53 | 2/21/2030 | |||||||||||||||||||||||||||||||||
8,091 | 706,911 | ||||||||||||||||||||||||||||||||||
2,452 | 214,231 | ||||||||||||||||||||||||||||||||||
Mr. Sewell | 8,016 | — | 44.70 | 2/15/2023 | |||||||||||||||||||||||||||||||
7,885 | — | 46.81 | 2/14/2024 | ||||||||||||||||||||||||||||||||
7,205 | — | 52.25 | 2/13/2025 | ||||||||||||||||||||||||||||||||
6,247 | — | 61.47 | 2/12/2026 | ||||||||||||||||||||||||||||||||
36,909 | — | 70.70 | 2/10/2027 | ||||||||||||||||||||||||||||||||
27,800 | 13,900 | 71.19 | 2/9/2028 | ||||||||||||||||||||||||||||||||
5,873 | 513,124 | ||||||||||||||||||||||||||||||||||
1,004 | 87,719 | ||||||||||||||||||||||||||||||||||
11,923 | 23,845 | 85.67 | 2/21/2029 | ||||||||||||||||||||||||||||||||
5,031 | 439,559 | ||||||||||||||||||||||||||||||||||
1,915 | 167,314 | ||||||||||||||||||||||||||||||||||
— | 28,551 | 111.53 | 2/21/2030 | ||||||||||||||||||||||||||||||||
3,981 | 347,820 | ||||||||||||||||||||||||||||||||||
2,042 | 178,410 | ||||||||||||||||||||||||||||||||||
Option Awards (1) | Stock Awards | |||||||||||||||||
Name | Number of Securities Underlying Unexercised Options Exercisable (#) | Number of Securities Underlying Unexercised Options Unexercisable (#) | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) (2) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) (2)(3) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | |||||||||
Mr. Johnston | 10,234 | 26.58 | 2/19/2020 | |||||||||||||||
7,991 | 34.04 | 2/18/2021 | ||||||||||||||||
4,893 | 31.62 | 5/2/2021 | ||||||||||||||||
13,472 | 35.63 | 2/17/2022 | ||||||||||||||||
13,088 | 44.70 | 2/15/2023 | ||||||||||||||||
12,873 | 46.81 | 2/14/2024 | ||||||||||||||||
11,768 | 905,901 | |||||||||||||||||
13,573 | 52.25 | 2/13/2025 | ||||||||||||||||
523 | 40,261 | 11,670 | 898,357 | |||||||||||||||
7,845 | 3,923 | 61.47 | 2/12/2026 | |||||||||||||||
2,358 | 181,519 | 11,937 | 918,910 | |||||||||||||||
25,495 | 50,989 | 70.70 | 12/10/2027 | |||||||||||||||
3,618 | 278,517 | |||||||||||||||||
84,765 | 71.19 | 2/9/2028 | ||||||||||||||||
Mr. Scherer | 8,933 | 34.04 | 2/18/2021 | |||||||||||||||
664 | 31.62 | 5/2/2021 | ||||||||||||||||
10,262 | 35.63 | 2/17/2022 | ||||||||||||||||
8,998 | 44.70 | 2/15/2023 | ||||||||||||||||
8,850 | 46.81 | 2/14/2024 | ||||||||||||||||
8,087 | 52.25 | 2/13/2025 | ||||||||||||||||
7,081 | 545,095 | |||||||||||||||||
4,721 | 2,360 | 61.47 | 2/12/2026 | |||||||||||||||
484 | 37,258 | 6,383 | 491,363 | |||||||||||||||
13,945 | 27,890 | 70.70 | 2/10/2027 | |||||||||||||||
2,182 | 167,970 | 6,529 | 502,602 | |||||||||||||||
46,365 | 71.19 | 2/9/2028 | ||||||||||||||||
3,349 | 257,806 | |||||||||||||||||
Option Awards (1) | Stock Awards | ||||||||||||||||||||||||||||||||||
Name | Number of Securities Underlying Unexercised Options Exercisable (#) | Number of Securities Underlying Unexercised Options Unexercisable (#) | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) (2)(3)(4) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) (2)(3)(4) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | ||||||||||||||||||||||||||
Mr. Hollenbeck | 5,939 | — | 52.25 | 2/13/2025 | |||||||||||||||||||||||||||||||
5,150 | — | 61.47 | 2/12/2026 | ||||||||||||||||||||||||||||||||
30,810 | — | 70.70 | 2/10/2027 | ||||||||||||||||||||||||||||||||
23,207 | 11,603 | 71.19 | 2/9/2028 | ||||||||||||||||||||||||||||||||
4,902 | 428,288 | ||||||||||||||||||||||||||||||||||
838 | 73,216 | ||||||||||||||||||||||||||||||||||
9,952 | 19,905 | 85.67 | 2/21/2029 | ||||||||||||||||||||||||||||||||
4,200 | 366,954 | ||||||||||||||||||||||||||||||||||
1,436 | 125,463 | ||||||||||||||||||||||||||||||||||
23,833 | 111.53 | 2/21/2030 | |||||||||||||||||||||||||||||||||
3,323 | 290,331 | ||||||||||||||||||||||||||||||||||
1,705 | 148,966 | ||||||||||||||||||||||||||||||||||
Mr. Mullen | 4,526 | — | 35.63 | 2/17/2022 | |||||||||||||||||||||||||||||||
5,126 | — | 44.70 | 2/15/2023 | ||||||||||||||||||||||||||||||||
5,208 | — | 46.81 | 2/14/2024 | ||||||||||||||||||||||||||||||||
4,782 | — | 52.25 | 2/13/2025 | ||||||||||||||||||||||||||||||||
4,207 | — | 61.47 | 12/19/2025 | ||||||||||||||||||||||||||||||||
26,011 | — | 70.70 | 12/19/2025 | ||||||||||||||||||||||||||||||||
30,367 | — | 71.19 | 12/19/2025 | ||||||||||||||||||||||||||||||||
4,277 | 373,682 | ||||||||||||||||||||||||||||||||||
731 | 63,867 | ||||||||||||||||||||||||||||||||||
26,047 | — | 85.67 | 12/19/2025 | ||||||||||||||||||||||||||||||||
3,664 | 320,124 | ||||||||||||||||||||||||||||||||||
1,253 | 109,475 | ||||||||||||||||||||||||||||||||||
20,792 | — | 111.53 | 12/19/2025 | ||||||||||||||||||||||||||||||||
2,899 | 253,286 | ||||||||||||||||||||||||||||||||||
1,487 | 129,919 | ||||||||||||||||||||||||||||||||||
Option Awards (1) | Stock Awards | |||||||||||||||||
Name | Number of Securities Underlying Unexercised Options Exercisable (#) | Number of Securities Underlying Unexercised Options Unexercisable (#) | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) (2) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) (2)(3) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | |||||||||
Mr. Sewell | 9,578 | 35.63 | 2/17/2022 | |||||||||||||||
8,016 | 44.70 | 2/15/2023 | ||||||||||||||||
7,885 | 46.81 | 2/14/2024 | ||||||||||||||||
6,247 | 480,894 | |||||||||||||||||
7,205 | 52.25 | 2/13/2025 | ||||||||||||||||
427 | 32,870 | 5,632 | 433,551 | |||||||||||||||
4,165 | 2,082 | 61.47 | 2/12/2026 | |||||||||||||||
1,925 | 148,187 | 5,873 | 452,104 | |||||||||||||||
12,303 | 24,606 | 70.70 | 2/10/2027 | |||||||||||||||
3,012 | 231,864 | |||||||||||||||||
41,700 | 71.19 | 2/9/2028 | ||||||||||||||||
Mr. Hollenbeck | 6,468 | 46.81 | 2/14/2024 | |||||||||||||||
5,939 | 52.25 | 2/13/2025 | ||||||||||||||||
352 | 27,097 | |||||||||||||||||
3,433 | 1,717 | 61.47 | 2/12/2026 | 5,150 | 396,447 | |||||||||||||
1,607 | 123,707 | |||||||||||||||||
10,270 | 20,540 | 70.70 | 2/10/2027 | 4,701 | 361,883 | |||||||||||||
2,514 | 193,528 | |||||||||||||||||
34,810 | 71.19 | 2/9/2028 | 4,902 | 377,356 | ||||||||||||||
Mr. Mullen | 4,016 | 34.04 | 2/18/2021 | |||||||||||||||
4,526 | 35.63 | 2/17/2022 | ||||||||||||||||
5,126 | 44.70 | 2/15/2023 | ||||||||||||||||
5,208 | 46.81 | 2/14/2024 | ||||||||||||||||
4,782 | 52.25 | 2/13/2025 | ||||||||||||||||
4,207 | 323,855 | |||||||||||||||||
2,805 | 1,402 | 61.47 | 2/12/2026 | 288 | 22,170 | |||||||||||||
3,969 | 305,534 | |||||||||||||||||
8,671 | 17,340 | 70.70 | 2/10/2027 | 1,357 | 104,462 | |||||||||||||
4,277 | 329,243 | |||||||||||||||||
30,367 | 71.19 | 2/9/2028 | 2,193 | 168,817 | ||||||||||||||
Option Awards (1) | Stock Awards | ||||||||||||||||||||||||||||||||||
Name | Number of Securities Underlying Unexercised Options Exercisable (#) | Number of Securities Underlying Unexercised Options Unexercisable (#) | Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#) (2)(3)(4) | Market Value of Shares or Units of Stock That Have Not Vested ($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) (2)(3)(4) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) | ||||||||||||||||||||||||||
Mr. Kellington | 4,947 | — | 46.81 | 2/14/2024 | |||||||||||||||||||||||||||||||
4,543 | — | 52.25 | 2/13/2025 | ||||||||||||||||||||||||||||||||
4,205 | — | 61.47 | 2/12/2026 | ||||||||||||||||||||||||||||||||
24,921 | — | 70.70 | 2/10/2027 | ||||||||||||||||||||||||||||||||
18,771 | 9,385 | 71.19 | 2/9/2028 | ||||||||||||||||||||||||||||||||
3,965 | 346,422 | ||||||||||||||||||||||||||||||||||
678 | 59,237 | ||||||||||||||||||||||||||||||||||
8,074 | 16,147 | 85.67 | 2/21/2029 | ||||||||||||||||||||||||||||||||
3,407 | 297,670 | ||||||||||||||||||||||||||||||||||
1,165 | 101,786 | ||||||||||||||||||||||||||||||||||
19,522 | 111.53 | 2/21/2030 | |||||||||||||||||||||||||||||||||
2,722 | 237,821 | ||||||||||||||||||||||||||||||||||
1,396 | 121,969 | ||||||||||||||||||||||||||||||||||
Mr. Spray | 3,021 | — | 44.70 | 2/15/2023 | |||||||||||||||||||||||||||||||
3,205 | — | 46.81 | 2/14/2024 | ||||||||||||||||||||||||||||||||
2,986 | — | 52.25 | 2/13/2025 | ||||||||||||||||||||||||||||||||
2,614 | — | 61.47 | 2/12/2026 | ||||||||||||||||||||||||||||||||
17,131 | — | 70.70 | 2/10/2027 | ||||||||||||||||||||||||||||||||
13,026 | 6,513 | 71.19 | 2/9/2028 | ||||||||||||||||||||||||||||||||
2,752 | 240,442 | ||||||||||||||||||||||||||||||||||
612 | 53,470 | ||||||||||||||||||||||||||||||||||
8,453 | 16,905 | 85.67 | 2/21/2029 | ||||||||||||||||||||||||||||||||
3,567 | 311,649 | ||||||||||||||||||||||||||||||||||
1,220 | 106,591 | ||||||||||||||||||||||||||||||||||
— | 22,795 | 111.53 | 2/21/2030 | ||||||||||||||||||||||||||||||||
3,179 | 277,749 | ||||||||||||||||||||||||||||||||||
1,630 | 142,413 | ||||||||||||||||||||||||||||||||||
Grant Date | Vesting Dates | Expiration Date | ||||||||||||
2/18/2011 | 2/18/2012 | 2/18/2013 | 2/18/2014 | 2/18/2021 | ||||||||||
5/2/2011 | 5/2/2012 | 5/2/2013 | 5/2/2014 | 5/2/2021 | ||||||||||
5/31/2011 | 5/31/2012 | 5/31/2013 | 5/31/2014 | 5/31/2021 | ||||||||||
2/17/2012 | 2/17/2013 | 2/17/2014 | 2/17/2015 | 2/17/2022 | ||||||||||
2/15/2013 | 2/15/2014 | 2/15/2015 | 2/15/2016 | 2/15/2023 | ||||||||||
2/14/2014 | 2/14/2015 | 2/14/2016 | 2/14/2017 | 2/14/2024 | ||||||||||
2/13/2015 | 2/13/2016 | 2/13/2017 | 2/13/2018 | 2/13/2025 | ||||||||||
2/12/2016 | 2/12/2017 | 2/12/2018 | 2/12/2019 | 2/12/2026 | ||||||||||
2/10/2017 | 2/10/2018 | 2/10/2019 | 2/10/2020 | 2/10/2027 | ||||||||||
2/9/2018 | 2/9/2019 | 2/9/2020 | 2/9/2021 | 2/9/2028 |
2/21/2019 | 2/21/2020 | 2/21/2021 | 2/21/2022 | 2/21/2029 | ||||||||||
2/21/2022 | 2/21/2023 | 2/21/2030 |
Option Awards | Stock Awards | |||||||||||||
Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) | ||||||||||
Mr. Johnston | 7,991 | 302,699 | 15,088 | 1,461,725 | ||||||||||
Mr. Sewell | — | — | 8,556 | 828,905 | ||||||||||
Mr. Hollenbeck | — | — | 7,061 | 684,070 | ||||||||||
Mr. Mullen | 1,323 | 186,583 | 6,005 | 581,764 | ||||||||||
Mr. Kellington | — | — | 5,714 | 553,572 | ||||||||||
Mr. Spray | 6,361 | 235,849 | 4,416 | 427,822 | ||||||||||
Option Awards | Stock Awards | |||
Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($) |
Mr. Johnston | — | — | 15,577 | 1,155,502 |
Mr. Scherer | — | — | 9,940 | 737,349 |
Mr. Sewell | — | — | 8,841 | 655,825 |
Mr. Hollenbeck | 20,896 | 771,264 | 7,298 | 541,366 |
Mr. Mullen | — | — | 5,912 | 438,552 |
Name | Plan Name | Number of Years Credited Service (#) | Present Value of Accumulated Benefit ($) (1) | ||||||||
Mr. Johnston (2) | Qualified Pension Plan | n/a | — | ||||||||
Supplemental Retirement Plan | n/a | — | |||||||||
Mr. Sewell (2) | Qualified Pension Plan | n/a | — | ||||||||
Supplemental Retirement Plan | n/a | — | |||||||||
Mr. Hollenbeck (2) | Qualified Pension Plan | n/a | — | ||||||||
Supplemental Retirement Plan | n/a | — | |||||||||
Mr. Mullen (3) | Qualified Pension Plan | 40 | 2,063,179 | ||||||||
Supplemental Retirement Plan | 40 | 2,306,284 | |||||||||
Mr. Kellington (2) | Qualified Pension Plan | n/a | — | ||||||||
Supplemental Retirement Plan | n/a | — | |||||||||
Mr. Spray | Qualified Pension Plan | 30 | 887,752 | ||||||||
Supplemental Retirement Plan | 30 | 753,594 | |||||||||
Name | Plan Name | Number of Years Credited Service (#) | Present Value of Accumulated Benefit ($) (1) |
Mr. Johnston (2) | Qualified Pension Plan | n/a | — |
Supplemental Retirement Plan | n/a | — | |
Mr. Scherer (3) | Qualified Pension Plan | 35 | 1,650,097 |
Supplemental Retirement Plan | 35 | 3,681,371 | |
Mr. Sewell (2) | Qualified Pension Plan | n/a | — |
Supplemental Retirement Plan | n/a | — | |
Mr. Hollenbeck (2) | Qualified Pension Plan | n/a | — |
Supplemental Retirement Plan | n/a | — | |
Mr. Mullen (4) | Qualified Pension Plan | 40 | 1,527,572 |
Supplemental Retirement Plan | 40 | 1,481,242 | |
Name | Aggregate Balance at 2019 Year-End | Executive Contributions in 2020 | Registrant Contributions in 2020 | Aggregate Earnings in 2020 | Aggregate Balance at 2020 Year-End | ||||||||||||
($) | ($) (3) | ($) (4) | ($) | ($) (5) | |||||||||||||
Mr. Johnston | 12,758,664 | 1,235,907 | 190,859 | (1,981,232) | 12,204,198 | ||||||||||||
Mr. Sewell | 5,157,358 | 387,356 | 108,295 | 1,728,395 | 7,381,405 | ||||||||||||
Mr. Hollenbeck | 2,476,049 | 902,048 | 87,574 | 635,357 | 4,101,027 | ||||||||||||
Mr. Mullen | 23,127 | — | — | 2,396 | 25,523 | ||||||||||||
Mr. Kellington | 1,251,498 | 219,858 | 68,118 | 237,403 | 1,776,877 | ||||||||||||
Mr. Spray | — | — | — | — | — | ||||||||||||
Name | Aggregate Balance at 2017 Year-End | Executive Contributions in 2018 | Registrant Contributions in 2018 | Aggregate Earnings in 2018 | Aggregate Balance at 2018 Year-End |
($) | ($) (3) | ($) (4) | ($) | ($) (5) | |
Mr. Johnston | 7,207,928 | 1,161,523 | 177,023 | 512,279 | 9,058,753 |
Mr. Scherer | 2,302,781 | 94,915 | — | (197,700) | 2,199,996 |
Mr. Sewell | 3,071,658 | 541,904 | 98,273 | 9,232 | 3,721,067 |
Mr. Hollenbeck | 1,383,086 | 186,731 | 79,308 | (13,637) | 1,635,488 |
Mr. Mullen | 20,592 | — | — | (2,456) | 18,136 |
Name | Top Hat Savings Plan | Retirement Plan | SERP | Stock-Based Awards | Annual Incentive Compensation | |||||||||||||||||||||||||||
Retirement | Retirement with Disability | Change in Control | Retirement | Retirement with Disability | Change in Control | |||||||||||||||||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ||||||||||||||||||||||||
Mr. Johnston | (1) | 12,204,198 | — | — | — | 4,939,573 | 4,939,573 | — | 410,175 | 410,175 | ||||||||||||||||||||||
Mr. Sewell | (1) | 7,381,405 | — | — | — | 2,728,509 | 2,728,509 | — | 204,907 | 204,907 | ||||||||||||||||||||||
Mr. Hollenbeck | (2) | 4,101,027 | — | — | — | 2,256,364 | 2,256,364 | — | 171,045 | 171,045 | ||||||||||||||||||||||
Mr. Mullen | (3) | 25,523 | 2,063,179 | 2,306,284 | 1,482,709 | — | — | 149,220 | — | — | ||||||||||||||||||||||
Mr. Kellington | (1) | 1,776,877 | — | — | — | 1,831,054 | 1,831,054 | — | 140,107 | 140,107 | ||||||||||||||||||||||
Mr. Spray | (4) | — | 959,747 | 801,321 | — | 1,651,714 | 1,651,714 | — | 163,597 | 163,597 | ||||||||||||||||||||||
Name | Top Hat Savings Plan | Retirement Plan | SERP | Stock-Based Awards | Annual Incentive Compensation | ||||||||||||||
Retirement | Retirement with Disability | Change in Control | Retirement | Retirement with Disability | Change in Control | ||||||||||||||
($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | ($) | |||||||||||
Mr. Johnston | (1) | 9,058,753 | — | — | — | 4,603,412 | 4,603,412 | — | 1,133,000 | 1,133,000 | |||||||||
Mr. Scherer | (2) | 2,199,996 | 1,650,097 | 3,681,371 | 2,230,785 | 2,818,480 | 2,818,480 | 185,918 | 619,725 | 619,725 | |||||||||
Mr. Sewell | (1) | 3,721,067 | — | — | — | 2,504,714 | 2,504,714 | — | 557,375 | 557,375 | |||||||||
Mr. Hollenbeck | (3) | 1,635,488 | — | — | — | 2,084,026 | 2,084,026 | — | 465,273 | 465,273 | |||||||||
Mr. Mullen | (4) | 18,136 | 1,784,211 | 1,727,856 | 1,395,193 | 1,767,119 | 1,767,119 | 121,767 | 405,889 | 405,889 | |||||||||
Year Ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
Audit Fees | $ | 3,466,978 | $ | 3,615,819 | |||||||
Audit-Related Fees | 175,000 | 98,000 | |||||||||
Tax Fees | 967,980 | 1,038,918 | |||||||||
Subtotal | 4,609,958 | 4,752,737 | |||||||||
All Other Fees | 2,018 | 574,767 | |||||||||
Deloitte & Touche LLP Total Fees | $ | 4,611,976 | $ | 5,327,504 | |||||||
Year Ended December 31, | |||||||
2018 | 2017 | ||||||
Audit Fees | $ | 2,880,500 | $ | 2,620,500 | |||
Audit-Related Fees | 1,360,810 | 147,000 | |||||
Tax Fees | 818,446 | 877,254 | |||||
Subtotal | 5,059,756 | 3,644,754 | |||||
All Other Fees | 514,999 | 2,018 | |||||
Deloitte & Touche LLP Total Fees | $ | 5,574,755 | $ | 3,646,772 | |||
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![]() | Over the internet. Go to AALvote.com/cinf. You will need to have your Control Number available when you access the website. Your Control Number is on the Notice or proxy card that you received in the mail. | |||||||
![]() ![]() | By scanning the QR code on your proxy card or Notice with your mobile device. The QR code on your proxy card or Notice is a unique identifier so you will not need to enter a Control Number. If you scan the QR code with your mobile device, you will access our proxy materials along with a voting screen. | |||||||
![]() | By mail. If you received printed proxy materials, you may submit your vote by completing, signing and dating each proxy card received and returning it in the prepaid envelope. Sign your name exactly as it appears on the proxy card. Be sure to return your proxy card in time to be received and counted before the Annual Meeting. | |||||||
![]() |
(Dollars in millions except per share data) | Twelve months ended December 31, | |||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
Net income | $ | 1,216 | $ | 1,997 | ||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Investment gains and losses, net | 865 | 1,650 | ||||||||||||||||||||||||
Income tax on investment gains and losses | (182) | (347) | ||||||||||||||||||||||||
Investment gains and losses, after-tax | 683 | 1,303 | ||||||||||||||||||||||||
Non-GAAP operating income | $ | 533 | $ | 694 | ||||||||||||||||||||||
Diluted per share data: | ||||||||||||||||||||||||||
Net income | $ | 7.49 | $ | 12.10 | ||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||
Investment gains and losses, net | 5.33 | 10.00 | ||||||||||||||||||||||||
Income tax on investment gains and losses | (1.12) | (2.10) | ||||||||||||||||||||||||
Investment gains and losses, after-tax | 4.21 | 7.90 | ||||||||||||||||||||||||
Non-GAAP operating income | $ | 3.28 | $ | 4.20 | ||||||||||||||||||||||
(Dollars in millions except per share data) | Twelve months ended December 31, | |||||||||||
2018 | 2017 | |||||||||||
Net income (loss) | $ | 287 | $ | 1,045 | ||||||||
Less: | ||||||||||||
Investment gains and losses, net | (402 | ) | 148 | |||||||||
Income tax on investment gains and losses | 84 | (53 | ) | |||||||||
Investment gains and losses, after-tax | (318 | ) | 95 | |||||||||
Other non-recurring items | 56 | 495 | ||||||||||
Non-GAAP operating income | $ | 549 | $ | 455 | ||||||||
Diluted per share data: | ||||||||||||
Net income (loss) | $ | 1.75 | $ | 6.29 | ||||||||
Less: | ||||||||||||
Investment gains and losses, net | (2.44 | ) | 0.89 | |||||||||
Income tax on investment gains and losses | 0.50 | (0.32 | ) | |||||||||
Investment gains and losses, after-tax | (1.94 | ) | 0.57 | |||||||||
Other non-recurring items | 0.34 | 2.98 | ||||||||||
Non-GAAP operating income | $ | 3.35 | $ | 2.74 | ||||||||
(Dollars in millions) | Twelve months ended December 31, | |||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
Net income of life insurance subsidiary | $ | 32 | $ | 39 | ||||||||||||||||||||||
Investment losses, net | (27) | (4) | ||||||||||||||||||||||||
Income tax on investment losses | (6) | — | ||||||||||||||||||||||||
Non-GAAP operating income | 53 | 43 | ||||||||||||||||||||||||
Investment income, net of expenses | (158) | (152) | ||||||||||||||||||||||||
Investment income credited to contract holders' | 102 | 99 | ||||||||||||||||||||||||
Income tax excluding tax on investment losses, net | 14 | 11 | ||||||||||||||||||||||||
Life insurance segment profit | $ | 11 | $ | 1 | ||||||||||||||||||||||
(Dollars in millions) | Twelve months ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
Consolidated | Commercial | Personal | E&S | Other* | ||||||||||||||||||||||||||||||||||||||||
Premiums: | ||||||||||||||||||||||||||||||||||||||||||||
Written premiums | $ | 5,864 | $ | 3,534 | $ | 1,503 | $ | 348 | $ | 479 | ||||||||||||||||||||||||||||||||||
Unearned premiums change | (173) | (58) | (40) | (23) | (52) | |||||||||||||||||||||||||||||||||||||||
Earned premiums | $ | 5,691 | $ | 3,476 | $ | 1,463 | $ | 325 | $ | 427 | ||||||||||||||||||||||||||||||||||
Underwriting profit (loss) | $ | 119 | $ | 64 | $ | 47 | $ | 34 | $ | (26) | ||||||||||||||||||||||||||||||||||
(Dollars in millions) | Twelve months ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||
Consolidated | Commercial | Personal | E&S | Other* | ||||||||||||||||||||||||||||||||||||||||
Premiums: | ||||||||||||||||||||||||||||||||||||||||||||
Written premiums | $ | 5,516 | $ | 3,410 | $ | 1,435 | $ | 303 | $ | 368 | ||||||||||||||||||||||||||||||||||
Unearned premiums change | (182) | (91) | (31) | (25) | (35) | |||||||||||||||||||||||||||||||||||||||
Earned premiums | $ | 5,334 | $ | 3,319 | $ | 1,404 | $ | 278 | $ | 333 | ||||||||||||||||||||||||||||||||||
Underwriting profit | $ | 341 | $ | 241 | $ | 8 | $ | 53 | $ | 39 | ||||||||||||||||||||||||||||||||||
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on dollar amounts in thousands. |
(Dollars in millions) | Twelve months ended December 31, 2018 | ||||||||||||||||||||||||
Consolidated | Commercial | Personal | E&S | Cincinnati Re | |||||||||||||||||||||
Premiums: | |||||||||||||||||||||||||
Written premiums | $ | 5,030 | $ | 3,245 | $ | 1,378 | $ | 249 | $ | 158 | |||||||||||||||
Unearned premiums change | (110 | ) | (27 | ) | (42 | ) | (15 | ) | (26 | ) | |||||||||||||||
Earned premiums | $ | 4,920 | $ | 3,218 | $ | 1,336 | $ | 234 | $ | 132 | |||||||||||||||
Statutory ratios: | |||||||||||||||||||||||||
Combined ratio | 96.0 | % | 95.1 | % | 101.2 | % | 73.5 | % | 106.8 | % | |||||||||||||||
Contribution from catastrophe losses | 7.1 | 5.8 | 9.4 | 1.1 | 24.9 | ||||||||||||||||||||
Combined ratio excluding catastrophe losses | 88.9 | % | 89.3 | % | 91.8 | % | 72.4 | % | 81.9 | % | |||||||||||||||
Commission expense ratio | 18.8 | % | 18.3 | % | 17.8 | % | 25.9 | % | 26.2 | % | |||||||||||||||
Other underwriting expense ratio | 11.7 | 13.1 | 10.6 | 3.2 | 6.6 | ||||||||||||||||||||
Total expense ratio | 30.5 | % | 31.4 | % | 28.4 | % | 29.1 | % | 32.8 | % | |||||||||||||||
GAAP ratios: | |||||||||||||||||||||||||
Combined ratio | 96.4 | % | 95.4 | % | 101.9 | % | 73.5 | % | 105.8 | % | |||||||||||||||
Contribution from catastrophe losses | 7.1 | 5.8 | 9.4 | 1.1 | 24.9 | ||||||||||||||||||||
Prior accident years before catastrophe losses | (3.1 | ) | (4.2 | ) | 0.6 | (10.6 | ) | 1.1 | |||||||||||||||||
Current accident year combined ratio before catastrophe losses | 92.4 | % | 93.8 | % | 91.9 | % | 83.0 | % | 79.8 | % | |||||||||||||||
Dollar amounts shown are rounded to millions; certain amounts may not add due to rounding. Ratios are calculated based on dollar amounts in thousands. |
(Dollars in millions) | Twelve months ended December 31, | |||||||||||
2018 | 2017 | |||||||||||
Net income of life insurance subsidiary | $ | 48 | $ | 155 | ||||||||
Investment gains, net | (4 | ) | 6 | |||||||||
Income tax on investment gains | — | 2 | ||||||||||
Effects of U.S. tax reform legislation | — | 111 | ||||||||||
Non-GAAP operating income | 52 | 40 | ||||||||||
Investment income, net of expenses | (153 | ) | (155 | ) | ||||||||
Investment income credited to contract holders' | 96 | 93 | ||||||||||
Income tax excluding tax on investment gains and effects of U.S. tax reform legislation | 13 | 21 | ||||||||||
Life insurance segment profit (loss) | $ | 8 | $ | (1 | ) | |||||||
(Dollars are per share) | Twelve months ended December 31, | |||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
Value creation ratio: | ||||||||||||||||||||||||||
End of period book value* | $ | 67.04 | $ | 60.55 | ||||||||||||||||||||||
Less beginning of period book value | 60.55 | 48.10 | ||||||||||||||||||||||||
Change in book value | 6.49 | 12.45 | ||||||||||||||||||||||||
Dividend declared to shareholders | 2.40 | 2.24 | ||||||||||||||||||||||||
Total value creation | $ | 8.89 | $ | 14.69 | ||||||||||||||||||||||
Value creation ratio from change in book value** | 10.7 | % | 25.9 | % | ||||||||||||||||||||||
Value creation ratio from dividends declared to shareholders*** | 4.0 | 4.6 | ||||||||||||||||||||||||
Value creation ratio | 14.7 | % | 30.5 | % | ||||||||||||||||||||||
* Book value per share is calculated by dividing end of period total shareholders’ equity by end of period shares outstanding | ||||||||||||||||||||||||||
** Change in book value divided by the beginning of period book value | ||||||||||||||||||||||||||
*** Dividend declared to shareholders divided by beginning of period book value |
(Dollars are per share) | Twelve months ended December 31, | |||||||||||
2018 | 2017 | |||||||||||
Value creation ratio: | ||||||||||||
End of period book value* | $ | 48.10 | $ | 50.29 | ||||||||
Less beginning of period book value | 50.29 | 42.95 | ||||||||||
Change in book value | (2.19 | ) | 7.34 | |||||||||
Dividend declared to shareholders | 2.12 | 2.50 | ||||||||||
Total value creation | $ | (0.07 | ) | $ | 9.84 | |||||||
Value creation ratio from change in book value** | (4.3 | )% | 17.1 | % | ||||||||
Value creation ratio from dividends declared to shareholders*** | 4.2 | 5.8 | ||||||||||
Value creation ratio | (0.1 | )% | 22.9 | % | ||||||||
* Book value per share is calculated by dividing end of period total shareholders’ equity by end of period shares outstanding | ||||||||||||
** Change in book value divided by the beginning of period book value | ||||||||||||
*** Dividend declared to shareholders divided by beginning of period book value |