Shareholders' Equity and Noncontrolling Interests

3 Months Ended

Mar. 31, 2020

Shareholders' Equity and Noncontrolling Interests

Shareholders' Equity and Noncontrolling Interests

Note 7—Shareholders’ Equity and Noncontrolling Interests

Net income attributable to noncontrolling interests is classified below net income. Earnings per share is determined after the impact of the noncontrolling interests’ share in net income of the Company. In addition, the equity attributable to noncontrolling interests is presented as a separate caption within equity.

A rollforward of consolidated changes in equity for the three months ended March 31, 2020 is as follows:

	Amphenol Corporation Shareholders
											Accumulated
	Common Stock			Treasury Stock							Other
	Shares			Shares			Additional		Retained		Comprehensive		Noncontrolling		Total
	(in millions)	Amount		(in millions)	Amount		Paid-In Capital		Earnings		Loss		Interests		Equity
Balance as of December 31, 2019	298.7	$	0.3	(0.8)	$	(70.8)	$	1,683.3	$	3,348.4	$	(430.9)	$	65.9	$	4,596.2
Cumulative effect of adoption of credit loss standard (ASU 2016-13)										(3.8)						(3.8)
Net income										242.1				1.1		243.2
Other comprehensive income (loss)												(94.2)		(1.1)		(95.3)
Purchase of noncontrolling interest								(2.1)						(5.2)		(7.3)
Distributions to shareholders of noncontrolling interests														(0.8)		(0.8)
Purchase of treasury stock				(2.7)		(257.2)										(257.2)
Retirement of treasury stock	(2.7)		—	2.7		257.2				(257.2)						—
Stock options exercised	0.6		—	0.1		12.3		24.0		(7.0)						29.3
Dividends declared ($0.25 per common share)										(74.0)						(74.0)
Stock-based compensation expense								15.4								15.4
Balance as of March 31, 2020	296.6	$	0.3	(0.7)	$	(58.5)	$	1,720.6	$	3,248.5	$	(525.1)	$	59.9	$	4,445.7

A rollforward of consolidated changes in equity for the three months ended March 31, 2019 is as follows:

	Amphenol Corporation Shareholders
											Accumulated
	Common Stock			Treasury Stock							Other
	Shares			Shares			Additional		Retained		Comprehensive		Noncontrolling		Total
	(in millions)	Amount		(in millions)	Amount		Paid-In Capital		Earnings		Loss		Interests		Equity
Balance as of December 31, 2018	299.2	$	0.3	(0.7)	$	(55.0)	$	1,433.2	$	3,028.7	$	(390.2)	$	47.2	$	4,064.2
Net income										267.5				2.4		269.9
Other comprehensive income (loss)												5.4		0.9		6.3
Distributions to shareholders of noncontrolling interests														(3.2)		(3.2)
Purchase of treasury stock				(1.8)		(160.0)										(160.0)
Retirement of treasury stock	(0.8)		—	0.8		72.4				(72.4)						—
Stock options exercised	1.0		—	0.3		22.9		37.6		(13.2)						47.3
Dividends declared ($0.23 per common share)										(68.5)						(68.5)
Stock-based compensation expense								14.4								14.4
Balance as of March 31, 2019	299.4	$	0.3	(1.4)	$	(119.7)	$	1,485.2	$	3,142.1	$	(384.8)	$	47.3	$	4,170.4

On April 24, 2018, the Company’s Board of Directors authorized a stock repurchase program under which the Company may purchase up to $2,000.0 of the Company’s Common Stock during the three-year period ending April 24, 2021 (the “2018 Stock Repurchase Program”) in accordance with the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). During the three months ended March 31, 2020 and 2019, the Company repurchased 2.7 million and 1.8 million shares of its Common Stock for $257.2 and $160.0, respectively, under the 2018 Stock Repurchase Program. All of the repurchases during the first three months of 2020 have been retired by the Company. Of the total repurchases during the first three months of 2019, 1.0 million shares, or $87.6, were retained in Treasury stock at time of repurchase; the remaining 0.8 million shares, or $72.4, were retired by the Company. The Company has not repurchased any additional shares of its Common Stock from April 1, 2020 to April 21, 2020, and has remaining authorization to purchase up to $587.9 of its Common Stock under the 2018 Stock Repurchase Program. The price and timing of any future purchases under the 2018 Stock Repurchase Program will depend on factors such as levels of cash generation from operations, the volume of stock option exercises by employees, cash requirements for acquisitions, dividends, economic and market conditions and stock price.

Contingent upon declaration by the Board of Directors, the Company generally pays a quarterly dividend on shares of its Common Stock. The following table summarizes the dividends declared and paid for the three months ended March 31, 2020 and 2019:

	Three Months Ended March 31,
	2020		2019
Dividends declared	$	74.0	$	68.5
Dividends paid (including those declared in the prior year)		74.4		68.7

On July 23, 2019, the Company’s Board of Directors approved an increase to its quarterly dividend rate from $0.23 to $0.25 per share effective with dividends declared in the third quarter of 2019.