Shareholders' Equity and Noncontrolling Interests

3 Months Ended

Mar. 31, 2021

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, 2021 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, 2020	600.7	$	0.6	(2.0)	$	(111.1)	$	2,068.1	$	3,705.4	$	(278.1)	$	67.0	$	5,451.9
Net income										329.6				2.2		331.8
Other comprehensive income (loss)												(56.9)		(0.2)		(57.1)
Acquisitions resulting in noncontrolling interest														1.8		1.8
Purchase of noncontrolling interest								2.5						(7.3)		(4.8)
Distributions to shareholders of noncontrolling interests														(2.8)		(2.8)
Purchase of treasury stock				(2.4)		(152.8)										(152.8)
Retirement of treasury stock	(2.1)		—	2.1		133.0				(133.0)						—
Stock options exercised	0.6		—	0.2		13.5		16.0		(8.3)						21.2
Dividends declared ($0.145 per common share)										(86.6)						(86.6)
Stock-based compensation expense								19.1								19.1
Balance as of March 31, 2021	599.2	$	0.6	(2.1)	$	(117.4)	$	2,105.7	$	3,807.1	$	(335.0)	$	60.7	$	5,521.7

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	597.4	$	0.6	(1.6)	$	(70.8)	$	1,683.0	$	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				(5.4)		(257.2)										(257.2)
Retirement of treasury stock	(5.4)		—	5.4		257.2				(257.2)						—
Stock options exercised	1.2		—	0.2		12.3		24.0		(7.0)						29.3
Dividends declared ($0.125 per common share)										(74.0)						(74.0)
Stock-based compensation expense								15.4								15.4
Balance as of March 31, 2020	593.2	$	0.6	(1.4)	$	(58.5)	$	1,720.3	$	3,248.5	$	(525.1)	$	59.9	$	4,445.7

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, 2021, the Company repurchased 2.4 million shares of its Common Stock for $152.8 under the 2018 Stock Repurchase Program. Of the total repurchases during the first three months of 2021, 0.3 million shares, or $19.8, have been retained in Treasury stock at time of repurchase; the remaining 2.1 million shares, or $133.0, have been retired by the Company. During the three months ended March 31, 2020, the Company repurchased 5.4 million shares of its Common Stock for $257.2 under the 2018 Stock Repurchase Program. All of the repurchases during the first three months of 2020 were retired by the Company. In April 2021, the Company repurchased 0.8 million additional shares of its Common Stock for $51.0, which completed the 2018 Stock Repurchase Program.

On April 27, 2021, the Company’s Board of Directors authorized a new 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 27, 2024 (the “2021 Stock Repurchase Program”) in accordance with the requirements of Rule 10b-18 of the Exchange Act. As of April 27, 2021, the Company has not repurchased any shares of its Common Stock under the 2021 Stock Repurchase Program. The price and timing of any future purchases under the 2021 Stock Repurchase Program will depend on a number of factors such as levels of cash generation from operations, the volume of stock option exercises by employees, cash requirements for acquisitions, dividends paid, economic and market conditions and the price of the Company’s common stock.

Contingent upon declaration by the Company’s 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, 2021 and 2020:

	Three Months Ended March 31,
	2021		2020
Dividends declared	$	86.6	$	74.0
Dividends paid (including those declared in the prior year)		86.8		74.4

On October 20, 2020, the Company’s Board of Directors approved an increase to its quarterly dividend rate from $0.125 per share to $0.145 per share effective with dividends declared in the fourth quarter of 2020 and contingent upon declaration by the Company’s Board of Directors.