Stockholders' Equity and Noncontrolling Interests

9 Months Ended

Sep. 30, 2023

Stockholders' Equity and Noncontrolling Interests

Stockholders' Equity and Noncontrolling Interests

Note 7—Stockholders’ 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 and redeemable noncontrolling interest for the three months ended September 30, 2023 is as follows:

	Stockholders’ equity attributable to Amphenol Corporation
											Accumulated						Redeemable
	Common Stock			Treasury Stock			Additional				Other		Non-				Non-
	Shares			Shares			Paid-In		Retained		Comprehensive		controlling		Total		controlling
	(in millions)	Amount		(in millions)	Amount		Capital		Earnings		Loss		Interests (1)		Equity		Interest
Balance as of June 30, 2023	596.7	$	0.6	(0.7)	$	(49.6)	$	2,860.4	$	5,294.8	$	(592.5)	$	57.2	$	7,570.9	$	21.4
Net income										513.9				4.0		517.9		0.4
Other comprehensive income (loss)												(65.4)		(0.3)		(65.7)		—
Acquisitions resulting in noncontrolling interests														0.2		0.2
Distributions to shareholders of noncontrolling interests														(1.4)		(1.4)
Purchase of treasury stock				(1.7)		(149.3)										(149.3)
Retirement of treasury stock	—		—	—		—				—						—
Stock options exercised	3.6		—	0.4		28.3		127.7		(13.4)						142.6
Dividends declared ($0.21 per common share)										(125.6)						(125.6)
Stock-based compensation expense								26.9								26.9
Balance as of September 30, 2023	600.3	$	0.6	(2.0)	$	(170.6)	$	3,015.0	$	5,669.7	$	(657.9)	$	59.7	$	7,916.5	$	21.8

(1) Excludes redeemable noncontrolling interest.

A rollforward of consolidated changes in equity and redeemable noncontrolling interest for the nine months ended September 30, 2023 is as follows:

	Stockholders’ equity attributable to Amphenol Corporation
											Accumulated						Redeemable
	Common Stock			Treasury Stock			Additional				Other		Non-				Non-
	Shares			Shares			Paid-In		Retained		Comprehensive		controlling		Total		controlling
	(in millions)	Amount		(in millions)	Amount		Capital		Earnings		Loss		Interests (1)		Equity		Interest
Balance as of December 31, 2022	596.0	$	0.6	(1.2)	$	(79.8)	$	2,650.4	$	4,979.4	$	(535.0)	$	57.9	$	7,073.5	$	20.6
Net income										1,413.6				11.6		1,425.2		1.2
Other comprehensive income (loss)												(122.9)		(2.8)		(125.7)		—
Acquisitions resulting in noncontrolling interest														1.0		1.0
Distributions to shareholders of noncontrolling interests														(8.0)		(8.0)
Purchase of treasury stock				(5.8)		(469.8)										(469.8)
Retirement of treasury stock	(4.1)		—	4.1		320.5				(320.5)						—
Stock options exercised	8.4		—	0.9		58.5		292.2		(27.1)						323.6
Dividends declared ($0.63 per common share)										(375.7)						(375.7)
Stock-based compensation expense								72.4								72.4
Balance as of September 30, 2023	600.3	$	0.6	(2.0)	$	(170.6)	$	3,015.0	$	5,669.7	$	(657.9)	$	59.7	$	7,916.5	$	21.8

(1) Excludes redeemable noncontrolling interest.

A rollforward of consolidated changes in equity and redeemable noncontrolling interest for the three months ended September 30, 2022 is as follows:

	Stockholders’ equity attributable to Amphenol Corporation
											Accumulated						Redeemable
	Common Stock			Treasury Stock			Additional				Other		Non-				Non-
	Shares			Shares			Paid-In		Retained		Comprehensive		controlling		Total		controlling
	(in millions)	Amount		(in millions)	Amount		Capital		Earnings		Loss		Interests (1)		Equity		Interest
Balance as of June 30, 2022	596.7	$	0.6	(1.4)	$	(92.0)	$	2,477.8	$	4,553.8	$	(475.9)	$	57.7	$	6,522.0	$	19.9
Net income										496.6				3.6		500.2		0.3
Other comprehensive income (loss)												(196.5)		(3.2)		(199.7)		—
Distributions to shareholders of noncontrolling interests														(0.3)		(0.3)
Purchase of treasury stock				(2.4)		(170.1)										(170.1)
Retirement of treasury stock	(2.1)		—	2.1		150.3				(150.3)						—
Stock options exercised	1.9		—	0.2		14.3		63.7		(6.0)						72.0
Dividends declared ($0.20 per common share)										(119.0)						(119.0)
Stock-based compensation expense								23.6								23.6
Balance as of September 30, 2022	596.5	$	0.6	(1.5)	$	(97.5)	$	2,565.1	$	4,775.1	$	(672.4)	$	57.8	$	6,628.7	$	20.2

(1) Excludes redeemable noncontrolling interest.

A rollforward of consolidated changes in equity and redeemable noncontrolling interest for the nine months ended September 30, 2022 is as follows:

	Stockholders’ equity attributable to Amphenol Corporation
											Accumulated						Redeemable
	Common Stock			Treasury Stock			Additional				Other		Non-				Non-
	Shares			Shares			Paid-In		Retained		Comprehensive		controlling		Total		controlling
	(in millions)	Amount		(in millions)	Amount		Capital		Earnings		Loss		Interests (1)		Equity		Interest
Balance as of December 31, 2021	600.7	$	0.6	(1.6)	$	(100.0)	$	2,409.0	$	4,278.9	$	(286.5)	$	58.1	$	6,360.1	$	19.0
Net income										1,394.8				9.8		1,404.6		1.2
Other comprehensive income (loss)												(385.9)		(6.1)		(392.0)		—
Purchase of noncontrolling interest								(0.4)						(0.1)		(0.5)
Distributions to shareholders of noncontrolling interests														(3.9)		(3.9)
Purchase of treasury stock				(7.6)		(560.1)										(560.1)
Retirement of treasury stock	(7.0)		—	7.0		519.3				(519.3)						—
Stock options exercised	2.8		—	0.7		43.3		92.3		(21.7)						113.9
Dividends declared ($0.60 per common share)										(357.6)						(357.6)
Stock-based compensation expense								64.2								64.2
Balance as of September 30, 2022	596.5	$	0.6	(1.5)	$	(97.5)	$	2,565.1	$	4,775.1	$	(672.4)	$	57.8	$	6,628.7	$	20.2

(1) Excludes redeemable noncontrolling interest.

Stock Repurchase Program

On April 27, 2021, the Board authorized a stock repurchase program under which the Company may purchase up to $2,000.0 of the Company’s Class A Common Stock (“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 Securities Exchange Act of 1934, as amended (the “Exchange Act”). During the three and nine months ended September 30, 2023, the Company repurchased 1.7 million and 5.8 million shares of its Common Stock for $149.3 and $469.8, respectively, under the 2021 Stock Repurchase Program. Of the total repurchases made during the first nine months of 2023, 4.1 million shares, or $320.5, were retired by the Company, with the remainder of the repurchased shares retained in Treasury stock at the time of repurchase. During the three and nine months ended September 30, 2022, the Company repurchased 2.4 million and 7.6 million shares of its Common Stock for $170.1 and $560.1, respectively, under the 2021 Stock Repurchase Program. Of the total repurchases made during the first nine months of 2022, 7.0 million shares, or $519.3, were retired by the Company, with the remainder of the repurchased shares retained in Treasury stock at the time of repurchase. From October 1, 2023 to October 24, 2023, the Company repurchased 0.4 million additional shares of its Common Stock for $33.5, and, as of October 25, 2023, the Company has remaining authorization to purchase up to $308.3 of its Common Stock under the 2021 Stock Repurchase Program. The price and timing of any future purchases will depend on a number of factors, such as levels of cash generation from operations, the volume of stock options exercised by employees, cash requirements for acquisitions, dividends paid, economic and market conditions, and the price of the Common Stock.

Dividends

Contingent upon declaration by the Board, the Company pays a quarterly dividend on shares of its Common Stock. The following table summarizes the dividends declared and paid during the three and nine months ended September 30, 2023 and 2022:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Dividends declared	$	125.6	$	119.0	$	375.7	$	357.6
Dividends paid (including those declared in the prior year)		125.1		119.1		375.0		358.4

On October 25, 2022, the Board approved an increase to the Company’s quarterly dividend rate from $0.20 per share to $0.21 per share, effective with dividends declared in the fourth quarter of 2022, and on October 24, 2023, the Board approved an additional increase to the Company’s quarterly dividend rate from $0.21 per share to $0.22 per share, effective with dividends declared in the fourth quarter of 2023, contingent upon declaration by the Board.