Stockholders' Equity and Noncontrolling Interests

9 Months Ended

Sep. 30, 2024

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 interests for the three months ended September 30, 2024 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		Interests
Balance as of June 30, 2024	1,205.6	$	1.2	(1.8)	$	(73.8)	$	3,349.2	$	6,352.0	$	(648.5)	$	50.5	$	9,030.6	$	19.9
Net income										604.4				4.1		608.5		0.4
Other comprehensive income (loss)												128.6		1.7		130.3		0.4
Capital contributions from noncontrolling interests														0.4		0.4
Purchase of noncontrolling interests								(0.2)						(0.1)		(0.3)		—
Distributions to shareholders of noncontrolling interests														(3.0)		(3.0)
Purchase of treasury stock				(2.7)		(176.2)										(176.2)
Retirement of treasury stock	—		—	—		—				—						—
Stock options exercised	3.9		—	0.3		13.1		79.1		(7.0)						85.2
Dividends declared ($0.165 per common share)										(198.9)						(198.9)
Stock-based compensation expense								29.5								29.5
Balance as of September 30, 2024	1,209.5	$	1.2	(4.2)	$	(236.9)	$	3,457.6	$	6,750.5	$	(519.9)	$	53.6	$	9,506.1	$	20.7

(1) Excludes redeemable noncontrolling interests.

A rollforward of consolidated changes in equity and redeemable noncontrolling interests for the nine months ended September 30, 2024 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		Interests
Balance as of December 31, 2023	1,201.3	$	1.2	(3.5)	$	(142.8)	$	3,100.6	$	5,921.1	$	(533.6)	$	49.3	$	8,395.8	$	30.7
Net income										1,677.8				10.7		1,688.5		1.1
Other comprehensive income (loss)												13.7		0.6		14.3		0.1
Capital contributions from noncontrolling interests														1.5		1.5
Purchase of noncontrolling interests								(1.1)						(0.1)		(1.2)		(11.2)
Distributions to shareholders of noncontrolling interests														(8.4)		(8.4)
Purchase of treasury stock				(8.6)		(520.4)										(520.4)
Retirement of treasury stock	(5.9)		—	5.9		344.2				(344.2)						—
Stock options exercised	14.1		—	2.0		82.1		278.2		(40.8)						319.5
Dividends declared ($0.385 per common share)										(463.4)						(463.4)
Stock-based compensation expense								79.9								79.9
Balance as of September 30, 2024	1,209.5	$	1.2	(4.2)	$	(236.9)	$	3,457.6	$	6,750.5	$	(519.9)	$	53.6	$	9,506.1	$	20.7

(1) Excludes redeemable noncontrolling interests.

A rollforward of consolidated changes in equity and redeemable noncontrolling interests 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		Interests
Balance as of June 30, 2023	1,193.4	$	1.2	(1.5)	$	(49.6)	$	2,859.8	$	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				(3.5)		(149.3)										(149.3)
Retirement of treasury stock	—		—	—		—				—						—
Stock options exercised	7.2		—	0.9		28.3		127.7		(13.4)						142.6
Dividends declared ($0.105 per common share)										(125.6)						(125.6)
Stock-based compensation expense								26.9								26.9
Balance as of September 30, 2023	1,200.6	$	1.2	(4.1)	$	(170.6)	$	3,014.4	$	5,669.7	$	(657.9)	$	59.7	$	7,916.5	$	21.8

(1) Excludes redeemable noncontrolling interests.

A rollforward of consolidated changes in equity and redeemable noncontrolling interests 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		Interests
Balance as of December 31, 2022	1,192.0	$	1.2	(2.4)	$	(79.8)	$	2,649.8	$	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 interests														1.0		1.0
Distributions to shareholders of noncontrolling interests														(8.0)		(8.0)
Purchase of treasury stock				(11.7)		(469.8)										(469.8)
Retirement of treasury stock	(8.2)		—	8.2		320.5				(320.5)						—
Stock options exercised	16.8		—	1.8		58.5		292.2		(27.1)						323.6
Dividends declared ($0.315 per common share)										(375.7)						(375.7)
Stock-based compensation expense								72.4								72.4
Balance as of September 30, 2023	1,200.6	$	1.2	(4.1)	$	(170.6)	$	3,014.4	$	5,669.7	$	(657.9)	$	59.7	$	7,916.5	$	21.8

(1) Excludes redeemable noncontrolling interests.

Stock Repurchase Programs

On April 23, 2024, the Board authorized a new stock repurchase program under which the Company may purchase up to $2,000.0 of its Common Stock during the three-year period ending on the close of business on April 28, 2027 (the “2024 Stock Repurchase Program”). The 2024 Stock Repurchase Program became effective on April 29, 2024. During the three and nine months ended September 30, 2024, the Company repurchased 2.7 million and 4.5 million shares of its Common Stock for $176.2 and $294.8, respectively, under the 2024 Stock Repurchase Program. Of the total repurchases made during the nine months ended September 30, 2024 under the 2024 Stock Repurchase Program, 1.8 million shares, or $118.6, have been retired by the Company, with the remainder of the repurchased shares retained in Treasury stock at the time of repurchase. From October 1, 2024 to October 22, 2024, the Company repurchased 0.6 million additional shares of its Common Stock for $35.8, and, as of October 23, 2024, the Company has remaining authorization to purchase up to $1,669.4 of its Common Stock under the 2024 Stock Repurchase Program. The timing and amount of any future repurchases will depend on a number of factors, such as the 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.

On April 27, 2021, the Board authorized a stock repurchase program under which the Company could purchase up to $2,000.0 of its Common Stock during the three-year period ending April 27, 2024 (the “2021 Stock Repurchase Program”). During the nine months ended September 30, 2024, the Company repurchased 4.1 million shares of its Common Stock for $225.6 under the 2021 Stock Repurchase Program, which were the final repurchases under the 2021 Stock Repurchase Program. All of the repurchased shares under the 2021 Stock Repurchase Program during the first nine months of 2024 have been retired by the Company. During the three and nine months ended September 30, 2023, the Company repurchased 3.5 million and 11.7 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 nine months ended September 30, 2023 under the 2021 Stock Repurchase Program, 8.2 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.

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, 2024 and 2023:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Dividends declared	$	198.9	$	125.6	$	463.4	$	375.7
Dividends paid (including those declared in the prior year)		132.4		125.1		396.2		375.0

On October 24, 2023, the Board approved an increase to the Company’s quarterly dividend rate from $0.105 per share to $0.11 per share, effective with dividends declared in the fourth quarter of 2023, and on July 23, 2024, the Board approved an additional increase to the Company’s quarterly dividend rate from $0.11 per share to $0.165 per share, effective with dividends declared in the third quarter of 2024, contingent upon declaration by the Board.