AMPHENOL CORP /DE/, 10-Q filed on 10/25/2024
Quarterly Report
v3.24.3
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2024
Oct. 22, 2024
Document and Entity Information    
Entity Registrant Name AMPHENOL CORPORATION  
Entity Central Index Key 0000820313  
Document Type 10-Q  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Sep. 30, 2024  
Entity File Number 1-10879  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 22-2785165  
Entity Address, Address Line One 358 Hall Avenue  
Entity Address, City or Town Wallingford  
Entity Address, State or Province CT  
Entity Address, Postal Zip Code 06492  
City Area Code 203  
Local Phone Number 265-8900  
Title of 12(b) Security Class A Common Stock, $0.001 par value  
Trading Symbol APH  
Security Exchange Name NYSE  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   1,205,612,909
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
v3.24.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Current Assets:    
Cash and cash equivalents $ 1,563.0 $ 1,475.0
Short-term investments 20.3 185.2
Total cash, cash equivalents and short-term investments 1,583.3 1,660.2
Accounts receivable, less allowance for doubtful accounts of $67.9 and $68.4, respectively 3,130.3 2,618.4
Inventories 2,578.8 2,167.1
Prepaid expenses and other current assets 480.4 389.6
Total current assets 7,772.8 6,835.3
Property, plant and equipment, less accumulated depreciation of $2,479.0 and $2,261.8, respectively 1,670.9 1,314.7
Goodwill 8,352.1 7,092.4
Other intangible assets, net 1,247.0 834.8
Other long-term assets 542.8 449.2
Total assets 19,585.6 16,526.4
Current Liabilities:    
Accounts payable 1,763.0 1,350.9
Accrued salaries, wages and employee benefits 480.2 412.8
Accrued income taxes 124.4 166.0
Accrued dividends 198.9 131.7
Other accrued expenses 932.1 737.5
Current portion of long-term debt 403.1 353.8
Total current liabilities 3,901.7 3,152.7
Long-term debt, less current portion 5,081.0 3,983.5
Accrued pension and postretirement benefit obligations 147.4 143.0
Deferred income taxes 439.7 367.0
Other long-term liabilities 489.0 453.7
Total Liabilities 10,058.8 8,099.9
Redeemable noncontrolling interests 20.7 30.7
Equity:    
Common stock 1.2 1.2
Additional paid-in capital 3,457.6 3,100.6
Retained earnings 6,750.5 5,921.1
Treasury stock, at cost (236.9) (142.8)
Accumulated other comprehensive loss (519.9) (533.6)
Total stockholders' equity attributable to Amphenol Corporation 9,452.5 8,346.5
Noncontrolling interests 53.6 49.3
Total equity 9,506.1 8,395.8
Total Liabilities, Redeemable Noncontrolling Interests and Equity $ 19,585.6 $ 16,526.4
v3.24.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Condensed Consolidated Balance Sheets    
Allowance for doubtful accounts $ 67.9 $ 68.4
Accumulated depreciation $ 2,479.0 $ 2,261.8
v3.24.3
Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Condensed Consolidated Statements of Income        
Net sales $ 4,038.8 $ 3,199.2 $ 10,904.9 $ 9,227.2
Cost of sales 2,681.9 2,150.7 7,245.9 6,243.5
Gross profit 1,356.9 1,048.5 3,659.0 2,983.7
Acquisition-related expenses 45.4 9.0 115.4 18.4
Selling, general and administrative expenses 492.0 381.6 1,340.4 1,095.7
Operating income 819.5 657.9 2,203.2 1,869.6
Interest expense (55.7) (33.6) (150.1) (104.5)
Gain on bargain purchase acquisition 0.0 0.0 0.0 5.4
Other income (expense), net 11.2 9.2 48.5 18.9
Income before income taxes 775.0 633.5 2,101.6 1,789.4
Provision for income taxes (166.1) (115.2) (412.0) (363.0)
Net income 608.9 518.3 1,689.6 1,426.4
Less: Net income attributable to noncontrolling interests (4.5) (4.4) (11.8) (12.8)
Net income attributable to Amphenol Corporation $ 604.4 $ 513.9 $ 1,677.8 $ 1,413.6
Net income attributable to Amphenol Corporation per common share - Basic (in dollars per share) $ 0.50 $ 0.43 $ 1.40 $ 1.19
Weighted average common shares outstanding - Basic (in shares) 1,204.9 1,195.4 1,202.4 1,191.8
Net income attributable to Amphenol Corporation per common share - Diluted (in dollars per share) $ 0.48 $ 0.41 $ 1.33 $ 1.14
Weighted average common shares outstanding - Diluted (in shares) 1,265.5 1,244.1 1,262.1 1,240.1
v3.24.3
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Condensed Consolidated Statements of Comprehensive Income        
Net income $ 608.9 $ 518.3 $ 1,689.6 $ 1,426.4
Total other comprehensive income (loss), net of tax:        
Foreign currency translation adjustments 129.9 (66.4) 12.1 (127.7)
Pension and postretirement benefit plan adjustment, net of tax of ($0.2) and ($0.7) for 2024, and ($0.2) and ($0.6) for 2023, respectively 0.8 0.7 2.3 2.0
Total other comprehensive income (loss), net of tax 130.7 (65.7) 14.4 (125.7)
Total comprehensive income 739.6 452.6 1,704.0 1,300.7
Less: Comprehensive income attributable to noncontrolling interests (6.6) (4.1) (12.5) (10.0)
Comprehensive income attributable to Amphenol Corporation $ 733.0 $ 448.5 $ 1,691.5 $ 1,290.7
v3.24.3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Condensed Consolidated Statements of Comprehensive Income        
Pension and postretirement benefit plan adjustment, tax $ (0.2) $ (0.2) $ (0.7) $ (0.6)
v3.24.3
Condensed Consolidated Statements of Cash Flow - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Cash from operating activities:          
Net income $ 608.9 $ 518.3 $ 1,689.6 $ 1,426.4  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization 201.2 101.0 428.7 291.4  
Stock-based compensation expense     79.9 72.4  
Deferred income tax provision (benefit)     (33.6) (7.1)  
Gain on bargain purchase acquisition 0.0 0.0 0.0 (5.4)  
Net change in components of working capital     (197.6) (81.2)  
Net change in other long-term assets and liabilities     0.6 (9.6)  
Net cash provided by operating activities     1,967.6 1,686.9  
Cash from investing activities:          
Capital expenditures     (465.6) (267.8)  
Proceeds from disposals of property, plant and equipment     7.1 2.1  
Purchases of investments     (20.7) (218.8)  
Sales and maturities of investments     181.7 67.8  
Acquisitions, net of cash acquired     (2,099.8) (292.6)  
Other, net     (0.9) 4.9  
Net cash used in investing activities     (2,398.2) (704.4)  
Cash from financing activities:          
Proceeds from issuance of senior notes and other long-term debt     1,500.1 354.0  
Repayments of senior notes and other long-term debt     (353.7) (10.3)  
(Repayments) borrowings under commercial paper programs, net     0.0 (632.6)  
Payment of costs related to debt financing     (14.7) (2.3)  
Payment of deferred purchase price related to acquisitions     0.0 (1.5)  
Purchase of treasury stock     (520.4) (469.8)  
Proceeds from exercise of stock options     320.3 323.1  
Distributions to and purchases of noncontrolling interests     (20.8) (8.0)  
Dividend payments (132.4) (125.1) (396.2) (375.0)  
Other, net     1.2 0.0  
Net cash provided by (used in) financing activities     515.8 (822.4)  
Effect of exchange rate changes on cash and cash equivalents     2.8 (51.7)  
Net increase (decrease) in cash and cash equivalents     88.0 108.4  
Cash and cash equivalents balance, beginning of period     1,475.0 1,373.1 $ 1,373.1
Cash and cash equivalents balance, end of period $ 1,563.0 $ 1,481.5 1,563.0 1,481.5 $ 1,475.0
Cash paid for:          
Interest     112.6 89.1  
Income taxes, net     $ 516.0 $ 423.8  
v3.24.3
Basis of Presentation and Principles of Consolidation
 9 Months Ended
Sep. 30, 2024
Basis of Presentation and Principles of Consolidation  
Basis of Presentation and Principles of Consolidation

Note 1—Basis of Presentation and Principles of Consolidation

​

The Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023, the related Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023, and the related Condensed Consolidated Statements of Cash Flow for the nine months ended September 30, 2024 and 2023 include the accounts of Amphenol Corporation and its subsidiaries (“Amphenol,” the “Company,” “we,” “our” or “us”). All material intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements included herein are unaudited. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, including normal recurring adjustments considered necessary for a fair presentation of the results, in conformity with accounting principles generally accepted in the United States of America. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year. These condensed consolidated financial statements and the related notes should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Annual Report”).

​

Stock Split

​

On May 20, 2024, the Company announced that its Board of Directors (the “Board”) approved a two-for-one split of the Company’s Class A Common Stock (“Common Stock”). The stock split was effected in the form of a stock dividend paid to stockholders of record as of the close of business on May 31, 2024. The additional shares were distributed on June 11, 2024, and the Common Stock began trading on a split-adjusted basis on June 12, 2024. The shares of Common Stock retain a par value of $0.001 per share. As a result of the stock split, stockholders received one additional share of the Company’s Common Stock for each share held as of the record date. There was no change in the number of authorized common shares of the Company as a result of the stock split.

​

All current and prior year data presented in the accompanying Condensed Consolidated Financial Statements and notes thereto in this Form 10-Q, including but not limited to, number of shares and per share information, stock-based compensation data, including stock options and restricted shares and related per share data, basic and diluted earnings per share, and dividends per share amounts, have been adjusted to reflect the effect of the stock split. As a result of the stock split, certain prior period amounts have been adjusted to conform to the current period presentation in the Condensed Consolidated Financial Statements and the accompanying notes herein. The impact to the Condensed Consolidated Balance Sheets, as well as the rollforward of consolidated changes in equity included in Note 7 herein, was an increase of $0.6 to Common stock, with an offsetting decrease in Additional paid-in capital, which has been retroactively adjusted for all periods presented.
v3.24.3
New Accounting Pronouncements
 9 Months Ended
Sep. 30, 2024
New Accounting Pronouncements  
New Accounting Pronouncements

Note 2—New Accounting Pronouncements

​

In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which amends ASC 280. The intent of ASU 2023-07 is to improve the disclosures around a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses by requiring entities to disclose on an annual and interim basis: (i) significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of segment profit or loss and (ii) an amount for other segment items by reportable segment and a description of its composition, which represents the difference between segment revenue less segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss. Furthermore, entities will be required to: (i) provide all annual disclosures about a segment’s profit or loss and assets currently required under ASC 280 on an interim basis as well, (ii) clarify that an entity is not precluded from reporting additional measures of a segment’s profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources, and (iii) disclose the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. While it continues to evaluate ASU 2023-07, the Company does not currently believe that its adoption will have a material impact on its consolidated financial statements and disclosures.

​

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). The intent of ASU 2023-09 is to improve the disclosures around a company’s rate reconciliation information and certain types of income taxes companies are required to pay. Specifically, these new disclosure requirements will provide more transparency regarding income taxes companies pay in the United States and other countries, along with more disclosure around a company’s rate reconciliation, among other new disclosure requirements, such that users of financial statements can get better information about how the operations, related tax risks, tax planning and operational opportunities of companies affect their effective tax rates and future cash flow prospects. ASU 2023-09 is effective for annual fiscal years beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments under ASU 2023-09 should be applied on a prospective basis, although retrospective application is permitted. While it continues to evaluate ASU 2023-09 and its disclosure requirements, the Company does not currently believe that its adoption will have a material impact on its consolidated financial statements.

​
v3.24.3
Inventories
 9 Months Ended
Sep. 30, 2024
Inventories  
Inventories

Note 3—Inventories

​

Inventories consist of:

​

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

 

​

    

2024

    

2023

 

Raw materials and supplies

 

$

1,130.8

 

$

964.7

​

Work in process

​

 

710.0

​

 

562.3

​

Finished goods

​

 

738.0

​

 

640.1

​

​

 

$

2,578.8

 

$

2,167.1

​

​
v3.24.3
Debt
 9 Months Ended
Sep. 30, 2024
Debt  
Debt

Note 4—Debt

​

The Company’s debt (net of any unamortized discount) consists of the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

​

​

September 30, 2024

​

December 31, 2023

 

​

​

​

​

Carrying

​

Approximate

​

Carrying

​

Approximate

 

​

​

​

    

Amount

    

Fair Value

    

Amount

    

Fair Value

 

Revolving Credit Facility

​

​

​

$

—

 

$

—

 

$

—

 

$

—

​

U.S. Commercial Paper Program

​

​

​

 

—

 

 

—

 

 

—

​

 

—

​

Euro Commercial Paper Program

​

​

​

 

—

 

 

—

 

 

—

​

 

—

​

Term Loan Credit Facility

​

​

​

​

—

 

 

—

 

 

—

​

 

—

​

3.20% Senior Notes due April 2024

​

​

​

 

—

 

 

—

 

 

350.0

​

 

348.4

​

2.050% Senior Notes due March 2025

​

​

​

​

399.9

 

 

396.6

 

 

399.8

​

 

386.8

​

4.750% Senior Notes due March 2026

​

​

​

​

349.4

 

 

352.6

 

 

349.1

​

 

350.6

​

0.750% Euro Senior Notes due May 2026

​

​

​

​

556.6

 

 

539.0

 

 

551.7

​

 

523.4

​

5.050% Senior Notes due April 2027

​

​

​

​

449.6

 

 

460.6

 

 

—

​

 

—

​

2.000% Euro Senior Notes due October 2028

​

​

​

​

556.1

 

 

543.7

 

 

551.4

​

 

531.4

​

5.050% Senior Notes due April 2029

​

​

​

​

449.6

 

 

464.4

 

 

—

​

 

—

​

4.350% Senior Notes due June 2029

​

​

​

​

499.8

 

 

503.8

 

 

499.8

​

 

497.2

​

2.800% Senior Notes due February 2030

​

​

​

​

899.6

 

 

833.4

 

 

899.6

​

 

817.6

​

2.200% Senior Notes due September 2031

​

​

​

​

748.1

 

 

646.6

 

 

747.9

​

 

629.9

​

5.250% Senior Notes due April 2034

​

​

​

​

599.4

 

 

626.3

 

 

—

​

 

—

​

Other debt

​

​

​

 

6.5

 

 

6.5

 

 

9.5

​

 

9.5

​

Less: unamortized deferred debt issuance costs

​

​

​

 

(30.5)

 

 

—

 

 

(21.5)

​

 

—

​

Total debt

​

​

​

 

5,484.1

 

 

5,373.5

 

 

4,337.3

​

 

4,094.8

​

Less: current portion

​

​

​

 

403.1

 

​

399.8

 

 

353.8

​

 

352.2

​

Total long-term debt

​

​

​

$

5,081.0

 

$

4,973.7

 

$

3,983.5

​

$

3,742.6

​

​

Revolving Credit Facility

​

On March 21, 2024, the Company entered into a third amended and restated credit agreement, which amended and restated its $2,500.0 unsecured revolving credit facility, increasing the lenders’ aggregate unsecured revolving commitments under the facility by $500.0 to $3,000.0 (the “Revolving Credit Facility”). The Revolving Credit Facility matures in March 2029 and gives the Company and certain of its subsidiaries the ability to borrow, in various currencies, at a spread that varies, based on the Company’s debt rating, over certain currency-specific benchmark rates, which benchmark rates, in the case of U.S. dollar borrowings, are either the base rate or the adjusted term Secured Overnight Financing Rate (“SOFR”). The Revolving Credit Facility was undrawn on the date it was amended and restated. The Company may utilize the Revolving Credit Facility for general corporate purposes. As of September 30, 2024 and December 31, 2023, there were no outstanding borrowings under the revolving credit facility then in effect. The carrying value of any borrowings under the Revolving Credit Facility would approximate their fair value, primarily due to their market interest rates, and would be classified as Level 2 in the fair value hierarchy (Note 5). Any outstanding borrowings under the Revolving Credit Facility are classified as long-term debt in the accompanying Condensed Consolidated Balance Sheets. The Revolving Credit Facility requires payment of certain annual agency and commitment fees and requires that the Company satisfy certain financial covenants. On September 30, 2024, the Company was in compliance with the financial covenants under the Revolving Credit Facility.

​

Term Loan Credit Facility

​

On April 19, 2022, the Company entered into a two-year, $750.0 unsecured delayed draw term loan credit agreement (the “Term Loan”). The Term Loan matured on April 19, 2024 without the Company drawing upon it throughout its term.

​

Commercial Paper Programs

​

The Company has a commercial paper program (the “U.S. Commercial Paper Program”) pursuant to which the Company may issue short-term unsecured commercial paper notes (the “USCP Notes” or “U.S. Commercial Paper”) in one or more private placements in the United States. The maturities of the USCP Notes vary but may not exceed 397 days from the date of issue. The USCP Notes are sold under customary terms in the commercial paper market and may be issued at par or a discount therefrom, and bear varying interest rates on a fixed or floating basis. On March 21, 2024, in conjunction with the increase in the capacity of the Revolving Credit Facility, the Company increased the borrowings available under its U.S. Commercial Paper Program by $500.0. As of September 30, 2024, the maximum aggregate principal amount outstanding of USCP Notes at any time is $3,000.0. The Company utilizes borrowings under the U.S. Commercial Paper Program for general corporate purposes, which, in recent years, have included fully or partially funding acquisitions, as well as repaying certain outstanding senior notes. The Company borrowed under the U.S. Commercial Paper Program throughout much of the first nine months of 2024, the proceeds of which were used for general corporate purposes, including, but not limited to, partially funding the acquisition of the Carlisle Interconnect Technologies (“CIT”) business in May 2024, as discussed further in Note 11 herein. Before the end of the third quarter of 2024, the Company repaid all of its USCP Notes then outstanding. As of September 30, 2024 and December 31, 2023, there were no USCP Notes outstanding.

​

The Company and one of its wholly owned European subsidiaries (the “Euro Issuer”) also have a commercial paper program (the “Euro Commercial Paper Program” and, together with the U.S. Commercial Paper Program, the “Commercial Paper Programs”), pursuant to which the Euro Issuer may issue short-term unsecured commercial paper notes (the “ECP Notes” and, together with the USCP Notes, the “Commercial Paper”), which are guaranteed by the Company and are to be issued outside of the United States.  The maturities of the ECP Notes will vary but may not exceed 183 days from the date of issue.  The ECP Notes are sold under customary terms in the commercial paper market and may be issued at par or a discount therefrom or a premium thereto and bear varying interest rates on a fixed or floating basis. The ECP Notes may be issued in Euros, Sterling, U.S. dollars or other currencies. The maximum aggregate principal amount outstanding of ECP Notes at any time is $2,000.0. The Company utilizes borrowings under the Euro Commercial Paper Program for general corporate purposes, which may include, for example, fully or partially funding acquisitions. The Company did not borrow under the Euro Commercial Paper Program during the first nine months of 2024, and, as of September 30, 2024 and December 31, 2023, there were no ECP Notes outstanding.

​

Amounts available under the Commercial Paper Programs may be borrowed, repaid and re-borrowed from time to time. In conjunction with the Revolving Credit Facility, as of September 30, 2024, the authorization from the Board limits the maximum aggregate principal amount outstanding of USCP Notes, ECP Notes, and any other commercial paper or similar programs, along with outstanding amounts under the Revolving Credit Facility, at any time to $3,000.0 in the aggregate. The Commercial Paper Programs are rated A-2 by Standard & Poor’s and P-2 by Moody’s and, based on the Board’s authorization described above, are currently backstopped by the Revolving Credit Facility, as amounts undrawn under the Revolving Credit Facility are available to repay Commercial Paper, if necessary. Net proceeds of the issuances of Commercial Paper are expected to be used for general corporate purposes. Any outstanding Commercial Paper is classified as long-term debt in the accompanying Condensed Consolidated Balance Sheets since the Company has the intent and ability to refinance the Commercial Paper on a long-term basis using the Company’s Revolving Credit Facility. The carrying value of Commercial Paper approximates its fair value, primarily due to its market interest rates, and is classified as Level 2 in the fair value hierarchy (Note 5). 

​

U.S. Senior Notes

​

On April 5, 2024, the Company issued three series of unsecured senior notes (collectively, the “New Senior Notes”): (i) $450.0 aggregate principal amount of unsecured 5.050% Senior Notes due April 5, 2027 at 99.887% of face value (the “2027 Senior Notes”), (ii) $450.0 aggregate principal amount of unsecured 5.050% Senior Notes due April 5, 2029 at 99.900% of face value (the “2029 Senior Notes”) and (iii) $600.0 aggregate principal amount of unsecured 5.250% Senior Notes due April 5, 2034 at 99.900% of face value (the “2034 Senior Notes”). The New Senior Notes are unsecured and rank equally in right of payment with all of the Company’s other senior unsecured and unsubordinated indebtedness, including the Company’s guarantee of the Euro Issuer’s obligations under the Euro Notes. Interest on the New Senior Notes is payable semiannually on April 5 and October 5 of each year, commencing on October 5, 2024. Prior to March 5, 2027, the Company may redeem, from time to time, some or all of the 2027 Senior Notes at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of redemption, plus a make-whole premium. Prior to March 5, 2029, the Company may redeem, from time to time, some or all of the 2029 Senior Notes at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of redemption, plus a make-whole premium. Prior to January 5, 2034, the Company may redeem, from time to time, some or all of the 2034 Senior Notes at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of redemption, plus a make-whole premium. On or after such dates, the Company may redeem, from time to time, some or all of the respective series of the New Senior Notes at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of redemption. The Company used net proceeds from the New Senior Notes, together with a combination of cash on hand and borrowings under the U.S. Commercial Paper Program, to fund the cash consideration for the CIT acquisition in May 2024, as discussed in further detail in Note 11 herein, along with the fees and expenses related thereto. During the nine months ended September 30, 2024, the Company incurred $11.7 of debt financing costs associated with the issuance of the New Senior Notes.

​

On April 1, 2024, the Company used cash on hand to repay the $350.0 aggregate principal amount of unsecured 3.20% Senior Notes due April 1, 2024 upon maturity.

​

On March 30, 2023, the Company issued $350.0 aggregate principal amount of unsecured 4.750% Senior Notes due March 30, 2026 at 99.658% of face value (the “2026 Senior Notes”). The 2026 Senior Notes are unsecured and rank equally in right of payment with all of the Company’s other senior unsecured and unsubordinated indebtedness, including the Company’s guarantee of the Euro Issuer’s obligations under the Euro Notes. Interest on the 2026 Senior Notes is payable semiannually on March 30 and September 30 of each year. The Company may redeem, from time to time at its option, some or all of the 2026 Senior Notes at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the date of redemption, plus a make-whole premium. The Company used the net proceeds from the 2026 Senior Notes to repay certain outstanding borrowings under the U.S. Commercial Paper Program.

​

All of the Company’s outstanding senior notes in the United States (the “U.S. Senior Notes”) are unsecured and rank equally in right of payment with all of the Company’s other senior unsecured and unsubordinated indebtedness, including the Company’s guarantee of the Euro Issuer’s obligations under the Euro Notes. Interest on each series of U.S. Senior Notes is payable semiannually. The Company may, at its option, redeem some or all of any series of U.S. Senior Notes at any time, subject to certain terms and conditions, which include paying 100% of the principal amount, plus accrued and unpaid interest, if any, to the date of redemption, and, with certain exceptions, a make-whole premium.

​

Euro Senior Notes

​

The Euro Issuer has two outstanding unsecured senior notes issued in Europe (collectively, the “Euro Notes” and, together with the U.S. Senior Notes, the “Senior Notes”), each of which was issued with an aggregate principal amount of €500.0. The 0.750% Euro Senior Notes, which were issued in May 2020 at 99.563% of face value, mature on May 4, 2026, while the 2.000% Euro Senior Notes, which were issued in October 2018 at 99.498% of face value, mature on October 8, 2028. The Euro Notes are unsecured and rank equally in right of payment with all of the Euro Issuer’s senior unsecured and unsubordinated indebtedness and are fully and unconditionally guaranteed on a senior unsecured basis by the Company. Interest on each series of Euro Notes is payable annually. The Company may, at its option, redeem some or all of either series of Euro Notes at any time, subject to certain terms and conditions, which include paying 100% of the principal amount, plus accrued and unpaid interest, if any, to, but not including, the date of redemption, and, with certain exceptions, a make-whole premium.

​

The fair value of each series of Senior Notes is based on recent bid prices in an active market and is therefore classified as Level 1 in the fair value hierarchy (Note 5). The Senior Notes impose certain obligations on the Company and prohibit various actions by the Company unless it satisfies certain financial requirements. On September 30, 2024, the Company was in compliance with all requirements under its Senior Notes.
v3.24.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Measurements  
Fair Value Measurements

Note 5—Fair Value Measurements

​

Fair value is determined based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. These requirements establish market or observable inputs as the preferred source of values. Assumptions based on hypothetical transactions are used in the absence of market inputs. The Company does not have any non-financial instruments accounted for at fair value on a recurring basis.

​

The valuation techniques required are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs create the following fair value hierarchy:

​

Level 1           Quoted prices for identical instruments in active markets.

​

Level 2           Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

​

Level 3           Significant inputs to the valuation model are unobservable.

​

The Company believes that the assets or liabilities currently subject to such standards with fair value disclosure requirements are primarily (i) debt instruments, (ii) pension plan assets, (iii) short- and long-term investments, (iv) derivative instruments and (v) assets acquired and liabilities and noncontrolling interests assumed as part of acquisition accounting. Each of these assets and liabilities is discussed below, with the exception of debt instruments, pension plan assets, and the fair value of assets acquired and liabilities and noncontrolling interests assumed as part of acquisition accounting, which are discussed in Note 4, Note 10 and Note 11, respectively, herein, in addition to the Notes to Consolidated Financial Statements in the 2023 Annual Report. Substantially all of the Company’s short- and long-term investments consist of certificates of deposit, which are considered as Level 2 in the fair value hierarchy. Long-term investments are recorded in Other long-term assets in the accompanying Condensed Consolidated Balance Sheets. The carrying amounts of these short- and long-term instruments, the vast majority of which are in non-U.S. bank accounts, approximate their respective fair values. The Company’s derivative instruments primarily consist of foreign exchange forward contracts, which are valued using bank quotations based on market observable inputs, such as forward and spot rates, and are therefore classified as Level 2 in the fair value hierarchy. The impact of the credit risk related to these derivative financial assets is immaterial.

​

The Company reviews the fair value hierarchy classifications on a quarterly basis and determines the appropriate classification of such assets and liabilities subject to the fair value hierarchy standards based on, among other things, the ability to observe valuation inputs. The fair values of the Company’s financial and non-financial assets and liabilities subject to such standards as of September 30, 2024 and December 31, 2023 are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements

​

​

​

​

​

Quoted Prices in

​

Significant

​

Significant

​

​

​

​

​

Active Markets

​

Observable

​

Unobservable

​

​

​

​

​

for Identical

​

Inputs

​

Inputs

​

​

Total

​

Assets (Level 1)

​

(Level 2)

​

(Level 3)

September 30, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

Short-term investments

​

$

20.3

​

$

—

​

$

20.3

​

$

—

Long-term investments

​

​

1.3

​

​

—

​

​

1.3

​

​

—

Forward contracts

​

​

2.6

​

​

—

​

​

2.6

​

​

—

Redeemable noncontrolling interests

​

​

(20.7)

​

​

—

​

​

—

​

​

(20.7)

Total

​

$

3.5

​

$

—

​

$

24.2

​

$

(20.7)

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

Short-term investments

​

$

185.2

​

$

—

​

$

185.2

​

$

—

Long-term investments

​

​

0.4

​

​

—

​

​

0.4

​

​

—

Forward contracts

​

​

(0.5)

​

​

—

​

​

(0.5)

​

​

—

Redeemable noncontrolling interests

​

​

(30.7)

​

​

—

​

​

—

​

​

(30.7)

Total

​

$

154.4

​

$

—

​

$

185.1

​

$

(30.7)

​

The Company utilizes foreign exchange forward contracts, hedging instruments accounted for as cash flow hedges, in the management of foreign currency exposures. In addition, the Company also enters into foreign exchange forward contracts, accounted for as net investment hedges, to hedge our exposure to variability in the U.S. dollar equivalent of the net investments in certain foreign subsidiaries. As of September 30, 2024 and December 31, 2023, the Company had no outstanding foreign exchange forward contracts accounted for as either net investment hedges or cash flow hedges. As of September 30, 2024 and December 31, 2023, the fair value of such foreign exchange forward contracts in the table above consisted of various outstanding foreign exchange forward contracts that are not designated as hedging instruments. During the three and nine months ended September 30, 2024 and 2023, the amounts recognized in Accumulated other comprehensive income (loss) associated with foreign exchange forward contracts, as well as the amounts reclassified from Accumulated other comprehensive income (loss) to foreign exchange gain (loss), included in Cost of sales in the accompanying Condensed Consolidated Statements of Income, were not material. The fair values of the Company’s forward contracts are recorded within Prepaid expenses and other current assets, Other long-term assets, Other accrued expenses and Other long-term liabilities in the accompanying Condensed Consolidated Balance Sheets, depending on their value and remaining contractual period.

Certain acquisitions may result in noncontrolling interest holders who, in certain cases, are entitled to a put option, giving them the ability to put some or all of their redeemable interest in the shares of the acquiree to the Company. Specifically, if exercised by the noncontrolling interest holder, Amphenol would be required to purchase some or all of the option holder’s redeemable interest, at a redemption price during specified time period(s) stipulated in the respective acquisition agreement. The redeemable noncontrolling interests recorded on the accompanying Condensed Consolidated Balance Sheets relate to recent acquisitions, which, based on the terms of the respective acquisition agreements, will remain in temporary equity until the applicable put option is either fully exercised or expires. During the second quarter of 2024, in accordance with the terms of the agreement, the noncontrolling option holders exercised their put option, requiring the Company to acquire a portion of the redeemable noncontrolling interests then outstanding. The redemption value of the redeemable noncontrolling interests is generally calculated using Level 3 unobservable inputs based on a multiple of earnings, which, for the redeemable noncontrolling interests currently outstanding, approximate fair value. As such, the redemption value is classified as Level 3 in the fair value hierarchy and is recorded as Redeemable noncontrolling interests on the Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023. Refer to Note 7 herein for a rollforward of the Redeemable noncontrolling interests for the three and nine months ended September 30, 2024 and 2023.

​

With the exception of the fair value of the assets acquired and liabilities assumed in connection with acquisition accounting, the Company does not have any other significant financial or non-financial assets and liabilities that are measured at fair value on a non-recurring basis.
v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Taxes  
Income Taxes

Note 6—Income Taxes

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

    

September 30, 

    

September 30, 

​

​

​

2024

​

2023

​

2024

​

2023

​

Provision for income taxes

​

$

(166.1)

​

$

(115.2)

​

$

(412.0)

​

$

(363.0)

​

Effective tax rate

​

 

21.4

%  

 

18.2

%  

 

19.6

%  

 

20.3

%

​

For the three months ended September 30, 2024 and 2023, stock option exercise activity had the impact of decreasing our Provision for income taxes by $21.4 and $38.3, respectively, and decreasing our effective tax rate by approximately 280 basis points and 600 basis points, respectively, due to the recognition of excess tax benefits within Provision for income taxes in the accompanying Condensed Consolidated Statements of Income. For the nine months ended September 30, 2024 and 2023, stock option exercise activity had the impact of decreasing our Provision for income taxes by $82.0 and $67.3, respectively, and decreasing our effective tax rate by approximately 390 basis points and 380 basis points, respectively. Acquisition-related expenses, as discussed in further detail in Note 11 herein, had the aggregate impact of increasing our effective tax rate by approximately 20 basis points and 40 basis points for the three and nine months ended September 30, 2024, respectively, and approximately 20 basis points and 10 basis points for the three and nine months ended September 30, 2023, respectively. In addition, for the nine months ended September 30, 2024, a discrete tax benefit of $18.6, related to the settlement of tax audits and associated lapses of statutes of limitation, along with a difference in a non-U.S. tax filing position, had the effect of decreasing our effective tax rate by approximately 90 basis points, while for the nine months ended September 30, 2023, the gain associated with the bargain purchase acquisition that closed in the second quarter of 2023, as discussed in Note 11 herein, had the effect of decreasing our effective tax rate by approximately 10 basis points.

​

The United States federal government enacted the Tax Cuts and Jobs Act (“Tax Act”) in December 2017. As a result, in 2017, the Company recorded a transition tax (“Transition Tax”) related to the deemed repatriation of the accumulated unremitted earnings and profits of the Company’s foreign subsidiaries. The Company paid its seventh annual installment of the Transition Tax, net of applicable tax credits and deductions, in the second quarter of 2024, and will pay the balance of the Transition Tax, net of applicable tax credits and deductions, in 2025, as permitted under the Tax Act. The current and long-term portions of the Transition Tax are recorded in Accrued income taxes and Other long-term liabilities, respectively, on the Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023.

​

The Company operates in the U.S. and numerous foreign taxable jurisdictions, and at any point in time has numerous audits underway at various stages of completion. With few exceptions, the Company is subject to income tax examinations by tax authorities for the years 2017 and after. The Company is generally not able to precisely estimate the ultimate settlement amounts or timing until the close of an audit. The Company evaluates its tax positions and establishes liabilities for uncertain tax positions that may be challenged by tax authorities and may not be fully sustained, despite the Company’s belief that the underlying tax positions are fully supportable. As of September 30, 2024, the amount of unrecognized tax benefits, including penalties and interest, which if recognized would impact the effective tax rate, was approximately $213.0. Unrecognized tax benefits are reviewed on an ongoing basis and are adjusted for changing facts and circumstances, including the progress of tax audits and the closing of statutes of limitations. Based on information currently available, management anticipates that over the next 12-month period, audit activity could be completed and statutes of limitations may close relating to existing unrecognized tax benefits of approximately $23.4.

​

Inflation Reduction Act of 2022

​

On August 16, 2022, the President of the United States signed into law the Inflation Reduction Act of 2022 (the “IRA”), a tax and spending package that introduces several tax-related provisions, including a 15% corporate alternative minimum tax (“CAMT”) on certain large corporations and a 1% excise tax on certain corporate stock repurchases. Companies are required to reassess their valuation allowances for certain affected deferred tax assets in the period of enactment but do not need to remeasure deferred tax balances for the related tax accounting implications of the CAMT. The IRA provisions, which became effective for Amphenol beginning on January 1, 2023, did not have a material impact on the Company during the three and nine months ended September 30, 2024 and 2023. While the full impact of these provisions in the future depends on several factors, including interpretive regulatory guidance, which has not yet been released, the Company does not currently believe that the provisions of the IRA, including several other non-tax related provisions, will have a material impact on its financial condition, results of operations, liquidity and cash flows.
v3.24.3
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.
v3.24.3
Stock-Based Compensation
 9 Months Ended
Sep. 30, 2024
Stock-Based Compensation  
Stock-Based Compensation

Note 8—Stock-Based Compensation

​

For the three months ended September 30, 2024 and 2023, the Company’s Income before income taxes was reduced by stock-based compensation expense of $29.5 and $26.9, respectively. In addition, for the three months ended September 30, 2024 and 2023, the Company recognized aggregate income tax benefits (associated with stock-based compensation) of $24.5 and $41.0, respectively, in Provision for income taxes in the accompanying Condensed Consolidated Statements of Income. These aggregate income tax benefits during the three months ended September 30, 2024 and 2023 include excess tax benefits of $21.4 and $38.3, respectively, from option exercises.

​

For the nine months ended September 30, 2024 and 2023, the Company’s Income before income taxes was reduced by stock-based compensation expense of $79.9 and $72.4, respectively. In addition, for the nine months ended September 30, 2024 and 2023, the Company recognized aggregate income tax benefits (associated with stock-based compensation) of $90.3 and $74.5, respectively, in Provision for income taxes in the accompanying Condensed Consolidated Statements of Income. These aggregate income tax benefits during the nine months ended September 30, 2024 and 2023 include excess tax benefits of $82.0 and $67.3, respectively, from option exercises.

​

The impact associated with recognizing excess tax benefits from option exercises in the provision for income taxes on our consolidated financial statements could result in significant fluctuations in our effective tax rate in the future, since the provision for income taxes will be impacted by the timing and intrinsic value of future stock-based compensation award exercises.

​

Stock-based compensation expense includes the estimated effects of forfeitures, which are adjusted over the requisite service period to the extent actual forfeitures differ or are expected to differ from such estimates. Changes in estimated forfeitures are recognized in the period of change and impact the amount of expense to be recognized in future periods. The expense incurred for stock-based compensation plans is included in Selling, general and administrative expenses in the accompanying Condensed Consolidated Statements of Income.

​

Stock Options

​

In May 2017, the Company adopted the 2017 Stock Purchase and Option Plan for Key Employees of Amphenol and Subsidiaries (the “2017 Employee Option Plan”), which provided for the issuance of 120,000,000 shares.  In March 2021, the Board authorized and approved the Amended and Restated 2017 Stock Purchase and Option Plan for Key Employees of Amphenol and Subsidiaries (the “Amended 2017 Employee Option Plan” and, together with the 2017 Employee Option Plan, the “2017 Option Plan”), which among other things, increased the number of shares reserved for issuance under the plan by 80,000,000 shares. The Amended 2017 Employee Option Plan was approved by the Company’s stockholders and became effective on May 19, 2021. As of September 30, 2024, there were 55,250,968 shares of Common Stock available for the granting of additional stock options under the 2017 Option Plan. Prior to the approval of the 2017 Employee Option Plan, the Company issued stock options under the 2009 Stock Purchase and Option Plan for Key Employees of Amphenol and Subsidiaries, and its amendment (the “2009 Employee Option Plan”). No additional stock options will be granted under the 2009 Employee Option Plan.  Options granted under the 2017 Option Plan and the 2009 Employee Option Plan generally vest ratably over a period of five years from the date of grant and are generally exercisable over a period of 10 years from the date of grant.

​

Stock option activity for the three and nine months ended September 30, 2024 was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  

​

​

​

​

​

Weighted

​

​

​

 

​

  

​

​

​

​

Average

​

Aggregate

 

​

  

​

​

Weighted

​

Remaining

​

Intrinsic

 

​

  

​

​

Average

​

Contractual

​

Value

​

​

  

Options

   

Exercise Price

   

Term (in years)

   

(in millions)

 

Options outstanding at January 1, 2024

  

120,780,324

​

$

25.23

 

5.81

​

$

2,939.5

​

Options granted

  

116,062

​

 

45.36

​

​

​

​

​

​

Options exercised

  

(6,312,850)

​

 

18.64

​

​

​

​

​

​

Options forfeited

  

(86,274)

​

 

32.51

​

​

​

​

​

​

Options outstanding at March 31, 2024

  

114,497,262

​

​

25.61

​

5.69

​

​

3,671.9

​

Options granted

  

7,700,731

​

 

65.95

​

​

​

​

​

​

Options exercised

  

(5,567,231)

​

 

20.95

​

​

​

​

​

​

Options forfeited

  

(289,042)

​

 

33.73

​

​

​

​

​

​

Options outstanding at June 30, 2024

  

116,341,720

​

​

28.48

 

5.81

​

​

4,524.7

​

Options granted

  

182,038

​

 

66.74

​

​

​

​

​

​

Options exercised

  

(4,235,151)

​

 

20.11

​

​

​

​

​

​

Options forfeited

  

(174,730)

​

 

37.34

​

​

​

​

​

​

Options outstanding at September 30, 2024

  

112,113,877

​

$

28.84

 

5.64

​

$

4,078.1

​

Vested and non-vested options expected to vest at September 30, 2024

  

109,312,793

​

$

28.48

 

5.57

​

$

4,015.2

​

Exercisable options at September 30, 2024

  

76,480,116

​

$

23.31

 

4.57

​

$

3,200.8

​

​

A summary of the status of the Company’s non-vested options as of September 30, 2024 and changes during the three and nine months then ended is as follows:

​

​

​

​

​

​

​

​

​

    

​

    

Weighted

 

​

​

​

​

Average

​

​

​

​

​

Fair Value at 

​

​

​

Options

​

Grant Date

 

Non-vested options at January 1, 2024

 

45,047,962

​

$

7.28

​

Options granted

 

116,062

​

 

13.18

​

Options vested

 

(293,452)

​

 

7.89

​

Options forfeited

 

(73,050)

​

 

8.86

​

Non-vested options at March 31, 2024

 

44,797,522

​

​

7.29

​

Options granted

 

7,700,731

​

 

19.42

​

Options vested

 

(16,481,658)

​

 

5.80

​

Options forfeited

 

(289,042)

​

 

7.99

​

Non-vested options at June 30, 2024

 

35,727,553

​

​

10.59

​

Options granted

 

182,038

​

 

19.64

​

Options vested

 

(101,100)

​

 

9.12

​

Options forfeited

 

(174,730)

​

 

9.59

​

Non-vested options at September 30, 2024

 

35,633,761

​

$

10.64

​

​

During the three and nine months ended September 30, 2024 and 2023, the following activity occurred under the Company’s option plans:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

Three Months Ended

    

Nine Months Ended

 

​

​

September 30, 

​

September 30, 

​

​

​

2024

​

2023

​

2024

​

2023

​

Total intrinsic value of stock options exercised

​

$

190.7

​

$

208.4

​

$

652.3

​

$

447.9

​

Total fair value of stock options vested

​

 

0.9

​

 

0.7

​

 

98.8

​

 

89.3

​

​

As of September 30, 2024, the total compensation cost related to non-vested options not yet recognized was approximately $313.8 with a weighted average expected amortization period of 3.57 years.

​

The grant-date fair value of each option grant under the 2009 Employee Option Plan and the 2017 Option Plan is estimated using the Black-Scholes option pricing model. The grant-date fair value of each share grant is determined based on the closing share price of the Company’s Common Stock on the date of the grant. The fair value is then amortized on a straight-line basis over the requisite service period of the awards, which is generally the vesting period. Use of a valuation model for option grants requires management to make certain assumptions with respect to selected model inputs. Expected share price volatility is calculated based on the historical volatility of the Common Stock and implied volatility derived from related exchange traded options. The average expected life is based on the contractual term of the option and expected exercise and historical experience. The risk-free interest rate is based on U.S. Treasury zero-coupon issuances with a remaining term equal to the expected life assumed at the date of grant. The expected annual dividend per share is based on the Company’s dividend rate.

​

Restricted Stock

​

On May 16, 2024, the Company’s stockholders approved the 2024 Restricted Stock Plan for Directors of Amphenol Corporation (the “2024 Directors Restricted Stock Plan”), which is administered by the Compensation Committee of the Board and reserves 500,000 shares of the Company’s Common Stock for future issuance pursuant to the plan. As of September 30, 2024, the number of restricted shares available for grant under the 2024 Directors Restricted Stock Plan was 478,160. Restricted shares granted under the 2024 Directors Restricted Stock Plan vest on the earlier of the first anniversary of the date of grant or the day immediately prior to the date of the next regular annual meeting of the Company’s stockholders following such date of grant. Grants under the 2024 Directors Restricted Stock Plan entitle the holder to receive shares of the Company’s Common Stock without payment. The 2024 Directors Restricted Stock Plan will expire on May 15, 2034, after which date no awards may be granted under the plan.

​

Restricted share activity for the three and nine months ended September 30, 2024 was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted Average

​

​

​

​

​

​

​

Remaining

​

​

​

Restricted

​

Fair Value at 

​

Amortization

​

​

  

Shares

 

Grant Date

 

Term (in years)

 

Restricted shares outstanding at January 1, 2024

 

—

​

$

—

​

​

​

Restricted shares granted

 

—

​

 

—

​

​

​

Restricted shares outstanding at March 31, 2024

 

—

​

​

—

 

​

​

Restricted shares granted

 

21,840

​

 

65.96

​

​

​

Restricted shares outstanding at June 30, 2024

 

21,840

​

​

65.96

 

0.87

​

Restricted shares granted

 

—

​

 

—

​

​

​

Restricted shares outstanding at September 30, 2024

  

21,840

 

$

65.96

 

0.62

​

​

As of September 30, 2024, the total compensation cost related to non-vested restricted shares not yet recognized was approximately $0.9 (with a weighted average expected amortization period of 0.62 years).

​

Phantom Stock

​

On June 5, 2023, the Company granted 4,750 shares of phantom stock to each then-current non-employee director (38,000 shares in the aggregate), all of which converted into unrestricted shares of the Company’s Common Stock on May 15, 2024. The total compensation cost associated with these vested shares of phantom stock was $1.5. As of September 30, 2024, no additional shares of phantom stock are outstanding and the Company does not expect to grant any additional shares of phantom stock.
v3.24.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share  
Earnings Per Share

Note 9—Earnings Per Share

​

Basic earnings per common share (“EPS”) is computed by dividing net income attributable to Amphenol Corporation by the weighted average number of common shares outstanding. Diluted EPS is computed by dividing net income attributable to Amphenol Corporation by the weighted average number of outstanding common shares, including dilutive common shares, the dilutive effect of which relates to stock options. The following is a reconciliation of the basic weighted average common shares outstanding to diluted weighted average common shares outstanding, which were used to calculate the earnings per share (basic and diluted) for the three and nine months ended September 30, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

​

September 30, 

​

September 30, 

​

(dollars and shares in millions, except per share data)

  

2024

   

2023

   

2024

   

2023

   

Net income attributable to Amphenol Corporation stockholders

​

$

604.4

​

$

513.9

​

$

1,677.8

​

$

1,413.6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average common shares outstanding — Basic

​

 

1,204.9

​

 

1,195.4

​

 

1,202.4

​

 

1,191.8

​

Effect of dilutive stock options

​

 

60.6

​

 

48.7

​

 

59.7

​

 

48.3

​

Weighted average common shares outstanding — Diluted

​

 

1,265.5

​

 

1,244.1

​

 

1,262.1

​

 

1,240.1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income attributable to Amphenol Corporation per common share — Basic

​

$

0.50

​

$

0.43

​

$

1.40

​

$

1.19

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income attributable to Amphenol Corporation per common share — Diluted

​

$

0.48

​

$

0.41

​

$

1.33

​

$

1.14

​

​

​

Excluded from the computations above were anti-dilutive common shares (primarily related to outstanding stock options) of 7.7 million and 16.1 million for the three months ended September 30, 2024 and 2023, respectively. Excluded from the computations above were anti-dilutive common shares (primarily related to outstanding stock options) of 3.9 million and 16.2 million for the nine months ended September 30, 2024 and 2023, respectively.
v3.24.3
Benefit Plans and Other Postretirement Benefits
 9 Months Ended
Sep. 30, 2024
Benefit Plans and Other Postretirement Benefits  
Benefit Plans and Other Postretirement Benefits

Note 10—Benefit Plans and Other Postretirement Benefits

​

The Company and certain of its domestic subsidiaries have defined benefit pension plans (the “U.S. Plans”), which cover certain U.S. employees and which represent the majority of the plan assets and benefit obligations of the aggregate defined benefit plans of the Company. The U.S. Plans’ benefits are generally based on years of service and compensation and are generally noncontributory. The Company has an unfunded Supplemental Employee Retirement Plan (“SERP”), a defined benefit pension plan, which provides for the payment of the portion of annual pension that cannot be paid from the retirement plan as a result of regulatory limitations on average compensation for purposes of the benefit computation. The majority of U.S. employees are not covered by the U.S. Plans and are instead covered by various defined contribution plans. Certain foreign subsidiaries have defined benefit plans covering their employees (the “Foreign Plans” and, together with the U.S. Plans and SERP, the “Plans”).

​

The following is a summary, based on the most recent actuarial valuations of the Company’s net cost for pension benefits, of the Plans for 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

Service cost

 

$

0.9

​

$

1.8

​

$

2.7

​

$

5.5

Interest cost

​

 

6.1

​

 

6.5

​

 

18.1

​

 

19.5

Expected return on plan assets

​

 

(7.2)

​

 

(7.3)

​

 

(21.5)

​

 

(21.8)

Amortization of prior service cost

​

 

0.3

​

 

0.4

​

 

0.9

​

 

1.3

Amortization of net actuarial losses

​

 

0.8

​

 

0.6

​

 

2.5

​

 

1.6

Net pension expense

 

$

0.9

​

$

2.0

​

$

2.7

​

$

6.1

​

There is no current requirement for cash contributions to any of the U.S. Plans, and the Company plans to evaluate annually, based on actuarial calculations and the investment performance of the Plans’ assets, the timing and amount of cash contributions in the future, if any.

​

The Company offers various defined contribution plans for certain U.S. and foreign employees. Participation in these plans is based on certain eligibility requirements. The Company matches employee contributions to the U.S. defined contribution plans up to a maximum of 7% of eligible compensation. During the nine months ended September 30, 2024 and 2023, the Company provided matching contributions to the U.S. defined contribution plans of approximately $18.7 and $18.4, respectively.
v3.24.3
Acquisitions
 9 Months Ended
Sep. 30, 2024
Acquisitions  
Acquisitions

Note 11—Acquisitions

​

2024 Acquisitions

​

During the nine months ended September 30, 2024, the Company completed two acquisitions, including the acquisition of CIT (collectively, the “2024 Acquisitions”), for approximately $2,099.8, net of cash acquired. Both acquisitions have been included in the Harsh Environment Solutions segment. The 2024 Acquisitions were each funded using cash on hand, proceeds from the New Senior Notes or borrowings under the U.S. Commercial Paper Program, or a combination thereof. The Company is in the process of analyzing and completing the allocation of the fair value of assets acquired and liabilities assumed for each of the 2024 Acquisitions. Since the current purchase price allocations for such acquisitions are based on preliminary assessments made by management as of September 30, 2024, the acquisition accounting is subject to final adjustments, and it is possible that the final assessments of values may differ from the Company’s preliminary assessments. The operating results of the 2024 Acquisitions have been included in the Condensed Consolidated Statements of Income since their respective dates of acquisition. Pro forma financial information, as well as further details regarding the purchase price allocations related to these acquisitions, have not been presented, since the 2024 Acquisitions are not material, either individually or in the aggregate, to the Company’s financial results.

​

Acquisition of Carlisle Interconnect Technologies (“CIT”)

​

On May 21, 2024, the Company completed the acquisition of CIT for approximately $1,995.3, net of cash acquired and subject to customary post-closing adjustments. The Company funded the CIT acquisition through a combination of net proceeds from the New Senior Notes, as discussed in Note 4 herein, together with borrowings under the U.S. Commercial Paper Program and cash on hand. CIT, headquartered in St. Augustine, FL, is a leading global supplier of harsh environment interconnect solutions, primarily to the commercial aerospace, defense and industrial end markets. CIT’s wide range of products include wire and cable, cable assemblies, contacts, connectors and sensors, which management believes are highly complementary to Amphenol’s existing interconnect and sensor solutions. CIT has been included in the Harsh Environment Solutions segment.

​

As of September 30, 2024, the CIT acquisition resulted in the recognition of $1,122.1 of goodwill and $543.0 of definite-lived intangible assets, with the remainder of the purchase price being allocated to other identifiable assets acquired and liabilities assumed. Of the acquired definite-lived intangible assets, approximately $488.0 and $55.0 were assigned to customer relationships and acquired backlog, respectively. The acquired customer relationships and acquired backlog have a weighted average useful life of approximately 15 years and 0.4 years, respectively. These definite-lived intangible assets are being amortized based upon the underlying pattern of economic benefit as reflected by the future net cash inflows. The excess purchase price over the fair value of the underlying net assets acquired was allocated to goodwill, which primarily represents the value of the assembled workforce along with other intangible assets acquired that do not qualify for separate recognition. The Company expects that none of the goodwill recognized from the CIT acquisition will be deductible for tax purposes.

​

During the three and nine months ended September 30, 2024, the Company incurred $63.6 ($49.8 after-tax) and $133.6 ($109.7 after-tax), respectively, of acquisition-related expenses, comprised primarily of (i) the amortization related to the value associated with acquired backlog resulting from the CIT acquisition and external transaction costs associated with acquisitions (such acquisition-related expenses aggregating $45.4 and $115.4, respectively, are presented separately in the Condensed Consolidated Statements of Income) and (ii) the amortization of acquisition-related inventory step-up costs in the third quarter of 2024 of $18.2 associated with the CIT acquisition (such costs are recorded in Cost of sales in the Condensed Consolidated Statements of Income).

​

2023 Acquisitions

​

During the year ended December 31, 2023, the Company completed 10 acquisitions (the “2023 Acquisitions”) for approximately $970.4, net of cash acquired. Five of the acquisitions have been included in the Harsh Environment Solutions segment, three acquisitions have been included in the Interconnect and Sensor Systems segment, and two acquisitions have been included in the Communications Solutions segment. The 2023 Acquisitions were each funded using cash on hand or borrowings under our Commercial Paper Programs, or a combination thereof. One of the 2023 Acquisitions, which closed in the second quarter of 2023, represented a bargain purchase, where the estimated fair value of assets acquired, net of liabilities assumed, exceeded the purchase price. The Company recognized a non-cash gain of $5.4 on the bargain purchase acquisition during the nine months ended September 30, 2023, which was recorded separately in the Company’s Condensed Consolidated Statements of Income.

​

As of September 30, 2024, the 2023 Acquisitions resulted in the recognition of $673.5 of goodwill and $153.2 of definite-lived intangible assets, comprised of customer relationships, proprietary technology and acquired backlog, with the remainder of the purchase price being allocated to other identifiable assets acquired and liabilities and noncontrolling interests assumed. These definite-lived intangible assets are being amortized based upon the underlying pattern of economic benefit as reflected by the future net cash inflows, with the acquired customer relationships and proprietary technology having useful lives ranging from 6 to 12 years and the acquired backlog having a useful life of approximately 0.25 years. The excess purchase price over the fair value of the underlying net assets acquired was allocated to goodwill, which primarily represents the value of the assembled workforce along with other intangible assets acquired that do not qualify for separate recognition. The Company expects that approximately $155 of the goodwill recognized from the 2023 Acquisitions will be deductible for tax purposes.

The Company completed the acquisition accounting, including the analyses of the fair value of assets acquired and liabilities assumed, for six of the 2023 Acquisitions, and their final assessments of values did not differ materially from their previous preliminary assessments. The Company is in the process of analyzing and completing the allocation of the fair value of assets acquired and liabilities assumed for each of the other 2023 Acquisitions. Since the current purchase price allocations for such other acquisitions are based on preliminary assessments made by management as of September 30, 2024, the acquisition accounting is subject to final adjustments, and it is possible that the final assessments of values may differ from our preliminary assessments. The operating results of the 2023 Acquisitions were included in the Condensed Consolidated Statements of Income since their respective dates of acquisition. Pro forma financial information, as well as further details regarding the purchase price allocations related to these acquisitions, were not presented, since the 2023 Acquisitions were not material, either individually or in the aggregate, to the Company’s financial results.

​

During the three months ended September 30, 2023, the Company incurred $9.0 ($8.4 after-tax) of acquisition-related expenses, comprised of external transaction costs related to acquisitions. During the nine months ended September 30, 2023, the Company incurred $18.4 ($16.2 after-tax) of acquisition-related expenses, comprised of external transaction costs incurred in the second and third quarters of 2023, as well as the amortization related to the value associated with acquired backlog resulting from an acquisition that closed in the first quarter of 2023. Such acquisition-related expenses are presented separately in the Condensed Consolidated Statements of Income.

​

Purchase Agreement to Acquire CommScope’s Mobile Networks-related Businesses

​

On July 18, 2024, the Company entered into a Purchase Agreement with CommScope Holding Company, Inc. (“CommScope”) to acquire CommScope’s mobile networks-related businesses, specifically the Outdoor Wireless Networks segment and the Distributed Antenna Systems business (collectively, the “Mobile Networks Business”), for an aggregate purchase price of approximately $2,100 in cash, subject to customary post-closing adjustments. Subject to the receipt of certain regulatory approvals and satisfaction of other customary closing conditions, the acquisition is now expected to be completed in the first quarter of 2025. The Company expects to finance this acquisition through a combination of cash on hand and debt. The Mobile Networks Business provides mobile networks solutions, with advanced technologies in the areas of base station antennas and related interconnect solutions, as well as distributed antenna systems. The Mobile Networks Business’s wide range of products add advanced antenna and associated interconnect products, technologies and capabilities, which management believes are highly complementary to Amphenol’s existing product portfolio for next-generation wireless networks. If and when the acquisition is consummated, the Company expects to report the Mobile Networks Business within its Communications Solutions segment.
v3.24.3
Goodwill and Other Intangible Assets
 9 Months Ended
Sep. 30, 2024
Goodwill and Other Intangible Assets  
Goodwill and Other Intangible Assets

Note 12—Goodwill and Other Intangible Assets

​

The changes in the carrying amount of goodwill by segment were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Harsh

    

​

​

Interconnect

    

​

​

 

​

​

Environment

​

Communications

​

and Sensor

​

​

​

 

​

​

Solutions

​

Solutions

​

Systems

​

Total

 

Goodwill at December 31, 2023

​

$

2,009.3

​

$

2,977.5

​

$

2,105.6

​

$

7,092.4

​

Acquisition-related

​

 

1,185.4

​

 

4.1

​

 

57.9

​

 

1,247.4

​

Foreign currency translation

​

 

4.3

​

 

2.6

​

 

5.4

​

 

12.3

​

Goodwill at September 30, 2024

​

$

3,199.0

​

$

2,984.2

​

$

2,168.9

​

$

8,352.1

​

​

The increase in goodwill during the first nine months of 2024 was primarily driven by goodwill recognized from the 2024 Acquisitions, in particular, the CIT acquisition.

​

The Company performs its evaluation for the impairment of goodwill associated with the Company’s reporting units on an annual basis as of each July 1, or more frequently if an event occurs or circumstances change that would indicate that a reporting unit’s carrying amount may be impaired. The Company reviews its reporting unit structure each year, or more frequently based on changes in our organization. The Company continues to define our reporting units as the three reportable business segments. In the third quarter of 2024, as part of our annual evaluations, the Company utilized the option to first assess qualitative factors to determine whether it was necessary to perform the quantitative goodwill impairment assessment. As part of this assessment, the Company reviews qualitative factors, which include, but are not limited to, economic, market and industry conditions, as well as the financial performance of each reporting unit. In accordance with applicable guidance, an entity is not required to calculate the fair value of a reporting unit if, after assessing these qualitative factors, the Company determines that it is more likely than not that the fair value of each of its reporting units is greater than its respective carrying amount. As of July 1, 2024, the Company determined that it was more likely than not that the fair value of each of its reporting units exceeded its respective carrying amount and, therefore, a quantitative assessment was not required. As a result, no goodwill impairment resulted from the assessment as of July 1, 2024.

​

The Company has not recognized any goodwill impairment in 2024 or 2023 in connection with its annual impairment assessments.

​

Other than goodwill noted above, the Company’s intangible assets as of September 30, 2024 and December 31, 2023 were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2024

​

December 31, 2023

​

Weighted

​

Gross

    

​

    

Net

    

Gross

    

​

    

Net

​

Average

​

Carrying

​

Accumulated

​

Carrying

​

Carrying

​

Accumulated

​

Carrying

​

Life (years)

​

Amount

​

Amortization

​

Amount

​

Amount

​

Amortization

​

Amount

Customer relationships

12

​

$

1,296.7

​

$

505.2

​

$

791.5

​

$

782.6

​

$

450.6

​

$

332.0

Proprietary technology

13

​

 

351.2

​

 

164.8

​

​

186.4

​

 

365.1

​

 

146.1

​

​

219.0

Backlog and other

1

​

 

154.5

​

 

154.5

​

​

—

​

 

114.1

​

 

99.4

​

​

14.7

Total intangible assets (definite-lived)

11

​

​

1,802.4

​

​

824.5

​

​

977.9

​

​

1,261.8

​

​

696.1

​

​

565.7

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Trade names (indefinite-lived)

​

​

​

269.1

​

​

​

​

​

269.1

​

​

269.1

​

​

​

​

​

269.1

​

​

​

$

2,071.5

​

$

824.5

​

$

1,247.0

​

$

1,530.9

​

$

696.1

​

$

834.8

​

The increase in the gross carrying amount of intangible assets in the first nine months of 2024 was primarily driven by certain customer relationships and acquired backlog recognized as a result of the acquisition accounting associated with the 2024 Acquisitions, in particular, the CIT acquisition, partially offset by measurement period adjustments related to certain intangible assets associated with acquisitions that closed late in 2023. Amortization expense for the three months ended September 30, 2024 and 2023 was approximately $66.2 and $18.1, respectively. Amortization expense for the nine months ended September 30, 2024 and 2023 was approximately $126.9 and $59.4, respectively. Amortization expense for the three and nine months ended September 30, 2024 includes $38.4 and $55.0, respectively, related to the amortization of acquired backlog resulting from the CIT acquisition. Amortization expense for the nine months ended September 30, 2023 included $5.4 related to the amortization of acquired backlog resulting from an acquisition that closed in the first quarter of 2023. As of September 30, 2024, amortization expense relating to the Company’s current intangible assets estimated for the remainder of 2024 is approximately $27.6 and for each of the next five fiscal years is approximately $103.3 in 2025, $101.7 in 2026, $95.0 in 2027, $87.6 in 2028 and $76.9 in 2029.

​

The Company assesses and reviews its identifiable intangible assets, subject to amortization, for potential impairment whenever events or changes in circumstances indicate the intangible asset’s carrying amount may not be recoverable. Any indefinite-lived intangible assets that are not subject to amortization, which are comprised of certain trade names, are reviewed at least annually for impairment. In the third quarter of 2024, the Company performed its annual assessment of these identifiable indefinite-lived intangible assets. Based on its assessment, the Company determined that it was more likely than not that the fair value of the indefinite-lived intangible assets exceeded their respective carrying amounts. There has been no impairment associated with the Company’s intangible assets in 2024 or 2023 as a result of such reviews.
v3.24.3
Reportable Business Segments
 9 Months Ended
Sep. 30, 2024
Reportable Business Segments  
Reportable Business Segments

Note 13—Reportable Business Segments

​

The Company organizes its reportable business segments based on the manner in which management evaluates the performance of the Company, combined with the nature of the individual business activities and the product-based solutions offered. The Company aligns its businesses into the following three reportable business segments:

​

●Harsh Environment Solutions – the Harsh Environment Solutions segment designs, manufactures and markets a broad range of ruggedized interconnect products, including connectors and interconnect systems, printed circuits and printed circuit assemblies and other products for use in the industrial, defense, commercial aerospace, automotive, mobile networks and information technology and data communications end markets.

​

●Communications Solutions – the Communications Solutions segment designs, manufactures and markets a broad range of connector and interconnect systems, including high speed, radio frequency, power, fiber optic and other products, together with antennas, for use in the information technology and data communications, mobile devices, industrial, mobile networks, broadband communications, automotive, commercial aerospace and defense end markets.

​

●Interconnect and Sensor Systems – the Interconnect and Sensor Systems segment designs, manufactures and markets a broad range of sensors, sensor-based systems, connectors and value-add interconnect systems used in the automotive, industrial, information technology and data communications, mobile networks, defense and commercial aerospace end markets.

​

This segment structure reflects (i) the manner in which the Chief Operating Decision Maker (“CODM”), who is the Company’s Chief Executive Officer, regularly assesses information for decision-making purposes, including the allocation of resources, and (ii) how the Company operates its businesses, assesses performance, and communicates results and strategy, among other items, to the Board and its stockholders. The Company has three segment managers to lead their respective reportable business segments, each reporting directly to the Chief Executive Officer. The accounting policies of the segments are the same as those for the Company as a whole and are described herein and in Note 1 of the Notes to Consolidated Financial Statements in the 2023 Annual Report. The Company evaluates the performance of the segments and allocates resources to each of them based on, among other things, profit or loss from operations before certain corporate and other related items such as interest, stock-based compensation expense, income taxes, amortization related to certain intangible assets and other non-cash purchase accounting costs, and nonrecurring gains and losses. The Company also incurs general corporate expenses and costs which are not allocated to the reportable business segments but have been included in “Corporate / Other” in the following tables for reconciliation purposes. Assets are reviewed by the CODM on a consolidated basis and therefore are not presented by reportable business segment.

​

Net sales by segment for the three and nine months ended September 30, 2024 and 2023 are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

External

​

Intersegment

Three Months Ended September 30, 

​

2024

​

2023

​

2024

​

2023

Harsh Environment Solutions

 

$

1,193.5

​

$

887.3

​

$

23.7

​

$

21.5

Communications Solutions

​

​

1,685.5

​

​

1,279.2

​

​

12.6

​

​

12.6

Interconnect and Sensor Systems

​

​

1,159.8

​

​

1,032.7

​

​

7.9

​

​

4.0

Consolidated Net sales

​

$

4,038.8

​

$

3,199.2

​

$

44.2

​

$

38.1

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

​

​

​

​

​

​

​

​

​

​

​

Harsh Environment Solutions

 

$

3,155.5

​

$

2,630.4

​

$

65.3

​

$

69.3

Communications Solutions

​

​

4,395.8

​

​

3,567.6

​

​

37.2

​

​

38.7

Interconnect and Sensor Systems

​

​

3,353.6

​

​

3,029.2

​

​

19.3

​

​

13.4

Consolidated Net sales

​

$

10,904.9

​

$

9,227.2

​

$

121.8

​

$

121.4

​

Segment operating income and the reconciliation of segment operating income to consolidated income before income taxes for the three and nine months ended September 30, 2024 and 2023 are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

​

2024

​

2023

​

2024

​

2023

Segment operating income:

​

​

​

​

​

​

​

​

​

​

​

​

Harsh Environment Solutions

​

$

283.7

​

$

239.1

​

$

787.8

​

$

705.7

Communications Solutions

​

​

431.0

​

​

283.3

​

​

1,067.7

​

​

752.4

Interconnect and Sensor Systems

​

​

217.6

​

​

188.9

​

​

616.3

​

​

553.6

Total segment operating income

​

​

932.3

​

​

711.3

​

​

2,471.8

​

​

2,011.7

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate / Other:

​

​

​

​

​

​

​

​

​

​

​

​

Stock-based compensation expense

​

​

(29.5)

​

​

(26.9)

​

​

(79.9)

​

​

(72.4)

Amortization of acquisition-related inventory step-up costs

​

​

(18.2)

​

​

—

​

​

(18.2)

​

​

—

Acquisition-related expenses

​

​

(45.4)

​

​

(9.0)

​

​

(115.4)

​

​

(18.4)

Other operating expenses

​

​

(19.7)

​

​

(17.5)

​

​

(55.1)

​

​

(51.3)

Interest expense

​

​

(55.7)

​

​

(33.6)

​

​

(150.1)

​

​

(104.5)

Gain on bargain purchase acquisition

​

​

—

​

​

—

​

​

—

​

​

5.4

Other income (expense), net

​

​

11.2

​

​

9.2

​

​

48.5

​

​

18.9

​

​

​

​

​

​

​

​

​

​

​

​

​

Income before income taxes

​

$

775.0

​

$

633.5

​

$

2,101.6

​

$

1,789.4

​

Depreciation and amortization expense by segment for the three and nine months ended September 30, 2024 and 2023 is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

​

2024

​

2023

​

2024

​

2023

Harsh Environment Solutions

 

$

36.5

​

$

20.7

​

$

88.6

​

$

65.0

Communications Solutions

​

​

71.9

​

​

46.3

​

​

158.2

​

​

126.1

Interconnect and Sensor Systems

​

​

33.8

​

​

32.1

​

​

101.7

​

​

94.9

Corporate / Other (1)

​

​

59.0

​

​

1.9

​

​

80.2

​

​

5.4

Total

​

$

201.2

​

$

101.0

​

$

428.7

​

$

291.4

​

(1) Amortization of acquired backlog associated with acquisitions is now reported under “Corporate / Other” in the table above.

​

For the three and nine months ended September 30, 2024, depreciation and amortization expense in Corporate / Other includes $38.4 and $55.0, respectively, related to the amortization of acquired backlog resulting from the CIT acquisition. Amortization of acquired backlog is included in Acquisition-related expenses in the Condensed Consolidated Statements of Income. In addition, for the three and nine months ended September 30, 2024, depreciation and amortization expense in Corporate / Other includes $18.2 of amortization of acquisition-related inventory step-up costs associated with the CIT acquisition, as discussed in Note 11 herein. These expenses are reported in Corporate / Other, since they are not components in the determination of segment operating income.
v3.24.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2024
Revenue Recognition  
Revenue Recognition

Note 14—Revenue Recognition

​

Revenues consist of product sales to either end customers and their appointed contract manufacturers (including original equipment manufacturers) or to distributors, and the vast majority of our sales are recognized at a point-in-time under the core principle of recognizing revenue when control transfers to the customer. With limited exceptions, the Company recognizes revenue at the point in time when we ship or deliver the product from our manufacturing facility to our customer, when our customer accepts and has legal title of the goods, and where the Company has a present right to payment for such goods. For the three and nine months ended September 30, 2024 and 2023, less than 5% of our net sales were recognized over time, where the associated contracts relate to the sale of goods with no alternative use as they are only sold to a single customer and whose underlying contract terms provide the Company with an enforceable right to payment, including a reasonable profit margin, for performance completed to date, in the event of customer termination. Since we typically invoice our customers at the same time that we satisfy our performance obligations, contract assets and contract liabilities related to our contracts with customers recorded in the Condensed Consolidated Balance Sheets were not material as of September 30, 2024 and December 31, 2023. These amounts are recorded in the accompanying Condensed Consolidated Balance Sheets within Prepaid expenses and other current assets or Other accrued expenses as of September 30, 2024 and December 31, 2023.

​

The Company receives customer orders negotiated with multiple delivery dates that may extend across more than one reporting period until the contract is fulfilled, the end of the order period is reached, or a pre-determined maximum order value has been reached. Orders typically fluctuate from quarter to quarter based on customer demand and general business conditions. It is generally expected that a substantial portion of our remaining performance obligations will be fulfilled within three months, and nearly all of our performance obligations are fulfilled within one year. Since our performance obligations are part of contracts that generally have original durations of one year or less, we have not disclosed the aggregate amount of transaction prices associated with unsatisfied or partially unsatisfied performance obligations as of September 30, 2024.

​

While the Company typically offers standard product warranty coverage that provides assurance that our products will conform to the contractually agreed-upon specifications for a limited period from the date of shipment, the Company’s warranty liabilities as of September 30, 2024 and December 31, 2023, and related warranty expense for the three and nine months ended September 30, 2024 and 2023, have not been and were not material in the accompanying Condensed Consolidated Financial Statements.

​

Disaggregation of Net Sales

​

The following tables show our net sales disaggregated into categories the Company considers meaningful to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors for the three and nine months ended September 30, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Harsh

​

​

​

​

​

​

​

​

Environment

​

Communications

​

Interconnect and

​

Total Reportable

​

​

Solutions

​

Solutions

​

Sensor Systems

​

Business Segments

Three Months Ended September 30,

    

2024

  

2023

    

2024

  

2023

    

2024

  

2023

​

2024

  

2023

Net sales by:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sales channel:

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

End customers and contract manufacturers

​

$

850.3

 

$

652.4

 

$

1,312.2

 

$

1,027.2

 

$

1,115.5

 

$

993.2

​

$

3,278.0

 

$

2,672.8

Distributors and resellers

​

 

343.2

​

 

234.9

​

 

373.3

​

 

252.0

​

 

44.3

​

 

39.5

​

 

760.8

​

 

526.4

​

​

$

1,193.5

​

$

887.3

​

$

1,685.5

​

$

1,279.2

​

$

1,159.8

​

$

1,032.7

​

$

4,038.8

​

$

3,199.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Geography:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

United States

​

$

669.9

​

$

463.7

​

$

396.4

​

$

363.3

​

$

345.4

​

$

311.4

​

$

1,411.7

​

$

1,138.4

China

 

​

103.6

 

​

84.0

 

​

587.3

 

​

447.2

 

​

259.7

 

​

222.5

​

​

950.6

​

​

753.7

Other foreign locations

​

 

420.0

​

 

339.6

​

 

701.8

​

 

468.7

​

 

554.7

​

 

498.8

​

 

1,676.5

​

​

1,307.1

​

​

$

1,193.5

​

$

887.3

​

$

1,685.5

​

$

1,279.2

​

$

1,159.8

​

$

1,032.7

​

$

4,038.8

​

$

3,199.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Harsh

​

​

​

​

​

​

​

​

Environment

​

Communications

​

Interconnect and

​

Total Reportable

​

​

Solutions

​

Solutions

​

Sensor Systems

​

Business Segments

Nine Months Ended September 30,

    

2024

  

2023

    

2024

  

2023

    

2024

  

2023

​

2024

  

2023

Net sales by:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sales channel:

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

End customers and contract manufacturers

​

$

2,272.3

 

$

1,927.7

 

$

3,433.2

 

$

2,838.3

 

$

3,223.1

 

$

2,904.5

​

$

8,928.6

 

$

7,670.5

Distributors and resellers

​

 

883.2

​

 

702.7

​

 

962.6

​

 

729.3

​

 

130.5

​

 

124.7

​

 

1,976.3

​

 

1,556.7

​

​

$

3,155.5

​

$

2,630.4

​

$

4,395.8

​

$

3,567.6

​

$

3,353.6

​

$

3,029.2

​

$

10,904.9

​

$

9,227.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Geography:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

United States

​

$

1,692.7

​

$

1,335.7

​

$

1,106.9

​

$

1,046.6

​

$

981.2

​

$

905.4

​

$

3,780.8

​

$

3,287.7

China

 

​

282.0

 

​

260.1

 

​

1,378.3

 

​

1,182.4

 

​

719.0

 

​

598.0

​

​

2,379.3

​

​

2,040.5

Other foreign locations

​

 

1,180.8

​

 

1,034.6

​

 

1,910.6

​

 

1,338.6

​

 

1,653.4

​

 

1,525.8

​

 

4,744.8

​

​

3,899.0

​

​

$

3,155.5

​

$

2,630.4

​

$

4,395.8

​

$

3,567.6

​

$

3,353.6

​

$

3,029.2

​

$

10,904.9

​

$

9,227.2

​

Net sales by geographic area are based on the customer location to which the product is shipped. It is impracticable to disclose net sales by product or group of products.
v3.24.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies  
Commitments and Contingencies

Note 15—Commitments and Contingencies

​

The Company is party to a number of legal and/or regulatory actions arising out of the normal course of its business. The Company records a loss contingency liability when, in the opinion of management after seeking legal advice, a loss is considered probable and the amount can be reasonably estimated. Based on information currently available and management’s evaluation of such information, the Company does not believe that the resolution of any existing legal or regulatory action is expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows. The Company’s legal costs associated with defending itself are recorded to expense as incurred.

​

Certain operations of the Company are subject to environmental laws and regulations that govern the discharge of pollutants into the air and water, as well as the handling and disposal of solid and hazardous wastes. The Company believes that its operations are currently in substantial compliance with applicable environmental laws and regulations and that the costs of continuing compliance will not have a material adverse effect on the Company’s financial condition, results of operations or cash flows.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ 604.4 $ 513.9 $ 1,677.8 $ 1,413.6
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Basis of Presentation and Principles of Consolidation (Policy)
 9 Months Ended
Sep. 30, 2024
Basis of Presentation and Principles of Consolidation  
Principles of Consolidation

The Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023, the related Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023, and the related Condensed Consolidated Statements of Cash Flow for the nine months ended September 30, 2024 and 2023 include the accounts of Amphenol Corporation and its subsidiaries (“Amphenol,” the “Company,” “we,” “our” or “us”). All material intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements included herein are unaudited. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, including normal recurring adjustments considered necessary for a fair presentation of the results, in conformity with accounting principles generally accepted in the United States of America. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year. These condensed consolidated financial statements and the related notes should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “2023 Annual Report”).

​

Stock Split

​

On May 20, 2024, the Company announced that its Board of Directors (the “Board”) approved a two-for-one split of the Company’s Class A Common Stock (“Common Stock”). The stock split was effected in the form of a stock dividend paid to stockholders of record as of the close of business on May 31, 2024. The additional shares were distributed on June 11, 2024, and the Common Stock began trading on a split-adjusted basis on June 12, 2024. The shares of Common Stock retain a par value of $0.001 per share. As a result of the stock split, stockholders received one additional share of the Company’s Common Stock for each share held as of the record date. There was no change in the number of authorized common shares of the Company as a result of the stock split.

v3.24.3
Inventories (Tables)
 9 Months Ended
Sep. 30, 2024
Inventories  
Schedule of Inventories

​

​

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

 

​

    

2024

    

2023

 

Raw materials and supplies

 

$

1,130.8

 

$

964.7

​

Work in process

​

 

710.0

​

 

562.3

​

Finished goods

​

 

738.0

​

 

640.1

​

​

 

$

2,578.8

 

$

2,167.1

​

​
v3.24.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2024
Debt  
Schedule of debt

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

​

​

September 30, 2024

​

December 31, 2023

 

​

​

​

​

Carrying

​

Approximate

​

Carrying

​

Approximate

 

​

​

​

    

Amount

    

Fair Value

    

Amount

    

Fair Value

 

Revolving Credit Facility

​

​

​

$

—

 

$

—

 

$

—

 

$

—

​

U.S. Commercial Paper Program

​

​

​

 

—

 

 

—

 

 

—

​

 

—

​

Euro Commercial Paper Program

​

​

​

 

—

 

 

—

 

 

—

​

 

—

​

Term Loan Credit Facility

​

​

​

​

—

 

 

—

 

 

—

​

 

—

​

3.20% Senior Notes due April 2024

​

​

​

 

—

 

 

—

 

 

350.0

​

 

348.4

​

2.050% Senior Notes due March 2025

​

​

​

​

399.9

 

 

396.6

 

 

399.8

​

 

386.8

​

4.750% Senior Notes due March 2026

​

​

​

​

349.4

 

 

352.6

 

 

349.1

​

 

350.6

​

0.750% Euro Senior Notes due May 2026

​

​

​

​

556.6

 

 

539.0

 

 

551.7

​

 

523.4

​

5.050% Senior Notes due April 2027

​

​

​

​

449.6

 

 

460.6

 

 

—

​

 

—

​

2.000% Euro Senior Notes due October 2028

​

​

​

​

556.1

 

 

543.7

 

 

551.4

​

 

531.4

​

5.050% Senior Notes due April 2029

​

​

​

​

449.6

 

 

464.4

 

 

—

​

 

—

​

4.350% Senior Notes due June 2029

​

​

​

​

499.8

 

 

503.8

 

 

499.8

​

 

497.2

​

2.800% Senior Notes due February 2030

​

​

​

​

899.6

 

 

833.4

 

 

899.6

​

 

817.6

​

2.200% Senior Notes due September 2031

​

​

​

​

748.1

 

 

646.6

 

 

747.9

​

 

629.9

​

5.250% Senior Notes due April 2034

​

​

​

​

599.4

 

 

626.3

 

 

—

​

 

—

​

Other debt

​

​

​

 

6.5

 

 

6.5

 

 

9.5

​

 

9.5

​

Less: unamortized deferred debt issuance costs

​

​

​

 

(30.5)

 

 

—

 

 

(21.5)

​

 

—

​

Total debt

​

​

​

 

5,484.1

 

 

5,373.5

 

 

4,337.3

​

 

4,094.8

​

Less: current portion

​

​

​

 

403.1

 

​

399.8

 

 

353.8

​

 

352.2

​

Total long-term debt

​

​

​

$

5,081.0

 

$

4,973.7

 

$

3,983.5

​

$

3,742.6

​

​
v3.24.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Measurements  
Fair values of financial and non-financial assets and liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements

​

​

​

​

​

Quoted Prices in

​

Significant

​

Significant

​

​

​

​

​

Active Markets

​

Observable

​

Unobservable

​

​

​

​

​

for Identical

​

Inputs

​

Inputs

​

​

Total

​

Assets (Level 1)

​

(Level 2)

​

(Level 3)

September 30, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

Short-term investments

​

$

20.3

​

$

—

​

$

20.3

​

$

—

Long-term investments

​

​

1.3

​

​

—

​

​

1.3

​

​

—

Forward contracts

​

​

2.6

​

​

—

​

​

2.6

​

​

—

Redeemable noncontrolling interests

​

​

(20.7)

​

​

—

​

​

—

​

​

(20.7)

Total

​

$

3.5

​

$

—

​

$

24.2

​

$

(20.7)

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023:

​

​

​

​

​

​

​

​

​

​

​

​

Short-term investments

​

$

185.2

​

$

—

​

$

185.2

​

$

—

Long-term investments

​

​

0.4

​

​

—

​

​

0.4

​

​

—

Forward contracts

​

​

(0.5)

​

​

—

​

​

(0.5)

​

​

—

Redeemable noncontrolling interests

​

​

(30.7)

​

​

—

​

​

—

​

​

(30.7)

Total

​

$

154.4

​

$

—

​

$

185.1

​

$

(30.7)
v3.24.3
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2024
Income Taxes  
Schedule of provision for income taxes and effective tax rate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

    

September 30, 

    

September 30, 

​

​

​

2024

​

2023

​

2024

​

2023

​

Provision for income taxes

​

$

(166.1)

​

$

(115.2)

​

$

(412.0)

​

$

(363.0)

​

Effective tax rate

​

 

21.4

%  

 

18.2

%  

 

19.6

%  

 

20.3

%
v3.24.3
Stockholders' Equity and Noncontrolling Interests (Tables)
 9 Months Ended
Sep. 30, 2024
Stockholders' Equity and Noncontrolling Interests  
Rollforward of consolidated changes in 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.

​

​
Schedules of dividends

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​
v3.24.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2024
Stock-Based Compensation  
Schedule of stock option activity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  

​

​

​

​

​

Weighted

​

​

​

 

​

  

​

​

​

​

Average

​

Aggregate

 

​

  

​

​

Weighted

​

Remaining

​

Intrinsic

 

​

  

​

​

Average

​

Contractual

​

Value

​

​

  

Options

   

Exercise Price

   

Term (in years)

   

(in millions)

 

Options outstanding at January 1, 2024

  

120,780,324

​

$

25.23

 

5.81

​

$

2,939.5

​

Options granted

  

116,062

​

 

45.36

​

​

​

​

​

​

Options exercised

  

(6,312,850)

​

 

18.64

​

​

​

​

​

​

Options forfeited

  

(86,274)

​

 

32.51

​

​

​

​

​

​

Options outstanding at March 31, 2024

  

114,497,262

​

​

25.61

​

5.69

​

​

3,671.9

​

Options granted

  

7,700,731

​

 

65.95

​

​

​

​

​

​

Options exercised

  

(5,567,231)

​

 

20.95

​

​

​

​

​

​

Options forfeited

  

(289,042)

​

 

33.73

​

​

​

​

​

​

Options outstanding at June 30, 2024

  

116,341,720

​

​

28.48

 

5.81

​

​

4,524.7

​

Options granted

  

182,038

​

 

66.74

​

​

​

​

​

​

Options exercised

  

(4,235,151)

​

 

20.11

​

​

​

​

​

​

Options forfeited

  

(174,730)

​

 

37.34

​

​

​

​

​

​

Options outstanding at September 30, 2024

  

112,113,877

​

$

28.84

 

5.64

​

$

4,078.1

​

Vested and non-vested options expected to vest at September 30, 2024

  

109,312,793

​

$

28.48

 

5.57

​

$

4,015.2

​

Exercisable options at September 30, 2024

  

76,480,116

​

$

23.31

 

4.57

​

$

3,200.8

​
Summary of status of non-vested options and changes during the year

​

​

​

​

​

​

​

​

​

    

​

    

Weighted

 

​

​

​

​

Average

​

​

​

​

​

Fair Value at 

​

​

​

Options

​

Grant Date

 

Non-vested options at January 1, 2024

 

45,047,962

​

$

7.28

​

Options granted

 

116,062

​

 

13.18

​

Options vested

 

(293,452)

​

 

7.89

​

Options forfeited

 

(73,050)

​

 

8.86

​

Non-vested options at March 31, 2024

 

44,797,522

​

​

7.29

​

Options granted

 

7,700,731

​

 

19.42

​

Options vested

 

(16,481,658)

​

 

5.80

​

Options forfeited

 

(289,042)

​

 

7.99

​

Non-vested options at June 30, 2024

 

35,727,553

​

​

10.59

​

Options granted

 

182,038

​

 

19.64

​

Options vested

 

(101,100)

​

 

9.12

​

Options forfeited

 

(174,730)

​

 

9.59

​

Non-vested options at September 30, 2024

 

35,633,761

​

$

10.64

​
Summary of activity in the option plans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

Three Months Ended

    

Nine Months Ended

 

​

​

September 30, 

​

September 30, 

​

​

​

2024

​

2023

​

2024

​

2023

​

Total intrinsic value of stock options exercised

​

$

190.7

​

$

208.4

​

$

652.3

​

$

447.9

​

Total fair value of stock options vested

​

 

0.9

​

 

0.7

​

 

98.8

​

 

89.3

​
Schedule of restricted share activity

Restricted share activity for the three and nine months ended September 30, 2024 was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted Average

​

​

​

​

​

​

​

Remaining

​

​

​

Restricted

​

Fair Value at 

​

Amortization

​

​

  

Shares

 

Grant Date

 

Term (in years)

 

Restricted shares outstanding at January 1, 2024

 

—

​

$

—

​

​

​

Restricted shares granted

 

—

​

 

—

​

​

​

Restricted shares outstanding at March 31, 2024

 

—

​

​

—

 

​

​

Restricted shares granted

 

21,840

​

 

65.96

​

​

​

Restricted shares outstanding at June 30, 2024

 

21,840

​

​

65.96

 

0.87

​

Restricted shares granted

 

—

​

 

—

​

​

​

Restricted shares outstanding at September 30, 2024

  

21,840

 

$

65.96

 

0.62

​
v3.24.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share  
Schedule of the reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

​

September 30, 

​

September 30, 

​

(dollars and shares in millions, except per share data)

  

2024

   

2023

   

2024

   

2023

   

Net income attributable to Amphenol Corporation stockholders

​

$

604.4

​

$

513.9

​

$

1,677.8

​

$

1,413.6

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average common shares outstanding — Basic

​

 

1,204.9

​

 

1,195.4

​

 

1,202.4

​

 

1,191.8

​

Effect of dilutive stock options

​

 

60.6

​

 

48.7

​

 

59.7

​

 

48.3

​

Weighted average common shares outstanding — Diluted

​

 

1,265.5

​

 

1,244.1

​

 

1,262.1

​

 

1,240.1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income attributable to Amphenol Corporation per common share — Basic

​

$

0.50

​

$

0.43

​

$

1.40

​

$

1.19

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income attributable to Amphenol Corporation per common share — Diluted

​

$

0.48

​

$

0.41

​

$

1.33

​

$

1.14

​
v3.24.3
Benefit Plans and Other Postretirement Benefits (Tables)
 9 Months Ended
Sep. 30, 2024
Benefit Plans and Other Postretirement Benefits  
Schedule of components of net pension expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

    

2024

 

2023

  

2024

 

2023

Service cost

 

$

0.9

​

$

1.8

​

$

2.7

​

$

5.5

Interest cost

​

 

6.1

​

 

6.5

​

 

18.1

​

 

19.5

Expected return on plan assets

​

 

(7.2)

​

 

(7.3)

​

 

(21.5)

​

 

(21.8)

Amortization of prior service cost

​

 

0.3

​

 

0.4

​

 

0.9

​

 

1.3

Amortization of net actuarial losses

​

 

0.8

​

 

0.6

​

 

2.5

​

 

1.6

Net pension expense

 

$

0.9

​

$

2.0

​

$

2.7

​

$

6.1
v3.24.3
Goodwill and Other Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Other Intangible Assets  
Schedule of changes in the carrying amount of goodwill by segment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Harsh

    

​

​

Interconnect

    

​

​

 

​

​

Environment

​

Communications

​

and Sensor

​

​

​

 

​

​

Solutions

​

Solutions

​

Systems

​

Total

 

Goodwill at December 31, 2023

​

$

2,009.3

​

$

2,977.5

​

$

2,105.6

​

$

7,092.4

​

Acquisition-related

​

 

1,185.4

​

 

4.1

​

 

57.9

​

 

1,247.4

​

Foreign currency translation

​

 

4.3

​

 

2.6

​

 

5.4

​

 

12.3

​

Goodwill at September 30, 2024

​

$

3,199.0

​

$

2,984.2

​

$

2,168.9

​

$

8,352.1

​
Summary of the Company's amortizable intangible assets

Other than goodwill noted above, the Company’s intangible assets as of September 30, 2024 and December 31, 2023 were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2024

​

December 31, 2023

​

Weighted

​

Gross

    

​

    

Net

    

Gross

    

​

    

Net

​

Average

​

Carrying

​

Accumulated

​

Carrying

​

Carrying

​

Accumulated

​

Carrying

​

Life (years)

​

Amount

​

Amortization

​

Amount

​

Amount

​

Amortization

​

Amount

Customer relationships

12

​

$

1,296.7

​

$

505.2

​

$

791.5

​

$

782.6

​

$

450.6

​

$

332.0

Proprietary technology

13

​

 

351.2

​

 

164.8

​

​

186.4

​

 

365.1

​

 

146.1

​

​

219.0

Backlog and other

1

​

 

154.5

​

 

154.5

​

​

—

​

 

114.1

​

 

99.4

​

​

14.7

Total intangible assets (definite-lived)

11

​

​

1,802.4

​

​

824.5

​

​

977.9

​

​

1,261.8

​

​

696.1

​

​

565.7

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Trade names (indefinite-lived)

​

​

​

269.1

​

​

​

​

​

269.1

​

​

269.1

​

​

​

​

​

269.1

​

​

​

$

2,071.5

​

$

824.5

​

$

1,247.0

​

$

1,530.9

​

$

696.1

​

$

834.8
Summary of the Company's indefinite-lived intangible assets

Other than goodwill noted above, the Company’s intangible assets as of September 30, 2024 and December 31, 2023 were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2024

​

December 31, 2023

​

Weighted

​

Gross

    

​

    

Net

    

Gross

    

​

    

Net

​

Average

​

Carrying

​

Accumulated

​

Carrying

​

Carrying

​

Accumulated

​

Carrying

​

Life (years)

​

Amount

​

Amortization

​

Amount

​

Amount

​

Amortization

​

Amount

Customer relationships

12

​

$

1,296.7

​

$

505.2

​

$

791.5

​

$

782.6

​

$

450.6

​

$

332.0

Proprietary technology

13

​

 

351.2

​

 

164.8

​

​

186.4

​

 

365.1

​

 

146.1

​

​

219.0

Backlog and other

1

​

 

154.5

​

 

154.5

​

​

—

​

 

114.1

​

 

99.4

​

​

14.7

Total intangible assets (definite-lived)

11

​

​

1,802.4

​

​

824.5

​

​

977.9

​

​

1,261.8

​

​

696.1

​

​

565.7

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Trade names (indefinite-lived)

​

​

​

269.1

​

​

​

​

​

269.1

​

​

269.1

​

​

​

​

​

269.1

​

​

​

$

2,071.5

​

$

824.5

​

$

1,247.0

​

$

1,530.9

​

$

696.1

​

$

834.8
v3.24.3
Reportable Business Segments (Tables)
 9 Months Ended
Sep. 30, 2024
Reportable Business Segments  
Schedule of net sales, both external and intersegment, by segment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

External

​

Intersegment

Three Months Ended September 30, 

​

2024

​

2023

​

2024

​

2023

Harsh Environment Solutions

 

$

1,193.5

​

$

887.3

​

$

23.7

​

$

21.5

Communications Solutions

​

​

1,685.5

​

​

1,279.2

​

​

12.6

​

​

12.6

Interconnect and Sensor Systems

​

​

1,159.8

​

​

1,032.7

​

​

7.9

​

​

4.0

Consolidated Net sales

​

$

4,038.8

​

$

3,199.2

​

$

44.2

​

$

38.1

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

​

​

​

​

​

​

​

​

​

​

​

Harsh Environment Solutions

 

$

3,155.5

​

$

2,630.4

​

$

65.3

​

$

69.3

Communications Solutions

​

​

4,395.8

​

​

3,567.6

​

​

37.2

​

​

38.7

Interconnect and Sensor Systems

​

​

3,353.6

​

​

3,029.2

​

​

19.3

​

​

13.4

Consolidated Net sales

​

$

10,904.9

​

$

9,227.2

​

$

121.8

​

$

121.4
Schedule of the reconciliation of segment operating income to consolidated income before income taxes

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

​

2024

​

2023

​

2024

​

2023

Segment operating income:

​

​

​

​

​

​

​

​

​

​

​

​

Harsh Environment Solutions

​

$

283.7

​

$

239.1

​

$

787.8

​

$

705.7

Communications Solutions

​

​

431.0

​

​

283.3

​

​

1,067.7

​

​

752.4

Interconnect and Sensor Systems

​

​

217.6

​

​

188.9

​

​

616.3

​

​

553.6

Total segment operating income

​

​

932.3

​

​

711.3

​

​

2,471.8

​

​

2,011.7

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate / Other:

​

​

​

​

​

​

​

​

​

​

​

​

Stock-based compensation expense

​

​

(29.5)

​

​

(26.9)

​

​

(79.9)

​

​

(72.4)

Amortization of acquisition-related inventory step-up costs

​

​

(18.2)

​

​

—

​

​

(18.2)

​

​

—

Acquisition-related expenses

​

​

(45.4)

​

​

(9.0)

​

​

(115.4)

​

​

(18.4)

Other operating expenses

​

​

(19.7)

​

​

(17.5)

​

​

(55.1)

​

​

(51.3)

Interest expense

​

​

(55.7)

​

​

(33.6)

​

​

(150.1)

​

​

(104.5)

Gain on bargain purchase acquisition

​

​

—

​

​

—

​

​

—

​

​

5.4

Other income (expense), net

​

​

11.2

​

​

9.2

​

​

48.5

​

​

18.9

​

​

​

​

​

​

​

​

​

​

​

​

​

Income before income taxes

​

$

775.0

​

$

633.5

​

$

2,101.6

​

$

1,789.4
Schedule of depreciation and amortization expense

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

​

2024

​

2023

​

2024

​

2023

Harsh Environment Solutions

 

$

36.5

​

$

20.7

​

$

88.6

​

$

65.0

Communications Solutions

​

​

71.9

​

​

46.3

​

​

158.2

​

​

126.1

Interconnect and Sensor Systems

​

​

33.8

​

​

32.1

​

​

101.7

​

​

94.9

Corporate / Other (1)

​

​

59.0

​

​

1.9

​

​

80.2

​

​

5.4

Total

​

$

201.2

​

$

101.0

​

$

428.7

​

$

291.4
v3.24.3
Revenue Recognition (Tables)
 9 Months Ended
Sep. 30, 2024
Revenue Recognition  
Schedule of disaggregation of net sales

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Harsh

​

​

​

​

​

​

​

​

Environment

​

Communications

​

Interconnect and

​

Total Reportable

​

​

Solutions

​

Solutions

​

Sensor Systems

​

Business Segments

Three Months Ended September 30,

    

2024

  

2023

    

2024

  

2023

    

2024

  

2023

​

2024

  

2023

Net sales by:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sales channel:

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

End customers and contract manufacturers

​

$

850.3

 

$

652.4

 

$

1,312.2

 

$

1,027.2

 

$

1,115.5

 

$

993.2

​

$

3,278.0

 

$

2,672.8

Distributors and resellers

​

 

343.2

​

 

234.9

​

 

373.3

​

 

252.0

​

 

44.3

​

 

39.5

​

 

760.8

​

 

526.4

​

​

$

1,193.5

​

$

887.3

​

$

1,685.5

​

$

1,279.2

​

$

1,159.8

​

$

1,032.7

​

$

4,038.8

​

$

3,199.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Geography:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

United States

​

$

669.9

​

$

463.7

​

$

396.4

​

$

363.3

​

$

345.4

​

$

311.4

​

$

1,411.7

​

$

1,138.4

China

 

​

103.6

 

​

84.0

 

​

587.3

 

​

447.2

 

​

259.7

 

​

222.5

​

​

950.6

​

​

753.7

Other foreign locations

​

 

420.0

​

 

339.6

​

 

701.8

​

 

468.7

​

 

554.7

​

 

498.8

​

 

1,676.5

​

​

1,307.1

​

​

$

1,193.5

​

$

887.3

​

$

1,685.5

​

$

1,279.2

​

$

1,159.8

​

$

1,032.7

​

$

4,038.8

​

$

3,199.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Harsh

​

​

​

​

​

​

​

​

Environment

​

Communications

​

Interconnect and

​

Total Reportable

​

​

Solutions

​

Solutions

​

Sensor Systems

​

Business Segments

Nine Months Ended September 30,

    

2024

  

2023

    

2024

  

2023

    

2024

  

2023

​

2024

  

2023

Net sales by:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sales channel:

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

End customers and contract manufacturers

​

$

2,272.3

 

$

1,927.7

 

$

3,433.2

 

$

2,838.3

 

$

3,223.1

 

$

2,904.5

​

$

8,928.6

 

$

7,670.5

Distributors and resellers

​

 

883.2

​

 

702.7

​

 

962.6

​

 

729.3

​

 

130.5

​

 

124.7

​

 

1,976.3

​

 

1,556.7

​

​

$

3,155.5

​

$

2,630.4

​

$

4,395.8

​

$

3,567.6

​

$

3,353.6

​

$

3,029.2

​

$

10,904.9

​

$

9,227.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Geography:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

United States

​

$

1,692.7

​

$

1,335.7

​

$

1,106.9

​

$

1,046.6

​

$

981.2

​

$

905.4

​

$

3,780.8

​

$

3,287.7

China

 

​

282.0

 

​

260.1

 

​

1,378.3

 

​

1,182.4

 

​

719.0

 

​

598.0

​

​

2,379.3

​

​

2,040.5

Other foreign locations

​

 

1,180.8

​

 

1,034.6

​

 

1,910.6

​

 

1,338.6

​

 

1,653.4

​

 

1,525.8

​

 

4,744.8

​

​

3,899.0

​

​

$

3,155.5

​

$

2,630.4

​

$

4,395.8

​

$

3,567.6

​

$

3,353.6

​

$

3,029.2

​

$

10,904.9

​

$

9,227.2

​
v3.24.3
Basis of Presentation and Principles of Consolidation (Narrative) (Details)
$ / shares in Units, $ in Millions
Jun. 11, 2024
$ / shares
shares
Sep. 30, 2024
USD ($)
$ / shares
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Stock split conversion ratio 2                
Class A Common Stock, par value (in dollars per share) | $ / shares $ 0.001 $ 0.001              
Change in the number of authorized common shares | shares 0                
Total equity   $ 9,506.1 $ 9,030.6   $ 8,395.8 $ 7,916.5 $ 7,570.9   $ 7,073.5
Common stock   1.2     1.2        
Additional paid-in capital   3,457.6     3,100.6        
Common Stock                  
Total equity   1.2 1.2   1.2 1.2 1.2   1.2
Common Stock | Stock Split [Member]                  
Total equity   0.6 0.6 $ 0.6 0.6 0.6 0.6 $ 0.6 0.6
Additional Paid in Capital                  
Total equity   3,457.6 3,349.2   3,100.6 3,014.4 2,859.8   2,649.8
Additional Paid in Capital | Stock Split [Member]                  
Total equity   $ (0.6) $ (0.6) $ (0.6) $ (0.6) $ (0.6) $ (0.6) $ (0.6) $ (0.6)
v3.24.3
Inventories (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Inventories    
Raw materials and supplies $ 1,130.8 $ 964.7
Work in process 710.0 562.3
Finished goods 738.0 640.1
Inventories $ 2,578.8 $ 2,167.1
v3.24.3
Debt, Schedule of Debt (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Apr. 05, 2024
Apr. 01, 2024
Dec. 31, 2023
Mar. 30, 2023
Debt          
Less: unamortized deferred debt issuance costs $ (30.5)     $ (21.5)  
Total debt 5,484.1     4,337.3  
Less current portion 403.1     353.8  
Total long-term debt 5,081.0     3,983.5  
Total debt, Approximate Fair Value 5,373.5     4,094.8  
Less current portion, Fair Value 399.8     352.2  
Long-term debt, Approximate Fair Value 4,973.7     3,742.6  
Fair Value          
Debt          
Less: unamortized deferred debt issuance costs      
The "Revolving Credit Facility" | Revolving Credit Facility          
Debt          
Debt carrying amount, net of unamortized discount or premium before deferred debt issuance costs 0.0     0.0  
Total debt, Approximate Fair Value 0.0     0.0  
U.S. Commercial Paper Program          
Debt          
Debt carrying amount, net of unamortized discount or premium before deferred debt issuance costs 0.0     0.0  
Total debt, Approximate Fair Value 0.0     0.0  
Euro Commercial Paper Program          
Debt          
Debt carrying amount, net of unamortized discount or premium before deferred debt issuance costs 0.0     0.0  
Total debt, Approximate Fair Value 0.0     0.0  
Term Loan          
Debt          
Debt carrying amount, net of unamortized discount or premium before deferred debt issuance costs 0.0     0.0  
Total debt, Approximate Fair Value 0.0     $ 0.0  
3.20% Senior Notes due April 2024          
Debt          
Stated interest rate (as a percent)     3.20% 3.20%  
Debt carrying amount, net of unamortized discount or premium before deferred debt issuance costs 0.0     $ 350.0  
Total debt, Approximate Fair Value $ 0.0     $ 348.4  
2.05% Senior Notes due March 2025          
Debt          
Stated interest rate (as a percent) 2.05%     2.05%  
Debt carrying amount, net of unamortized discount or premium before deferred debt issuance costs $ 399.9     $ 399.8  
Total debt, Approximate Fair Value $ 396.6     $ 386.8  
4.750% Senior Notes due March 2026          
Debt          
Stated interest rate (as a percent) 4.75%     4.75% 4.75%
Debt carrying amount, net of unamortized discount or premium before deferred debt issuance costs $ 349.4     $ 349.1  
Total debt, Approximate Fair Value $ 352.6     350.6  
5.050% Senior Notes due April 2027          
Debt          
Stated interest rate (as a percent) 5.05% 5.05%      
Debt carrying amount, net of unamortized discount or premium before deferred debt issuance costs $ 449.6     0.0  
Total debt, Approximate Fair Value $ 460.6     0.0  
5.050% Senior Notes due April 2029          
Debt          
Stated interest rate (as a percent) 5.05% 5.05%      
Debt carrying amount, net of unamortized discount or premium before deferred debt issuance costs $ 449.6     0.0  
Total debt, Approximate Fair Value $ 464.4     $ 0.0  
0.750% Euro Senior Notes due May 2026          
Debt          
Stated interest rate (as a percent) 0.75%     0.75%  
Debt carrying amount, net of unamortized discount or premium before deferred debt issuance costs $ 556.6     $ 551.7  
Total debt, Approximate Fair Value $ 539.0     $ 523.4  
2.000% Euro Senior Notes due October 2028          
Debt          
Stated interest rate (as a percent) 2.00%     2.00%  
Debt carrying amount, net of unamortized discount or premium before deferred debt issuance costs $ 556.1     $ 551.4  
Total debt, Approximate Fair Value $ 543.7     $ 531.4  
4.350% Senior Notes due June 2029          
Debt          
Stated interest rate (as a percent) 4.35%     4.35%  
Debt carrying amount, net of unamortized discount or premium before deferred debt issuance costs $ 499.8     $ 499.8  
Total debt, Approximate Fair Value $ 503.8     $ 497.2  
2.800% Senior Notes due February 2030          
Debt          
Stated interest rate (as a percent) 2.80%     2.80%  
Debt carrying amount, net of unamortized discount or premium before deferred debt issuance costs $ 899.6     $ 899.6  
Total debt, Approximate Fair Value $ 833.4     $ 817.6  
2.200% Senior Notes due September 2031          
Debt          
Stated interest rate (as a percent) 2.20%     2.20%  
Debt carrying amount, net of unamortized discount or premium before deferred debt issuance costs $ 748.1     $ 747.9  
Total debt, Approximate Fair Value $ 646.6     629.9  
5.250% Senior Notes due April 2034          
Debt          
Stated interest rate (as a percent) 5.25% 5.25%      
Debt carrying amount, net of unamortized discount or premium before deferred debt issuance costs $ 599.4     0.0  
Total debt, Approximate Fair Value 626.3     0.0  
Other Debt          
Debt          
Debt carrying amount, net of unamortized discount or premium before deferred debt issuance costs 6.5     9.5  
Total debt, Approximate Fair Value $ 6.5     $ 9.5  
v3.24.3
Debt, Revolving Credit Facility (Details) - The "Revolving Credit Facility" - USD ($)
$ in Millions
 9 Months Ended
Mar. 21, 2024
Sep. 30, 2024
Mar. 20, 2024
Dec. 31, 2023
Debt        
Maximum borrowing capacity $ 3,000.0 $ 3,000.0 $ 2,500.0  
Borrowings under the Revolving Credit Facility   $ 0.0   $ 0.0
Increase in aggregate commitments $ 500.0      
Debt instrument, covenant compliance   On September 30, 2024, the Company was in compliance with the financial covenants under the Revolving Credit Facility    
v3.24.3
Debt, Term Loan Credit Facility (Details) - Term Loan - USD ($)
$ in Millions
Apr. 19, 2024
Apr. 19, 2022
Debt    
Maximum borrowing capacity   $ 750.0
Maturity term   2 years
Debt maturity date Apr. 19, 2024  
v3.24.3
Debt, Commercial Paper (Details)
$ in Millions
 9 Months Ended
Mar. 21, 2024
USD ($)
Sep. 30, 2024
USD ($)
item
Dec. 31, 2023
USD ($)
Commercial Paper Programs and Revolving Credit Facility [Member]      
Debt      
Maximum borrowing capacity   $ 3,000.0  
U.S. Commercial Paper Program      
Debt      
Debt carrying amount, net of unamortized discount before deferred debt issuance costs   0.0 $ 0.0
Maximum borrowing capacity   $ 3,000.0  
Increase in aggregate commitments $ 500.0    
U.S. Commercial Paper Program | Maximum      
Debt      
Maturity term   397 days  
Euro Commercial Paper Program      
Debt      
Number of wholly-owned subsidiaries that entered into a euro-commercial paper program | item   1  
Debt carrying amount, net of unamortized discount before deferred debt issuance costs   $ 0.0 $ 0.0
Maximum borrowing capacity   2,000.0  
Proceeds from issuance of commercial paper   $ 0.0  
Euro Commercial Paper Program | Maximum      
Debt      
Maturity term   183 days  
v3.24.3
Debt, U.S. Senior Notes (Details)
$ in Millions
 9 Months Ended
Apr. 05, 2024
USD ($)
loan
Apr. 01, 2024
USD ($)
Mar. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Dec. 31, 2023
Debt            
Fees and expenses related to the Senior Notes       $ 14.7 $ 2.3  
Repayments of long-term debt       $ 353.7 $ 10.3  
U.S. Senior Notes            
Debt            
Redemption price as a percentage of principal amount       100.00%    
3.20% Senior Notes due April 2024            
Debt            
Stated interest rate (as a percent)   3.20%       3.20%
Repayments of Senior Notes   $ 350.0        
4.750% Senior Notes due March 2026            
Debt            
Redemption price as a percentage of principal amount     100.00%      
Debt instrument, principal amount     $ 350.0      
Stated interest rate (as a percent)     4.75% 4.75%   4.75%
Debt instrument, face amount, net of discount (as a percent)     99.658%      
Debt maturity date     Mar. 30, 2026      
New Senior Notes [Member]            
Debt            
Number of series of unsecured senior notes issued | loan 3          
Redemption price as a percentage of principal amount 100.00%          
Fees and expenses related to the Senior Notes       $ 11.7    
5.050% Senior Notes due April 2027            
Debt            
Debt instrument, principal amount $ 450.0          
Stated interest rate (as a percent) 5.05%     5.05%    
Debt instrument, face amount, net of discount (as a percent) 99.887%          
Debt maturity date Apr. 05, 2027          
5.050% Senior Notes due April 2027 | Prior To March 5 2027 [Member]            
Debt            
Redemption price as a percentage of principal amount 100.00%          
5.050% Senior Notes due April 2029            
Debt            
Debt instrument, principal amount $ 450.0          
Stated interest rate (as a percent) 5.05%     5.05%    
Debt instrument, face amount, net of discount (as a percent) 99.90%          
Debt maturity date Apr. 05, 2029          
5.050% Senior Notes due April 2029 | Prior To March 5 2029 [Member]            
Debt            
Redemption price as a percentage of principal amount 100.00%          
5.250% Senior Notes due April 2034            
Debt            
Debt instrument, principal amount $ 600.0          
Stated interest rate (as a percent) 5.25%     5.25%    
Debt instrument, face amount, net of discount (as a percent) 99.90%          
Debt maturity date Apr. 05, 2034          
5.250% Senior Notes due April 2034 | Prior To January 5 2034 [Member]            
Debt            
Redemption price as a percentage of principal amount 100.00%          
Euro Senior Notes and US Senior Notes [Member]            
Debt            
Debt instrument, covenant compliance       On September 30, 2024, the Company was in compliance with all requirements under its Senior Notes    
v3.24.3
Debt, Euro Senior Notes (Details)
€ in Millions
 9 Months Ended
Sep. 30, 2024
EUR (€)
loan
Euro Notes [Member]  
Debt  
Number of outstanding notes | loan 2
Redemption price as a percentage of principal amount 100.00%
0.750% Euro Senior Notes Due May 2026 [Member]  
Debt  
Debt instrument, principal amount € 500.0
Stated interest rate (as a percent) 0.75%
Debt maturity date May 04, 2026
Debt instrument, face amount, net of discount (as a percent) 99.563%
2.000% Euro Senior Notes due October 2028 [Member]  
Debt  
Debt instrument, principal amount € 500.0
Stated interest rate (as a percent) 2.00%
Debt maturity date Oct. 08, 2028
Debt instrument, face amount, net of discount (as a percent) 99.498%
Euro Senior Notes and US Senior Notes [Member]  
Debt  
Debt instrument, covenant compliance On September 30, 2024, the Company was in compliance with all requirements under its Senior Notes
v3.24.3
Fair Value Measurements (Details)
$ in Millions
Sep. 30, 2024
USD ($)
contract
Dec. 31, 2023
USD ($)
contract
Net Investment Hedging [Member]    
Fair value of assets and liabilities measured on recurring basis    
Number of forward contracts | contract 0 0
Cash Flow Hedging    
Fair value of assets and liabilities measured on recurring basis    
Number of forward contracts | contract 0 0
Fair value measurements recurring basis    
Fair value of assets and liabilities measured on recurring basis    
Short-term investments $ 20.3 $ 185.2
Long-term investments 1.3 0.4
Forward contracts 2.6  
Forward contracts   (0.5)
Redeemable noncontrolling interests (20.7) (30.7)
Total asset 3.5 154.4
Fair value measurements recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair value of assets and liabilities measured on recurring basis    
Short-term investments 0.0 0.0
Long-term investments 0.0 0.0
Forward contracts 0.0  
Forward contracts   0.0
Redeemable noncontrolling interests 0.0 0.0
Total asset 0.0 0.0
Fair value measurements recurring basis | Significant Observable Inputs (Level 2)    
Fair value of assets and liabilities measured on recurring basis    
Short-term investments 20.3 185.2
Long-term investments 1.3 0.4
Forward contracts 2.6  
Forward contracts   (0.5)
Redeemable noncontrolling interests 0.0 0.0
Total asset 24.2 185.1
Fair value measurements recurring basis | Significant Unobservable Inputs (Level 3)    
Fair value of assets and liabilities measured on recurring basis    
Short-term investments 0.0 0.0
Long-term investments 0.0 0.0
Forward contracts 0.0  
Forward contracts   0.0
Redeemable noncontrolling interests (20.7) (30.7)
Total liability $ (20.7) $ (30.7)
v3.24.3
Income Taxes, Provision and Effective tax rate (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Taxes        
Provision for income taxes $ (166.1) $ (115.2) $ (412.0) $ (363.0)
Effective tax rate 21.40% 18.20% 19.60% 20.30%
Discrete tax benefit comprised of the settlement of tax audits and lapses of statutes of limitation, along with a difference in a non-U.S. tax filing position     $ 18.6  
Impact on the effective tax rate associated with the discrete tax benefit comprised of the settlement of tax audits and lapses of statutes of limitation, along with a difference in a non-U.S. tax filing position.     (0.90%)  
Excess tax benefit from option exercises $ 21.4 $ 38.3 $ 82.0 $ 67.3
Excess tax benefit, impact on effective tax rate (2.80%) (6.00%) (3.90%) (3.80%)
Impact of gain associated with the bargain purchase acquisition on the effective tax rate       (0.10%)
Impact of acquisition-related expenses on the effective tax rate 0.20% 0.20% 0.40% 0.10%
v3.24.3
Income Taxes, Unrecognized tax benefits (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Income Taxes  
Unrecognized tax benefits, anticipated adjustment for changing facts and circumstances, over the next twelve month period $ 23.4
Amount for unrecognized tax benefits, including penalties and interest, which if recognized would impact the effective tax rate $ 213.0
v3.24.3
Stockholders Equity and Noncontrolling Interests (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Increase (Decrease) In Equity          
Balance at beginning of period $ 9,030.6 $ 7,916.5 $ 7,570.9 $ 8,395.8 $ 7,073.5
Redeemable noncontrolling interest, balance at beginning of period       30.7  
Net income, excluding portion attributable to redeemable noncontrolling interest 608.5   517.9 1,688.5 1,425.2
Net income 608.9   518.3 1,689.6 1,426.4
Other comprehensive income (loss), excluding portion attributable to redeemable noncontrolling interests 130.3   (65.7) 14.3 (125.7)
Increase in noncontrolling interests associated with capital contributions 0.4     1.5  
Acquisitions resulting in noncontrolling interest     0.2   1.0
Purchase of noncontrolling interest (0.3)     (1.2)  
Distributions to shareholders of noncontrolling interests (3.0)   (1.4) (8.4) (8.0)
Purchase of treasury stock (176.2)   (149.3) (520.4) (469.8)
Retirement of treasury stock 0.0   0.0 0.0 0.0
Stock options exercised 85.2   142.6 319.5 323.6
Dividends declared (198.9)   (125.6) (463.4) (375.7)
Stock-based compensation expense 29.5   26.9 79.9 72.4
Balance at end of period 9,506.1 8,395.8 $ 7,916.5 9,506.1 $ 7,916.5
Redeemable noncontrolling interest, balance at end of period $ 20.7 30.7   $ 20.7  
Dividends [Abstract]          
Dividends declared per share (in dollars per share) $ 0.165   $ 0.105 $ 0.385 $ 0.315
Redeemable Non-Controlling Interest [Member]          
Increase (Decrease) In Equity          
Redeemable noncontrolling interest, balance at beginning of period $ 19.9 21.8 $ 21.4 $ 30.7 $ 20.6
Net income, redeemable non-controlling interest 0.4   0.4 1.1 1.2
Redeemable noncontrolling interest, other comprehensive income loss net of tax 0.4   0.0 0.1 0.0
Purchase of noncontrolling interest 0.0     (11.2)  
Redeemable noncontrolling interest, balance at end of period $ 20.7 $ 30.7 $ 21.8 $ 20.7 $ 21.8
Common Stock          
Increase (Decrease) In Equity          
Balance (in shares) 1,205.6 1,200.6 1,193.4 1,201.3 1,192.0
Balance at beginning of period $ 1.2 $ 1.2 $ 1.2 $ 1.2 $ 1.2
Retirement of treasury stock $ 0.0   $ 0.0 $ 0.0 $ 0.0
Retirement of treasury stock (in shares) 0.0   0.0 (5.9) (8.2)
Stock options exercised $ 0.0   $ 0.0 $ 0.0 $ 0.0
Stock options exercised (in shares) 3.9   7.2 14.1 16.8
Balance (in shares) 1,209.5 1,201.3 1,200.6 1,209.5 1,200.6
Balance at end of period $ 1.2 $ 1.2 $ 1.2 $ 1.2 $ 1.2
Treasury Stock          
Increase (Decrease) In Equity          
Balance (in shares) (1.8) (4.1) (1.5) (3.5) (2.4)
Balance at beginning of period $ (73.8) $ (170.6) $ (49.6) $ (142.8) $ (79.8)
Purchase of treasury stock $ (176.2)   $ (149.3) $ (520.4) $ (469.8)
Purchase of treasury stock (in shares) (2.7)   (3.5) (8.6) (11.7)
Retirement of treasury stock $ 0.0   $ 0.0 $ 344.2 $ 320.5
Retirement of treasury stock (in shares) 0.0   0.0 5.9 8.2
Stock options exercised $ 13.1   $ 28.3 $ 82.1 $ 58.5
Stock options exercised (in shares) 0.3   0.9 2.0 1.8
Balance at end of period $ (236.9) $ (142.8) $ (170.6) $ (236.9) $ (170.6)
Balance (in shares) (4.2) (3.5) (4.1) (4.2) (4.1)
Additional Paid in Capital          
Increase (Decrease) In Equity          
Balance at beginning of period $ 3,349.2 $ 3,014.4 $ 2,859.8 $ 3,100.6 $ 2,649.8
Purchase of noncontrolling interest (0.2)     (1.1)  
Stock options exercised 79.1   127.7 278.2 292.2
Stock-based compensation expense 29.5   26.9 79.9 72.4
Balance at end of period 3,457.6 3,100.6 3,014.4 3,457.6 3,014.4
Retained Earnings          
Increase (Decrease) In Equity          
Balance at beginning of period 6,352.0 5,669.7 5,294.8 5,921.1 4,979.4
Net income, excluding portion attributable to redeemable noncontrolling interest 604.4   513.9 1,677.8 1,413.6
Retirement of treasury stock 0.0   0.0 (344.2) (320.5)
Stock options exercised (7.0)   (13.4) (40.8) (27.1)
Dividends declared (198.9)   (125.6) (463.4) (375.7)
Balance at end of period 6,750.5 5,921.1 5,669.7 6,750.5 5,669.7
Accumulated Other Comprehensive Loss          
Increase (Decrease) In Equity          
Balance at beginning of period (648.5) (657.9) (592.5) (533.6) (535.0)
Other comprehensive income (loss), excluding portion attributable to redeemable noncontrolling interests 128.6   (65.4) 13.7 (122.9)
Balance at end of period (519.9) (533.6) (657.9) (519.9) (657.9)
Noncontrolling Interests          
Increase (Decrease) In Equity          
Balance at beginning of period 50.5 59.7 57.2 49.3 57.9
Net income, excluding portion attributable to redeemable noncontrolling interest 4.1   4.0 10.7 11.6
Other comprehensive income (loss), excluding portion attributable to redeemable noncontrolling interests 1.7   (0.3) 0.6 (2.8)
Increase in noncontrolling interests associated with capital contributions 0.4     1.5  
Acquisitions resulting in noncontrolling interest     0.2   1.0
Purchase of noncontrolling interest (0.1)     (0.1)  
Distributions to shareholders of noncontrolling interests (3.0)   (1.4) (8.4) (8.0)
Balance at end of period $ 53.6 $ 49.3 $ 59.7 $ 53.6 $ 59.7
v3.24.3
Stockholders Equity and Noncontrolling Interests, Stock Repurchase (Details) - USD ($)
shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Apr. 23, 2024
Apr. 27, 2021
Oct. 22, 2024
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Stockholders' Equity              
Treasury stock retired (in dollars)       $ 0.0 $ 0.0 $ 0.0 $ 0.0
Payments for shares repurchased (in dollars)       $ 176.2 $ 149.3 $ 520.4 $ 469.8
2021 Stock Repurchase Program              
Stockholders' Equity              
Value of shares authorized to be repurchased (in dollars)   $ 2,000.0          
Repurchase of stock program, period   3 years          
Stock repurchase program expiration date   Apr. 27, 2024          
Number of treasury shares retired           4.1 8.2
Treasury stock retired (in dollars)           $ 225.6 $ 320.5
Number of shares repurchased         3.5 4.1 11.7
Payments for shares repurchased (in dollars)         $ 149.3 $ 225.6 $ 469.8
2024 Stock Repurchase Program              
Stockholders' Equity              
Value of shares authorized to be repurchased (in dollars) $ 2,000.0            
Repurchase of stock program, period 3 years            
Stock repurchase program expiration date Apr. 28, 2027            
Number of treasury shares retired           1.8  
Treasury stock retired (in dollars)           $ 118.6  
Number of shares repurchased       2.7   4.5  
Payments for shares repurchased (in dollars)       $ 176.2   $ 294.8  
Subsequent Event | 2024 Stock Repurchase Program              
Stockholders' Equity              
Number of shares repurchased     0.6        
Payments for shares repurchased (in dollars)     $ 35.8        
Value of shares remaining that may be repurchased under the stock repurchase program (in dollars)     $ 1,669.4        
v3.24.3
Stockholders Equity and Noncontrolling Interests, Dividends (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dividends declared per share (in dollars per share) $ 0.165     $ 0.105 $ 0.385 $ 0.315
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
O 2023 Q3 Dividends [Member]            
Dividends declared per share (in dollars per share)       $ 0.105    
O 2023 Q4 Dividends [Member]            
Dividends declared per share (in dollars per share)     $ 0.11      
O 2024 Q2 Dividends [Member]            
Dividends declared per share (in dollars per share)   $ 0.11        
O 2024 Q3 Dividends [Member]            
Dividends declared per share (in dollars per share) $ 0.165          
v3.24.3
Stock-Based Compensation, Stock-based Comp Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Stock-Based Compensation        
Expense incurred for stock-based compensation plans $ 29.5 $ 26.9 $ 79.9 $ 72.4
Recognized tax benefit related to stock-based compensation 24.5 41.0 90.3 74.5
Excess tax benefit from option exercises $ 21.4 $ 38.3 $ 82.0 $ 67.3
v3.24.3
Stock-Based Compensation, Stock Options (Details) - shares
 9 Months Ended
May 19, 2021
Sep. 30, 2024
May 18, 2021
2009 Employee Option Plan      
Stock-Based Compensation      
Additional shares available for the granting of stock options   0  
Options ratable vesting period   5 years  
Options exercisable period   10 years  
2017 Option Plan      
Stock-Based Compensation      
Additional shares available for the granting of stock options 80,000,000    
Number of shares originally authorized for issuance of stock options under stock option plan     120,000,000
Remaining shares available for the granting of stock options under plan   55,250,968  
Options ratable vesting period   5 years  
Options exercisable period   10 years  
v3.24.3
Stock-Based Compensation, Stock Option Activity (Details) - Stock Options - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Stock option activity          
Options outstanding at the beginning of the period (in shares) 116,341,720 114,497,262 120,780,324 120,780,324  
Non-vested options, options granted (in shares) 182,038 7,700,731 116,062    
Options exercised (in shares) (4,235,151) (5,567,231) (6,312,850)    
Options forfeited (in shares) (174,730) (289,042) (86,274)    
Options outstanding at the end of the period (in shares) 112,113,877 116,341,720 114,497,262 112,113,877 120,780,324
Vested and non-vested options expected to vest at the end of the period (in shares) 109,312,793     109,312,793  
Exercisable at the end of the period (in shares) 76,480,116     76,480,116  
Weighted Average Exercise Price          
Weighted average exercise price, options outstanding at the beginning of the period (in dollars per share) $ 28.48 $ 25.61 $ 25.23 $ 25.23  
Weighted average exercise price, options granted (in dollars per share) 66.74 65.95 45.36    
Weighted average exercise price, options exercised (in dollars per share) 20.11 20.95 18.64    
Weighted average exercise price, options forfeited (in dollars per share) 37.34 33.73 32.51    
Weighted average exercise price, options outstanding at the end of the period (in dollars per share) 28.84 $ 28.48 $ 25.61 28.84 $ 25.23
Weighted average exercise price, vested and non-vested options expected to vest (in dollars per share) 28.48     28.48  
Weighted average exercise price, exercisable (in dollars per share) $ 23.31     $ 23.31  
Weighted Average Remaining Contractual Term          
Weighted average remaining contractual term of options outstanding 5 years 7 months 20 days 5 years 9 months 21 days 5 years 8 months 8 days   5 years 9 months 21 days
Weighted average remaining contractual term of options vested options and non-vested expected to vest       5 years 6 months 25 days  
Weighted average remaining contractual term of options exercisable       4 years 6 months 25 days  
Aggregate Intrinsic Value          
Aggregate intrinsic value of options outstanding $ 4,078.1 $ 4,524.7 $ 3,671.9 $ 4,078.1 $ 2,939.5
Aggregate intrinsic value of options, vested and non-vested options expected to vest 4,015.2     4,015.2  
Aggregate intrinsic value of options exercisable $ 3,200.8     $ 3,200.8  
v3.24.3
Stock-Based Compensation, Non-Vested Stock Option Activity (Details) - Stock Options - $ / shares
 3 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Status of the Company's non-vested options and changes during the year      
Non-vested options at the beginning of the period (in shares) 35,727,553 44,797,522 45,047,962
Non-vested options, options granted (in shares) 182,038 7,700,731 116,062
Non-vested options, options vested (in shares) (101,100) (16,481,658) (293,452)
Non-vested options, options forfeited (in shares) (174,730) (289,042) (73,050)
Non-vested options at the end of the period (in shares) 35,633,761 35,727,553 44,797,522
Weighted Average Fair Value at Grant Date      
Weighted average fair value at the grant date, Non-vested options at the beginning of the period (in dollars per share) $ 10.59 $ 7.29 $ 7.28
Weighted average fair value at grant date, options granted (in dollars per share) 19.64 19.42 13.18
Weighted average fair value at grant date, options vested (in dollars per share) 9.12 5.80 7.89
Weighted average fair value at grant date, options forfeited (in dollars per share) 9.59 7.99 8.86
Weighted average fair value at the grant date, Non-vested options at the end of the period (in dollars per share) $ 10.64 $ 10.59 $ 7.29
v3.24.3
Stock-Based Compensation, Option Plans (Details) - Stock Options - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Stock-Based Compensation        
Total intrinsic value of stock options exercised (in dollars) $ 190.7 $ 208.4 $ 652.3 $ 447.9
Total fair value of stock options vested (in dollars) 0.9 $ 0.7 98.8 $ 89.3
Total compensation cost related to non-vested options not yet recognized (in dollars) $ 313.8   $ 313.8  
Weighted average expected amortization period     3 years 6 months 25 days  
v3.24.3
Stock-Based Compensation, Restricted Shares (Details) - Restricted Shares - 2024 Directors Restricted Stock Plan - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2024
May 16, 2024
Stock-Based Compensation          
Total shares available for granting under plan 478,160     478,160 500,000
Restricted share activity          
Restricted shares outstanding at the beginning of the period (in shares) 21,840 0 0 0  
Restricted shares granted (in shares) 0 21,840 0    
Restricted shares outstanding at the end of the period (in shares) 21,840 21,840 0 21,840  
Fair Value at Grant Date          
Fair value at the grant date, restricted shares outstanding at the beginning of the period (in dollars per share) $ 65.96 $ 0 $ 0 $ 0  
Fair value of restricted shares granted (in dollars per share) 0 65.96 0    
Fair value at the grant date, restricted shares outstanding at the end of the period (in dollars per share) $ 65.96 $ 65.96 $ 0 $ 65.96  
Weighted Average Remaining Amortization Term (in years)   10 months 13 days   7 months 13 days  
Total compensation cost related to non-vested restricted shares not yet recognized (in dollars) $ 0.9     $ 0.9  
Weighted average expected amortization period       7 months 13 days  
v3.24.3
Stock-Based Compensation, Phantom Stock (Details) - USD ($)
$ in Millions
 11 Months Ended
Jun. 05, 2023
May 15, 2024
Sep. 30, 2024
Phantom Stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares outstanding (in shares)     0
Total number of vested phantom stock shares (in shares)   38,000  
Total compensation cost related to vested phantom stock shares   $ 1.5  
Total shares of phantom stock expected to be granted     0
Phantom stock for non-employee directors      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares of phantom stock granted (in shares) 38,000    
Phantom stock for non-employee directors, Each non-employee director      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares of phantom stock granted (in shares) 4,750    
v3.24.3
Earnings Per Share, Reconciliation (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share        
Net Income (Loss) $ 604.4 $ 513.9 $ 1,677.8 $ 1,413.6
Weighted average common shares outstanding - Basic (in shares) 1,204.9 1,195.4 1,202.4 1,191.8
Effect of dilutive stock options (in shares) 60.6 48.7 59.7 48.3
Weighted average common shares outstanding - Diluted (in shares) 1,265.5 1,244.1 1,262.1 1,240.1
Net income attributable to Amphenol Corporation per common share - Basic:        
Net income attributable to Amphenol Corporation per common share - Basic (in dollars per share) $ 0.50 $ 0.43 $ 1.40 $ 1.19
Net income attributable to Amphenol Corporation per common share - Diluted:        
Net income attributable to Amphenol Corporation per common share - Diluted (in dollars per share) $ 0.48 $ 0.41 $ 1.33 $ 1.14
Anti-dilutive common shares        
Anti-dilutive stock options, excluded from the computations of earnings per share (in shares) 7.7 16.1 3.9 16.2
v3.24.3
Benefit Plans and Other Postretirement Benefits, Net pension expense (Details) - Pension Benefits - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Components of net pension expense:        
Service cost $ 0.9 $ 1.8 $ 2.7 $ 5.5
Interest cost 6.1 6.5 18.1 19.5
Expected return on plan assets (7.2) (7.3) (21.5) (21.8)
Amortization of prior service cost 0.3 0.4 0.9 1.3
Amortization of net actuarial losses 0.8 0.6 2.5 1.6
Net pension expense 0.9 $ 2.0 2.7 $ 6.1
United States        
Defined Benefit Plan Disclosure        
Estimated future employer contribution in fiscal year $ 0.0   $ 0.0  
v3.24.3
Benefit Plans and Other Postretirement Benefits, Defined contribution plans (Details) - United States - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Defined Contribution Plans Disclosure    
Contributions to U.S. defined contribution plans by the Company, maximum percentage of eligible compensation 7.00% 7.00%
Matching contributions to U.S. defined contribution plans by the Company $ 18.7 $ 18.4
v3.24.3
Acquisitions (Details)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
USD ($)
agreement
Jul. 18, 2024
USD ($)
May 21, 2024
USD ($)
Sep. 30, 2024
USD ($)
agreement
Sep. 30, 2023
USD ($)
Jun. 30, 2023
agreement
Sep. 30, 2024
USD ($)
agreement
segment
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
agreement
Acquisitions                  
Number of reportable business segments | segment             3    
Number of acquisitions | agreement             2    
Acquisition-related expenses       $ 45.4 $ 9.0   $ 115.4 $ 18.4  
Purchase price, net of cash acquired             2,099.8 292.6  
Bargain purchase gain on acquisition       0.0 0.0   0.0 5.4  
Goodwill $ 8,352.1     8,352.1     8,352.1   $ 7,092.4
Amortization expense       66.2 18.1   126.9 59.4  
Amortization of acquisition-related inventory step-up costs recorded in Cost of sales       18.2 0.0   18.2 0.0  
Carlisle Interconnect Technologies Acquisition [Member]                  
Acquisitions                  
Purchase price, net of cash acquired     $ 1,995.3            
Goodwill 1,122.1   1,122.1 1,122.1     1,122.1    
Goodwill deductible for tax purposes 0.0   0.0 0.0     0.0    
Definite-lived intangible assets     543.0       543.0    
CommScope Mobile Networks-related Business [Member]                  
Acquisitions                  
Expected price of acquisition   $ 2,100.0              
2023 Acquisitions [Member]                  
Acquisitions                  
Number of acquisitions | agreement                 10
Acquisition-related expenses         9.0     18.4  
Acquisition-related expenses, net of tax         $ 8.4     16.2  
Purchase price, net of cash acquired                 $ 970.4
Goodwill 673.5     673.5     673.5    
Goodwill deductible for tax purposes $ 155.0     $ 155.0     155.0    
Definite-lived intangible assets             $ 153.2    
Number of acquisitions for which acquisition accounting has been completed | agreement 6     6     6    
2024 Acquisitions [Member]                  
Acquisitions                  
Total acquisition-related expenses       $ 63.6     $ 133.6    
Total acquisition-related expenses, net of tax       49.8     109.7    
Acquisition-related expenses       45.4     $ 115.4    
Customer relationships | Carlisle Interconnect Technologies Acquisition [Member]                  
Acquisitions                  
Definite-lived intangible assets $ 488.0   $ 488.0            
Finite-lived acquired intangible assets weighted-average useful life     15 years            
Customer relationships | 2023 Acquisitions [Member] | Minimum                  
Acquisitions                  
Finite-lived acquired intangible assets weighted-average useful life             6 years    
Customer relationships | 2023 Acquisitions [Member] | Maximum                  
Acquisitions                  
Finite-lived acquired intangible assets weighted-average useful life             12 years    
Proprietary technology | 2023 Acquisitions [Member] | Minimum                  
Acquisitions                  
Finite-lived acquired intangible assets weighted-average useful life             6 years    
Proprietary technology | 2023 Acquisitions [Member] | Maximum                  
Acquisitions                  
Finite-lived acquired intangible assets weighted-average useful life             12 years    
Backlog | Carlisle Interconnect Technologies Acquisition [Member]                  
Acquisitions                  
Definite-lived intangible assets 55.0   $ 55.0            
Finite-lived acquired intangible assets weighted-average useful life     4 months 24 days            
Amortization expense       38.4     $ 55.0    
Backlog | 2023 Acquisitions [Member]                  
Acquisitions                  
Finite-lived acquired intangible assets weighted-average useful life             3 months    
Amortization expense               $ 5.4  
Amortization of Inventory step-up costs recorded to Cost of Sales [Member] | Carlisle Interconnect Technologies Acquisition [Member]                  
Acquisitions                  
Amortization of acquisition-related inventory step-up costs recorded in Cost of sales       18.2     $ 18.2    
Bargain Purchase [Member] | 2023 Acquisitions [Member]                  
Acquisitions                  
Number of acquisitions | agreement           1      
Harsh Environment Solutions                  
Acquisitions                  
Number of acquisitions | agreement             2    
Goodwill 3,199.0     3,199.0     $ 3,199.0   $ 2,009.3
Harsh Environment Solutions | 2023 Acquisitions [Member]                  
Acquisitions                  
Number of acquisitions | agreement                 5
Interconnect and Sensor Systems                  
Acquisitions                  
Goodwill 2,168.9     2,168.9     2,168.9   $ 2,105.6
Interconnect and Sensor Systems | 2023 Acquisitions [Member]                  
Acquisitions                  
Number of acquisitions | agreement                 3
Communications Solutions                  
Acquisitions                  
Goodwill $ 2,984.2     $ 2,984.2     $ 2,984.2   $ 2,977.5
Communications Solutions | 2023 Acquisitions [Member]                  
Acquisitions                  
Number of acquisitions | agreement                 2
v3.24.3
Goodwill and Other Intangible Assets, Goodwill (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Goodwill.  
Goodwill, Beginning Balance $ 7,092.4
Acquisition-related 1,247.4
Foreign currency translation 12.3
Goodwill, Ending Balance 8,352.1
Harsh Environment Solutions  
Goodwill.  
Goodwill, Beginning Balance 2,009.3
Acquisition-related 1,185.4
Foreign currency translation 4.3
Goodwill, Ending Balance 3,199.0
Communications Solutions  
Goodwill.  
Goodwill, Beginning Balance 2,977.5
Acquisition-related 4.1
Foreign currency translation 2.6
Goodwill, Ending Balance 2,984.2
Interconnect and Sensor Systems  
Goodwill.  
Goodwill, Beginning Balance 2,105.6
Acquisition-related 57.9
Foreign currency translation 5.4
Goodwill, Ending Balance $ 2,168.9
v3.24.3
Goodwill and Other Intangible Assets, Goodwill Impairment Results (Details)
$ in Millions
 9 Months Ended 12 Months Ended
Jul. 01, 2024
USD ($)
Sep. 30, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Goodwill and Other Intangible Assets      
Goodwill impairment | $ $ 0.0 $ 0.0 $ 0.0
Number of reportable business segments   3  
Number of reporting units   3  
v3.24.3
Goodwill and Other Intangible Assets, Intangible Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Intangible Assets    
Useful lives 11 years  
Gross Carrying Amount (definite-lived) $ 1,802.4 $ 1,261.8
Accumulated Amortization 824.5 696.1
Net Carrying Amount, (definite-lived) 977.9 565.7
Indefinite-lived trade name intangible asset 269.1 269.1
Intangible assets, gross (excluding goodwill) 2,071.5 1,530.9
Net Carrying Amount, intangible assets $ 1,247.0 834.8
Customer relationships    
Intangible Assets    
Useful lives 12 years  
Gross Carrying Amount (definite-lived) $ 1,296.7 782.6
Accumulated Amortization 505.2 450.6
Net Carrying Amount, (definite-lived) $ 791.5 332.0
Proprietary technology    
Intangible Assets    
Useful lives 13 years  
Gross Carrying Amount (definite-lived) $ 351.2 365.1
Accumulated Amortization 164.8 146.1
Net Carrying Amount, (definite-lived) $ 186.4 219.0
Backlog and other    
Intangible Assets    
Useful lives 1 year  
Gross Carrying Amount (definite-lived) $ 154.5 114.1
Accumulated Amortization 154.5 99.4
Net Carrying Amount, (definite-lived) $ 0.0 $ 14.7
v3.24.3
Goodwill and Other Intangible Assets, Amortization (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Intangible assets        
Amortization expense $ 66.2 $ 18.1 $ 126.9 $ 59.4
Amortization expense estimated for each of the next five fiscal years        
Remainder of 2024 27.6   27.6  
2025 103.3   103.3  
2026 101.7   101.7  
2027 95.0   95.0  
2028 87.6   87.6  
2029 76.9   76.9  
2023 Acquisitions [Member] | Backlog        
Intangible assets        
Amortization expense       $ 5.4
Carlisle Interconnect Technologies Acquisition [Member] | Backlog        
Intangible assets        
Amortization expense $ 38.4   $ 55.0  
v3.24.3
Goodwill and Other Intangible Assets, Intangible Asset Impairment Results (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Goodwill and Other Intangible Assets    
Impairment of intangible assets $ 0.0 $ 0.0
v3.24.3
Reportable Business Segments, Net sales by segment (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment reporting information        
Net sales $ 4,038.8 $ 3,199.2 $ 10,904.9 $ 9,227.2
Harsh Environment Solutions        
Segment reporting information        
Net sales 1,193.5 887.3 3,155.5 2,630.4
Communications Solutions        
Segment reporting information        
Net sales 1,685.5 1,279.2 4,395.8 3,567.6
Interconnect and Sensor Systems        
Segment reporting information        
Net sales 1,159.8 1,032.7 3,353.6 3,029.2
Operating Segment | Harsh Environment Solutions        
Segment reporting information        
Net sales 1,193.5 887.3 3,155.5 2,630.4
Operating Segment | Communications Solutions        
Segment reporting information        
Net sales 1,685.5 1,279.2 4,395.8 3,567.6
Operating Segment | Interconnect and Sensor Systems        
Segment reporting information        
Net sales 1,159.8 1,032.7 3,353.6 3,029.2
Inter-Segment        
Segment reporting information        
Net sales 44.2 38.1 121.8 121.4
Inter-Segment | Harsh Environment Solutions        
Segment reporting information        
Net sales 23.7 21.5 65.3 69.3
Inter-Segment | Communications Solutions        
Segment reporting information        
Net sales 12.6 12.6 37.2 38.7
Inter-Segment | Interconnect and Sensor Systems        
Segment reporting information        
Net sales $ 7.9 $ 4.0 $ 19.3 $ 13.4
v3.24.3
Reportable Business Segments, Reconciliation of Segment Operating Income to Consolidated Income Before Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information        
Operating income $ 819.5 $ 657.9 $ 2,203.2 $ 1,869.6
Stock-based compensation expense (29.5) (26.9) (79.9) (72.4)
Amortization of acquisition-related inventory step-up costs recorded in Cost of sales (18.2) 0.0 (18.2) 0.0
Acquisition-related expenses (45.4) (9.0) (115.4) (18.4)
Other operating expenses (19.7) (17.5) (55.1) (51.3)
Interest expense (55.7) (33.6) (150.1) (104.5)
Gain on bargain purchase acquisition 0.0 0.0 0.0 5.4
Other income (expense), net 11.2 9.2 48.5 18.9
Income before income taxes 775.0 633.5 2,101.6 1,789.4
Operating Segment        
Segment Reporting Information        
Operating income 932.3 711.3 2,471.8 2,011.7
Operating Segment | Harsh Environment Solutions        
Segment Reporting Information        
Operating income 283.7 239.1 787.8 705.7
Operating Segment | Communications Solutions        
Segment Reporting Information        
Operating income 431.0 283.3 1,067.7 752.4
Operating Segment | Interconnect and Sensor Systems        
Segment Reporting Information        
Operating income $ 217.6 $ 188.9 $ 616.3 $ 553.6
v3.24.3
Reportable Business Segments, Depreciation & Amortization by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment reporting information        
Depreciation and amortization $ 201.2 $ 101.0 $ 428.7 $ 291.4
Harsh Environment Solutions        
Segment reporting information        
Depreciation and amortization 36.5 20.7 88.6 65.0
Communications Solutions        
Segment reporting information        
Depreciation and amortization 71.9 46.3 158.2 126.1
Interconnect and Sensor Systems        
Segment reporting information        
Depreciation and amortization 33.8 32.1 101.7 94.9
Corporate and Other        
Segment reporting information        
Depreciation and amortization $ 59.0 $ 1.9 $ 80.2 $ 5.4
v3.24.3
Reportable Business Segments, Narrative (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
entity
segment
Sep. 30, 2023
USD ($)
Segment Reporting Information        
Number of reportable business segments | segment     3  
Number of segment managers | entity     3  
Amortization expense $ 66.2 $ 18.1 $ 126.9 $ 59.4
Amortization of acquisition-related inventory step-up costs recorded in Cost of sales 18.2 $ 0.0 18.2 $ 0.0
Carlisle Interconnect Technologies Acquisition [Member] | Amortization of Inventory step-up costs recorded to Cost of Sales [Member]        
Segment Reporting Information        
Amortization of acquisition-related inventory step-up costs recorded in Cost of sales 18.2   18.2  
Backlog | Carlisle Interconnect Technologies Acquisition [Member]        
Segment Reporting Information        
Amortization expense $ 38.4   $ 55.0  
v3.24.3
Revenue Recognition (Details) - item
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue recognition        
Remaining performance obligation, expected timing for substantial portion of performance obligations     3 months  
Practical expedient, performance obligation     true  
Minimum        
Revenue recognition        
Number of reporting periods that may be extended across for multiple delivery dates     1  
Maximum        
Revenue recognition        
Percentage of net sales recognized over time 5.00% 5.00% 5.00% 5.00%
Remaining performance obligation, expected timing for nearly all performance obligations     1 year  
Practical expedient, performance obligation     true  
v3.24.3
Revenue Recognition, Disaggregation of Net Sales (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue recognition        
Net sales $ 4,038.8 $ 3,199.2 $ 10,904.9 $ 9,227.2
United States        
Revenue recognition        
Net sales 1,411.7 1,138.4 3,780.8 3,287.7
China        
Revenue recognition        
Net sales 950.6 753.7 2,379.3 2,040.5
Other foreign locations        
Revenue recognition        
Net sales 1,676.5 1,307.1 4,744.8 3,899.0
End customers and contract manufacturers        
Revenue recognition        
Net sales 3,278.0 2,672.8 8,928.6 7,670.5
Distributors and resellers        
Revenue recognition        
Net sales 760.8 526.4 1,976.3 1,556.7
Harsh Environment Solutions        
Revenue recognition        
Net sales 1,193.5 887.3 3,155.5 2,630.4
Harsh Environment Solutions | United States        
Revenue recognition        
Net sales 669.9 463.7 1,692.7 1,335.7
Harsh Environment Solutions | China        
Revenue recognition        
Net sales 103.6 84.0 282.0 260.1
Harsh Environment Solutions | Other foreign locations        
Revenue recognition        
Net sales 420.0 339.6 1,180.8 1,034.6
Harsh Environment Solutions | End customers and contract manufacturers        
Revenue recognition        
Net sales 850.3 652.4 2,272.3 1,927.7
Harsh Environment Solutions | Distributors and resellers        
Revenue recognition        
Net sales 343.2 234.9 883.2 702.7
Communications Solutions        
Revenue recognition        
Net sales 1,685.5 1,279.2 4,395.8 3,567.6
Communications Solutions | United States        
Revenue recognition        
Net sales 396.4 363.3 1,106.9 1,046.6
Communications Solutions | China        
Revenue recognition        
Net sales 587.3 447.2 1,378.3 1,182.4
Communications Solutions | Other foreign locations        
Revenue recognition        
Net sales 701.8 468.7 1,910.6 1,338.6
Communications Solutions | End customers and contract manufacturers        
Revenue recognition        
Net sales 1,312.2 1,027.2 3,433.2 2,838.3
Communications Solutions | Distributors and resellers        
Revenue recognition        
Net sales 373.3 252.0 962.6 729.3
Interconnect and Sensor Systems        
Revenue recognition        
Net sales 1,159.8 1,032.7 3,353.6 3,029.2
Interconnect and Sensor Systems | United States        
Revenue recognition        
Net sales 345.4 311.4 981.2 905.4
Interconnect and Sensor Systems | China        
Revenue recognition        
Net sales 259.7 222.5 719.0 598.0
Interconnect and Sensor Systems | Other foreign locations        
Revenue recognition        
Net sales 554.7 498.8 1,653.4 1,525.8
Interconnect and Sensor Systems | End customers and contract manufacturers        
Revenue recognition        
Net sales 1,115.5 993.2 3,223.1 2,904.5
Interconnect and Sensor Systems | Distributors and resellers        
Revenue recognition        
Net sales $ 44.3 $ 39.5 $ 130.5 $ 124.7