Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2020	Jul. 21, 2020
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	Jun. 30, 2020
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		298,376,863
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Current Assets:
Cash and cash equivalents	$ 1,288.3	$ 891.2
Short-term investments	25.7	17.4
Total cash, cash equivalents and short-term investments	1,314.0	908.6
Accounts receivable, less allowance for doubtful accounts of $43.6 and $33.6, respectively	1,658.3	1,736.4
Inventories	1,361.9	1,310.1
Prepaid expenses and other current assets	283.8	256.1
Total current assets	4,618.0	4,211.2
Property, plant and equipment, less accumulated depreciation of $1,578.7 and $1,487.2, respectively	1,001.7	999.0
Goodwill	4,867.0	4,867.1
Other intangible assets, net	416.2	442.0
Other long-term assets	301.0	296.2
Total assets	11,203.9	10,815.5
Current Liabilities:
Accounts payable	928.0	866.8
Accrued salaries, wages and employee benefits	179.0	171.8
Accrued income taxes	119.1	127.9
Accrued dividends	74.6	74.4
Other accrued expenses	482.2	488.5
Current portion of long-term debt	2.3	403.3
Total current liabilities	1,785.2	2,132.7
Long-term debt, less current portion	3,763.8	3,203.4
Accrued pension and postretirement benefit obligations	187.3	198.8
Deferred income taxes	270.7	260.4
Other long-term liabilities	396.6	424.0
Equity:
Common Stock	0.3	0.3
Additional paid-in capital	1,834.5	1,683.3
Retained earnings	3,419.4	3,348.4
Treasury stock, at cost	(21.0)	(70.8)
Accumulated other comprehensive loss	(494.6)	(430.9)
Total shareholders' equity attributable to Amphenol Corporation	4,738.6	4,530.3
Noncontrolling interests	61.7	65.9
Total equity	4,800.3	4,596.2
Total liabilities and equity	$ 11,203.9	$ 10,815.5

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Condensed Consolidated Balance Sheets
Accounts receivable, allowance for doubtful accounts	$ 43.6	$ 33.6
Accumulated depreciation	$ 1,578.7	$ 1,487.2

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Condensed Consolidated Statements of Income
Net sales	$ 1,987.5	$ 2,015.3	$ 3,849.5	$ 3,973.8
Cost of sales	1,383.7	1,367.7	2,685.9	2,698.4
Gross profit	603.8	647.6	1,163.6	1,275.4
Acquisition-related expenses	0.0	8.9	0.0	25.4
Selling, general and administrative expenses	246.4	239.2	489.3	474.3
Operating income	357.4	399.5	674.3	775.7
Interest expense	(30.2)	(30.0)	(59.0)	(59.7)
Other income, net	1.3	0.1	2.4	3.1
Income before income taxes	328.5	369.6	617.7	719.1
Provision for income taxes	(68.0)	(78.7)	(114.0)	(158.3)
Net income	260.5	290.9	503.7	560.8
Less: Net income attributable to noncontrolling interests	(2.8)	(2.5)	(3.9)	(4.8)
Net income attributable to Amphenol Corporation	$ 257.7	$ 288.4	$ 499.8	$ 556.0
Net income per common share - Basic (in dollars per share)	$ 0.87	$ 0.97	$ 1.68	$ 1.87
Weighted average common shares outstanding - Basic (in shares)	296.6	298.0	297.0	298.1
Net income per common share - Diluted (in dollars per share)	$ 0.85	$ 0.93	$ 1.64	$ 1.80
Weighted average common shares outstanding - Diluted (in shares)	304.0	308.7	305.2	308.7

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 260.5	$ 290.9	$ 503.7	$ 560.8
Total other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	26.4	(17.1)	(74.2)	(14.3)
Unrealized gain (loss) on cash flow hedges	(0.8)	0.2	(0.6)	0.0
Pension and postretirement benefit plan adjustment, net of tax of ($1.7) and ($3.3) for 2020, and ($1.2) and ($2.4) for 2019, respectively	5.2	3.8	10.3	7.6
Total other comprehensive (loss) income, net of tax	30.8	(13.1)	(64.5)	(6.7)
Total comprehensive income	291.3	277.8	439.2	554.1
Less: Comprehensive income attributable to noncontrolling interests	(3.1)	(1.5)	(3.1)	(4.8)
Comprehensive income attributable to Amphenol Corporation	$ 288.2	$ 276.3	$ 436.1	$ 549.3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Condensed Consolidated Statements of Comprehensive Income
Pension and postretirement benefit plan adjustment, tax	$ (1.7)	$ (1.2)	$ (3.3)	$ (2.4)

Condensed Consolidated Statements of Cash Flow - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Cash from operating activities:
Net income	$ 260.5	$ 290.9	$ 503.7	$ 560.8
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization			143.6	163.4
Stock-based compensation expense			32.0	29.8
Deferred income tax provision (benefit)			5.1	(23.6)
Net change in components of working capital			70.8	(66.6)
Net change in other long-term assets and liabilities			(2.8)	2.2
Net cash provided by operating activities			752.4	666.0
Cash from investing activities:
Capital expenditures			(128.3)	(149.9)
Proceeds from disposals of property, plant and equipment			1.9	5.5
Purchases of short-term investments			(49.1)	(36.9)
Sales and maturities of short-term investments			40.3	34.4
Acquisitions, net of cash acquired			(16.5)	(756.2)	$ (937.4)
Net cash used in investing activities			(151.7)	(903.1)
Cash from financing activities:
Proceeds from issuance of senior notes			942.3	499.5
Repayments of senior notes and other long-term debt			(401.3)	(757.8)
Borrowings under credit facilities			1,567.4	0.0
Repayments under credit facilities			(1,568.1)	0.0
(Repayments) borrowings under commercial paper programs, net			(385.2)	667.5
Payment of costs related to debt financing			(8.7)	(7.2)
Payment of acquisition-related contingent consideration			(75.0)	0.0
Proceeds from exercise of stock options			152.5	113.5
Distributions to and purchases of noncontrolling interests			(9.7)	(24.6)
Purchase of treasury stock			(257.2)	(408.7)
Dividend payments	(74.0)	(68.5)	(148.4)	(137.2)
Net cash used in financing activities			(191.4)	(55.0)
Effect of exchange rate changes on cash and cash equivalents			(12.2)	(4.9)
Net change in cash and cash equivalents			397.1	(297.0)
Cash and cash equivalents balance, beginning of period			891.2	1,279.3	1,279.3
Cash and cash equivalents balance, end of period	$ 1,288.3	$ 982.3	1,288.3	982.3	$ 891.2
Cash paid for:
Interest			47.2	57.8
Income taxes, net			$ 141.6	$ 241.7

Basis of Presentation and Principles of Consolidation

6 Months Ended

Jun. 30, 2020

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 June 30, 2020 and December 31, 2019, the related condensed consolidated statements of income and condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2020 and 2019, and the related condensed consolidated statements of cash flow for the six months ended June 30, 2020 and 2019 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 six months ended June 30, 2020 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, 2019 (the “2019 Annual Report”).

Certain reclassifications of prior period amounts have been made to conform to the current period presentation, which had no impact on our condensed consolidated results of operations, financial position or cash flows. Such reclassifications included combining the Net change in accrued pension and postretirement benefits with the Net change in other long-term assets and liabilities line item, within Net cash provided by operating activities in the Condensed Consolidated Statements of Cash Flow.

New Accounting Pronouncements

6 Months Ended

Jun. 30, 2020

New Accounting Pronouncements

New Accounting Pronouncements

Note 2—New Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which introduced an approach to estimate credit losses on certain types of financial instruments, including trade receivables, based on expected losses, as well as modified the impairment model for available-for-sale debt securities. ASU 2016-13, which is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, required companies to make a cumulative-effect adjustment to retained earnings as of January 1, 2020. The Company adopted ASU 2016-13 effective January 1, 2020, which resulted in the Company recording a cumulative adjustment to reduce beginning retained earnings by $3.8, arising from the estimated credit losses associated with the Company’s accounts receivable balance as of the date of adoption. The adoption of ASU 2016-13 did not have a material impact on the Company’s financial position and its consolidated financial statements. Prior periods presented herein remain in accordance with then effective accounting standards.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which added, amended and removed certain disclosure requirements related to fair value measurements. Among other changes, this standard required certain additional disclosure surrounding Level 3 assets, including changes in unrealized gains or losses in other comprehensive income and certain inputs in those measurements. ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Certain amended or eliminated disclosures in this standard may be adopted early, while certain additional disclosure requirements in this standard can be adopted on its effective date. In addition, certain changes in the standard require retrospective adoption, while other changes must be adopted prospectively. The Company adopted ASU 2018-13 effective January 1, 2020, which did not have a material impact on our consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies income tax accounting in various areas including, but not limited to, the accounting for hybrid tax regimes, tax implications related to business combinations, and interim period accounting

for enacted changes in tax law, along with some codification improvements. ASU 2019-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. Certain changes in the standard require retrospective or modified retrospective adoption, while other changes must be adopted prospectively. The Company is currently evaluating ASU 2019-12 and its impact on our consolidated financial statements.

The United Kingdom’s Financial Conduct Authority, which regulates the London Interbank Offered Rate (“LIBOR”), announced in July 2017 its intent to phase out the use of LIBOR by the end of 2021. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, identified the Secured Overnight Financing Rate (“SOFR”) as its preferred benchmark alternative to U.S. dollar LIBOR. SOFR represents a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is calculated based on directly observable U.S. Treasury-backed repurchase transactions. In March 2020, in response to this transition, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financing Reporting (“ASU 2020-04”), which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued by reference rate reform, and addresses operational issues likely to arise in modifying contracts to replace discontinued reference rates with new rates. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. The Company is evaluating the potential impact of the replacement of LIBOR, which ultimately may or may not be the SOFR, from both a risk management and financial reporting perspective, as well as the guidance under ASU 2020-04. Our current portfolio of debt and financial instruments currently tied to LIBOR consists primarily of our Commercial Paper Programs and Revolving Credit Facility, both of which are discussed in more detail in Note 4 herein. We do not currently believe that this transition will have a material impact on our financial condition, results of operations or cash flows.

On May 20, 2020, the Securities and Exchange Commission (“SEC”) issued a final rule regarding the financial statement requirements for acquisitions and dispositions of a business, which included, among other things, amending (i) certain criteria in the significance tests for acquired or to be acquired businesses, (ii) related pro forma financial information requirements including its form and content, and (iii) related disclosure requirements, including the number of acquiree financial statement periods required to be presented in SEC filings. The final rule is effective for fiscal years beginning after December 31, 2020, with early application permitted. The Company is currently evaluating this SEC final rule and its impact on our SEC filings.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Inventories

6 Months Ended

Jun. 30, 2020

Inventories

Inventories

Note 3—Inventories

Inventories consist of:



	June 30,		December 31,
	2020		2019
Raw materials and supplies	$	547.7	$	509.6
Work in process		416.7		395.2
Finished goods		397.5		405.3
	$	1,361.9	$	1,310.1

Debt

6 Months Ended

Jun. 30, 2020

Debt

Debt

Note 4—Debt

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


	June 30, 2020				December 31, 2019
	Carrying		Approximate		Carrying		Approximate
	Amount		Fair Value		Amount		Fair Value
Revolving Credit Facility	$	—	$	—	$	—	$	—
U.S. Commercial Paper Program		—		—		160.0		160.0
Euro Commercial Paper Program		—		—		235.5		235.5
2.20% Senior Notes due April 2020		—		—		400.0		400.0
3.125% Senior Notes due September 2021		227.7		233.2		227.6		231.0
4.00% Senior Notes due February 2022		294.9		306.5		294.8		304.0
3.20% Senior Notes due April 2024		349.8		373.7		349.8		363.7
2.050% Senior Notes due March 2025		399.4		417.1		—		—
0.750% Euro Senior Notes due May 2026		559.3		558.2		—		—
2.000% Euro Senior Notes due October 2028		559.4		605.6		558.2		622.8
4.350% Senior Notes due June 2029		499.6		590.4		499.6		562.9
2.800% Senior Notes due February 2030		899.3		960.4		899.3		897.3
Notes payable to foreign banks and other debt		6.4		6.4		5.5		5.5
Less unamortized deferred debt issuance costs		(29.7)		—		(23.6)		—
Total debt		3,766.1		4,051.5		3,606.7		3,782.7
Less current portion		2.3		2.3		403.3		403.3
Total long-term debt	$	3,763.8	$	4,049.2	$	3,203.4	$	3,379.4

Revolving Credit Facility

On January 15, 2019, the Company amended its $2,000.0 unsecured credit facility with a $2,500.0 unsecured credit facility (“Revolving Credit Facility”). The Revolving Credit Facility, which matures January 2024, gives the Company the ability to borrow, in various currencies, at a spread over LIBOR. The Company may utilize the Revolving Credit Facility for general corporate purposes. At March 31, 2020, there were outstanding borrowings of $1,255.6 under the Revolving Credit Facility, at a weighted average interest rate of 1.82%. The outstanding borrowings at March 31, 2020 included €200.0 ($217.4 at date of issuance) of euro-denominated borrowings, with the remainder of the outstanding borrowings denominated in U.S. dollars. The borrowings under the Revolving Credit Facility during the first quarter of 2020 were used in part to repay outstanding balances under the U.S. Commercial Paper Program and the Euro Commercial Paper Program (each as defined below).

During the second quarter of 2020, the Company repaid all of the outstanding borrowings under the Revolving Credit Facility using cash and cash equivalents on hand as well as the net proceeds from the 2026 Euro Notes (defined below). At June 30, 2020 and December 31, 2019, there were no outstanding borrowings under the Revolving Credit Facility. The carrying value of any borrowings under the Revolving Credit Facility would approximate their fair value due primarily to their market interest rates and would be classified as Level 2 in the fair value hierarchy (Note 5). The Revolving Credit Facility requires payment of certain annual agency and commitment fees and requires that the Company satisfy certain financial covenants. At June 30, 2020, the Company was in compliance with the financial covenants under the Revolving Credit Facility. Any outstanding borrowings under the Revolving Credit Facility are classified as long-term debt in the accompanying Condensed Consolidated Balance Sheets.

Commercial Paper Programs

The Company has a commercial paper program pursuant to which the Company issues short-term unsecured commercial paper notes (“U.S. Commercial Paper” or “USCP Notes”) in one or more private placements in the United States (the “U.S. Commercial Paper Program”). 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. There were no USCP Notes outstanding as of June 30, 2020.

The Company and one of its wholly owned European subsidiaries (the “Euro Issuer”) also has a euro-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, “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 euro-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. In addition, effective April 14, 2020, a subsidiary of the Company is able to issue ECP Notes through the Bank of England’s COVID Corporate Financing Facility (“BOE Facility”). The BOE Facility will be available for at least twelve months from its inception. The Company repaid all of its outstanding ECP Notes in the second quarter of 2020, including under the BOE Facility, and as such, there were no ECP Notes outstanding as of June 30, 2020.

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, the authorization from the Company’s Board of Directors limits the maximum aggregate principal amount outstanding of USCP Notes, ECP Notes, and any other commercial paper, euro-commercial paper or similar programs at any time to $2,500.0. In addition, the maximum aggregate principal amount outstanding of USCP Notes at any time is $2,500.0. The maximum aggregate principal amount outstanding of ECP Notes at any time is $2,000.0. The Commercial Paper Programs are rated A-2 by Standard & Poor’s and P-2 by Moody’s and are currently backstopped by the Revolving Credit Facility, as amounts undrawn under the Company’s 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 Commercial Paper is actively traded and is therefore classified as Level 1 in the fair value hierarchy (Note 5). The carrying value of Commercial Paper borrowings approximates their fair value.

U.S. Senior Notes

On February 20, 2020, the Company issued $400.0 principal amount of unsecured 2.050% Senior Notes due March 1, 2025 at 99.829% of face value (the “2025 Senior Notes”). The 2025 Senior Notes are unsecured and rank equally in right of payment with the Company’s other unsecured senior indebtedness. Interest on the 2025 Senior Notes is payable semiannually on March 1 and September 1 of each year, commencing on September 1, 2020. Prior to February 1, 2025, the Company may, at its option, redeem some or all of the 2025 Senior Notes at any time by paying the redemption price (which may include a make-whole premium), plus accrued and unpaid interest, if any, to, but not including, the date of redemption. If redeemed on or after February 1, 2025, the Company may, at its option, redeem some or all of the 2025 Senior Notes at any time by paying the 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. On April 1, 2020, the Company used the net proceeds from the 2025 Senior Notes to repay the $400.0 2.20% Senior Notes due April 1, 2020 upon maturity.

On January 9, 2019, the Company issued $500.0 principal amount of unsecured 4.350% Senior Notes due June 1, 2029 at 99.904% of face value (the “2029 Senior Notes”). The 2029 Senior Notes are unsecured and rank equally in right of payment with the Company’s other unsecured senior indebtedness. Interest on the 2029 Senior Notes is payable semiannually on June 1 and December 1 of each year, commencing on June 1, 2019. Prior to March 1, 2029, the Company may, at its option, redeem some or all of the 2029 Senior Notes at any time by paying the redemption price (which may include a make-whole premium), plus accrued and unpaid interest, if any, to, but not including, the date of redemption. If redeemed on or after March 1, 2029, the Company may, at its option, redeem some or all of the 2029 Senior Notes at any time by paying the 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. In January 2019, the Company used the net proceeds from the 2029 Senior Notes, along with proceeds from borrowings under the U.S. Commercial Paper Program, to repay the $750.0 of 2.55% Senior Notes due in January 2019.

On September 4, 2019, the Company commenced tender offers (“Tender Offers”) to purchase for cash any and all of the Company’s outstanding (i) $375.0 principal amount of its 3.125% Senior Notes due September 2021 (“2021 Senior Notes”) and (ii) $500.0 principal amount of its 4.00% Senior Notes due February 2022 (“2022 Senior Notes”). On

September 11, 2019, as a result of the Tender Offers, the Company accepted for payment $147.3 aggregate principal amount of the 2021 Senior Notes and $205.0 aggregate principal amount of the 2022 Senior Notes for 101.9% and 104.5% of par value, respectively (collectively, the “Tendered Notes”), plus accrued and unpaid interest to, but not including, the settlement date of the Tender Offers. The total consideration for the Tendered Notes was $368.8, which in addition to the Tendered Notes, included $13.4 of premiums and fees paid related to the early extinguishment of debt and $3.1 of accrued interest. For the year ended December 31, 2019, the Company recorded a loss on early debt extinguishment of $14.3 ($12.5 after-tax, or $0.04 per diluted share). This charge was primarily comprised of the premiums and fees incurred related to the Tendered Notes, along with the non-cash charge associated with the write-off of the remaining unamortized deferred debt issuance costs associated with the Tendered Notes. The remaining principal amounts associated with the 2021 Senior Notes and 2022 Senior Notes, which were not redeemed as a result of the Tender Offers, remain outstanding as of June 30, 2020, as noted in the table above.

On September 10, 2019, the Company issued $900.0 principal amount of unsecured 2.800% Senior Notes due February 15, 2030 at 99.920% of face value (the “2030 Senior Notes”). The 2030 Senior Notes are unsecured and rank equally in right of payment with the Company’s other unsecured senior indebtedness. Interest on the 2030 Senior Notes is payable semiannually on February 15 and August 15 of each year, commencing on February 15, 2020. Prior to November 15, 2029, the Company may, at its option, redeem some or all of the 2030 Senior Notes at any time by paying the redemption price (which may include a make-whole premium), plus accrued and unpaid interest, if any, to, but not including, the date of redemption. If redeemed on or after November 15, 2029, the Company may, at its option, redeem some or all of the 2030 Senior Notes at any time by paying the 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. In September 2019, the Company used the net proceeds from the 2030 Senior Notes to fund the cash consideration payable in the Tender Offers, with the remaining net proceeds being used for general corporate purposes, including to partially reduce outstanding borrowings related to the U.S. Commercial Paper Program.

All of the Company’s outstanding senior notes in the United States (“U.S. Senior Notes”) are unsecured and rank equally in right of payment with the Company’s other unsecured senior indebtedness. 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. The fair value of each series of U.S. 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 U.S. Senior Notes contain certain financial and non-financial covenants. At June 30, 2020, the Company was in compliance with the financial covenants under its U.S. Senior Notes.

Euro Senior Notes

On May 4, 2020, the Euro Issuer issued €500.0 (approximately $545.4 at date of issuance) principal amount of unsecured 0.750% Senior Notes due May 4, 2026 at 99.563% of face value (the “2026 Euro Notes” or “0.750% Euro Senior Notes”). The 2026 Euro Notes are unsecured and rank equally in right of payment with the Euro Issuer’s other unsecured senior indebtedness, and are fully and unconditionally guaranteed on a senior unsecured basis by the Company. Interest on the 2026 Euro Notes is payable annually on May 4 of each year, commencing on May 4, 2021. Prior to February 4, 2026, the Company may, at its option, redeem some or all of the 2026 Euro Notes at any time by paying the redemption price (which may include a make-whole premium), plus accrued and unpaid interest, if any, to the date of redemption. If redeemed on or after February 4, 2026, the Company may, at its option, redeem some or all of the 2026 Euro Notes at any time by paying the 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. The fair value of the 2026 Euro 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 Company used the net proceeds from the 2026 Euro Notes to repay amounts outstanding under its Revolving Credit Facility.

On October 8, 2018, the Euro Issuer issued €500.0 (approximately $574.6 at date of issuance) principal amount of unsecured 2.000% Senior Notes due October 8, 2028 at 99.498% of face value (the “2028 Euro Notes” or “2.000% Euro Senior Notes”, collectively with the 2026 Euro Notes, “Euro Notes”, and collectively with the U.S. Senior Notes and 2026 Euro Notes, “Senior Notes”). The 2028 Euro Notes are unsecured and rank equally in right of payment with the Euro Issuer’s other unsecured senior indebtedness, and are fully and unconditionally guaranteed on a senior unsecured

basis by the Company. Interest on the 2028 Euro Notes is payable annually on October 8 of each year, commencing on October 8, 2019. Prior to July 8, 2028, the Company may, at its option, redeem some or all of the 2028 Euro Notes at any time by paying the redemption price (which may include a make-whole premium), plus accrued and unpaid interest, if any, to the date of redemption. If redeemed on or after July 8, 2028, the Company may, at its option, redeem some or all of the 2028 Euro Notes at any time by paying the 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. The fair value of the 2028 Euro 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 Company used a portion of the net proceeds from the 2028 Euro Notes to repay a portion of the outstanding amounts under its Commercial Paper Programs, with the remainder of the net proceeds being used for general corporate purposes.

The Euro Notes contain certain financial and non-financial covenants. At June 30, 2020, the Company was in compliance with the financial covenants under its Euro Notes.

Other Line of Credit Facilities

On March 20, 2020, the Company, through one of its wholly owned foreign subsidiaries, borrowed $100.0 (the maximum borrowing capacity) on an uncommitted line of credit, at a variable LIBOR-based interest rate, initially set at 1.92%. This line of credit, which is guaranteed by the Company and carries an interest rate of LIBOR plus 80 basis points, expires on December 19, 2020. Borrowings under this line of credit arrangement were used for general corporate purposes. The carrying value of this borrowing approximated its fair value due primarily to its market interest rates and was classified as Level 2 in the fair value hierarchy (Note 5). Prior to maturity, on May 5, 2020, the Company repaid, in full, the outstanding borrowing on this uncommitted line of credit, using cash and cash equivalents on hand.

Fair Value Measurements

6 Months Ended

Jun. 30, 2020

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 subject to such standards with fair value disclosure requirements are primarily debt instruments, pension plan assets, short-term investments, derivative instruments and contingent consideration payments. Each of these assets and liabilities is discussed below, with the exception of debt instruments and pension plan assets, which are covered in Note 4 and Note 10, respectively, herein, in addition to the notes to the consolidated financial statements within the Company’s most recent 2019 Annual Report. Substantially all of the Company’s short-term investments consist of certificates of deposit with original maturities of twelve months or less and as such, are considered as Level 1 in the fair value hierarchy as they are traded in active markets for identical assets. The carrying amounts of these instruments, the majority of which are in non-U.S. bank accounts, approximate their fair value. The Company’s derivative instruments represent 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 contingent consideration payment (related to the acquisition of SSI Controls Technologies in January 2019) was valued using Level 3 unobservable inputs, such as probability weighted payout

projections, within the fair value hierarchy. The calculation of the contingent consideration was finalized in the first quarter of 2020 based on actual financial data used for inputs, and the consideration was paid in June of 2020. The impact of the credit risk related to these financial assets is immaterial. The fair values of the Company’s financial and non-financial assets and liabilities subject to such standards at June 30, 2020 and December 31, 2019 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)
June 30, 2020:
Short-term investments	$	25.7	$	25.7	$	—	$	—
Forward contracts		0.1		—		0.1		—
Total	$	25.8	$	25.7	$	0.1	$	—

December 31, 2019:
Short-term investments	$	17.4	$	17.4	$	—	$	—
Forward contracts		(1.3)		—		(1.3)		—
Contingent consideration		(75.0)		—		—		(75.0)
Total	$	(58.9)	$	17.4	$	(1.3)	$	(75.0)

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.

The amounts recognized in Accumulated other comprehensive income (loss) associated with foreign exchange forward contracts and the amount reclassified from Accumulated other comprehensive income (loss) to foreign exchange gain (loss) in the accompanying Condensed Consolidated Statements of Income during the three and six months ended June 30, 2020 and 2019 were not material. The fair values of the 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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes

6 Months Ended

Jun. 30, 2020

Income Taxes

Income Taxes

Note 6—Income Taxes


	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Provision for income taxes	$	(68.0)		$	(78.7)		$	(114.0)		$	(158.3)
Effective tax rate		20.7	%		21.3	%		18.5	%		22.0	%

For the three months ended June 30, 2020 and 2019, stock option exercise activity had the impact of lowering our Provision for income taxes by $12.4 and $12.9, respectively, and lowering our effective tax rate by 380 basis points and 350 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 six months ended June 30, 2020 and 2019, stock option exercise activity had the impact of lowering our Provision for income taxes by $17.4 and $19.7, respectively, and lowering our effective tax rate by 280 basis points and 270 basis points, respectively. For the six months ended June 30, 2020, the effective tax rate also includes a discrete tax benefit related to the settlements of refund claims in certain non-U.S. jurisdictions and the resulting adjustments to deferred taxes, which had the impact of lowering our Provision for income taxes and effective tax rate by $19.9 and 320 basis points, respectively.

On December 22, 2017, the United States federal government enacted the Tax Cuts and Jobs Act (“Tax Act”), marking a change from a worldwide tax system to a modified territorial tax system in the United States. As part of this change, the Tax Act, among other changes, provides for a transition tax on the accumulated unremitted foreign earnings and profits of the Company’s foreign subsidiaries (“Transition Tax”) and a reduction of the U.S. federal corporate income tax rate from 35% to 21%. The Company finalized its accounting of the Tax Act in the fourth quarter of 2018. The Company will pay the third annual installment of the Transition Tax, net of applicable tax credits and deductions, in the third quarter of 2020, and will pay the balance of the Transition Tax over the remainder of the eight-year period ending 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 June 30, 2020 and December 31, 2019.

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 2016 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 June 30, 2020, the amount of unrecognized tax benefits, including penalties and interest, which if recognized would impact the effective tax rate, was approximately $153.0. 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 twelve-month period, audit activity could be completed and statutes of limitations may close relating to existing unrecognized tax benefits of approximately $13.2.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Shareholders' Equity and Noncontrolling Interests

6 Months Ended

Jun. 30, 2020

Shareholders' Equity and Noncontrolling Interests

Shareholders' Equity and Noncontrolling Interests

Note 7—Shareholders’ Equity and Noncontrolling Interests

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

A rollforward of consolidated changes in equity for the three months ended June 30, 2020 is as follows:


	Amphenol Corporation Shareholders
											Accumulated
	Common Stock			Treasury Stock							Other
	Shares			Shares			Additional		Retained		Comprehensive		Noncontrolling		Total
	(in millions)	Amount		(in millions)	Amount		Paid-In Capital		Earnings		Loss		Interests		Equity

Balance as of March 31, 2020	296.6	$	0.3	(0.7)	$	(58.5)	$	1,720.6	$	3,248.5	$	(525.1)	$	59.9	$	4,445.7
Net income										257.7				2.8		260.5
Other comprehensive income (loss)												30.5		0.3		30.8
Acquisitions resulting in noncontrolling interest														0.3		0.3
Distributions to shareholders of noncontrolling interests														(1.6)		(1.6)
Purchase of treasury stock				—		—										—
Retirement of treasury stock	—		—	—		—				—						—
Stock options exercised	1.9		—	0.5		37.5		97.3		(12.2)						122.6
Dividends declared ($0.25 per common share)										(74.6)						(74.6)
Stock-based compensation expense								16.6								16.6
Balance as of June 30, 2020	298.5	$	0.3	(0.2)	$	(21.0)	$	1,834.5	$	3,419.4	$	(494.6)	$	61.7	$	4,800.3

A rollforward of consolidated changes in equity for the six months ended June 30, 2020 is as follows:


	Amphenol Corporation Shareholders
											Accumulated
	Common Stock			Treasury Stock							Other
	Shares			Shares			Additional		Retained		Comprehensive		Noncontrolling		Total
	(in millions)	Amount		(in millions)	Amount		Paid-In Capital		Earnings		Loss		Interests		Equity

Balance as of December 31, 2019	298.7	$	0.3	(0.8)	$	(70.8)	$	1,683.3	$	3,348.4	$	(430.9)	$	65.9	$	4,596.2
Cumulative effect of adoption of credit loss standard (ASU 2016-13)										(3.8)						(3.8)
Net income										499.8				3.9		503.7
Other comprehensive income (loss)												(63.7)		(0.8)		(64.5)
Acquisitions resulting in noncontrolling interest														0.3		0.3
Purchase of noncontrolling interest								(2.1)						(5.2)		(7.3)
Distributions to shareholders of noncontrolling interests														(2.4)		(2.4)
Purchase of treasury stock				(2.7)		(257.2)										(257.2)
Retirement of treasury stock	(2.7)		—	2.7		257.2				(257.2)						—
Stock options exercised	2.5		—	0.6		49.8		121.3		(19.2)						151.9
Dividends declared ($0.50 per common share)										(148.6)						(148.6)
Stock-based compensation expense								32.0								32.0
Balance as of June 30, 2020	298.5	$	0.3	(0.2)	$	(21.0)	$	1,834.5	$	3,419.4	$	(494.6)	$	61.7	$	4,800.3

A rollforward of consolidated changes in equity for the three months ended June 30, 2019 is as follows:


	Amphenol Corporation Shareholders
											Accumulated
	Common Stock			Treasury Stock							Other
	Shares			Shares			Additional		Retained		Comprehensive		Noncontrolling		Total
	(in millions)	Amount		(in millions)	Amount		Paid-In Capital		Earnings		Loss		Interests		Equity

Balance as of March 31, 2019	299.4	$	0.3	(1.4)	$	(119.7)	$	1,485.2	$	3,142.1	$	(384.8)	$	47.3	$	4,170.4
Net income										288.4				2.5		290.9
Other comprehensive income (loss)												(12.1)		(1.0)		(13.1)
Acquisitions resulting in noncontrolling interest														10.0		10.0
Purchase of noncontrolling interest								(17.5)						(3.9)		(21.4)
Purchase of treasury stock				(2.6)		(248.7)										(248.7)
Retirement of treasury stock	(2.6)		—	2.6		248.7				(248.7)						—
Stock options exercised	1.6		—	0.2		18.2		58.7		(8.9)						68.0
Dividends declared ($0.23 per common share)										(68.3)						(68.3)
Stock-based compensation expense								15.4								15.4
Balance as of June 30, 2019	298.4	$	0.3	(1.2)	$	(101.5)	$	1,541.8	$	3,104.6	$	(396.9)	$	54.9	$	4,203.2

A rollforward of consolidated changes in equity for the six months ended June 30, 2019 is as follows:


	Amphenol Corporation Shareholders
											Accumulated
	Common Stock			Treasury Stock							Other
	Shares			Shares			Additional		Retained		Comprehensive		Noncontrolling		Total
	(in millions)	Amount		(in millions)	Amount		Paid-In Capital		Earnings		Loss		Interests		Equity

Balance as of December 31, 2018	299.2	$	0.3	(0.7)	$	(55.0)	$	1,433.2	$	3,028.7	$	(390.2)	$	47.2	$	4,064.2
Net income										556.0				4.8		560.8
Other comprehensive income (loss)												(6.7)		—		(6.7)
Acquisitions resulting in noncontrolling interest														10.0		10.0
Purchase of noncontrolling interest								(17.5)						(3.9)		(21.4)
Distributions to shareholders of noncontrolling interests														(3.2)		(3.2)
Purchase of treasury stock				(4.4)		(408.7)										(408.7)
Retirement of treasury stock	(3.4)		—	3.4		321.1				(321.1)						—
Stock options exercised	2.6		—	0.5		41.1		96.3		(22.2)						115.2
Dividends declared ($0.46 per common share)										(136.8)						(136.8)
Stock-based compensation expense								29.8								29.8
Balance as of June 30, 2019	298.4	$	0.3	(1.2)	$	(101.5)	$	1,541.8	$	3,104.6	$	(396.9)	$	54.9	$	4,203.2

On April 24, 2018, the Company’s Board of Directors authorized a stock repurchase program under which the Company may purchase up to $2,000.0 of the Company’s Common Stock during the three-year period ending April 24, 2021 (the “2018 Stock Repurchase Program”) in accordance with the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company did not repurchase any of its Common Stock during the three months ended June 30, 2020, while during the three months ended June 30, 2019, the Company repurchased 2.6 million shares of its Common Stock for $248.7 under the 2018 Stock Repurchase Program. During the six months ended June 30, 2020 and 2019, the Company repurchased 2.7 million and 4.4 million shares of its Common Stock for $257.2 and $408.7, respectively, under the 2018 Stock Repurchase Program. All of the repurchased shares during the first six months of 2020 have been retired by the Company. Of the total repurchases during the first six months of 2019, 1.0 million shares, or $87.6, were retained in Treasury stock at time of repurchase; the remaining 3.4 million shares, or $321.1, were retired by the Company. The Company has not repurchased any additional shares of its Common Stock from July 1, 2020 to July 21, 2020, and has remaining authorization to purchase up to $587.9 of its Common Stock under the 2018 Stock Repurchase Program. The price and timing of any future purchases under the 2018 Stock Repurchase Program will depend on a number of factors such as levels of cash generation from operations, the level of uncertainty relating to the COVID-19 pandemic, the volume of stock option exercises by employees, cash requirements for acquisitions, dividends, economic and market conditions and stock price.

Contingent upon declaration by the Board of Directors, the Company generally pays a quarterly dividend on shares of its Common Stock. The following table summarizes the dividends declared and paid for the three and six months ended June 30, 2020 and 2019:


	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Dividends declared	$	74.6	$	68.3	$	148.6	$	136.8
Dividends paid (including those declared in the prior year)		74.0		68.5		148.4		137.2

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

Stock-Based Compensation

6 Months Ended

Jun. 30, 2020

Stock-Based Compensation

Stock-Based Compensation

Note 8—Stock-Based Compensation

For the three months ended June 30, 2020 and 2019, the Company’s income before income taxes was reduced for stock-based compensation expense of $16.6 and $15.4, respectively. In addition, for the three months ended June 30, 2020 and 2019, the Company recognized aggregate income tax benefits of $14.3 and $14.9, respectively, in the provision for income taxes in the accompanying Condensed Consolidated Statements of Income associated with stock-

based compensation. These aggregate income tax benefits during the three months ended June 30, 2020 and 2019 include excess tax benefits of $12.4 and $12.9, respectively, from option exercises.

For the six months ended June 30, 2020 and 2019, the Company’s income before income taxes was reduced for stock-based compensation expense of $32.0 and $29.8, respectively. In addition, for the six months ended June 30, 2020 and 2019, the Company recognized aggregate income tax benefits of $21.1 and $23.5, respectively, in the provision for income taxes in the accompanying Condensed Consolidated Statements of Income associated with stock-based compensation. These aggregate income tax benefits during the six months ended June 30, 2020 and 2019 include excess tax benefits of $17.4 and $19.7, 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”). A committee of the Company’s Board of Directors has been authorized to grant stock options pursuant to the 2017 Employee Option Plan. At the time of its adoption, the number of shares of the Company’s Class A Common Stock (“Common Stock”) reserved for issuance under the 2017 Employee Option Plan was 30,000,000 shares. As of June 30, 2020, there were 4,980,980 shares of Common Stock available for the granting of additional stock options under the 2017 Employee Option Plan. The Company also continues to maintain the 2009 Stock Purchase and Option Plan for Key Employees of Amphenol and Subsidiaries, as amended (the “2009 Employee Option Plan”). No additional stock options will be granted under the 2009 Employee Option Plan. Options granted under the 2017 Employee 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 ten years from the date of grant.

In 2004, the Company adopted the 2004 Stock Option Plan for Directors of Amphenol Corporation (the “2004 Directors Option Plan”). The 2004 Directors Option Plan is administered by the Company’s Board of Directors. The 2004 Directors Option Plan expired in May 2014, except that its terms continue with respect to any outstanding options granted thereunder. Options were last granted under the 2004 Directors Option Plan in May 2011. Options granted under the 2004 Directors Option Plan are fully vested and are generally exercisable over a period of ten years from the date of grant.

Stock option activity for the three and six months ended June 30, 2020 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, 2020	35,675,206	$	67.70	6.75	$	1,445.9
Options granted	—		—
Options exercised	(715,546)		42.46
Options forfeited	(90,070)		80.19
Options outstanding at March 31, 2020	34,869,590		68.19	6.56		356.0
Options granted	6,106,700		90.23
Options exercised	(2,425,365)		50.57
Options forfeited	(41,520)		80.75
Options outstanding at June 30, 2020	38,509,405	$	72.78	7.01	$	887.2
Vested and non-vested options expected to vest at June 30, 2020	36,012,192	$	72.09	6.92	$	854.4
Exercisable options at June 30, 2020	19,734,445	$	61.47	5.58	$	677.7

A summary of the status of the Company’s non-vested options as of June 30, 2020 and changes during the three and six months then ended is as follows:


		Weighted
		Average
		Fair Value at
	Options	Grant Date
Non-vested options at January 1, 2020	19,016,830	$	10.72
Options granted	—		—
Options vested	(67,920)		8.62
Options forfeited	(90,070)		10.89
Non-vested options at March 31, 2020	18,858,840		10.73
Options granted	6,106,700		16.35
Options vested	(6,149,060)		9.88
Options forfeited	(41,520)		10.96
Non-vested options at June 30, 2020	18,774,960	$	12.83

During the three and six months ended June 30, 2020 and 2019, the following activity occurred under the Company’s option plans:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Total intrinsic value of stock options exercised	$	125.2	$	110.4	$	170.3	$	180.5
Total fair value of stock options vested		60.8		55.7		61.4		56.2

As of June 30, 2020, the total compensation cost related to non-vested options not yet recognized was approximately $211.3 with a weighted average expected amortization period of 3.78 years.

The grant-date fair value of each option grant under the 2009 Employee Option Plan, the 2017 Employee Option Plan and the 2004 Directors 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 Shares

In 2012, the Company adopted the 2012 Restricted Stock Plan for Directors of Amphenol Corporation (the “2012 Directors Restricted Stock Plan”). The 2012 Directors Restricted Stock Plan is administered by the Company’s Board of Directors. As of June 30, 2020, the number of restricted shares available for grant under the 2012 Directors Restricted Stock Plan was 82,428. Restricted shares granted under the 2012 Directors Restricted Stock Plan generally vest on the first anniversary of the grant date. Grants under the 2012 Directors Restricted Stock Plan entitle the holder to receive shares of the Company’s Common Stock without payment.

Restricted share activity for the three and six months ended June 30, 2020 was as follows:


				Weighted Average
				Remaining
	Restricted	Fair Value at		Amortization
	Shares	Grant Date		Term (in years)
Restricted shares outstanding at January 1, 2020	12,516	$	89.49	0.39
Restricted shares granted	—		—
Restricted shares outstanding at March 31, 2020	12,516		89.49	0.13
Shares vested and issued	(12,516)		89.49
Restricted shares granted	12,418		90.21
Restricted shares outstanding at June 30, 2020	12,418	$	90.21	0.88

As of June 30, 2020, the total compensation cost related to non-vested restricted shares not yet recognized was approximately $1.0 (with a weighted average expected amortization period of 0.88 years).

Earnings Per Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share

Earnings Per Share

Note 9—Earnings Per Share

Basic earnings per 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 common shares and dilutive common shares outstanding, which relates to stock options. A reconciliation of the basic weighted average common shares outstanding to diluted weighted average common shares outstanding for the three and six months ended June 30, 2020 and 2019 is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(dollars and shares in millions, except per share data)	2020		2019		2020		2019
Net income attributable to Amphenol Corporation shareholders	$	257.7	$	288.4	$	499.8	$	556.0
Basic weighted average common shares outstanding		296.6		298.0		297.0		298.1
Effect of dilutive stock options		7.4		10.7		8.2		10.6
Diluted weighted average common shares outstanding		304.0		308.7		305.2		308.7
Earnings per share attributable to Amphenol Corporation shareholders:
Basic	$	0.87	$	0.97	$	1.68	$	1.87
Diluted	$	0.85	$	0.93	$	1.64	$	1.80

Excluded from the computations above were anti-dilutive common shares (primarily related to outstanding stock options) of 13.7 million and 7.7 million for the three months ended June 30, 2020 and 2019, respectively. Excluded from the computations above were anti-dilutive common shares (primarily related to outstanding stock options) of 7.8 million and 7.1 million for the six months ended June 30, 2020 and 2019, respectively.

Benefit Plans and Other Postretirement Benefits

6 Months Ended

Jun. 30, 2020

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. Certain U.S. employees not covered by the U.S. Plans are covered by defined contribution plans. Certain foreign subsidiaries have defined benefit plans covering their employees (the “Foreign Plans” and, together with the U.S. Plans, 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 six months ended June 30, 2020 and 2019:


	Pension Benefits
Three Months Ended June 30:	2020		2019
Service cost	$	1.8	$	1.7
Interest cost		4.1		5.4
Expected return on plan assets		(9.3)		(9.2)
Amortization of prior service cost		0.6		0.4
Amortization of net actuarial losses		6.3		4.6
Net pension expense	$	3.5	$	2.9

Six Months Ended June 30:
Service cost	$	3.8	$	3.5
Interest cost		8.3		10.8
Expected return on plan assets		(18.6)		(18.5)
Amortization of prior service cost		1.1		0.8
Amortization of net actuarial losses		12.5		9.3
Net pension expense	$	7.1	$	5.9

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.

The primary investment objective of the Plans is to build and ensure an adequate pool of assets to support the benefit obligations to participants, retirees and beneficiaries. To meet this objective, the Plans seek to earn a rate of return on assets greater than the liability discount rate, with a prudent level of risk and diversification. The current investment policy includes a strategy intended to maintain an adequate level of diversification, subject to normal portfolio risks. As a result of the general market downturn and volatility in the first quarter of 2020 resulting from the COVID-19 pandemic, the fair value of the Plans’ assets declined during that period. Since then, as of June 30, 2020, the fair value of the Plans’ assets have partially recovered. While the Company continues to monitor the performance of its pension plan assets, the volatility of the markets continues as of June 30, 2020, which to date, has not materially impacted the Company’s financial position or liquidity. To the extent that there is any future deterioration in plan assets, the Company’s pension plans may require additional contributions and/or may negatively impact future pension expense.

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 6% of eligible compensation. During the six months ended June 30, 2020 and 2019, the Company provided matching contributions to the U.S. defined contribution plans of approximately $6.7 and $7.2, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Acquisitions

6 Months Ended

Jun. 30, 2020

Acquisitions

Acquisitions

Note 11—Acquisitions

During the first six months of 2020, the Company completed one acquisition, which is included in the Interconnect Products and Assemblies segment, for approximately $16.5, net of cash acquired. The Company is in the process of completing its analyses of the fair value of the assets acquired and liabilities assumed. The Company anticipates that the final assessments of values will not differ materially from the preliminary assessments. Pro forma financial information related to this acquisition has not been presented, since the acquisition was not material to the Company’s financial results.

During 2019, the Company completed nine acquisitions for $937.4, net of cash acquired. All but one of the acquisitions were included in the Interconnect Products and Assemblies segment. For those 2019 acquisitions whose acquisition accounting has not yet been completed, the Company is in the process of completing its analyses of the fair value of the assets acquired and liabilities assumed. The Company anticipates that the final assessments of values will not differ materially from the preliminary assessments. Pro forma financial information related to these acquisitions has not been presented, since these acquisitions were not material, either individually or in the aggregate, to the Company’s

financial results. In January 2019, the Company acquired SSI Controls Technologies (“SSI”), the sensor manufacturing division of SSI Technologies, Inc., for approximately $400, net of cash acquired, plus a performance-related contingent payment. The SSI acquisition was not material to the Company. The contingent consideration payment was based on certain 2019 revenue and profitability levels of SSI. The Company determined the fair value of this liability using Level 3 unobservable inputs, such as probability weighted payout projections, and is classified as Level 3 in the fair value hierarchy (Note 5). The calculation of the contingent consideration was finalized in the first quarter of 2020 as $75.0, based on actual financial data used for inputs, and was paid in the second quarter of 2020. The contingent consideration was recorded in Other accrued expenses on the accompanying Condensed Consolidated Balance Sheets as of December 31, 2019.

During the three months ended June 30, 2019, the Company incurred approximately $8.9 ($7.8 after-tax) of acquisition-related expenses, primarily related to external transaction costs, as well as $3.2 related to the value associated with acquired backlog related to an acquisition that closed in the second quarter. During the six months ended June 30, 2019, the Company incurred approximately $25.4 ($21.0 after-tax) of acquisition-related expenses primarily related to the amortization of $15.7 related to the value associated with acquired backlog (of which $12.5 related to the SSI acquisition), with the remainder representing external transaction costs. Such acquisition-related expenses are separately presented in the accompanying Condensed Consolidated Statements of Income.

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2020

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:


	Interconnect		Cable
	Products and		Products and
	Assemblies		Solutions		Total
Goodwill at December 31, 2019	$	4,710.0	$	157.1	$	4,867.1
Acquisition-related		20.5		0.5		21.0
Foreign currency translation		(21.1)		—		(21.1)
Goodwill at June 30, 2020	$	4,709.4	$	157.6	$	4,867.0

Other than goodwill noted above, the Company’s intangible assets as of June 30, 2020 and December 31, 2019 were as follows:


		June 30, 2020						December 31, 2019
	Weighted	Gross				Net		Gross				Net
	Average	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Life (years)	Amount		Amortization		Amount		Amount		Amortization		Amount
Customer relationships	9	$	445.0	$	290.0	$	155.0	$	446.2	$	272.2	$	174.0
Proprietary technology	11		156.0		81.2		74.8		156.0		74.4		81.6
Backlog and other	2		49.7		49.4		0.3		49.7		49.4		0.3
Total intangible assets (definite-lived)	9		650.7		420.6		230.1		651.9		396.0		255.9

Trade names (indefinite-lived)			186.1				186.1		186.1				186.1
		$	836.8	$	420.6	$	416.2	$	838.0	$	396.0	$	442.0

Amortization expense for the three months ended June 30, 2020 and 2019 was approximately $12.5 and $15.6, respectively. Amortization expense for the six months ended June 30, 2020 and 2019 was approximately $25.4 and $40.4, respectively. Amortization expense during the three and six months ended June 30, 2019 included $3.2 and $15.7, respectively, related to the amortization of acquired backlog, primarily related to the SSI acquisition. As of June 30, 2020, amortization expense relating to the Company’s current intangible assets estimated for the remainder of 2020 is approximately $23.9 and for each of the next five fiscal years is approximately $44.7 in 2021, $37.4 in 2022, $34.6 in 2023, $29.0 in 2024 and $20.2 in 2025.

Reportable Business Segments

6 Months Ended

Jun. 30, 2020

Reportable Business Segments

Reportable Business Segments

Note 13—Reportable Business Segments

The Company has two reportable business segments: (i) Interconnect Products and Assemblies and (ii) Cable Products and Solutions. The Company organizes its reportable business segments based upon similar economic characteristics and business groupings of products, services and customers. These reportable business segments are

determined based upon how the Company reviews its businesses, assesses operating performance and makes investing and resource allocation decisions and do not include any aggregated operating segments. The Interconnect Products and Assemblies segment primarily designs, manufactures and markets a broad range of connector and connector systems, value-add products and other products, including antennas and sensors, used in a broad range of applications in a diverse set of end markets. The Cable Products and Solutions segment primarily designs, manufactures and markets cable, value-add products and components for use primarily in the broadband communications and information technology markets as well as certain applications in other markets. 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 the consolidated financial statements in the Company’s 2019 Annual Report. The Company evaluates the performance of business units and allocates resources to them based on, among other things, profit or loss from operations before interest, headquarters’ expense allocations, stock-based compensation expense, income taxes, amortization related to certain intangible assets and nonrecurring gains and losses.

The segment results for the three and six months ended June 30, 2020 and 2019 are as follows:


	Interconnect Products				Cable Products
	and Assemblies				and Solutions				Corporate / Other⁽¹⁾				Total Consolidated
Three Months Ended June 30:	2020		2019		2020		2019		2020		2019		2020		2019
Net sales:
External	$	1,898.5	$	1,925.6	$	89.0	$	89.7	$	—	$	—	$	1,987.5	$	2,015.3
Intersegment		12.5		8.1		8.9		13.4		—		—		21.4		21.5
Segment operating income		379.5		428.4		8.4		8.7						387.9		437.1

Six Months Ended June 30:
Net sales:
External	$	3,677.5	$	3,788.3	$	172.0	$	185.5	$	—	$	—	$	3,849.5	$	3,973.8
Intersegment		21.0		11.0		17.7		29.1		—		—		38.7		40.1
Segment operating income		719.2		838.5		14.8		19.1						734.0		857.6

(1)	Corporate / Other is not a reportable business segment; the reconciliation of segment operating income to consolidated results is included in the table below.

A reconciliation of segment operating income to consolidated income before income taxes for the three and six months ended June 30, 2020 and 2019 is summarized as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Segment operating income	$	387.9	$	437.1	$	734.0	$	857.6
Stock-based compensation expense		(16.6)		(15.4)		(32.0)		(29.8)
Acquisition-related expenses		—		(8.9)		—		(25.4)
Other operating expenses		(13.9)		(13.3)		(27.7)		(26.7)
Interest expense		(30.2)		(30.0)		(59.0)		(59.7)
Other income, net		1.3		0.1		2.4		3.1
Income before income taxes	$	328.5	$	369.6	$	617.7	$	719.1

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Revenue Recognition

6 Months Ended

Jun. 30, 2020

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 six months ended June 30, 2020 and 2019, 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 recorded in the Company’s Condensed Consolidated Balance Sheets were not significant as of June 30, 2020 and December 31, 2019. These amounts are recorded in the accompanying Condensed Consolidated Balance Sheets within Prepaid expenses and other current assets or Other accrued expenses as of June 30, 2020 and December 31, 2019.

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 June 30, 2020.

While the Company typically offers standard product warranty coverage which 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 June 30, 2020 and December 31, 2019, and related warranty expense for the three and six months ended June 30, 2020 and 2019, 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 six months ended June 30, 2020 and 2019:


	Interconnect Products				Cable Products				Total Reportable
	and Assemblies				and Solutions				Business Segments
Three Months Ended June 30:	2020		2019		2020		2019		2020		2019
Net sales by:
Sales channel:
End customers and contract manufacturers	$	1,574.1	$	1,641.4	$	76.8	$	67.3	$	1,650.9	$	1,708.7
Distributors and resellers		324.4		284.2		12.2		22.4		336.6		306.6
	$	1,898.5	$	1,925.6	$	89.0	$	89.7	$	1,987.5	$	2,015.3

Geography:
United States	$	515.8	$	588.7	$	54.0	$	44.1	$	569.8	$	632.8
China		642.7		540.6		1.7		1.9		644.4		542.5
Other foreign locations		740.0		796.3		33.3		43.7		773.3		840.0
	$	1,898.5	$	1,925.6	$	89.0	$	89.7	$	1,987.5	$	2,015.3

Six Months Ended June 30:
Net sales by:
Sales channel:
End customers and contract manufacturers	$	3,062.7	$	3,234.2	$	143.0	$	140.2	$	3,205.7	$	3,374.4
Distributors and resellers		614.8		554.1		29.0		45.3		643.8		599.4
	$	3,677.5	$	3,788.3	$	172.0	$	185.5	$	3,849.5	$	3,973.8

Geography:
United States	$	1,087.2	$	1,122.7	$	98.0	$	89.0	$	1,185.2	$	1,211.7
China		1,059.6		1,063.0		2.4		2.7		1,062.0		1,065.7
Other foreign locations		1,530.7		1,602.6		71.6		93.8		1,602.3		1,696.4
	$	3,677.5	$	3,788.3	$	172.0	$	185.5	$	3,849.5	$	3,973.8

Net sales by geographic area are based on the customer location to which the product is shipped.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2020

Commitments and Contingencies

Commitments and Contingencies

Note 15—Commitments and Contingencies

The Company has been named as a defendant in several legal actions arising from normal business activities. The Company records a loss contingency liability when a loss is considered probable and the amount can be reasonably estimated. Although the potential liability with respect to certain of such legal actions cannot be reasonably estimated, none of such matters 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.

In August 2018, the Company received a subpoena from the U.S. Department of Defense, Office of the Inspector General, requesting documents pertaining to certain products manufactured by the Company’s Military and Aerospace Group that are purchased or used by the U.S. government. The Company is cooperating with the request. The Company is currently unable to estimate the timing or outcome of the matter.

Certain operations of the Company are subject to environmental laws and regulations which 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.

Inventories (Tables)

6 Months Ended

Jun. 30, 2020

Inventories

Schedule of Inventories



	June 30,		December 31,
	2020		2019
Raw materials and supplies	$	547.7	$	509.6
Work in process		416.7		395.2
Finished goods		397.5		405.3
	$	1,361.9	$	1,310.1

Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt

Schedule of debt


	June 30, 2020				December 31, 2019
	Carrying		Approximate		Carrying		Approximate
	Amount		Fair Value		Amount		Fair Value
Revolving Credit Facility	$	—	$	—	$	—	$	—
U.S. Commercial Paper Program		—		—		160.0		160.0
Euro Commercial Paper Program		—		—		235.5		235.5
2.20% Senior Notes due April 2020		—		—		400.0		400.0
3.125% Senior Notes due September 2021		227.7		233.2		227.6		231.0
4.00% Senior Notes due February 2022		294.9		306.5		294.8		304.0
3.20% Senior Notes due April 2024		349.8		373.7		349.8		363.7
2.050% Senior Notes due March 2025		399.4		417.1		—		—
0.750% Euro Senior Notes due May 2026		559.3		558.2		—		—
2.000% Euro Senior Notes due October 2028		559.4		605.6		558.2		622.8
4.350% Senior Notes due June 2029		499.6		590.4		499.6		562.9
2.800% Senior Notes due February 2030		899.3		960.4		899.3		897.3
Notes payable to foreign banks and other debt		6.4		6.4		5.5		5.5
Less unamortized deferred debt issuance costs		(29.7)		—		(23.6)		—
Total debt		3,766.1		4,051.5		3,606.7		3,782.7
Less current portion		2.3		2.3		403.3		403.3
Total long-term debt	$	3,763.8	$	4,049.2	$	3,203.4	$	3,379.4

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

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)
June 30, 2020:
Short-term investments	$	25.7	$	25.7	$	—	$	—
Forward contracts		0.1		—		0.1		—
Total	$	25.8	$	25.7	$	0.1	$	—

December 31, 2019:
Short-term investments	$	17.4	$	17.4	$	—	$	—
Forward contracts		(1.3)		—		(1.3)		—
Contingent consideration		(75.0)		—		—		(75.0)
Total	$	(58.9)	$	17.4	$	(1.3)	$	(75.0)

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2020

Income Taxes

Schedule of provision for income taxes and effective tax rate


	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Provision for income taxes	$	(68.0)		$	(78.7)		$	(114.0)		$	(158.3)
Effective tax rate		20.7	%		21.3	%		18.5	%		22.0	%

Shareholders' Equity and Noncontrolling Interests (Tables)

6 Months Ended

Jun. 30, 2020

Shareholders' Equity and Noncontrolling Interests

Rollforward of consolidated changes in equity

A rollforward of consolidated changes in equity for the three months ended June 30, 2020 is as follows:


	Amphenol Corporation Shareholders
											Accumulated
	Common Stock			Treasury Stock							Other
	Shares			Shares			Additional		Retained		Comprehensive		Noncontrolling		Total
	(in millions)	Amount		(in millions)	Amount		Paid-In Capital		Earnings		Loss		Interests		Equity

Balance as of March 31, 2020	296.6	$	0.3	(0.7)	$	(58.5)	$	1,720.6	$	3,248.5	$	(525.1)	$	59.9	$	4,445.7
Net income										257.7				2.8		260.5
Other comprehensive income (loss)												30.5		0.3		30.8
Acquisitions resulting in noncontrolling interest														0.3		0.3
Distributions to shareholders of noncontrolling interests														(1.6)		(1.6)
Purchase of treasury stock				—		—										—
Retirement of treasury stock	—		—	—		—				—						—
Stock options exercised	1.9		—	0.5		37.5		97.3		(12.2)						122.6
Dividends declared ($0.25 per common share)										(74.6)						(74.6)
Stock-based compensation expense								16.6								16.6
Balance as of June 30, 2020	298.5	$	0.3	(0.2)	$	(21.0)	$	1,834.5	$	3,419.4	$	(494.6)	$	61.7	$	4,800.3

A rollforward of consolidated changes in equity for the six months ended June 30, 2020 is as follows:


	Amphenol Corporation Shareholders
											Accumulated
	Common Stock			Treasury Stock							Other
	Shares			Shares			Additional		Retained		Comprehensive		Noncontrolling		Total
	(in millions)	Amount		(in millions)	Amount		Paid-In Capital		Earnings		Loss		Interests		Equity

Balance as of December 31, 2019	298.7	$	0.3	(0.8)	$	(70.8)	$	1,683.3	$	3,348.4	$	(430.9)	$	65.9	$	4,596.2
Cumulative effect of adoption of credit loss standard (ASU 2016-13)										(3.8)						(3.8)
Net income										499.8				3.9		503.7
Other comprehensive income (loss)												(63.7)		(0.8)		(64.5)
Acquisitions resulting in noncontrolling interest														0.3		0.3
Purchase of noncontrolling interest								(2.1)						(5.2)		(7.3)
Distributions to shareholders of noncontrolling interests														(2.4)		(2.4)
Purchase of treasury stock				(2.7)		(257.2)										(257.2)
Retirement of treasury stock	(2.7)		—	2.7		257.2				(257.2)						—
Stock options exercised	2.5		—	0.6		49.8		121.3		(19.2)						151.9
Dividends declared ($0.50 per common share)										(148.6)						(148.6)
Stock-based compensation expense								32.0								32.0
Balance as of June 30, 2020	298.5	$	0.3	(0.2)	$	(21.0)	$	1,834.5	$	3,419.4	$	(494.6)	$	61.7	$	4,800.3

A rollforward of consolidated changes in equity for the three months ended June 30, 2019 is as follows:


	Amphenol Corporation Shareholders
											Accumulated
	Common Stock			Treasury Stock							Other
	Shares			Shares			Additional		Retained		Comprehensive		Noncontrolling		Total
	(in millions)	Amount		(in millions)	Amount		Paid-In Capital		Earnings		Loss		Interests		Equity

Balance as of March 31, 2019	299.4	$	0.3	(1.4)	$	(119.7)	$	1,485.2	$	3,142.1	$	(384.8)	$	47.3	$	4,170.4
Net income										288.4				2.5		290.9
Other comprehensive income (loss)												(12.1)		(1.0)		(13.1)
Acquisitions resulting in noncontrolling interest														10.0		10.0
Purchase of noncontrolling interest								(17.5)						(3.9)		(21.4)
Purchase of treasury stock				(2.6)		(248.7)										(248.7)
Retirement of treasury stock	(2.6)		—	2.6		248.7				(248.7)						—
Stock options exercised	1.6		—	0.2		18.2		58.7		(8.9)						68.0
Dividends declared ($0.23 per common share)										(68.3)						(68.3)
Stock-based compensation expense								15.4								15.4
Balance as of June 30, 2019	298.4	$	0.3	(1.2)	$	(101.5)	$	1,541.8	$	3,104.6	$	(396.9)	$	54.9	$	4,203.2

A rollforward of consolidated changes in equity for the six months ended June 30, 2019 is as follows:


	Amphenol Corporation Shareholders
											Accumulated
	Common Stock			Treasury Stock							Other
	Shares			Shares			Additional		Retained		Comprehensive		Noncontrolling		Total
	(in millions)	Amount		(in millions)	Amount		Paid-In Capital		Earnings		Loss		Interests		Equity

Balance as of December 31, 2018	299.2	$	0.3	(0.7)	$	(55.0)	$	1,433.2	$	3,028.7	$	(390.2)	$	47.2	$	4,064.2
Net income										556.0				4.8		560.8
Other comprehensive income (loss)												(6.7)		—		(6.7)
Acquisitions resulting in noncontrolling interest														10.0		10.0
Purchase of noncontrolling interest								(17.5)						(3.9)		(21.4)
Distributions to shareholders of noncontrolling interests														(3.2)		(3.2)
Purchase of treasury stock				(4.4)		(408.7)										(408.7)
Retirement of treasury stock	(3.4)		—	3.4		321.1				(321.1)						—
Stock options exercised	2.6		—	0.5		41.1		96.3		(22.2)						115.2
Dividends declared ($0.46 per common share)										(136.8)						(136.8)
Stock-based compensation expense								29.8								29.8
Balance as of June 30, 2019	298.4	$	0.3	(1.2)	$	(101.5)	$	1,541.8	$	3,104.6	$	(396.9)	$	54.9	$	4,203.2

Schedules of dividends


	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Dividends declared	$	74.6	$	68.3	$	148.6	$	136.8
Dividends paid (including those declared in the prior year)		74.0		68.5		148.4		137.2

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2020

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, 2020	35,675,206	$	67.70	6.75	$	1,445.9
Options granted	—		—
Options exercised	(715,546)		42.46
Options forfeited	(90,070)		80.19
Options outstanding at March 31, 2020	34,869,590		68.19	6.56		356.0
Options granted	6,106,700		90.23
Options exercised	(2,425,365)		50.57
Options forfeited	(41,520)		80.75
Options outstanding at June 30, 2020	38,509,405	$	72.78	7.01	$	887.2
Vested and non-vested options expected to vest at June 30, 2020	36,012,192	$	72.09	6.92	$	854.4
Exercisable options at June 30, 2020	19,734,445	$	61.47	5.58	$	677.7

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, 2020	19,016,830	$	10.72
Options granted	—		—
Options vested	(67,920)		8.62
Options forfeited	(90,070)		10.89
Non-vested options at March 31, 2020	18,858,840		10.73
Options granted	6,106,700		16.35
Options vested	(6,149,060)		9.88
Options forfeited	(41,520)		10.96
Non-vested options at June 30, 2020	18,774,960	$	12.83

Summary of activity in the option plans


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Total intrinsic value of stock options exercised	$	125.2	$	110.4	$	170.3	$	180.5
Total fair value of stock options vested		60.8		55.7		61.4		56.2

Schedule of restricted share activity


				Weighted Average
				Remaining
	Restricted	Fair Value at		Amortization
	Shares	Grant Date		Term (in years)
Restricted shares outstanding at January 1, 2020	12,516	$	89.49	0.39
Restricted shares granted	—		—
Restricted shares outstanding at March 31, 2020	12,516		89.49	0.13
Shares vested and issued	(12,516)		89.49
Restricted shares granted	12,418		90.21
Restricted shares outstanding at June 30, 2020	12,418	$	90.21	0.88

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share

Schedule of the reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding


	Three Months Ended June 30,				Six Months Ended June 30,
(dollars and shares in millions, except per share data)	2020		2019		2020		2019
Net income attributable to Amphenol Corporation shareholders	$	257.7	$	288.4	$	499.8	$	556.0
Basic weighted average common shares outstanding		296.6		298.0		297.0		298.1
Effect of dilutive stock options		7.4		10.7		8.2		10.6
Diluted weighted average common shares outstanding		304.0		308.7		305.2		308.7
Earnings per share attributable to Amphenol Corporation shareholders:
Basic	$	0.87	$	0.97	$	1.68	$	1.87
Diluted	$	0.85	$	0.93	$	1.64	$	1.80

Benefit Plans and Other Postretirement Benefits (Tables)

6 Months Ended

Jun. 30, 2020

Benefit Plans and Other Postretirement Benefits

Schedule of components of net pension expense


	Pension Benefits
Three Months Ended June 30:	2020		2019
Service cost	$	1.8	$	1.7
Interest cost		4.1		5.4
Expected return on plan assets		(9.3)		(9.2)
Amortization of prior service cost		0.6		0.4
Amortization of net actuarial losses		6.3		4.6
Net pension expense	$	3.5	$	2.9

Six Months Ended June 30:
Service cost	$	3.8	$	3.5
Interest cost		8.3		10.8
Expected return on plan assets		(18.6)		(18.5)
Amortization of prior service cost		1.1		0.8
Amortization of net actuarial losses		12.5		9.3
Net pension expense	$	7.1	$	5.9

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2020

Goodwill and Other Intangible Assets

Schedule of changes in the carrying amount of goodwill by segment


	Interconnect		Cable
	Products and		Products and
	Assemblies		Solutions		Total
Goodwill at December 31, 2019	$	4,710.0	$	157.1	$	4,867.1
Acquisition-related		20.5		0.5		21.0
Foreign currency translation		(21.1)		—		(21.1)
Goodwill at June 30, 2020	$	4,709.4	$	157.6	$	4,867.0

Summary of the Company's amortizable intangible assets

Other than goodwill noted above, the Company’s intangible assets as of June 30, 2020 and December 31, 2019 were as follows:


		June 30, 2020						December 31, 2019
	Weighted	Gross				Net		Gross				Net
	Average	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Life (years)	Amount		Amortization		Amount		Amount		Amortization		Amount
Customer relationships	9	$	445.0	$	290.0	$	155.0	$	446.2	$	272.2	$	174.0
Proprietary technology	11		156.0		81.2		74.8		156.0		74.4		81.6
Backlog and other	2		49.7		49.4		0.3		49.7		49.4		0.3
Total intangible assets (definite-lived)	9		650.7		420.6		230.1		651.9		396.0		255.9

Trade names (indefinite-lived)			186.1				186.1		186.1				186.1
		$	836.8	$	420.6	$	416.2	$	838.0	$	396.0	$	442.0

Summary of the Company's indefinite-lived intangible assets

Other than goodwill noted above, the Company’s intangible assets as of June 30, 2020 and December 31, 2019 were as follows:


		June 30, 2020						December 31, 2019
	Weighted	Gross				Net		Gross				Net
	Average	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Life (years)	Amount		Amortization		Amount		Amount		Amortization		Amount
Customer relationships	9	$	445.0	$	290.0	$	155.0	$	446.2	$	272.2	$	174.0
Proprietary technology	11		156.0		81.2		74.8		156.0		74.4		81.6
Backlog and other	2		49.7		49.4		0.3		49.7		49.4		0.3
Total intangible assets (definite-lived)	9		650.7		420.6		230.1		651.9		396.0		255.9

Trade names (indefinite-lived)			186.1				186.1		186.1				186.1
		$	836.8	$	420.6	$	416.2	$	838.0	$	396.0	$	442.0

Reportable Business Segments (Tables)

6 Months Ended

Jun. 30, 2020

Reportable Business Segments

Schedule of segment reporting information by segment


	Interconnect Products				Cable Products
	and Assemblies				and Solutions				Corporate / Other⁽¹⁾				Total Consolidated
Three Months Ended June 30:	2020		2019		2020		2019		2020		2019		2020		2019
Net sales:
External	$	1,898.5	$	1,925.6	$	89.0	$	89.7	$	—	$	—	$	1,987.5	$	2,015.3
Intersegment		12.5		8.1		8.9		13.4		—		—		21.4		21.5
Segment operating income		379.5		428.4		8.4		8.7						387.9		437.1

Six Months Ended June 30:
Net sales:
External	$	3,677.5	$	3,788.3	$	172.0	$	185.5	$	—	$	—	$	3,849.5	$	3,973.8
Intersegment		21.0		11.0		17.7		29.1		—		—		38.7		40.1
Segment operating income		719.2		838.5		14.8		19.1						734.0		857.6

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Segment operating income	$	387.9	$	437.1	$	734.0	$	857.6
Stock-based compensation expense		(16.6)		(15.4)		(32.0)		(29.8)
Acquisition-related expenses		—		(8.9)		—		(25.4)
Other operating expenses		(13.9)		(13.3)		(27.7)		(26.7)
Interest expense		(30.2)		(30.0)		(59.0)		(59.7)
Other income, net		1.3		0.1		2.4		3.1
Income before income taxes	$	328.5	$	369.6	$	617.7	$	719.1

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2020

Revenue Recognition

Schedule of disaggregation of net sales


	Interconnect Products				Cable Products				Total Reportable
	and Assemblies				and Solutions				Business Segments
Three Months Ended June 30:	2020		2019		2020		2019		2020		2019
Net sales by:
Sales channel:
End customers and contract manufacturers	$	1,574.1	$	1,641.4	$	76.8	$	67.3	$	1,650.9	$	1,708.7
Distributors and resellers		324.4		284.2		12.2		22.4		336.6		306.6
	$	1,898.5	$	1,925.6	$	89.0	$	89.7	$	1,987.5	$	2,015.3

Geography:
United States	$	515.8	$	588.7	$	54.0	$	44.1	$	569.8	$	632.8
China		642.7		540.6		1.7		1.9		644.4		542.5
Other foreign locations		740.0		796.3		33.3		43.7		773.3		840.0
	$	1,898.5	$	1,925.6	$	89.0	$	89.7	$	1,987.5	$	2,015.3

Six Months Ended June 30:
Net sales by:
Sales channel:
End customers and contract manufacturers	$	3,062.7	$	3,234.2	$	143.0	$	140.2	$	3,205.7	$	3,374.4
Distributors and resellers		614.8		554.1		29.0		45.3		643.8		599.4
	$	3,677.5	$	3,788.3	$	172.0	$	185.5	$	3,849.5	$	3,973.8

Geography:
United States	$	1,087.2	$	1,122.7	$	98.0	$	89.0	$	1,185.2	$	1,211.7
China		1,059.6		1,063.0		2.4		2.7		1,062.0		1,065.7
Other foreign locations		1,530.7		1,602.6		71.6		93.8		1,602.3		1,696.4
	$	3,677.5	$	3,788.3	$	172.0	$	185.5	$	3,849.5	$	3,973.8

New Accounting Pronouncements (Details) - USD ($) $ in Millions	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements
Total equity	$ 4,800.3	$ 4,445.7	$ 4,596.2	$ 4,203.2	$ 4,170.4	$ 4,064.2
Accounting Standards Update 2016-13 [Member] \| Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements
Total equity			(3.8)
Retained Earnings
New Accounting Pronouncements
Total equity	$ 3,419.4	$ 3,248.5	3,348.4	$ 3,104.6	$ 3,142.1	$ 3,028.7
Retained Earnings \| Accounting Standards Update 2016-13 [Member] \| Cumulative Effect, Period of Adoption, Adjustment
New Accounting Pronouncements
Total equity			$ (3.8)

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4568740-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Inventories
Raw materials and supplies	$ 547.7	$ 509.6
Work in process	416.7	395.2
Finished goods	397.5	405.3
Inventories	$ 1,361.9	$ 1,310.1

Debt, Schedule of Debt (Details) € in Millions, $ in Millions	Jun. 30, 2020 USD ($)	Jun. 30, 2020 EUR (€)	Apr. 01, 2020	Feb. 20, 2020	Dec. 31, 2019 USD ($)	Sep. 10, 2019	Jan. 31, 2019	Jan. 09, 2019	Dec. 31, 2018
Debt
Less deferred debt issuance costs	$ (29.7)				$ (23.6)
Less deferred debt issuance costs, fair value
Total debt	3,766.1				3,606.7
Less current portion	2.3				403.3
Total long-term debt	3,763.8				3,203.4
Total debt, Approximate Fair Value	4,051.5				3,782.7
Less current portion, Fair Value	2.3				403.3
Long-term debt, Approximate Fair Value	4,049.2				3,379.4
The "Revolving Credit Facility" \| Revolving Credit Facility
Debt
Debt carrying amount, net of unamortized discount 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 before deferred debt issuance costs	0.0				160.0
Total debt, Approximate Fair Value	0.0				160.0
Euro Commercial Paper Program
Debt
Debt carrying amount, net of unamortized discount before deferred debt issuance costs	0.0	€ 0.0			235.5
Total debt, Approximate Fair Value	$ 0.0				$ 235.5
4.00% Senior Notes due February 2022
Debt
Stated interest rate (as a percent)	4.00%	4.00%			4.00%
Debt carrying amount, net of unamortized discount before deferred debt issuance costs	$ 294.9				$ 294.8
Total debt, Approximate Fair Value	$ 306.5				$ 304.0
2.55% Senior Notes due January 2019
Debt
Stated interest rate (as a percent)							2.55%		2.55%
3.125% Senior Notes due September 2021
Debt
Stated interest rate (as a percent)	3.125%	3.125%			3.125%
Debt carrying amount, net of unamortized discount before deferred debt issuance costs	$ 227.7				$ 227.6
Total debt, Approximate Fair Value	$ 233.2				$ 231.0
2.20% Senior Notes due April 2020
Debt
Stated interest rate (as a percent)	2.20%	2.20%	2.20%		2.20%
Debt carrying amount, net of unamortized discount before deferred debt issuance costs	$ 0.0				$ 400.0
Total debt, Approximate Fair Value	$ 0.0				$ 400.0
3.20% Senior Notes due April 2024
Debt
Stated interest rate (as a percent)	3.20%	3.20%			3.20%
Debt carrying amount, net of unamortized discount before deferred debt issuance costs	$ 349.8				$ 349.8
Total debt, Approximate Fair Value	$ 373.7				363.7
2.05% Senior Notes due March 2025
Debt
Stated interest rate (as a percent)	2.05%	2.05%		2.05%
Debt carrying amount, net of unamortized discount before deferred debt issuance costs	$ 399.4				0.0
Total debt, Approximate Fair Value	$ 417.1				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 before deferred debt issuance costs	$ 559.3				0.0
Total debt, Approximate Fair Value	$ 558.2				$ 0.0
2.000% Euro Senior Notes due October 2028
Debt
Stated interest rate (as a percent)	2.00%	2.00%			2.00%
Debt carrying amount, net of unamortized discount before deferred debt issuance costs	$ 559.4				$ 558.2
Total debt, Approximate Fair Value	$ 605.6				$ 622.8
4.350% Senior Notes due June 2029
Debt
Stated interest rate (as a percent)	4.35%	4.35%			4.35%			4.35%
Debt carrying amount, net of unamortized discount before deferred debt issuance costs	$ 499.6				$ 499.6
Total debt, Approximate Fair Value	$ 590.4				$ 562.9
2.800% Senior Notes due February 2030
Debt
Stated interest rate (as a percent)	2.80%	2.80%			2.80%	2.80%
Debt carrying amount, net of unamortized discount before deferred debt issuance costs	$ 899.3				$ 899.3
Total debt, Approximate Fair Value	960.4				897.3
Notes payable to foreign banks and other debt
Debt
Debt carrying amount, net of unamortized discount before deferred debt issuance costs	6.4				5.5
Total debt, Approximate Fair Value	$ 6.4				$ 5.5

Debt, Revolving Credit Facility (Details) € in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2020 USD ($)	Mar. 26, 2020 USD ($)	Mar. 26, 2020 EUR (€)	Dec. 31, 2019 USD ($)	Jan. 15, 2019 USD ($)	Jan. 14, 2019 USD ($)
Debt
Borrowings under credit facilities	$ 1,567.4	$ 0.0
Repayments under credit facilities	1,568.1	$ 0.0
The "Revolving Credit Facility"
Debt
Maximum borrowing capacity							$ 2,500.0	$ 2,000.0
Borrowings under the Revolving Credit Facility	$ 0.0		$ 1,255.6			$ 0.0
Interest rate			1.82%
Debt instrument, covenant compliance	At June 30, 2020, the Company was in compliance with the financial covenants under the Revolving Credit Facility
The Revolving Credit Facility, Euro [Member]
Debt
Borrowings under the Revolving Credit Facility				$ 217.4	€ 200.0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Debt, Commercial Paper (Details) € in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2020 USD ($) item	Jun. 30, 2020 EUR (€) item	Dec. 31, 2019 USD ($)
Commercial Paper Programs
Debt
Maximum borrowing capacity	$ 2,500.0
U.S. Commercial Paper Program
Debt
Debt carrying amount, net of unamortized discount before deferred debt issuance costs	0.0		$ 160.0
Maximum borrowing capacity	$ 2,500.0
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	1
Debt carrying amount, net of unamortized discount before deferred debt issuance costs	$ 0.0	€ 0.0	$ 235.5
Maximum borrowing capacity	$ 2,000.0
Euro Commercial Paper Program \| Maximum
Debt
Maturity term	183 days

Debt, U.S. Senior Notes (Details) - USD ($)						1 Months Ended	6 Months Ended		12 Months Ended
Debt, U.S. Senior Notes (Details) - USD ($)	Apr. 01, 2020	Feb. 20, 2020	Sep. 11, 2019	Sep. 10, 2019	Jan. 09, 2019	Jan. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Sep. 04, 2019	Dec. 31, 2018
Debt
Repayments of long-term debt							$ 401,300,000	$ 757,800,000
Gain (loss) on extinguishment of debt									$ (14,300,000)
Gain (loss) on extinguishment of debt, after tax									$ (12,500,000)
Gain (loss) on extinguishment of debt, per diluted share									$ (0.04)
Tender Offers [Member]
Debt
Total consideration for debt tender offers			$ 368,800,000
Premiums paid on early extinguishment of debt			13,400,000
U.S. Senior Notes
Debt
Redemption price as a percentage of principal amount							100.00%
Debt instrument, covenant compliance							At June 30, 2020, the Company was in compliance with the financial covenants under its U.S. Senior Notes.
2.20% Senior Notes due April 2020
Debt
Stated interest rate (as a percent)	2.20%						2.20%		2.20%
Repayments of long-term debt	$ 400,000,000.0
2.55% Senior Notes due January 2019
Debt
Stated interest rate (as a percent)						2.55%					2.55%
Repayments of long-term debt						$ 750,000,000.0
4.350% Senior Notes due June 2029
Debt
Redemption price as a percentage of principal amount					100.00%
Debt instrument, principal amount					$ 500,000,000.0
Stated interest rate (as a percent)					4.35%		4.35%		4.35%
Debt instrument, face amount, net of discount (as a percent)					99.904%
Debt maturity date							Jun. 01, 2029
2.800% Senior Notes due February 2030
Debt
Redemption price as a percentage of principal amount				100.00%
Debt instrument, principal amount				$ 900,000,000.0
Stated interest rate (as a percent)				2.80%			2.80%		2.80%
Debt instrument, face amount, net of discount (as a percent)				99.92%
Debt maturity date							Feb. 15, 2030
3.125% Senior Notes Due September 2021 and 4.00% Senior Notes due February 2022 [Member] \| Tender Offers [Member]
Debt
Accrued interest			$ 3,100,000
3.125% Senior Notes due September 2021
Debt
Stated interest rate (as a percent)							3.125%		3.125%
3.125% Senior Notes due September 2021 \| Tender Offers [Member]
Debt
Redemption price as a percentage of principal amount			101.90%
Debt instrument, principal amount										$ 375,000,000.0
Stated interest rate (as a percent)										3.125%
Senior Note principal redeemed			$ 147,300,000
4.00% Senior Notes due February 2022
Debt
Stated interest rate (as a percent)							4.00%		4.00%
4.00% Senior Notes due February 2022 \| Tender Offers [Member]
Debt
Redemption price as a percentage of principal amount			104.50%
Debt instrument, principal amount										$ 500,000,000.0
Stated interest rate (as a percent)										4.00%
Senior Note principal redeemed			$ 205,000,000.0
3.20% Senior Notes due April 2024
Debt
Stated interest rate (as a percent)							3.20%		3.20%
2.05% Senior Notes due March 2025
Debt
Redemption price as a percentage of principal amount		100.00%
Debt instrument, principal amount		$ 400,000,000.0
Stated interest rate (as a percent)		2.05%					2.05%
Debt instrument, face amount, net of discount (as a percent)		99.829%
Debt maturity date							Mar. 01, 2025

Debt, Euro Senior Notes (Details) € in Millions, $ in Millions			6 Months Ended
	May 04, 2020 USD ($)	Oct. 08, 2018 USD ($)	Jun. 30, 2020	May 04, 2020 EUR (€)	Oct. 08, 2018 EUR (€)
Euro Notes [Member]
Debt
Debt instrument, covenant compliance			At June 30, 2020, the Company was in compliance with the financial covenants under its Euro Notes.
0.750% Euro Senior Notes Due May 2026 [Member]
Debt
Debt instrument, principal amount	$ 545.4			€ 500.0
Stated interest rate (as a percent)	0.75%			0.75%
Debt maturity date			May 04, 2026
Debt instrument, face amount, net of discount (as a percent)	99.563%			99.563%
Redemption price as a percentage of principal amount	100.00%
2.000% Euro Senior Notes due October 2028 [Member]
Debt
Debt instrument, principal amount		$ 574.6			€ 500.0
Stated interest rate (as a percent)		2.00%			2.00%
Debt maturity date			Oct. 08, 2028
Debt instrument, face amount, net of discount (as a percent)		99.498%			99.498%
Redemption price as a percentage of principal amount		100.00%

Debt, Other Line of Credit Facilities (Details) - Uncommitted Line of Credit $ in Millions	Mar. 20, 2020 USD ($) item
Debt
Maximum borrowing capacity	$ 100.0
Borrowings under the uncommitted line of credit	$ 100.0
Number of wholly owned subsidiaries who borrowed on line of credit \| item	1
Interest rate	1.92%
London Interbank Offered Rate (LIBOR)
Debt
Basis spread on variable rate	0.80%

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Fair Value Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Fair value of assets and liabilities measured on recurring basis
Contingent consideration		$ (75.0)
Recurring basis
Fair value of assets and liabilities measured on recurring basis
Short-term investments	$ 25.7		$ 17.4
Forward contracts	0.1
Forward contracts			(1.3)
Contingent consideration			(75.0)
Total liability			(58.9)
Total asset	25.8
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	25.7		17.4
Forward contracts	0.0
Forward contracts			0.0
Contingent consideration			0.0
Total asset	25.7		17.4
Recurring basis \| Significant Observable Inputs (Level 2)
Fair value of assets and liabilities measured on recurring basis
Short-term investments	0.0		0.0
Forward contracts	0.1
Forward contracts			(1.3)
Contingent consideration			0.0
Total liability			(1.3)
Total asset	0.1
Recurring basis \| Significant Unobservable Inputs (Level 3)
Fair value of assets and liabilities measured on recurring basis
Short-term investments	0.0		0.0
Forward contracts	0.0
Forward contracts			0.0
Contingent consideration			(75.0)
Total liability			$ (75.0)
Total asset	$ 0.0

Income Taxes, Provision and Effective tax rate (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Taxes
Provision for income taxes	$ (68.0)	$ (78.7)	$ (114.0)	$ (158.3)
Effective tax rate (as a percent)	20.70%	21.30%	18.50%	22.00%
Discrete income tax benefit, tax on foreign income			$ 19.9
Discrete income tax benefit, impact on effective tax rate (in basis points)			(3.20%)
Excess tax benefit from option exercises	$ 12.4	$ 12.9	$ 17.4	$ 19.7
Excess tax benefit, impact on effective tax rate (in basis points)	(3.80%)	(3.50%)	(2.80%)	(2.70%)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes, 2017 Tax Cuts and Jobs Act (Details)	6 Months Ended		12 Months Ended
Income Taxes, 2017 Tax Cuts and Jobs Act (Details)	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2017
Income Taxes
U.S. statutory federal tax rate (as a percent)	21.00%	21.00%	35.00%

Income Taxes, Unrecognized tax benefits (Details) $ in Millions	Jun. 30, 2020 USD ($)
Income Taxes
Unrecognized tax benefits, anticipated adjustment for changing facts and circumstances, over the next twelve month period	$ 13.2
Amount for unrecognized tax benefits, including penalties and interest, which if recognized would impact the effective tax rate	$ 153.0

Shareholders' Equity and Noncontrolling Interests (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended			6 Months Ended
	Jul. 23, 2019	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Increase (Decrease) In Shareholders' Equity
Balance at beginning of period		$ 4,445.7	$ 4,596.2	$ 4,170.4	$ 4,596.2	$ 4,064.2
Net income		260.5		290.9	503.7	560.8
Other comprehensive income (loss)		30.8		(13.1)	(64.5)	(6.7)
Acquisitions resulting in noncontrolling interest		0.3		10.0	0.3	10.0
Purchase of noncontrolling interest				(21.4)	(7.3)	(21.4)
Distributions to shareholders of noncontrolling interests		(1.6)			(2.4)	(3.2)
Purchase of treasury stock		0.0		(248.7)	(257.2)	(408.7)
Retirement of treasury stock		0.0		0.0	0.0	0.0
Stock options exercised		122.6		68.0	151.9	115.2
Dividends declared		(74.6)		(68.3)	(148.6)	(136.8)
Stock-based compensation expense		16.6		15.4	32.0	29.8
Balance at end of period		$ 4,800.3	$ 4,445.7	$ 4,203.2	$ 4,800.3	$ 4,203.2
Dividends [Abstract]
Dividends declared per share (in dollars per share)	$ 0.25	$ 0.25		$ 0.23	$ 0.50	$ 0.46
Common Stock
Increase (Decrease) In Shareholders' Equity
Balance (in shares)		296.6	298.7	299.4	298.7	299.2
Balance at beginning of period		$ 0.3	$ 0.3	$ 0.3	$ 0.3	$ 0.3
Retirement of treasury stock		$ 0.0		$ 0.0	$ 0.0	$ 0.0
Number of treasury shares retired		0.0		2.6	2.7	3.4
Stock options exercised		$ 0.0		$ 0.0	$ 0.0	$ 0.0
Stock options exercised (in shares)		1.9		1.6	2.5	2.6
Balance (in shares)		298.5	296.6	298.4	298.5	298.4
Balance at end of period		$ 0.3	$ 0.3	$ 0.3	$ 0.3	$ 0.3
Additional Paid-In Capital
Increase (Decrease) In Shareholders' Equity
Balance at beginning of period		1,720.6	1,683.3	1,485.2	1,683.3	1,433.2
Purchase of noncontrolling interest				(17.5)	(2.1)	(17.5)
Stock options exercised		97.3		58.7	121.3	96.3
Stock-based compensation expense		16.6		15.4	32.0	29.8
Balance at end of period		1,834.5	1,720.6	1,541.8	1,834.5	1,541.8
Retained Earnings
Increase (Decrease) In Shareholders' Equity
Balance at beginning of period		3,248.5	3,348.4	3,142.1	3,348.4	3,028.7
Net income		257.7		288.4	499.8	556.0
Retirement of treasury stock		0.0		(248.7)	(257.2)	(321.1)
Stock options exercised		(12.2)		(8.9)	(19.2)	(22.2)
Dividends declared		(74.6)		(68.3)	(148.6)	(136.8)
Balance at end of period		3,419.4	3,248.5	3,104.6	3,419.4	3,104.6
Accumulated Other Comprehensive Loss
Increase (Decrease) In Shareholders' Equity
Balance at beginning of period		(525.1)	(430.9)	(384.8)	(430.9)	(390.2)
Other comprehensive income (loss)		30.5		(12.1)	(63.7)	(6.7)
Balance at end of period		(494.6)	(525.1)	(396.9)	(494.6)	(396.9)
Treasury Stock
Increase (Decrease) In Shareholders' Equity
Balance at beginning of period		$ (58.5)	$ (70.8)	$ (119.7)	$ (70.8)	$ (55.0)
Balance (in shares)		(0.7)	(0.8)	(1.4)	(0.8)	(0.7)
Purchase of treasury stock		$ 0.0		$ (248.7)	$ (257.2)	$ (408.7)
Purchase of treasury stock (in shares)		0.0		(2.6)	(2.7)	(4.4)
Retirement of treasury stock		$ 0.0		$ 248.7	$ 257.2	$ 321.1
Number of treasury shares retired		0.0		2.6	2.7	3.4
Stock options exercised		$ 37.5		$ 18.2	$ 49.8	$ 41.1
Stock options exercised (in shares)		0.5		0.2	0.6	0.5
Balance at end of period		$ (21.0)	$ (58.5)	$ (101.5)	$ (21.0)	$ (101.5)
Balance (in shares)		(0.2)	(0.7)	(1.2)	(0.2)	(1.2)
Noncontrolling Interests
Increase (Decrease) In Shareholders' Equity
Balance at beginning of period		$ 59.9	$ 65.9	$ 47.3	$ 65.9	$ 47.2
Net income		2.8		2.5	3.9	4.8
Other comprehensive income (loss)		0.3		(1.0)	(0.8)	0.0
Acquisitions resulting in noncontrolling interest		0.3		10.0	0.3	10.0
Purchase of noncontrolling interest				(3.9)	(5.2)	(3.9)
Distributions to shareholders of noncontrolling interests		(1.6)			(2.4)	(3.2)
Balance at end of period		$ 61.7	59.9	$ 54.9	61.7	$ 54.9
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-13 [Member]
Increase (Decrease) In Shareholders' Equity
Balance at beginning of period			(3.8)		(3.8)
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-13 [Member] \| Retained Earnings
Increase (Decrease) In Shareholders' Equity
Balance at beginning of period			$ (3.8)		$ (3.8)

Shareholders' Equity and Noncontrolling Interests, Stock Repurchase (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 24, 2018	Jul. 21, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Shareholders' Equity
Treasury stock retired (in dollars)			$ 0.0	$ 0.0	$ 0.0	$ 0.0
Payments for shares repurchased (in dollars)			$ 0.0	$ 248.7	$ 257.2	$ 408.7
2018 Stock Repurchase Program
Shareholders' Equity
Value of shares authorized to be repurchased (in dollars)	$ 2,000.0
Repurchase of stock program, period	3 years
Number of shares repurchased			0	2,600,000	2,700,000	4,400,000
Payments for shares repurchased (in dollars)				$ 248.7	$ 257.2	$ 408.7
Number of treasury shares retired					2,700,000	3,400,000
Treasury stock retired (in dollars)					$ 257.2	$ 321.1
Number of shares repurchased and retained in treasury						1,000,000.0
Payments for shares repurchased (in dollars)						$ 87.6
Subsequent Event \| 2018 Stock Repurchase Program
Shareholders' Equity
Number of shares repurchased and retained in treasury		0
Value of shares remaining that may be repurchased under the stock repurchase program (in dollars)		$ 587.9

Shareholders' Equity and Noncontrolling Interests, Dividends (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Jul. 23, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Dividends declared per share (in dollars per share)	$ 0.25	$ 0.25	$ 0.23	$ 0.50	$ 0.46
Dividends declared		$ 74.6	$ 68.3	$ 148.6	$ 136.8
Dividends paid (including those declared in the prior year)		$ 74.0	$ 68.5	$ 148.4	$ 137.2

Stock-Based Compensation, Stock-based Comp Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Stock-Based Compensation
Expense incurred for stock-based compensation plans	$ 16.6	$ 15.4	$ 32.0	$ 29.8
Recognized tax benefit related to stock-based compensation	14.3	14.9	21.1	23.5
Excess tax benefit from option exercises	$ 12.4	$ 12.9	$ 17.4	$ 19.7

Stock-Based Compensation, Stock Options (Details)	6 Months Ended
Stock-Based Compensation, Stock Options (Details)	Jun. 30, 2020 shares
2009 Employee Option Plan
Stock-Based Compensation
Number of additional stock options that will be granted (in shares)	0
Options ratable vesting period	5 years
Options exercisable period	10 years
2017 Employee Option Plan
Stock-Based Compensation
Common Stock reserved for issuance	30,000,000
Shares available for the granting of additional stock options	4,980,980
Options ratable vesting period	5 years
Options exercisable period	10 years
2004 Directors Option Plan
Stock-Based Compensation
Options exercisable period	10 years

Stock-Based Compensation, Stock Option Activity (Details) - Stock Options - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Stock option activity
Options outstanding at the beginning of the period (in shares)	34,869,590	35,675,206	35,675,206
Non-vested options, options granted (in shares)	6,106,700	0
Options exercised (in shares)	(2,425,365)	(715,546)
Options forfeited (in shares)	(41,520)	(90,070)
Options outstanding at the end of the period (in shares)	38,509,405	34,869,590	38,509,405	35,675,206
Vested and non-vested options expected to vest at the end of the period (in shares)	36,012,192		36,012,192
Exercisable at the end of the period (in shares)	19,734,445		19,734,445
Weighted Average Exercise Price
Weighted average exercise price, options outstanding at the beginning of the period (in dollars per share)	$ 68.19	$ 67.70	$ 67.70
Weighted average exercise price, options granted (in dollars per share)	90.23	0
Weighted average exercise price, options exercised (in dollars per share)	50.57	42.46
Weighted average exercise price, options forfeited (in dollars per share)	80.75	80.19
Weighted average exercise price, options outstanding at the end of the period (in dollars per share)	72.78	$ 68.19	72.78	$ 67.70
Weighted average exercise price, vested and non-vested options expected to vest (in dollars per share)	72.09		72.09
Weighted average exercise price, exercisable (in dollars per share)	$ 61.47		$ 61.47
Weighted Average Remaining Contractual Term
Weighted average remaining contractual term of options outstanding	7 years 3 days	6 years 6 months 21 days		6 years 9 months
Weighted average remaining contractual term of options vested options and non-vested expected to vest			6 years 11 months 1 day
Weighted average remaining contractual term of options exercisable			5 years 6 months 29 days
Aggregate Intrinsic Value
Aggregate intrinsic value of options outstanding	$ 887.2	$ 356.0	$ 887.2	$ 1,445.9
Aggregate intrinsic value of options, vested and non-vested options expected to vest	854.4		854.4
Aggregate intrinsic value of options exercisable	$ 677.7		$ 677.7

Stock-Based Compensation, Non-Vested Stock Option Activity (Details) - Stock Options - $ / shares	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020
Status of the Company's non-vested options and changes during the year
Non-vested options at the beginning of the period (in shares)	18,858,840	19,016,830
Non-vested options, options granted (in shares)	6,106,700	0
Non-vested options, options vested (in shares)	(6,149,060)	(67,920)
Non-vested options, options forfeited (in shares)	(41,520)	(90,070)
Non-vested options at the end of the period (in shares)	18,774,960	18,858,840
Weighted Average Fair Value at Grant Date
Weighted average fair value at the grant date, options outstanding at the beginning of the period (in dollars per share)	$ 10.73	$ 10.72
Weighted average fair value at grant date, options granted (in dollars per share)	16.35	0
Weighted average fair value at grant date, options vested (in dollars per share)	9.88	8.62
Weighted average fair value at grant date, options forfeited (in dollars per share)	10.96	10.89
Weighted average fair value at the grant date, options outstanding at the end of the period (in dollars per share)	$ 12.83	$ 10.73

Stock-Based Compensation, Option Plans (Details) - Stock Options - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Stock-Based Compensation
Total intrinsic value of stock options exercised (in dollars)	$ 125.2	$ 110.4	$ 170.3	$ 180.5
Total fair value of stock options vested (in dollars)	60.8	$ 55.7	61.4	$ 56.2
Total compensation cost related to non-vested options not yet recognized (in dollars)	$ 211.3		$ 211.3
Weighted average expected amortization period			3 years 9 months 10 days

Stock-Based Compensation, Restricted Shares (Details) - Restricted Shares - 2012 Directors Restricted Stock Plan - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Stock-Based Compensation
Shares available for the granting of additional stock options	82,428		82,428
Restricted share activity
Restricted shares outstanding at the beginning of the period (in shares)	12,516	12,516	12,516
Shares vested and issued (in shares)	(12,516)
Restricted shares granted (in shares)	12,418	0
Restricted shares outstanding at the end of the period (in shares)	12,418	12,516	12,418	12,516
Fair Value at Grant Date
Fair value at the grant date, restricted shares outstanding at the beginning of the period (in dollars per share)	$ 89.49	$ 89.49	$ 89.49
Fair value of restricted shares vested and issued (in dollars per share)	89.49
Fair value of restricted shares granted (in dollars per share)	90.21	0
Fair value at the grant date, restricted shares outstanding at the end of the period (in dollars per share)	$ 90.21	$ 89.49	$ 90.21	$ 89.49
Weighted Average Remaining Amortization Term (in years)	10 months 17 days	1 month 17 days		4 months 20 days
Total compensation cost related to non-vested restricted shares not yet recognized (in dollars)	$ 1.0		$ 1.0
Weighted average expected amortization period			10 months 17 days

Earnings Per Share, Reconciliation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share
Net income attributable to Amphenol Corporation shareholders	$ 257.7	$ 288.4	$ 499.8	$ 556.0
Basic weighted average common shares outstanding (in shares)	296.6	298.0	297.0	298.1
Effect of dilutive stock options (in shares)	7.4	10.7	8.2	10.6
Diluted weighted average common shares outstanding (in shares)	304.0	308.7	305.2	308.7
Earnings per share attributable to Amphenol Corporation shareholders:
Basic (in dollars per share)	$ 0.87	$ 0.97	$ 1.68	$ 1.87
Diluted (in dollars per share)	$ 0.85	$ 0.93	$ 1.64	$ 1.80
Anti-dilutive common shares
Anti-dilutive stock options, excluded from the computations of earnings per share (in shares)	13.7	7.7	7.8	7.1

Benefit Plans and Other Postretirement Benefits, Net pension expense (Details) - Pension Benefits - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Components of net pension expense:
Service cost	$ 1,800,000	$ 1,700,000	$ 3,800,000	$ 3,500,000
Interest cost	4,100,000	5,400,000	8,300,000	10,800,000
Expected return on plan assets	(9,300,000)	(9,200,000)	(18,600,000)	(18,500,000)
Amortization of prior service cost	600,000	400,000	1,100,000	800,000
Amortization of net actuarial losses	6,300,000	4,600,000	12,500,000	9,300,000
Net pension expense	3,500,000	$ 2,900,000	7,100,000	$ 5,900,000
United States
Defined Benefit Plan Disclosure
Estimated future employer contribution in fiscal year	$ 0		$ 0

Benefit Plans and Other Postretirement Benefits, Defined contribution plans (Details) - United States - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Defined Contribution Plan Disclosure
Contributions to U.S. defined contribution plans by the Company, maximum percentage of eligible compensation	6.00%
Matching contributions to U.S. defined contribution plans by the Company	$ 6.7	$ 7.2

Acquisitions (Details) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
Acquisitions (Details) $ in Millions	Jan. 31, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) item	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($) contract	Mar. 31, 2020 USD ($)
Acquisitions
Number of acquisitions \| contract						9
Acquisition-related expenses		$ 0.0	$ 8.9	$ 0.0	$ 25.4
Acquisition-related expenses, net of tax			7.8		21.0
Purchase price, net of cash acquired				16.5	756.2	$ 937.4
Contingent consideration							$ 75.0
Amortization expense		$ 12.5	15.6	$ 25.4	40.4
SSI Controls Technologies
Acquisitions
Purchase price, net of cash acquired	$ 400.0
Backlog
Acquisitions
Amortization of acquired backlog			$ 3.2		15.7
Backlog \| SSI Controls Technologies
Acquisitions
Amortization of acquired backlog					$ 12.5
Interconnect Products and Assemblies
Acquisitions
Number of acquisitions				1		8

Goodwill and Other Intangible Assets, Goodwill (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020 USD ($)
Goodwill.
Goodwill, Beginning Balance	$ 4,867.1
Acquisition-related	21.0
Foreign currency translation	(21.1)
Goodwill, Ending Balance	4,867.0
Interconnect Products and Assemblies
Goodwill.
Goodwill, Beginning Balance	4,710.0
Acquisition-related	20.5
Foreign currency translation	(21.1)
Goodwill, Ending Balance	4,709.4
Cable Products and Solutions
Goodwill.
Goodwill, Beginning Balance	157.1
Acquisition-related	0.5
Foreign currency translation	0.0
Goodwill, Ending Balance	$ 157.6

Goodwill and Other Intangible Assets, Intangible Assets (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Intangible Assets
Weighted average useful lives of acquired amortizable intangible assets	9 years
Gross Carrying Amount (definite-lived)	$ 650.7	$ 651.9
Accumulated Amortization	420.6	396.0
Net Carrying Amount, (definite-lived)	230.1	255.9
Indefinite-lived trade name intangible asset	186.1	186.1
Intangible assets, gross (excluding goodwill)	836.8	838.0
Net Carrying Amount, intangible assets	$ 416.2	442.0
Customer relationships
Intangible Assets
Weighted average useful lives of acquired amortizable intangible assets	9 years
Gross Carrying Amount (definite-lived)	$ 445.0	446.2
Accumulated Amortization	290.0	272.2
Net Carrying Amount, (definite-lived)	$ 155.0	174.0
Proprietary technology
Intangible Assets
Weighted average useful lives of acquired amortizable intangible assets	11 years
Gross Carrying Amount (definite-lived)	$ 156.0	156.0
Accumulated Amortization	81.2	74.4
Net Carrying Amount, (definite-lived)	$ 74.8	81.6
Backlog and other
Intangible Assets
Weighted average useful lives of acquired amortizable intangible assets	2 years
Gross Carrying Amount (definite-lived)	$ 49.7	49.7
Accumulated Amortization	49.4	49.4
Net Carrying Amount, (definite-lived)	$ 0.3	$ 0.3

Goodwill and Other Intangible Assets, Amortization (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Intangible assets
Amortization expense	$ 12.5	$ 15.6	$ 25.4	$ 40.4
Amortization expense estimated for each of the next five fiscal years
Remainder of 2020	23.9		23.9
2021	44.7		44.7
2022	37.4		37.4
2023	34.6		34.6
2024	29.0		29.0
2025	$ 20.2		$ 20.2
Backlog
Intangible assets
Amortization of acquired backlog		$ 3.2		15.7
SSI Controls Technologies \| Backlog
Intangible assets
Amortization of acquired backlog				$ 12.5

Reportable Business Segments, Segment Results (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) segment	Jun. 30, 2019 USD ($)
Segment reporting information
Number of reportable business segments \| segment			2
Net sales	$ 1,987.5	$ 2,015.3	$ 3,849.5	$ 3,973.8
Operating income	357.4	399.5	674.3	775.7
Interconnect Products and Assemblies
Segment reporting information
Net sales	1,898.5	1,925.6	3,677.5	3,788.3
Cable Products and Solutions
Segment reporting information
Net sales	89.0	89.7	172.0	185.5
Operating Segment
Segment reporting information
Net sales	1,987.5	2,015.3	3,849.5	3,973.8
Operating income	387.9	437.1	734.0	857.6
Operating Segment \| Interconnect Products and Assemblies
Segment reporting information
Net sales	1,898.5	1,925.6	3,677.5	3,788.3
Operating income	379.5	428.4	719.2	838.5
Operating Segment \| Cable Products and Solutions
Segment reporting information
Net sales	89.0	89.7	172.0	185.5
Operating income	8.4	8.7	14.8	19.1
Operating Segment \| Corporate and Other
Segment reporting information
Net sales	0.0	0.0	0.0	0.0
Inter-Segment
Segment reporting information
Net sales	21.4	21.5	38.7	40.1
Inter-Segment \| Interconnect Products and Assemblies
Segment reporting information
Net sales	12.5	8.1	21.0	11.0
Inter-Segment \| Cable Products and Solutions
Segment reporting information
Net sales	8.9	13.4	17.7	29.1
Inter-Segment \| Corporate and Other
Segment reporting information
Net sales	$ 0.0	$ 0.0	$ 0.0	$ 0.0

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Reportable Business Segments, Reconciliation of Segment Operating Income to Consolidated Income Before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information
Operating income	$ 357.4	$ 399.5	$ 674.3	$ 775.7
Stock-based compensation expense	(16.6)	(15.4)	(32.0)	(29.8)
Acquisition-related expenses	0.0	(8.9)	0.0	(25.4)
Other operating expenses	(13.9)	(13.3)	(27.7)	(26.7)
Interest expense	(30.2)	(30.0)	(59.0)	(59.7)
Other income, net	1.3	0.1	2.4	3.1
Income before income taxes	328.5	369.6	617.7	719.1
Operating Segment
Segment Reporting Information
Operating income	$ 387.9	$ 437.1	$ 734.0	$ 857.6

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Revenue Recognition (Details) - item	3 Months Ended		6 Months Ended
Revenue Recognition (Details) - item	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
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

Revenue Recognition, Disaggregation of Net Sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue recognition
Net sales	$ 1,987.5	$ 2,015.3	$ 3,849.5	$ 3,973.8
United States
Revenue recognition
Net sales	569.8	632.8	1,185.2	1,211.7
China
Revenue recognition
Net sales	644.4	542.5	1,062.0	1,065.7
Other foreign locations
Revenue recognition
Net sales	773.3	840.0	1,602.3	1,696.4
End customers and contract manufacturers
Revenue recognition
Net sales	1,650.9	1,708.7	3,205.7	3,374.4
Distributors and resellers
Revenue recognition
Net sales	336.6	306.6	643.8	599.4
Interconnect Products and Assemblies
Revenue recognition
Net sales	1,898.5	1,925.6	3,677.5	3,788.3
Interconnect Products and Assemblies \| United States
Revenue recognition
Net sales	515.8	588.7	1,087.2	1,122.7
Interconnect Products and Assemblies \| China
Revenue recognition
Net sales	642.7	540.6	1,059.6	1,063.0
Interconnect Products and Assemblies \| Other foreign locations
Revenue recognition
Net sales	740.0	796.3	1,530.7	1,602.6
Interconnect Products and Assemblies \| End customers and contract manufacturers
Revenue recognition
Net sales	1,574.1	1,641.4	3,062.7	3,234.2
Interconnect Products and Assemblies \| Distributors and resellers
Revenue recognition
Net sales	324.4	284.2	614.8	554.1
Cable Products and Solutions
Revenue recognition
Net sales	89.0	89.7	172.0	185.5
Cable Products and Solutions \| United States
Revenue recognition
Net sales	54.0	44.1	98.0	89.0
Cable Products and Solutions \| China
Revenue recognition
Net sales	1.7	1.9	2.4	2.7
Cable Products and Solutions \| Other foreign locations
Revenue recognition
Net sales	33.3	43.7	71.6	93.8
Cable Products and Solutions \| End customers and contract manufacturers
Revenue recognition
Net sales	76.8	67.3	143.0	140.2
Cable Products and Solutions \| Distributors and resellers
Revenue recognition
Net sales	$ 12.2	$ 22.4	$ 29.0	$ 45.3

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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