Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 29, 2013 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'AMPHENOL CORP /DE/ | ' |
Entity Central Index Key | '0000820313 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 158,281,072 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $889,366 | $690,850 |
Short-term investments | 394,215 | 251,653 |
Total cash, cash equivalents and short-term investments | 1,283,581 | 942,503 |
Accounts receivable, less allowance for doubtful accounts of $12,092 and $10,372, respectively | 926,194 | 910,711 |
Inventories | 732,724 | 733,718 |
Other current assets | 135,036 | 119,983 |
Total current assets | 3,077,535 | 2,706,915 |
Land and depreciable assets, less accumulated depreciation of $781,904 and $715,895, respectively | 441,799 | 417,436 |
Goodwill | 1,972,428 | 1,932,740 |
Other long-term assets | 148,919 | 158,372 |
Total assets | 5,640,681 | 5,215,463 |
Current Liabilities: | ' | ' |
Accounts payable | 481,022 | 496,525 |
Accrued salaries, wages and employee benefits | 90,289 | 89,142 |
Accrued income taxes | 83,023 | 94,341 |
Accrued dividends | 31,631 | ' |
Other accrued expenses | 122,249 | 108,213 |
Short-term debt | 84,987 | 100,293 |
Total current liabilities | 893,201 | 888,514 |
Long-term debt | 1,784,539 | 1,606,204 |
Accrued pension and post-employment benefit obligations | 250,701 | 244,571 |
Other long-term liabilities | 45,720 | 33,992 |
Equity: | ' | ' |
Common stock | 158 | 160 |
Additional paid-in capital | 461,936 | 336,683 |
Accumulated earnings | 2,315,841 | 2,210,120 |
Accumulated other comprehensive loss | -120,686 | -117,004 |
Total shareholders' equity attributable to Amphenol Corporation | 2,657,249 | 2,429,959 |
Noncontrolling interests | 9,271 | 12,223 |
Total equity | 2,666,520 | 2,442,182 |
Total Liabilities and Equity | $5,640,681 | $5,215,463 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CONDENSED CONSOLIDATED BALANCE SHEETS | ' | ' |
Accounts receivable, allowance for doubtful accounts | $12,092 | $10,372 |
Land and depreciable assets, accumulated depreciation | $781,904 | $715,895 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ' | ' | ' | ' |
Net sales | $1,153,062 | $1,103,376 | $3,368,934 | $3,146,087 |
Cost of sales | 789,214 | 759,047 | 2,307,406 | 2,158,326 |
Gross profit | 363,848 | 344,329 | 1,061,528 | 987,761 |
Acquisition-related expenses | 2,537 | ' | 2,537 | ' |
Selling, general and administrative expense | 136,828 | 128,659 | 403,538 | 380,636 |
Operating income | 224,483 | 215,670 | 655,453 | 607,125 |
Interest expense | -16,048 | -15,166 | -47,126 | -44,014 |
Other income, net | 3,625 | 2,636 | 9,443 | 7,457 |
Income before income taxes | 212,060 | 203,140 | 617,770 | 570,568 |
Provision for income taxes | -50,671 | -54,340 | -147,900 | -152,627 |
Net income | 161,389 | 148,800 | 469,870 | 417,941 |
Less: Net income attributable to noncontrolling interests | -591 | -1,350 | -2,077 | -2,986 |
Net income attributable to Amphenol Corporation | $160,798 | $147,450 | $467,793 | $414,955 |
Net income per common share-Basic (in dollars per share) | $1.01 | $0.91 | $2.94 | $2.56 |
Weighted average common shares outstanding-Basic (in shares) | 158,665,520 | 161,349,493 | 159,365,640 | 161,905,598 |
Net income per common share-Diluted (in dollars per share) | $0.99 | $0.90 | $2.88 | $2.53 |
Weighted average common shares outstanding-Diluted (in shares) | 161,792,786 | 163,780,171 | 162,477,034 | 164,333,598 |
Dividends declared per common share (in dollars per share) | $0.20 | $0.11 | $0.41 | $0.32 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' |
Net income | $161,389 | $148,800 | $469,870 | $417,941 |
Total other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | 30,869 | 20,998 | -3,661 | 6,932 |
Revaluation of derivatives | 99 | -221 | -17 | 235 |
Purchase of noncontrolling interest | 288 | ' | 288 | ' |
Total other comprehensive income (loss), net of tax | 31,256 | 20,777 | -3,390 | 7,167 |
Total comprehensive income | 192,645 | 169,577 | 466,480 | 425,108 |
Less: Comprehensive income attributable to noncontrolling interests | -735 | -1,497 | -2,369 | -3,073 |
Comprehensive income attributable to Amphenol Corporation | $191,910 | $168,080 | $464,111 | $422,035 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flow from operating activities: | ' | ' |
Net income | $469,870 | $417,941 |
Adjustments for cash from operating activities: | ' | ' |
Depreciation and amortization | 101,531 | 89,339 |
Stock-based compensation expense | 26,584 | 23,167 |
Excess tax benefits from stock-based compensation payment arrangements | -18,853 | -17,805 |
Net change in components of working capital | -24,249 | -44,789 |
Net change in other long-term assets and liabilities | 2,841 | -250 |
Cash flow provided by operating activities | 557,724 | 467,603 |
Cash flow from investing activities: | ' | ' |
Additions to property, plant and equipment | -105,740 | -96,489 |
Proceeds from disposals of fixed assets | 2,084 | 4,174 |
Purchases of short-term investments | -538,152 | -220,330 |
Sales and maturities of short-term investments | 395,590 | 186,833 |
Acquisitions, net of cash acquired | -44,036 | -179,597 |
Cash flow used in investing activities | -290,254 | -305,409 |
Cash flow from financing activities: | ' | ' |
Issuance of senior notes | ' | 498,730 |
Borrowings under credit facilities | 490,800 | 606,600 |
Repayments under credit facilities | -327,043 | -876,960 |
Payments of fees and expenses related to debt financing | -2,710 | -4,318 |
Proceeds from exercise of stock options | 79,587 | 73,450 |
Excess tax benefits from stock-based compensation payment arrangements | 18,853 | 17,805 |
Payments to shareholders of non-controlling interests | -4,371 | -4,713 |
Purchase and retirement of treasury stock | -296,975 | -229,442 |
Dividend payments | -33,472 | -36,385 |
Cash flow (used in) provided by financing activities | -75,331 | 44,767 |
Effect of exchange rate changes on cash and cash equivalents | 6,377 | 3,499 |
Net change in cash and cash equivalents | 198,516 | 210,460 |
Cash and cash equivalents balance, beginning of period | 690,850 | 515,086 |
Cash and cash equivalents balance, end of period | 889,366 | 725,546 |
Cash paid for: | ' | ' |
Interest | 42,840 | 31,791 |
Income taxes | $126,744 | $134,479 |
Basis_of_Presentation_and_Prin
Basis of Presentation and Principles of Consolidation | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation and Principles of Consolidation | ' |
Basis of Presentation and Principles of Consolidation | ' |
Note 1—Basis of Presentation and Principles of Consolidation | |
The condensed consolidated balance sheets as of September 30, 2013 and December 31, 2012, the related condensed consolidated statements of income for the three and nine months ended September 30, 2013 and 2012, the condensed consolidated statements of comprehensive income for the three and nine months ended September 30, 2013 and 2012, and the condensed consolidated statements of cash flow for the nine months ended September 30, 2013 and 2012 include the accounts of Amphenol Corporation and its subsidiaries (the “Company”). 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, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation in conformity with accounting principles generally accepted in the United States of America have been included. The results of operations for the three and nine months ended September 30, 2013 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, 2012 (the “2012 Annual Report”). | |
New_Accounting_Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | ' |
Note 2—New Accounting Pronouncements | |
In March 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (“ASU 2013-05”), which clarifies preexisting guidance regarding the treatment of cumulative translation adjustments when a parent sells part or all of its investment in a foreign entity. ASU 2013-05 is effective for fiscal years beginning after December 15, 2013; however, early adoption is permitted. The Company does not expect that the adoption of this update will have a significant effect on its financial statements. | |
In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). The update requires disclosure of amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present either on the face of the Consolidated Statements of Income or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required to be reclassified to net income in its entirety in the same reporting period. For amounts not reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures that provide additional detail about those amounts. ASU 2013-02 was effective prospectively for the Company for the first quarter of 2013. The adoption of this update did not have a significant effect on the Company’s financial statements. | |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventories | ' | |||||||
Inventories | ' | |||||||
Note 3—Inventories | ||||||||
Inventories consist of: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Raw materials and supplies | $ | 248,406 | $ | 243,127 | ||||
Work in process | 265,830 | 271,669 | ||||||
Finished goods | 218,488 | 218,922 | ||||||
$ | 732,724 | $ | 733,718 |
Reportable_Business_Segments
Reportable Business Segments | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Reportable Business Segments | ' | |||||||||||||||||||
Reportable Business Segments | ' | |||||||||||||||||||
Note 4—Reportable Business Segments | ||||||||||||||||||||
The Company has two reportable business segments: (i) Interconnect Products and Assemblies and (ii) Cable Products. The Interconnect Products and Assemblies segment produces antennas, connectors and interconnect assemblies primarily for the communications, defense, commercial aerospace, industrial and automotive markets. The Cable Products segment produces coaxial and flat ribbon cable and related products primarily for communication markets, including cable television. The accounting policies of the segments are the same as those for the Company as a whole. The Company evaluates the performance of business units 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 months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||||||
Interconnect Products | Cable | Total | ||||||||||||||||||
and Assemblies | Products | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Net sales | ||||||||||||||||||||
-external | $ | 1,063,179 | $ | 1,033,309 | $ | 89,883 | $ | 70,067 | $ | 1,153,062 | $ | 1,103,376 | ||||||||
-inter-segment | 1,309 | 1,434 | 5,308 | 4,063 | 6,617 | 5,497 | ||||||||||||||
Segment operating income | 233,435 | 224,517 | 12,389 | 8,697 | 245,824 | 233,214 | ||||||||||||||
The segment results for the nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||||||
Interconnect Products | Cable | Total | ||||||||||||||||||
and Assemblies | Products | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Net sales | ||||||||||||||||||||
-external | $ | 3,104,856 | $ | 2,926,834 | $ | 264,078 | $ | 219,253 | $ | 3,368,934 | $ | 3,146,087 | ||||||||
-inter-segment | 4,064 | 3,429 | 15,118 | 14,504 | 19,182 | 17,933 | ||||||||||||||
Segment operating income | 676,818 | 627,962 | 36,432 | 29,831 | 713,250 | 657,793 | ||||||||||||||
A reconciliation of segment operating income to consolidated income before income taxes for the three and nine months ended September 30, 2013 and 2012 is summarized as follows: | ||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Segment operating income | $ | 245,824 | $ | 233,214 | $ | 713,250 | $ | 657,793 | ||||||||||||
Interest expense | (16,048 | ) | (15,166 | ) | (47,126 | ) | (44,014 | ) | ||||||||||||
Interest income | 4,142 | 2,954 | 10,628 | 8,484 | ||||||||||||||||
Stock-based compensation expense | (9,413 | ) | (8,066 | ) | (26,584 | ) | (23,167 | ) | ||||||||||||
Acquisition-related expenses | (2,537 | ) | — | (2,537 | ) | — | ||||||||||||||
Other costs, net | (9,908 | ) | (9,796 | ) | (29,861 | ) | (28,528 | ) | ||||||||||||
Income before income taxes | $ | 212,060 | $ | 203,140 | $ | 617,770 | $ | 570,568 |
Changes_in_Equity_and_Noncontr
Changes in Equity and Noncontrolling Interests | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Changes in Equity and Noncontrolling Interests | ' | ||||||||||||||||||||||||
Changes in Equity and Noncontrolling Interests | ' | ||||||||||||||||||||||||
Note 5—Changes in 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 reconciliation of consolidated changes in equity for the nine months ended September 30, 2013 is as follows: | |||||||||||||||||||||||||
Amphenol Corporation Shareholders | |||||||||||||||||||||||||
Common Stock | Accum Other | ||||||||||||||||||||||||
Shares | Amount | Additional Paid | Accumulated | Comprehensive | Treasury | Noncontrolling | Total | ||||||||||||||||||
(in millions) | In Capital | Earnings | Loss | Stock | Interests | Equity | |||||||||||||||||||
Balance as of December 31, 2012 | 160 | $ | 160 | $ | 336,683 | $ | 2,210,120 | $ | (117,004 | ) | $ | — | $ | 12,223 | $ | 2,442,182 | |||||||||
Net income | 467,793 | 2,077 | 469,870 | ||||||||||||||||||||||
Other comprehensive income | (3,970 | ) | 292 | (3,678 | ) | ||||||||||||||||||||
Payments to shareholders of noncontrolling interest | (4,371 | ) | (4,371 | ) | |||||||||||||||||||||
Purchase of noncontrolling interest | 662 | 288 | (950 | ) | — | ||||||||||||||||||||
Purchase of treasury stock | (296,975 | ) | (296,975 | ) | |||||||||||||||||||||
Retirement of treasury stock | (4 | ) | (4 | ) | (296,971 | ) | 296,975 | — | |||||||||||||||||
Stock options exercised, including tax benefit | 2 | 2 | 98,007 | 98,009 | |||||||||||||||||||||
Dividends declared | (65,101 | ) | (65,101 | ) | |||||||||||||||||||||
Stock-based compensation expense | 26,584 | 26,584 | |||||||||||||||||||||||
Balance as of September 30, 2013 | 158 | $ | 158 | $ | 461,936 | $ | 2,315,841 | $ | (120,686 | ) | $ | — | $ | 9,271 | $ | 2,666,520 | |||||||||
A reconciliation of consolidated changes in equity for the nine months ended September 30, 2012 is as follows: | |||||||||||||||||||||||||
Amphenol Corporation Shareholders | |||||||||||||||||||||||||
Common Stock | Accum Other | ||||||||||||||||||||||||
Shares | Amount | Additional Paid | Accumulated | Comprehensive | Treasury | Noncontrolling | Total | ||||||||||||||||||
(in millions) | In Capital | Earnings | Loss | Stock | Interests | Equity | |||||||||||||||||||
Balance as of December 31, 2011 | 163 | $ | 163 | $ | 189,166 | $ | 2,102,497 | $ | (120,057 | ) | $ | — | $ | 13,017 | $ | 2,184,786 | |||||||||
Net income | 414,955 | 2,986 | 417,941 | ||||||||||||||||||||||
Other comprehensive income | 7,080 | 87 | 7,167 | ||||||||||||||||||||||
Payments to shareholders of noncontrolling interest | (4,713 | ) | (4,713 | ) | |||||||||||||||||||||
Purchase of treasury stock | (229,442 | ) | (229,442 | ) | |||||||||||||||||||||
Retirement of treasury stock | (4 | ) | (4 | ) | (229,438 | ) | 229,442 | — | |||||||||||||||||
Stock options exercised, including tax benefit | 3 | 3 | 90,214 | 90,217 | |||||||||||||||||||||
Dividends declared | (50,905 | ) | (50,905 | ) | |||||||||||||||||||||
Stock-based compensation expense | 23,167 | 23,167 | |||||||||||||||||||||||
Balance as of September 30, 2012 | 162 | $ | 162 | $ | 302,547 | $ | 2,237,109 | $ | (112,977 | ) | $ | — | $ | 11,377 | $ | 2,438,218 |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Earnings Per Share | ' | |||||||||||||
Earnings Per Share | ' | |||||||||||||
Note 6—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 common shares issuable upon the exercise of outstanding dilutive stock options. A reconciliation of the basic weighted average common shares outstanding to diluted weighted average common shares outstanding for the three and nine months ended September 30, 2013 and 2012 is as follows (dollars in thousands, except per share amounts): | ||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Net income attributable to Amphenol Corporation shareholders | $ | 160,798 | $ | 147,450 | $ | 467,793 | $ | 414,955 | ||||||
Basic weighted average common shares outstanding | 158,665,520 | 161,349,493 | 159,365,640 | 161,905,598 | ||||||||||
Effect of dilutive stock options | 3,127,266 | 2,430,678 | 3,111,394 | 2,428,000 | ||||||||||
Diluted weighted average common shares outstanding | 161,792,786 | 163,780,171 | 162,477,034 | 164,333,598 | ||||||||||
Earnings per share attributable to Amphenol Corporation shareholders: | ||||||||||||||
Basic | $ | 1.01 | $ | 0.91 | $ | 2.94 | $ | 2.56 | ||||||
Diluted | $ | 0.99 | $ | 0.9 | $ | 2.88 | $ | 2.53 | ||||||
Excluded from the computations above were anti-dilutive stock options of 2,762,900 and 5,414,925 for the three months ended September 30, 2013 and 2012, respectively, and 1,609,492 and 4,345,057 for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies | ' |
Commitments and Contingencies | ' |
Note 7—Commitments and Contingencies | |
The Company has been named as defendants in several legal actions in which various amounts are claimed arising from normal business activities. Although the amount of any ultimate liability with respect to such matters cannot be precisely determined, in the opinion of management, such matters are not expected to have a material effect on the Company’s financial condition, results of operations or cash flows. | |
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 effect on the Company’s financial condition, results of operations or cash flows. | |
Subsequent to the acquisition of Amphenol from Allied Signal Corporation (“Allied Signal”) in 1987 (Allied Signal merged with Honeywell International Inc. in December 1999 (“Honeywell”)), the Company and Honeywell were named jointly and severally liable as potentially responsible parties in connection with several environmental cleanup sites. The Company and Honeywell jointly consented to perform certain investigations and remediation and monitoring activities at two sites, the “Route 8” landfill and the “Richardson Hill Road” landfill, and they were jointly ordered to perform work at another site, the “Sidney” landfill. The costs incurred relating to these three sites are currently reimbursed by Honeywell based on an agreement (the “Honeywell Agreement”) entered into in connection with the acquisition in 1987. The environmental investigation, remediation and monitoring activities identified by the Company, including those referred to above, are covered under the Honeywell Agreement. Management does not believe that the costs associated with resolution of these or any other environmental matters will have a material effect on the Company’s consolidated financial condition, results of operations or cash flows. | |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Stock-Based Compensation | ' | |||||||||||||
Stock-Based Compensation | ' | |||||||||||||
Note 8—Stock-Based Compensation | ||||||||||||||
In May 2009, the Company adopted the 2009 Stock Purchase and Option Plan for Key Employees of Amphenol and its Subsidiaries (the “2009 Employee Option Plan”). The Company continues to maintain the 2000 Stock Purchase and Option Plan for Key Employees of Amphenol and Subsidiaries (the “2000 Employee Option Plan”). No additional stock options can be granted under the 2000 Employee Option Plan. The 2009 Employee Option Plan authorizes the granting of additional stock options by a committee of the Company’s Board of Directors. As of September 30, 2013, there were 2,315,070 shares of common stock available for the granting of additional stock options under the 2009 Employee Option Plan. Options granted under the 2000 Employee Option Plan and the 2009 Employee Option Plan generally vest ratably over a period of five years 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. As of September 30, 2013, there were 70,000 shares of common stock available for the granting of additional stock options under the 2004 Directors Option Plan, although no additional stock options are expected to be granted under this plan. Options granted under the 2004 Directors Option Plan generally vest ratably over a period of three years and are generally exercisable over a period of ten years from the date of grant. | ||||||||||||||
In May 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 September 30, 2013, the number of restricted shares available for grants under the 2012 Directors Restricted Stock Plan was 95,131. 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. | ||||||||||||||
The grant-date fair value of each option grant under the 2000 Employee Option Plan, the 2009 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 restricted share grant is determined based on the closing share price of the Company’s 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 stock of the Company and implied volatility derived from related exchange traded options. The average expected life was based on the contractual term of the option and expected exercise and historical post-vesting termination experience. The risk-free interest rate is based on U.S. Treasury zero-coupon issues 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. | ||||||||||||||
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. For the three months ended September 30, 2013, the Company’s income before income taxes and net income were reduced for stock-based compensation expense by $9,413 and $6,940, respectively, and these reductions were $26,584 and $19,432, respectively, for the nine months ended September 30, 2013. For the three months ended September 30, 2012, the Company’s income before income taxes and net income were reduced for stock-based compensation expense by $8,066 and $5,885, respectively, and these reductions were $23,167 and $16,542, respectively, for the nine months ended September 30, 2012. The expense incurred for stock-based compensation is included in selling, general and administrative expense in the accompanying Condensed Consolidated Statements of Income. | ||||||||||||||
Stock Options | ||||||||||||||
Stock option activity for the three and nine months ended September 30, 2013 was as follows: | ||||||||||||||
Options | Weighted | Weighted Average | Aggregate | |||||||||||
Average | Remaining | Intrinsic | ||||||||||||
Exercise Price | Contractual Term | Value | ||||||||||||
(in years) | ||||||||||||||
Options outstanding at January 1, 2013 | 13,446,719 | $ | 43.39 | 7.08 | $ | 268,596 | ||||||||
Options exercised | (1,043,444 | ) | 31.3 | |||||||||||
Options forfeited | (58,500 | ) | 50.58 | |||||||||||
Options outstanding at March 31, 2013 | 12,344,775 | $ | 44.37 | 7.06 | $ | 373,596 | ||||||||
Options granted | 2,742,150 | 78 | ||||||||||||
Options exercised | (843,615 | ) | 38.03 | |||||||||||
Options forfeited | (44,720 | ) | 48.69 | |||||||||||
Options outstanding at June 30, 2013 | 14,198,590 | $ | 51.23 | 7.49 | $ | 379,390 | ||||||||
Options granted | 40,850 | 76.77 | ||||||||||||
Options exercised | (378,310 | ) | 39.63 | |||||||||||
Options forfeited | (26,980 | ) | 57.17 | |||||||||||
Options outstanding at September 30, 2013 | 13,834,150 | $ | 51.61 | 7.29 | $ | 358,182 | ||||||||
Vested and non-vested options expected to vest at September 30, 2013 | 12,497,070 | $ | 51.02 | 7.2 | $ | 330,899 | ||||||||
Exercisable options at September 30, 2013 | 5,768,549 | $ | 41.28 | 5.8 | $ | 208,247 | ||||||||
A summary of the status of the Company’s non-vested options as of September 30, 2013 and changes during the three and nine months then ended is as follows: | ||||||||||||||
Options | Weighted | |||||||||||||
Average Fair | ||||||||||||||
Value at Grant | ||||||||||||||
Date | ||||||||||||||
Non-vested options at January 1, 2013 | 7,951,177 | $ | 13.36 | |||||||||||
Options vested | (8,620 | ) | 15.62 | |||||||||||
Options forfeited | (58,500 | ) | 13.5 | |||||||||||
Non-vested options at March 31, 2013 | 7,884,057 | 13.35 | ||||||||||||
Options granted | 2,742,150 | 17.41 | ||||||||||||
Options vested | (2,526,556 | ) | 13.32 | |||||||||||
Options forfeited | (44,720 | ) | 13.4 | |||||||||||
Non-vested options at June 30, 2013 | 8,054,931 | 14.75 | ||||||||||||
Options granted | 40,850 | 17.97 | ||||||||||||
Options vested | (3,200 | ) | 14.97 | |||||||||||
Options forfeited | (26,980 | ) | 14.24 | |||||||||||
Non-vested options at September 30, 2013 | 8,065,601 | $ | 14.76 | |||||||||||
During the three and nine months ended September 30, 2013 and 2012, the following activity occurred under the Company’s stock option plans: | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Total intrinsic value of stock options exercised | $ | 16,456 | $ | 36,383 | $ | 91,091 | $ | 77,320 | ||||||
Total fair value of stock options vested | 49 | 41 | 33,830 | 30,922 | ||||||||||
As of September 30, 2013, the total compensation cost related to non-vested options not yet recognized is approximately $92,718 with a weighted average expected amortization period of 3.52 years. | ||||||||||||||
Restricted Shares | ||||||||||||||
Prior to the third quarter of 2013, the Company issued 17,045 restricted shares with a weighted-average fair value at grant date of $53.78 per share, all of which became fully vested in the second quarter of 2013. Additionally, in the second quarter of 2013, the Company has issued 12,824 restricted shares with a weighted-average fair value at grant date of $78.00. As of September 30, 2013, the total compensation cost related to non-vested restricted shares not yet recognized was approximately $645 with a weighted average expected amortization period of 0.65 years. | ||||||||||||||
Shareholders_Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Shareholders' Equity | ' |
Shareholders' Equity | ' |
Note 9—Shareholders’ Equity | |
In January 2013, the Company’s Board of Directors authorized a stock repurchase program under which the Company may repurchase up to 10,000,000 shares of its common stock during the two year period ending January 31, 2015 (the “2013 Stock Repurchase Program”). The price and timing of any such purchases under the 2013 Stock Repurchase Program will depend on factors such as levels of cash generation from operations, the volume of stock option exercises by employees, cash requirements for acquisitions, economic and market conditions and stock price. During the nine months ended September 30, 2013, the Company repurchased 3,956,615 shares of its common stock for $296,975. These treasury shares have been or will be retired by the Company and common stock and accumulated earnings were reduced accordingly. | |
Contingent upon declaration by the Board of Directors, the Company generally pays a quarterly dividend on its common stock. In July 2013, the Board of Directors approved the third quarter 2013 dividend on the Company’s common stock in the amount of $0.20 per share. This represented an increase in the quarterly dividend rate from $0.105 to $0.20 per share effective with the third quarter 2013 dividend to be paid on or about October 2, 2013 to holders of record of the Company’s Class A Common stock as of September 11, 2013. For the three and nine months ended September 30, 2013, the Company paid dividends in the amount of $16,716 and $33,472, respectively, and declared dividends in the amount of $31,629 and $65,101, respectively. For the three and nine months ended September 30, 2012, the Company paid dividends in the amount of $16,885 and $36,385, respectively, and declared dividends in the amount of $16,964 and $50,905, respectively. | |
Benefit_Plans_and_Other_Postre
Benefit Plans and Other Postretirement Benefits | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Benefit Plans and Other Postretirement Benefits | ' | |||||||||||||
Benefit Plans and Other Postretirement Benefits | ' | |||||||||||||
Note 10—Benefit Plans and Other Postretirement Benefits | ||||||||||||||
Amphenol Corporation and certain of its domestic subsidiaries have defined benefit pension plans (the “U.S. Plans”), which cover its U.S. employees and which represent the majority of the 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 “International 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 and other postretirement benefits for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||
Pension Benefits | Other Postretirement | |||||||||||||
Benefits | ||||||||||||||
Three months ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Service cost | $ | 2,103 | $ | 1,911 | $ | 40 | $ | 45 | ||||||
Interest cost | 5,117 | 5,387 | 127 | 169 | ||||||||||
Expected return on plan assets | (6,071 | ) | (6,089 | ) | — | — | ||||||||
Amortization of transition obligation | (27 | ) | (27 | ) | — | 16 | ||||||||
Amortization of prior service cost | 485 | 535 | — | — | ||||||||||
Amortization of net actuarial losses | 5,901 | 4,484 | 193 | 242 | ||||||||||
Net pension expense | $ | 7,508 | $ | 6,201 | $ | 360 | $ | 472 | ||||||
Pension Benefits | Other Postretirement | |||||||||||||
Benefits | ||||||||||||||
Nine months ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Service cost | $ | 6,318 | $ | 5,795 | $ | 120 | $ | 134 | ||||||
Interest cost | 15,431 | 16,340 | 382 | 508 | ||||||||||
Expected return on plan assets | (18,346 | ) | (18,408 | ) | — | — | ||||||||
Amortization of transition obligation | (81 | ) | (81 | ) | — | 47 | ||||||||
Amortization of prior service cost | 1,465 | 1,610 | — | — | ||||||||||
Amortization of net actuarial losses | 17,703 | 13,592 | 578 | 725 | ||||||||||
Net pension expense | $ | 22,490 | $ | 18,848 | $ | 1,080 | $ | 1,414 | ||||||
For the three and nine months ended September 30, 2013, the Company made cash contributions to the U.S. Plans of approximately $11,000 and $15,000, respectively, and estimates, based on current actuarial calculations, that it will make aggregate cash contributions to the Plans in 2013 of approximately $21,000, the majority of which will be to the U.S. Plans. The timing and amount of cash contributions in subsequent years will depend on a number of factors, including the investment performance of the Plan assets. | ||||||||||||||
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 the majority of employee contributions to U.S. defined contribution plans with cash contributions up to a maximum of 5% of eligible compensation. During the nine months ended September 30, 2013 and 2012, the total matching contributions to these U.S. defined contribution plans were approximately $2,200 and $2,100, respectively. | ||||||||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||
Note 11—Goodwill and Other Intangible Assets | ||||||||||||||
As of September 30, 2013, the Company has goodwill totaling $1,972,428, of which $1,857,014 is related to the Interconnect Products and Assemblies segment with the remainder related to the Cable Products segment. For the nine months ended September 30, 2013, goodwill increased by $39,688, primarily as a result of an acquisition in the Interconnect Products and Assemblies segment made during the second quarter of 2013. | ||||||||||||||
The Company’s intangible assets are subject to amortization except for goodwill. A summary of the Company’s amortizable intangible assets as of September 30, 2013 and December 31, 2012 is as follows: | ||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||
Customer relationships | $ | 171,400 | $ | 65,600 | $ | 166,800 | $ | 54,000 | ||||||
Proprietary technology | 44,200 | 21,500 | 44,200 | 18,800 | ||||||||||
License agreements | 6,000 | 5,900 | 6,000 | 5,300 | ||||||||||
Trade names and other | 9,400 | 7,900 | 9,400 | 7,700 | ||||||||||
Total | $ | 231,000 | $ | 100,900 | $ | 226,400 | $ | 85,800 | ||||||
Customer relationships, proprietary technology, license agreements and trade names and other amortizable intangible assets have weighted average useful lives of approximately 10 years, 13 years, 8 years and 15 years, respectively, for an aggregate weighted average useful life of approximately 10 years. | ||||||||||||||
Intangible assets are included in other long-term assets in the accompanying Condensed Consolidated Balance Sheets. The amortization expense for the three months ended September 30, 2013 and 2012 was approximately $5,000 and $4,700, respectively. The amortization expense for the nine months ended September 30, 2013 and 2012 was approximately $15,000 and $13,900, respectively. As of September 30, 2013, amortization expense estimated for each of the next five fiscal years is approximately $19,900 in 2013, $18,200 in 2014, $17,700 in 2015, $16,800 in 2016, and $16,600 in 2017. | ||||||||||||||
Debt
Debt | 9 Months Ended |
Sep. 30, 2013 | |
Debt | ' |
Debt | ' |
Note 12—Debt | |
Revolving Credit Facility | |
In July 2013, the Company amended its revolving credit facility (the “Revolving Credit Facility”) to (1) reduce borrowing costs, (2) extend the maturity date to July 2018 and (3) increase aggregate commitments under the Revolving Credit Facility by $500,000, thereby increasing the Revolving Credit Facility to $1,500,000. At September 30, 2013, borrowings and availability under the Revolving Credit Facility were $683,800 and $816,200, respectively. The interest rate on borrowings under the Revolving Credit Facility was at a spread over LIBOR. The Revolving Credit Facility requires payment of certain annual agency and commitment fees and requires that the Company satisfy certain financial covenants. At September 30, 2013, the Company was in compliance with the financial covenants under the Revolving Credit Facility. | |
Senior Notes | |
In November 2009, the Company issued $600,000 principal amount of unsecured 4.75% Senior Notes due November 2014 (the “4.75% Senior Notes”) at 99.813% of their face value. Net proceeds from the sale of the 4.75% Senior Notes were used to repay borrowings under the Revolving Credit Facility. Interest on the 4.75% Senior Notes is payable semi-annually on May 15 and November 15 of each year to the holders of record as of the immediately preceding May 1 and November 1. The Company may, at its option, redeem some or all of the 4.75% Senior Notes at any time by paying a make-whole premium, plus accrued and unpaid interest, if any, to the date of repurchase. The 4.75% Senior Notes are unsecured and rank equally in right of payment with the Company’s other unsecured senior indebtedness. The fair value of the 4.75% Senior Notes at September 30, 2013 was approximately $626,220 based on recent bid prices in an active market and are therefore classified as Level 1 in the fair value hierarchy. | |
In January 2012, the Company issued $500,000 principal amount of unsecured 4.00% Senior Notes due February 2022 (the “4.00% Senior Notes”) at 99.746% of their face value. Net proceeds from the sale of the 4.00% Senior Notes before payment of fees and expenses related to the offering in the amount of $498,730 were used to repay borrowings under the Revolving Credit Facility. Interest on the 4.00% Senior Notes is payable semi-annually on February 1 and August 1 of each year, to the holders of record as of the immediately preceding January 15 and July 15. The Company may, at its option, redeem some or all of the 4.00% Senior Notes at any time by paying 100% of the principal amount, plus accrued and unpaid interest, if any, to the date of repurchase, plus a make-whole premium (if redeemed prior to November 1, 2021). The 4.00% Senior Notes are unsecured and rank equally in right of payment with the Company’s other unsecured senior indebtedness. The fair value of the 4.00% Senior Notes at September 30, 2013 was approximately $496,550 based on recent bid prices in an active market and are therefore classified as Level 1 in the fair value hierarchy. | |
Receivables Securitization Facility | |
A subsidiary of the Company has entered into a Receivables Securitization Facility with a financial institution whereby the subsidiary can sell an undivided interest of up to $100,000 in a designated pool of qualified accounts receivable (the “Receivables Securitization Facility”). The Company services, administers and collects the receivables on behalf of the purchaser. The Receivables Securitization Facility includes certain covenants and provides for various events of termination. Transfers of receivables are reflected as debt issued in the Company’s Condensed Consolidated Statements of Cash Flow, and the value of the outstanding undivided interest held by investors at December 31, 2012 and September 30, 2013 is accounted for as a secured borrowing and is included in the Company’s Condensed Consolidated Balance Sheets as short-term debt. At September 30, 2013, borrowings under the Receivables Securitization Facility were $84,500. Fees incurred in connection with the Receivables Securitization Facility are included in interest expense. | |
In October 2013, the Company entered into a credit agreement among the Company, certain subsidiaries of the Company and a financial institution (the “Credit Agreement”). The Credit Agreement provides for a $100,000 uncommitted and unsecured credit facility with the ability to borrow at a spread over LIBOR, which is renewable annually. This Credit Agreement is intended to replace the Receivables Securitization Facility and as such, on September 30, 2013, the Company provided written notice to terminate the Receivables Securitization Facility effective on November 15, 2013. | |
The carrying value of borrowings under the Company’s Revolving Credit Facility and Receivables Securitization Facility approximated their fair value at September 30, 2013 due to their relative short-term maturities and market interest rates and are therefore classified as Level 2 in the fair value hierarchy. | |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
Note 13—Fair Value Measurements | ||||||||||||||
The Company follows the framework within the Fair Value Measurements and Disclosures topic of the Accounting Standards Codification, which requires fair value to be 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 derivative instruments. The Company’s derivative instruments represent forward contracts, which are valued using bank quotations based on market observable inputs such as forward and spot rates and are therefore classified as Level 2 in the fair value hierarchy. The impact of the credit risk related to these financial assets is immaterial. The fair values of the Company’s financial and non-financial assets and liabilities subject to such standards at September 30, 2013 and December 31, 2012 are as follows: | ||||||||||||||
Fair Value Measurements at September 30, 2013 | ||||||||||||||
Total | Quoted Prices in Active | Significant | Significant | |||||||||||
Markets for Identical | Observable Inputs | Unobservable Inputs | ||||||||||||
Assets (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Forward contracts | $ | (9,704 | ) | $ | — | $ | (9,704 | ) | $ | — | ||||
Total | $ | (9,704 | ) | $ | — | $ | (9,704 | ) | $ | — | ||||
Fair Value Measurements at December 31, 2012 | ||||||||||||||
Total | Quoted Prices in Active | Significant | Significant | |||||||||||
Markets for Identical | Observable Inputs | Unobservable Inputs | ||||||||||||
Assets (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Forward contracts | $ | (6,018 | ) | $ | — | $ | (6,018 | ) | $ | — | ||||
Total | $ | (6,018 | ) | $ | — | $ | (6,018 | ) | $ | — | ||||
The Company does not have any significant financial or non-financial assets and liabilities that are measured at fair value on a non-recurring basis. | ||||||||||||||
Derivative_Instruments
Derivative Instruments | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Derivative Instruments | ' | |||||||||
Derivative Instruments | ' | |||||||||
Note 14—Derivative Instruments | ||||||||||
The Company is exposed to certain risks related to its ongoing business operations. The primary risks managed by using derivative instruments are foreign exchange rate risk and interest rate risk. Foreign exchange rate forward contracts were entered into in 2012 and 2013 to manage the currency exposures on intercompany loans used to fund acquisitions. The hedges will terminate in 2013 and 2014 upon maturity of the respective intercompany loans. | ||||||||||
Derivative instruments are required to be recognized as either assets or liabilities at fair value in the Consolidated Balance Sheets. The Company designates foreign exchange rate forward contracts as cash flow hedges. | ||||||||||
As of September 30, 2013 and December 31, 2012, the Company had the following derivative activity related to cash flow hedges: | ||||||||||
Fair Value Assets | ||||||||||
Balance Sheet Location | September 30, 2013 | December 31, 2012 | ||||||||
Derivatives designated as cash flow hedges: | ||||||||||
Forward contracts | Other accrued expenses | $ | (9,704 | ) | $ | (6,018 | ) | |||
Total derivatives designated as cash flow hedging instruments | $ | (9,704 | ) | $ | (6,018 | ) | ||||
For the nine months ended September 30, 2013 and 2012, $(17) and $235 were recognized in accumulated other comprehensive income (loss) associated with foreign exchange rate forward contracts, respectively. The amount reclassified from accumulated other comprehensive income (loss) to foreign exchange gain (loss) in the accompanying Condensed Consolidated Statements of Income during the nine month periods ended September 30, 2013 and 2012 was not material. | ||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes | ' |
Income Taxes | ' |
Note 15—Income Taxes | |
The provision for income taxes for the third quarter and the first nine months of 2013 was at an effective rate of 23.9%. The provision for income taxes for the third quarter and the first nine months of 2012 was at an effective rate of 26.8%. The lower effective rate in the third quarter and first nine months of 2013 included a tax benefit of $3,645, or $.02 per diluted common share, resulting primarily from the completion of prior audits. The lower rate in the first nine months of 2013 included the third quarter tax benefit of $3,645 as well as a first quarter tax benefit of $11,300, or $.07 per diluted common share, resulting from the delay by the U.S. government in the reinstatement of certain federal income tax provisions for the year 2012 within the American Taxpayer Relief Act relating primarily to research and development credits and certain U.S. taxes on foreign income. Such tax provisions were reinstated on January 2, 2013 with retroactive effect to 2012. Excluding the effect of these benefits as well as the net impact of acquisition-related expenses, the effective tax rate in the third quarter and the first nine months of 2013 was 25.5% and 26.3%, respectively. | |
The Company is present in over sixty tax 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 2010 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 local authorities and may not be fully sustained, despite the Company’s belief that the underlying tax positions are fully supportable. As of September 30, 2013, the amount of the liability for unrecognized tax benefits, which if recognized would impact the effective tax rate, was approximately $13,109, the majority of which is included in other long-term liabilities in the accompanying Condensed Consolidated Balance Sheets. Unrecognized tax benefits are reviewed on an ongoing basis and are adjusted for changing facts and circumstances, including progress of tax audits and the closing of statutes of limitation. Based on information currently available, management anticipates that over the next twelve month period, audit activity could be completed and statutes of limitation may close relating to existing unrecognized tax benefits of approximately $2,221. | |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventories | ' | |||||||
Schedule of Inventories | ' | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Raw materials and supplies | $ | 248,406 | $ | 243,127 | ||||
Work in process | 265,830 | 271,669 | ||||||
Finished goods | 218,488 | 218,922 | ||||||
$ | 732,724 | $ | 733,718 |
Reportable_Business_Segments_T
Reportable Business Segments (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Reportable Business Segments | ' | |||||||||||||||||||
Schedule of segment reporting information by segment | ' | |||||||||||||||||||
Interconnect Products | Cable | Total | ||||||||||||||||||
and Assemblies | Products | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Net sales | ||||||||||||||||||||
-external | $ | 1,063,179 | $ | 1,033,309 | $ | 89,883 | $ | 70,067 | $ | 1,153,062 | $ | 1,103,376 | ||||||||
-inter-segment | 1,309 | 1,434 | 5,308 | 4,063 | 6,617 | 5,497 | ||||||||||||||
Segment operating income | 233,435 | 224,517 | 12,389 | 8,697 | 245,824 | 233,214 | ||||||||||||||
Interconnect Products | Cable | Total | ||||||||||||||||||
and Assemblies | Products | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
Net sales | ||||||||||||||||||||
-external | $ | 3,104,856 | $ | 2,926,834 | $ | 264,078 | $ | 219,253 | $ | 3,368,934 | $ | 3,146,087 | ||||||||
-inter-segment | 4,064 | 3,429 | 15,118 | 14,504 | 19,182 | 17,933 | ||||||||||||||
Segment operating income | 676,818 | 627,962 | 36,432 | 29,831 | 713,250 | 657,793 | ||||||||||||||
Schedule of the reconciliation of segment operating income to consolidated income before income taxes | ' | |||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Segment operating income | $ | 245,824 | $ | 233,214 | $ | 713,250 | $ | 657,793 | ||||||||||||
Interest expense | (16,048 | ) | (15,166 | ) | (47,126 | ) | (44,014 | ) | ||||||||||||
Interest income | 4,142 | 2,954 | 10,628 | 8,484 | ||||||||||||||||
Stock-based compensation expense | (9,413 | ) | (8,066 | ) | (26,584 | ) | (23,167 | ) | ||||||||||||
Acquisition-related expenses | (2,537 | ) | — | (2,537 | ) | — | ||||||||||||||
Other costs, net | (9,908 | ) | (9,796 | ) | (29,861 | ) | (28,528 | ) | ||||||||||||
Income before income taxes | $ | 212,060 | $ | 203,140 | $ | 617,770 | $ | 570,568 |
Changes_in_Equity_and_Noncontr1
Changes in Equity and Noncontrolling Interests (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Changes in Equity and Noncontrolling Interests | ' | ||||||||||||||||||||||||
Reconciliation of consolidated changes in equity | ' | ||||||||||||||||||||||||
Amphenol Corporation Shareholders | |||||||||||||||||||||||||
Common Stock | Accum Other | ||||||||||||||||||||||||
Shares | Amount | Additional Paid | Accumulated | Comprehensive | Treasury | Noncontrolling | Total | ||||||||||||||||||
(in millions) | In Capital | Earnings | Loss | Stock | Interests | Equity | |||||||||||||||||||
Balance as of December 31, 2012 | 160 | $ | 160 | $ | 336,683 | $ | 2,210,120 | $ | (117,004 | ) | $ | — | $ | 12,223 | $ | 2,442,182 | |||||||||
Net income | 467,793 | 2,077 | 469,870 | ||||||||||||||||||||||
Other comprehensive income | (3,970 | ) | 292 | (3,678 | ) | ||||||||||||||||||||
Payments to shareholders of noncontrolling interest | (4,371 | ) | (4,371 | ) | |||||||||||||||||||||
Purchase of noncontrolling interest | 662 | 288 | (950 | ) | — | ||||||||||||||||||||
Purchase of treasury stock | (296,975 | ) | (296,975 | ) | |||||||||||||||||||||
Retirement of treasury stock | (4 | ) | (4 | ) | (296,971 | ) | 296,975 | — | |||||||||||||||||
Stock options exercised, including tax benefit | 2 | 2 | 98,007 | 98,009 | |||||||||||||||||||||
Dividends declared | (65,101 | ) | (65,101 | ) | |||||||||||||||||||||
Stock-based compensation expense | 26,584 | 26,584 | |||||||||||||||||||||||
Balance as of September 30, 2013 | 158 | $ | 158 | $ | 461,936 | $ | 2,315,841 | $ | (120,686 | ) | $ | — | $ | 9,271 | $ | 2,666,520 | |||||||||
Amphenol Corporation Shareholders | |||||||||||||||||||||||||
Common Stock | Accum Other | ||||||||||||||||||||||||
Shares | Amount | Additional Paid | Accumulated | Comprehensive | Treasury | Noncontrolling | Total | ||||||||||||||||||
(in millions) | In Capital | Earnings | Loss | Stock | Interests | Equity | |||||||||||||||||||
Balance as of December 31, 2011 | 163 | $ | 163 | $ | 189,166 | $ | 2,102,497 | $ | (120,057 | ) | $ | — | $ | 13,017 | $ | 2,184,786 | |||||||||
Net income | 414,955 | 2,986 | 417,941 | ||||||||||||||||||||||
Other comprehensive income | 7,080 | 87 | 7,167 | ||||||||||||||||||||||
Payments to shareholders of noncontrolling interest | (4,713 | ) | (4,713 | ) | |||||||||||||||||||||
Purchase of treasury stock | (229,442 | ) | (229,442 | ) | |||||||||||||||||||||
Retirement of treasury stock | (4 | ) | (4 | ) | (229,438 | ) | 229,442 | — | |||||||||||||||||
Stock options exercised, including tax benefit | 3 | 3 | 90,214 | 90,217 | |||||||||||||||||||||
Dividends declared | (50,905 | ) | (50,905 | ) | |||||||||||||||||||||
Stock-based compensation expense | 23,167 | 23,167 | |||||||||||||||||||||||
Balance as of September 30, 2012 | 162 | $ | 162 | $ | 302,547 | $ | 2,237,109 | $ | (112,977 | ) | $ | — | $ | 11,377 | $ | 2,438,218 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Earnings Per Share | ' | |||||||||||||
Schedule of the reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding | ' | |||||||||||||
A reconciliation of the basic weighted average common shares outstanding to diluted weighted average common shares outstanding for the three and nine months ended September 30, 2013 and 2012 is as follows (dollars in thousands, except per share amounts): | ||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Net income attributable to Amphenol Corporation shareholders | $ | 160,798 | $ | 147,450 | $ | 467,793 | $ | 414,955 | ||||||
Basic weighted average common shares outstanding | 158,665,520 | 161,349,493 | 159,365,640 | 161,905,598 | ||||||||||
Effect of dilutive stock options | 3,127,266 | 2,430,678 | 3,111,394 | 2,428,000 | ||||||||||
Diluted weighted average common shares outstanding | 161,792,786 | 163,780,171 | 162,477,034 | 164,333,598 | ||||||||||
Earnings per share attributable to Amphenol Corporation shareholders: | ||||||||||||||
Basic | $ | 1.01 | $ | 0.91 | $ | 2.94 | $ | 2.56 | ||||||
Diluted | $ | 0.99 | $ | 0.9 | $ | 2.88 | $ | 2.53 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Stock-Based Compensation | ' | |||||||||||||
Schedule of stock option activity | ' | |||||||||||||
Options | Weighted | Weighted Average | Aggregate | |||||||||||
Average | Remaining | Intrinsic | ||||||||||||
Exercise Price | Contractual Term | Value | ||||||||||||
(in years) | ||||||||||||||
Options outstanding at January 1, 2013 | 13,446,719 | $ | 43.39 | 7.08 | $ | 268,596 | ||||||||
Options exercised | (1,043,444 | ) | 31.3 | |||||||||||
Options forfeited | (58,500 | ) | 50.58 | |||||||||||
Options outstanding at March 31, 2013 | 12,344,775 | $ | 44.37 | 7.06 | $ | 373,596 | ||||||||
Options granted | 2,742,150 | 78 | ||||||||||||
Options exercised | (843,615 | ) | 38.03 | |||||||||||
Options forfeited | (44,720 | ) | 48.69 | |||||||||||
Options outstanding at June 30, 2013 | 14,198,590 | $ | 51.23 | 7.49 | $ | 379,390 | ||||||||
Options granted | 40,850 | 76.77 | ||||||||||||
Options exercised | (378,310 | ) | 39.63 | |||||||||||
Options forfeited | (26,980 | ) | 57.17 | |||||||||||
Options outstanding at September 30, 2013 | 13,834,150 | $ | 51.61 | 7.29 | $ | 358,182 | ||||||||
Vested and non-vested options expected to vest at September 30, 2013 | 12,497,070 | $ | 51.02 | 7.2 | $ | 330,899 | ||||||||
Exercisable options at September 30, 2013 | 5,768,549 | $ | 41.28 | 5.8 | $ | 208,247 | ||||||||
Summary of status of non-vested options and changes during the year | ' | |||||||||||||
Options | Weighted | |||||||||||||
Average Fair | ||||||||||||||
Value at Grant | ||||||||||||||
Date | ||||||||||||||
Non-vested options at January 1, 2013 | 7,951,177 | $ | 13.36 | |||||||||||
Options vested | (8,620 | ) | 15.62 | |||||||||||
Options forfeited | (58,500 | ) | 13.5 | |||||||||||
Non-vested options at March 31, 2013 | 7,884,057 | 13.35 | ||||||||||||
Options granted | 2,742,150 | 17.41 | ||||||||||||
Options vested | (2,526,556 | ) | 13.32 | |||||||||||
Options forfeited | (44,720 | ) | 13.4 | |||||||||||
Non-vested options at June 30, 2013 | 8,054,931 | 14.75 | ||||||||||||
Options granted | 40,850 | 17.97 | ||||||||||||
Options vested | (3,200 | ) | 14.97 | |||||||||||
Options forfeited | (26,980 | ) | 14.24 | |||||||||||
Non-vested options at September 30, 2013 | 8,065,601 | $ | 14.76 | |||||||||||
Summary of activity in the stock option plans | ' | |||||||||||||
Three months ended | Nine months ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Total intrinsic value of stock options exercised | $ | 16,456 | $ | 36,383 | $ | 91,091 | $ | 77,320 | ||||||
Total fair value of stock options vested | 49 | 41 | 33,830 | 30,922 |
Benefit_Plans_and_Other_Postre1
Benefit Plans and Other Postretirement Benefits (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Benefit Plans and Other Postretirement Benefits | ' | |||||||||||||
Schedule of components of net pension expense | ' | |||||||||||||
Pension Benefits | Other Postretirement | |||||||||||||
Benefits | ||||||||||||||
Three months ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Service cost | $ | 2,103 | $ | 1,911 | $ | 40 | $ | 45 | ||||||
Interest cost | 5,117 | 5,387 | 127 | 169 | ||||||||||
Expected return on plan assets | (6,071 | ) | (6,089 | ) | — | — | ||||||||
Amortization of transition obligation | (27 | ) | (27 | ) | — | 16 | ||||||||
Amortization of prior service cost | 485 | 535 | — | — | ||||||||||
Amortization of net actuarial losses | 5,901 | 4,484 | 193 | 242 | ||||||||||
Net pension expense | $ | 7,508 | $ | 6,201 | $ | 360 | $ | 472 | ||||||
Pension Benefits | Other Postretirement | |||||||||||||
Benefits | ||||||||||||||
Nine months ended September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Service cost | $ | 6,318 | $ | 5,795 | $ | 120 | $ | 134 | ||||||
Interest cost | 15,431 | 16,340 | 382 | 508 | ||||||||||
Expected return on plan assets | (18,346 | ) | (18,408 | ) | — | — | ||||||||
Amortization of transition obligation | (81 | ) | (81 | ) | — | 47 | ||||||||
Amortization of prior service cost | 1,465 | 1,610 | — | — | ||||||||||
Amortization of net actuarial losses | 17,703 | 13,592 | 578 | 725 | ||||||||||
Net pension expense | $ | 22,490 | $ | 18,848 | $ | 1,080 | $ | 1,414 |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||
Summary of the Company's amortizable intangible assets | ' | |||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||
Gross Carrying | Accumulated | Gross Carrying | Accumulated | |||||||||||
Amount | Amortization | Amount | Amortization | |||||||||||
Customer relationships | $ | 171,400 | $ | 65,600 | $ | 166,800 | $ | 54,000 | ||||||
Proprietary technology | 44,200 | 21,500 | 44,200 | 18,800 | ||||||||||
License agreements | 6,000 | 5,900 | 6,000 | 5,300 | ||||||||||
Trade names and other | 9,400 | 7,900 | 9,400 | 7,700 | ||||||||||
Total | $ | 231,000 | $ | 100,900 | $ | 226,400 | $ | 85,800 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Fair values of financial and non-financial assets and liabilities | ' | |||||||||||||
Fair Value Measurements at September 30, 2013 | ||||||||||||||
Total | Quoted Prices in Active | Significant | Significant | |||||||||||
Markets for Identical | Observable Inputs | Unobservable Inputs | ||||||||||||
Assets (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Forward contracts | $ | (9,704 | ) | $ | — | $ | (9,704 | ) | $ | — | ||||
Total | $ | (9,704 | ) | $ | — | $ | (9,704 | ) | $ | — | ||||
Fair Value Measurements at December 31, 2012 | ||||||||||||||
Total | Quoted Prices in Active | Significant | Significant | |||||||||||
Markets for Identical | Observable Inputs | Unobservable Inputs | ||||||||||||
Assets (Level 1) | (Level 2) | (Level 3) | ||||||||||||
Forward contracts | $ | (6,018 | ) | $ | — | $ | (6,018 | ) | $ | — | ||||
Total | $ | (6,018 | ) | $ | — | $ | (6,018 | ) | $ | — |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Derivative Instruments | ' | |||||||||
Schedule of derivative activity related to cash flow hedges | ' | |||||||||
Fair Value Assets | ||||||||||
Balance Sheet Location | September 30, 2013 | December 31, 2012 | ||||||||
Derivatives designated as cash flow hedges: | ||||||||||
Forward contracts | Other accrued expenses | $ | (9,704 | ) | $ | (6,018 | ) | |||
Total derivatives designated as cash flow hedging instruments | $ | (9,704 | ) | $ | (6,018 | ) |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories | ' | ' |
Raw materials and supplies | $248,406 | $243,127 |
Work in process | 265,830 | 271,669 |
Finished goods | 218,488 | 218,922 |
Inventories | $732,724 | $733,718 |
Reportable_Business_Segments_D
Reportable Business Segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
item | ||||
Reportable Business Segments | ' | ' | ' | ' |
Number of reportable business segments | ' | ' | 2 | ' |
Segment reporting information | ' | ' | ' | ' |
Net sales | $1,153,062 | $1,103,376 | $3,368,934 | $3,146,087 |
Segment operating income | 224,483 | 215,670 | 655,453 | 607,125 |
External | ' | ' | ' | ' |
Segment reporting information | ' | ' | ' | ' |
Net sales | 1,153,062 | 1,103,376 | 3,368,934 | 3,146,087 |
Segment operating income | 245,824 | 233,214 | 713,250 | 657,793 |
External | Interconnect Products and Assemblies | ' | ' | ' | ' |
Segment reporting information | ' | ' | ' | ' |
Net sales | 1,063,179 | 1,033,309 | 3,104,856 | 2,926,834 |
Segment operating income | 233,435 | 224,517 | 676,818 | 627,962 |
External | Cable Products | ' | ' | ' | ' |
Segment reporting information | ' | ' | ' | ' |
Net sales | 89,883 | 70,067 | 264,078 | 219,253 |
Segment operating income | 12,389 | 8,697 | 36,432 | 29,831 |
Inter-Segment | ' | ' | ' | ' |
Segment reporting information | ' | ' | ' | ' |
Net sales | 6,617 | 5,497 | 19,182 | 17,933 |
Inter-Segment | Interconnect Products and Assemblies | ' | ' | ' | ' |
Segment reporting information | ' | ' | ' | ' |
Net sales | 1,309 | 1,434 | 4,064 | 3,429 |
Inter-Segment | Cable Products | ' | ' | ' | ' |
Segment reporting information | ' | ' | ' | ' |
Net sales | $5,308 | $4,063 | $15,118 | $14,504 |
Reportable_Business_Segments_D1
Reportable Business Segments (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Reconciliation of segment operating income to consolidated income before income taxes | ' | ' | ' | ' |
Segment operating income | $224,483 | $215,670 | $655,453 | $607,125 |
Interest expense | -16,048 | -15,166 | -47,126 | -44,014 |
Stock-based compensation expense | -9,413 | -8,066 | -26,584 | -23,167 |
Acquisition-related expenses | -2,537 | ' | -2,537 | ' |
Income before income taxes | 212,060 | 203,140 | 617,770 | 570,568 |
Segment operating income | ' | ' | ' | ' |
Reconciliation of segment operating income to consolidated income before income taxes | ' | ' | ' | ' |
Segment operating income | 245,824 | 233,214 | 713,250 | 657,793 |
Unallocated amount to segment | ' | ' | ' | ' |
Reconciliation of segment operating income to consolidated income before income taxes | ' | ' | ' | ' |
Interest expense | -16,048 | -15,166 | -47,126 | -44,014 |
Interest Income | 4,142 | 2,954 | 10,628 | 8,484 |
Stock-based compensation expense | -9,413 | -8,066 | -26,584 | -23,167 |
Acquisition-related expenses | -2,537 | ' | -2,537 | ' |
Other costs, net | -9,908 | -9,796 | -29,861 | -28,528 |
Income before income taxes | $212,060 | $203,140 | $617,770 | $570,568 |
Changes_in_Equity_and_Noncontr2
Changes in Equity and Noncontrolling Interests (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data in Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Increase (Decrease) In Shareholders' Equity | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | $2,442,182 | $2,184,786 |
Balance at beginning of period | ' | ' | -117,004 | ' |
Net income | 161,389 | 148,800 | 469,870 | 417,941 |
Other comprehensive income | 31,256 | 20,777 | -3,390 | 7,167 |
Payments to shareholders of noncontrolling interest | ' | ' | -4,371 | -4,713 |
Purchase of noncontrolling interest | 288 | ' | 288 | ' |
Purchase of treasury stock | ' | ' | -296,975 | -229,442 |
Stock options exercised, including tax benefit | ' | ' | 98,009 | 90,217 |
Dividends declared | -31,629 | -16,964 | -65,101 | -50,905 |
Stock-based compensation expense | ' | ' | 26,584 | 23,167 |
Balance at end of period | 2,666,520 | 2,438,218 | 2,666,520 | 2,438,218 |
Balance at end of period | -120,686 | ' | -120,686 | ' |
Common Stock | ' | ' | ' | ' |
Increase (Decrease) In Shareholders' Equity | ' | ' | ' | ' |
Balance at beginning of period (in shares) | ' | ' | 160 | 163 |
Balance at beginning of period | ' | ' | 160 | 163 |
Retirement of treasury stock | ' | ' | -4 | -4 |
Retirement of treasury stock (in shares) | ' | ' | -4 | -4 |
Stock options exercised, including tax benefit | ' | ' | 2 | 3 |
Stock options exercised, including tax benefit (in shares) | ' | ' | 2 | 3 |
Balance at end of period (in shares) | 158 | 162 | 158 | 162 |
Balance at end of period | 158 | 162 | 158 | 162 |
Additional Paid-in Capital | ' | ' | ' | ' |
Increase (Decrease) In Shareholders' Equity | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 336,683 | 189,166 |
Purchase of noncontrolling interest | ' | ' | 662 | ' |
Stock options exercised, including tax benefit | ' | ' | 98,007 | 90,214 |
Stock-based compensation expense | ' | ' | 26,584 | 23,167 |
Balance at end of period | 461,936 | 302,547 | 461,936 | 302,547 |
Accumulated Earnings | ' | ' | ' | ' |
Increase (Decrease) In Shareholders' Equity | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 2,210,120 | 2,102,497 |
Net income | ' | ' | 467,793 | 414,955 |
Retirement of treasury stock | ' | ' | -296,971 | -229,438 |
Dividends declared | ' | ' | -65,101 | -50,905 |
Balance at end of period | 2,315,841 | 2,237,109 | 2,315,841 | 2,237,109 |
Accum. Other Comprehensive Loss | ' | ' | ' | ' |
Increase (Decrease) In Shareholders' Equity | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | -117,004 | -120,057 |
Other comprehensive income | ' | ' | -3,970 | 7,080 |
Purchase of noncontrolling interest | ' | ' | 288 | ' |
Balance at end of period | -120,686 | -112,977 | -120,686 | -112,977 |
Treasury Stock | ' | ' | ' | ' |
Increase (Decrease) In Shareholders' Equity | ' | ' | ' | ' |
Purchase of treasury stock | ' | ' | -296,975 | -229,442 |
Retirement of treasury stock | ' | ' | -296,975 | -229,442 |
Noncontrolling Interests | ' | ' | ' | ' |
Increase (Decrease) In Shareholders' Equity | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 12,223 | 13,017 |
Net income | ' | ' | 2,077 | 2,986 |
Other comprehensive income | ' | ' | 292 | 87 |
Payments to shareholders of noncontrolling interest | ' | ' | -4,371 | -4,713 |
Purchase of noncontrolling interest | ' | ' | -950 | ' |
Balance at end of period | $9,271 | $11,377 | $9,271 | $11,377 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share | ' | ' | ' | ' |
Net income attributable to Amphenol Corporation shareholders (in dollars) | $160,798 | $147,450 | $467,793 | $414,955 |
Basic weighted average common shares outstanding | 158,665,520 | 161,349,493 | 159,365,640 | 161,905,598 |
Effect of dilutive stock options (in shares) | 3,127,266 | 2,430,678 | 3,111,394 | 2,428,000 |
Dilutive weighted average common shares outstanding | 161,792,786 | 163,780,171 | 162,477,034 | 164,333,598 |
Earnings per share attributable to Amphenol Corporation shareholders: | ' | ' | ' | ' |
Basic (in dollars per share) | $1.01 | $0.91 | $2.94 | $2.56 |
Diluted (in dollars per share) | $0.99 | $0.90 | $2.88 | $2.53 |
Anti-dilutive stock options, excluded from the computations of earning per share | 2,762,900 | 5,414,925 | 1,609,492 | 4,345,057 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) | Sep. 30, 2013 |
item | |
Commitments and Contingencies | ' |
Number of environmental cleanup sites for which the company and Honeywell jointly consented | 2 |
Number of environmental cleanup sites for which Honeywell reimburses costs incurred | 3 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 18 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Restricted Shares | Restricted Shares | Restricted Shares | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | Stock Options | 2009 Employee Option Plan | 2000 Employee Option Plan and 2009 Employee Option Plan | 2004 Directors Option Plan | 2012 Directors Restricted Stock Plan | 2000 Employee Option Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of additional stock options that can be granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Shares available for the granting of additional stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,315,070 | ' | 70,000 | 95,131 | ' |
Options ratable vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | '3 years | ' | ' |
Options exercisable period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '10 years | ' | ' |
Number of additional stock options expected to be granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Expense incurred for stock-based compensation plans (in dollars) | $9,413 | $8,066 | $26,584 | $23,167 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expense incurred for stock-based compensation plans, net of tax (in dollars) | 6,940 | 5,885 | 19,432 | 16,542 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option activity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding at the beginning of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | 14,198,590 | 12,344,775 | 13,446,719 | ' | 13,446,719 | ' | ' | ' | ' | ' | ' | ' |
Options granted (in shares) | ' | ' | ' | ' | ' | ' | ' | 40,850 | 2,742,150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercised (in shares) | ' | ' | ' | ' | ' | ' | ' | -378,310 | -843,615 | -1,043,444 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options forfeited (in shares) | ' | ' | ' | ' | ' | ' | ' | -26,980 | -44,720 | -58,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding at the end of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | 13,834,150 | 14,198,590 | 12,344,775 | ' | 13,834,150 | ' | 13,446,719 | ' | ' | ' | ' | ' |
Vested and non-vested expected to vest at the end of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | 12,497,070 | ' | ' | ' | 12,497,070 | ' | ' | ' | ' | ' | ' | ' |
Exercisable at the end of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | 5,768,549 | ' | ' | ' | 5,768,549 | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, options outstanding at the beginning of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $51.23 | $44.37 | $43.39 | ' | $43.39 | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, options granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $76.77 | $78 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, options exercised (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $39.63 | $38.03 | $31.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, options forfeited (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $57.17 | $48.69 | $50.58 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, options outstanding at the end of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $51.61 | $51.23 | $44.37 | ' | $51.61 | ' | $43.39 | ' | ' | ' | ' | ' |
Weighted average exercise price, vested and non-vested expected to vest (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $51.02 | ' | ' | ' | $51.02 | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, exercisable (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $41.28 | ' | ' | ' | $41.28 | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Remaining Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual term of options outstanding | ' | ' | ' | ' | ' | ' | ' | '7 years 3 months 14 days | '7 years 5 months 26 days | '7 years 22 days | ' | ' | ' | '7 years 29 days | ' | ' | ' | ' | ' |
Weighted average remaining contractual term of options vested and non-vested expected to vest | ' | ' | ' | ' | ' | ' | ' | '7 years 2 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual term of options exercisable | ' | ' | ' | ' | ' | ' | ' | '5 years 9 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of options outstanding (in dollars) | ' | ' | ' | ' | ' | ' | ' | 358,182 | 379,390 | 373,596 | ' | 358,182 | ' | 268,596 | ' | ' | ' | ' | ' |
Aggregate intrinsic value of options, vested and non-vested expected to vest (in dollars) | ' | ' | ' | ' | ' | ' | ' | 330,899 | ' | ' | ' | 330,899 | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of options exercisable (in dollars) | ' | ' | ' | ' | ' | ' | ' | 208,247 | ' | ' | ' | 208,247 | ' | ' | ' | ' | ' | ' | ' |
Status of the Company's non-vested options and changes during the year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested options at the beginning of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | 8,054,931 | 7,884,057 | 7,951,177 | ' | 7,951,177 | ' | ' | ' | ' | ' | ' | ' |
Non-vested options, options granted (in shares) | ' | ' | ' | ' | ' | ' | ' | 40,850 | 2,742,150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested options, options vested (in shares) | ' | ' | ' | ' | ' | ' | ' | -3,200 | -2,526,556 | -8,620 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested options, options forfeited (in shares) | ' | ' | ' | ' | ' | ' | ' | -26,980 | -44,720 | -58,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested options at the end of the period (in shares) | ' | ' | ' | ' | ' | ' | ' | 8,065,601 | 8,054,931 | 7,884,057 | ' | 8,065,601 | ' | 7,951,177 | ' | ' | ' | ' | ' |
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) | ' | ' | ' | ' | ' | ' | ' | $14.75 | $13.35 | $13.36 | ' | $13.36 | ' | ' | ' | ' | ' | ' | ' |
Weighted average fair value at grant date, options granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $17.97 | $17.41 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average fair value at grant date, options vested (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $14.97 | $13.32 | $15.62 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average fair value at grant date, options forfeited (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $14.24 | $13.40 | $13.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average fair value at the grant date, options outstanding at the end of the period (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $14.76 | $14.75 | $13.35 | ' | $14.76 | ' | $13.36 | ' | ' | ' | ' | ' |
Total intrinsic value of stock options exercised (in dollars) | ' | ' | ' | ' | ' | ' | ' | 16,456 | ' | ' | 36,383 | 91,091 | 77,320 | ' | ' | ' | ' | ' | ' |
Total fair value of stock options vested (in dollars) | ' | ' | ' | ' | ' | ' | ' | 49 | ' | ' | 41 | 33,830 | 30,922 | ' | ' | ' | ' | ' | ' |
Total compensation cost related to non-vested options not yet recognized (in dollars) | ' | ' | ' | ' | ' | ' | ' | 92,718 | ' | ' | ' | 92,718 | ' | ' | ' | ' | ' | ' | ' |
Weighted average expected amortization period | ' | ' | ' | ' | ' | '7 months 24 days | ' | ' | ' | ' | ' | '3 years 6 months 7 days | ' | ' | ' | ' | ' | ' | ' |
Number of restricted shares issued | ' | ' | ' | ' | 12,824 | ' | 17,045 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average grant date fair value of restricted shares (in dollars per share) | ' | ' | ' | ' | $78 | ' | $53.78 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total compensation cost related to non-vested restricted shares not yet recognized (in dollars) | ' | ' | ' | ' | ' | $645 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Sep. 30, 2013 |
2013 Stock Repurchase Program | 2013 Stock Repurchase Program | |||||||
Number of shares authorized to be repurchased under the current open-market stock repurchase program | ' | ' | ' | ' | ' | ' | 10,000,000 | ' |
Repurchase of stock program, period | ' | ' | ' | ' | ' | ' | '2 years | ' |
Number of shares repurchased under the current open-market stock repurchase program | ' | ' | ' | ' | ' | ' | ' | 3,956,615 |
Payments for shares repurchased under the current open-market stock repurchase program (in dollars) | ' | ' | $296,975 | $229,442 | ' | ' | ' | $296,975 |
Quarterly dividend approved by Board prior to payment, per share (in dollars per share) | ' | ' | ' | ' | $0.20 | $0.11 | ' | ' |
Dividend paid (in dollars) | 16,716 | 16,885 | 33,472 | 36,385 | ' | ' | ' | ' |
Dividends declared | $31,629 | $16,964 | $65,101 | $50,905 | ' | ' | ' | ' |
Benefit_Plans_and_Other_Postre2
Benefit Plans and Other Postretirement Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Components of net periodic benefit cost: | ' | ' | ' | ' |
Contributions to U.S defined contribution plans by the Company, maximum percentage of eligible compensation | ' | ' | 5.00% | ' |
Matching contributions to U.S defined contribution plans by the Company | ' | ' | $2,200 | $2,100 |
Pension Benefits | ' | ' | ' | ' |
Components of net periodic benefit cost: | ' | ' | ' | ' |
Service cost | 2,103 | 1,911 | 6,318 | 5,795 |
Interest cost | 5,117 | 5,387 | 15,431 | 16,340 |
Expected return on plan assets | -6,071 | -6,089 | -18,346 | -18,408 |
Amortization of transition obligation | -27 | -27 | -81 | -81 |
Amortization of prior service cost | 485 | 535 | 1,465 | 1,610 |
Amortization of net actuarial losses | 5,901 | 4,484 | 17,703 | 13,592 |
Net pension expense | 7,508 | 6,201 | 22,490 | 18,848 |
U.S. plans, Pension Benefits | ' | ' | ' | ' |
Components of net periodic benefit cost: | ' | ' | ' | ' |
Employer contributions | 11,000 | ' | 15,000 | ' |
Estimated cash contribution to the Plans in 2013 based on current actuarial calculations | 21,000 | ' | 21,000 | ' |
Other Postretirement Benefits | ' | ' | ' | ' |
Components of net periodic benefit cost: | ' | ' | ' | ' |
Service cost | 40 | 45 | 120 | 134 |
Interest cost | 127 | 169 | 382 | 508 |
Amortization of transition obligation | ' | 16 | ' | 47 |
Amortization of net actuarial losses | 193 | 242 | 578 | 725 |
Net pension expense | $360 | $472 | $1,080 | $1,414 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Goodwill | ' | ' |
Goodwill | $1,972,428 | $1,932,740 |
Increase in goodwill, primarily as a result of an acquisition | 39,688 | ' |
Interconnect Products and Assemblies | ' | ' |
Goodwill | ' | ' |
Goodwill | $1,857,014 | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Summary of the Company's amortizable intangible assets | ' | ' | ' | ' | ' |
Gross Carrying Amount | $231,000 | ' | $231,000 | ' | $226,400 |
Accumulated Amortization | 100,900 | ' | 100,900 | ' | 85,800 |
Weighted average useful lives of amortizable intangible assets | ' | ' | '10 years | ' | ' |
Amortization expense | 5,000 | 4,700 | 15,000 | 13,900 | ' |
Amortization expense estimated for each of the next five fiscal years | ' | ' | ' | ' | ' |
2013 | 19,900 | ' | 19,900 | ' | ' |
2014 | 18,200 | ' | 18,200 | ' | ' |
2015 | 17,700 | ' | 17,700 | ' | ' |
2016 | 16,800 | ' | 16,800 | ' | ' |
2017 | 16,600 | ' | 16,600 | ' | ' |
Customer relationships | ' | ' | ' | ' | ' |
Summary of the Company's amortizable intangible assets | ' | ' | ' | ' | ' |
Gross Carrying Amount | 171,400 | ' | 171,400 | ' | 166,800 |
Accumulated Amortization | 65,600 | ' | 65,600 | ' | 54,000 |
Weighted average useful lives of amortizable intangible assets | ' | ' | '10 years | ' | ' |
Proprietary technology | ' | ' | ' | ' | ' |
Summary of the Company's amortizable intangible assets | ' | ' | ' | ' | ' |
Gross Carrying Amount | 44,200 | ' | 44,200 | ' | 44,200 |
Accumulated Amortization | 21,500 | ' | 21,500 | ' | 18,800 |
Weighted average useful lives of amortizable intangible assets | ' | ' | '13 years | ' | ' |
License agreements | ' | ' | ' | ' | ' |
Summary of the Company's amortizable intangible assets | ' | ' | ' | ' | ' |
Gross Carrying Amount | 6,000 | ' | 6,000 | ' | 6,000 |
Accumulated Amortization | 5,900 | ' | 5,900 | ' | 5,300 |
Weighted average useful lives of amortizable intangible assets | ' | ' | '8 years | ' | ' |
Trade names and other | ' | ' | ' | ' | ' |
Summary of the Company's amortizable intangible assets | ' | ' | ' | ' | ' |
Gross Carrying Amount | 9,400 | ' | 9,400 | ' | 9,400 |
Accumulated Amortization | $7,900 | ' | $7,900 | ' | $7,700 |
Weighted average useful lives of amortizable intangible assets | ' | ' | '15 years | ' | ' |
Debt_Details
Debt (Details) (USD $) | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Oct. 31, 2013 | Jul. 31, 2013 | Nov. 30, 2009 | Sep. 30, 2013 | Jan. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | 4.75% Senior Notes | 4.75% Senior Notes | 4.00% Senior Notes | 4.00% Senior Notes | 4.00% Senior Notes | Receivables Securitization Facility | ||||
Level 1 | Level 1 | |||||||||||
Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in commitment under the Revolving Credit Facility | ' | ' | ' | ' | ' | $500,000 | ' | ' | ' | ' | ' | ' |
Commitment under the Revolving Credit Facility | ' | ' | ' | ' | 100,000 | 1,500,000 | ' | ' | ' | ' | ' | ' |
Borrowings under the Revolving Credit Facility | ' | ' | ' | 683,800 | ' | ' | ' | ' | ' | ' | ' | ' |
Availability under the Revolving Credit Facility | ' | ' | ' | 816,200 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on borrowings under the Revolving Credit Facility, variable rate | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, principal amount | ' | ' | ' | ' | ' | ' | 600,000 | ' | 500,000 | ' | ' | ' |
Stated interest rate (as a percent) | ' | ' | ' | ' | ' | ' | 4.75% | ' | 4.00% | ' | ' | ' |
Debt instrument, face amount, net of discount (as a percent) | ' | ' | ' | ' | ' | ' | 99.81% | ' | 99.75% | ' | ' | ' |
Debt instrument, fair value | ' | ' | ' | ' | ' | ' | ' | 626,220 | ' | ' | 496,550 | ' |
Net proceeds from the sale of the Senior Notes | 498,730 | ' | ' | ' | ' | ' | ' | ' | 498,730 | ' | ' | ' |
Redemption price as a percentage of principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Maximum amount of undivided interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 |
Short-term debt | ' | $84,987 | $100,293 | ' | ' | ' | ' | ' | ' | ' | ' | $84,500 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Fair value measurements recurring basis, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Significant Observable Inputs (Level 2) | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' |
Forward contracts | ($9,704) | ($6,018) |
Total | -9,704 | -6,018 |
Total | ' | ' |
Fair value of assets and liabilities measured on recurring basis | ' | ' |
Forward contracts | -9,704 | -6,018 |
Total | ($9,704) | ($6,018) |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Derivative Instruments | ' | ' | ' | ' | ' |
Forward contracts, designated as cash flow hedges, fair value liabilities | ($9,704) | ' | ($9,704) | ' | ($6,018) |
Total derivatives designated as cash flow hedging instruments | -9,704 | ' | -9,704 | ' | -6,018 |
Cash flow hedge gain (loss) recognized in accumulated other comprehensive income (loss) associated with foreign exchange rate forward contracts | $99 | ($221) | ($17) | $235 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
item | |||||
Income Taxes | ' | ' | ' | ' | ' |
Effective tax rate (as a percent) | 23.90% | ' | 26.80% | 23.90% | 26.80% |
Tax benefit primarily related to the completion of prior audits | $3,645 | ' | ' | $3,645 | ' |
Tax benefit per diluted common share primarily related to the completion of prior audits (in dollars per share) | $0.02 | ' | ' | $0.02 | ' |
Tax cost primarily related to delay of research and development credits and certain domestic taxes on foreign income that are part of tax provisions within American Taxpayer Relief Act | ' | 11,300 | ' | ' | ' |
Tax benefit per diluted common share primarily related to delay of research and development credits and certain domestic taxes on foreign income that are part of tax provisions within American Taxpayer Relief Act (in dollars per share) | ' | $0.07 | ' | ' | ' |
Effective tax rate before adjustments (as a percent) | 25.50% | ' | ' | 26.30% | ' |
Minimum number of tax jurisdictions | ' | ' | ' | 60 | ' |
Liability for unrecognized tax benefits, including penalties and interest, which if recognized would impact the effective tax rate | 13,109 | ' | ' | 13,109 | ' |
Unrecognized tax benefits, anticipated adjustment for changing facts and circumstances, over the next twelve month period | $2,221 | ' | ' | $2,221 | ' |