The following table presents selected consolidated financial data that is derived from the Company’s audited Consolidated Financial Statements and that should be read in conjunction with our “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Consolidated Financial Statements and accompanying notes included herein. The Company’s acquisitions during the five-year period below may affect the comparability of results. Our consolidated financial information may not be indicative of our future performance.
(dollars and shares
in millions, except per share data)
2016
2015
2014
2013
2012
Operations
Net sales
$
6,286.4
$
5,568.7
$
5,345.5
$
4,614.7
$
4,292.1
Net income attributable to Amphenol Corporation
822.9
(1)
763.5
(2)
709.1
(3)
635.7
(4)
555.3
(5)
Net income per common share—Diluted
2.61
(1)
2.41
(2)
2.21
(3)
1.96
(4)
1.69
(5)
Financial Condition
Cash, cash equivalents and short-term investments
$
1,173.2
$
1,760.4
$
1,329.6
$
1,192.2
$
942.5
Working capital
1,956.0
2,841.6
2,406.6
1,510.6
1,782.0
Total assets
8,498.7
7,458.4
6,985.9
6,150.1
5,203.1
Long-term debt, including current portion
3,010.7
2,813.5
2,656.2
2,122.2
1,695.6
Shareholders’ equity attributable to Amphenol Corporation
3,674.9
3,238.5
2,907.4
2,859.5
2,430.0
Weighted average shares outstanding—Diluted
315.2
316.5
320.4
324.5
327.9
Cash dividends declared per share
$
0.58
$
0.53
$
0.45
$
0.305
$
0.21
(1)
Includes acquisition-related expenses of $36.6 ($33.1 after-tax) primarily relating to the FCI and other 2016 acquisitions, including external transaction costs, amortization related to the value associated with acquired backlog and restructuring charges. These items had the aggregate effect of decreasing Net income attributable to Amphenol Corporation and Net income per common share-Diluted by $33.1 and $0.11 per share, respectively. Excluding the effect of these items, Adjusted Net Income attributable to Amphenol Corporation and Adjusted Diluted EPS, both non-GAAP financial measures defined in Part II, Item 7 herein, were $856.0 and $2.72 per share, respectively, for the year ended December 31, 2016.
(2)
Includes acquisition-related expenses of $5.7 ($5.7 after-tax) relating to acquisitions closed and announced in 2015. These acquisition-related expenses had the effect of decreasing Net income attributable to Amphenol Corporation and Net income per common share-Diluted by $5.7 and $0.02 per share, respectively. Excluding the effect of this item, Adjusted Net Income attributable to Amphenol Corporation and Adjusted Diluted EPS were $769.2 and $2.43 per share, respectively, for the year ended December 31, 2015.
(3)
Includes acquisition-related expenses of (a) $4.3 ($4.1 after-tax) relating to 2014 acquisitions and (b) $9.8 ($6.2 after-tax) relating to amortization of the acquired backlogs of completed acquisitions. These items had the aggregate effect of decreasing Net income attributable to Amphenol Corporation and Net income per common share-Diluted by $10.3 and $0.04 per share, respectively. Excluding the effect of these items, Adjusted Net Income attributable to Amphenol Corporation and Adjusted Diluted EPS were $719.4 and $2.25 per share, respectively, for the year ended December 31, 2014.
(4)
Includes (a) acquisition-related expenses of $6.0 ($4.6 after-tax) relating to 2013 acquisitions, (b) an income tax benefit of $3.6 due primarily to the favorable completion of prior year audits, and (c) an income tax benefit of $11.3 resulting from the delay, by the U.S. government, in the reinstatement of certain federal income tax provisions for the year 2012 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. Under U.S. GAAP, the benefit to the Company of $11.3, relating to the 2012 tax year was recorded as a benefit in the first quarter of 2013 at the date of reinstatement. These items had the net effect of increasing Net income attributable to Amphenol Corporation and Net income per common share-Diluted by $10.3 and $0.03 per share, respectively. Excluding the effect of these items, Adjusted Net Income attributable to Amphenol Corporation and Adjusted Diluted EPS were $625.4 and $1.93 per share, respectively, for the year ended December 31, 2013.
(5)
Includes (a) acquisition-related expenses of $2.0 ($2.0 after-tax) relating to 2012 acquisitions and (b) income tax costs of $11.3 relating to a delay, by the U.S. government, in the reinstatement of certain federal income tax provisions for the year 2012 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. These items had the aggregate effect of decreasing Net income attributable to Amphenol Corporation and Net income per common share-Diluted by $13.3 and $0.04 per share, respectively. Excluding the effect of these items, Adjusted Net Income attributable to Amphenol Corporation and Adjusted Diluted EPS were $568.6 and $1.73 per share, respectively, for the year ended December 31, 2012.
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