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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 1-10879

Graphic

AMPHENOL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

22-2785165

(State of Incorporation)

(IRS Employer Identification No.)

358 Hall Avenue

Wallingford, Connecticut 06492

(Address of principal executive offices) (Zip Code)

203-265-8900

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, Graphic

AMPHENOL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

22-2785165

(State of Incorporation)

(IRS Employer Identification No.)

358 Hall Avenue

Wallingford, Connecticut 06492

(Address of principal executive offices) (Zip Code)

203-265-8900

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 1-10879

Graphic

AMPHENOL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

22-2785165

(State of Incorporation)

(IRS Employer Identification No.)

358 Hall Avenue

Wallingford, Connecticut 06492

(Address of principal executive offices) (Zip Code)

203-265-8900

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, Graphic

AMPHENOL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

22-2785165

(State of Incorporation)

(IRS Employer Identification No.)

358 Hall Avenue

Wallingford, Connecticut 06492

(Address of principal executive offices) (Zip Code)

203-265-8900

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.001 par value

APH

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer 

Accelerated Filer 

Non-accelerated Filer 

Smaller Reporting Company 

Emerging Growth Company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No 

As of July 21, 2020, the total number of shares outstanding of the registrant’s Class A Common Stock was 298,376,863.

APH

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer 

Accelerated Filer 

Non-accelerated Filer 

Smaller Reporting Company 

Emerging Growth Company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No 

As of July 21, 2020, the total number of shares outstanding of the registrant’s Class A Common Stock was 298,376,863.

APH

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer 

Accelerated Filer 

Non-accelerated Filer 

Smaller Reporting Company 

Emerging Growth Company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No 

As of July 21, 2020, the total number of shares outstanding of the registrant’s Class A Common Stock was 298,376,863.

APH

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer 

Accelerated Filer 

Non-accelerated Filer 

Smaller Reporting Company 

Emerging Growth Company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No 

As of July 21, 2020, the total number of shares outstanding of the registrant’s Class A Common Stock was 298,376,863.

Table of Contents

Amphenol Corporation

Index to Quarterly Report

on Form 10-Q

    

Page

Part I

Financial Information

Item 1.

Financial Statements (unaudited):

Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

2

Condensed Consolidated Statements of Income for the Three and Six Months Ended June 30, 2020 and 2019

3

Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2020 and 2019

4

Condensed Consolidated Statements of Cash Flow for the Six Months Ended June 30, 2020 and 2019

5

Notes to Condensed Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

24

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

36

Item 4.

Controls and Procedures

36

Part II

Other Information

Item 1.

Legal Proceedings

37

Item 1A.

Risk Factors

37

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

38

Item 3.

Defaults Upon Senior Securities

38

Item 4.

Mine Safety Disclosures

38

Item 5.

Other Information

38

Item 6.

Exhibits

39

Signature

42

1

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

AMPHENOL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(dollars in millions)

June 30, 

December 31, 

    

2020

    

2019

 

Assets

Current Assets:

Cash and cash equivalents

$

1,288.3

$

891.2

Short-term investments

 

25.7

 

17.4

Total cash, cash equivalents and short-term investments

 

1,314.0

 

908.6

Accounts receivable, less allowance for doubtful accounts of $43.6 and $33.6, respectively

 

1,658.3

 

1,736.4

Inventories

 

1,361.9

 

1,310.1

Prepaid expenses and other current assets

 

283.8

 

256.1

Total current assets

 

4,618.0

 

4,211.2

Property, plant and equipment, less accumulated depreciation of $1,578.7 and $1,487.2, respectively

1,001.7

999.0

Goodwill

4,867.0

4,867.1

Other intangible assets, net

 

416.2

 

442.0

Other long-term assets

301.0

296.2

$

11,203.9

$

10,815.5

Liabilities & Equity

Current Liabilities:

Accounts payable

$

928.0

$

866.8

Accrued salaries, wages and employee benefits

 

179.0

 

171.8

Accrued income taxes

 

119.1

 

127.9

Accrued dividends

74.6

74.4

Other accrued expenses

 

482.2

 

488.5

Current portion of long-term debt

 

2.3

 

403.3

Total current liabilities

 

1,785.2

 

2,132.7

Long-term debt, less current portion

 

3,763.8

 

3,203.4

Accrued pension and postretirement benefit obligations

 

187.3

 

198.8

Deferred income taxes

270.7

260.4

Other long-term liabilities

 

396.6

 

424.0

Equity:

Common stock

0.3

0.3

Additional paid-in capital

 

1,834.5

 

1,683.3

Retained earnings

 

3,419.4

 

3,348.4

Treasury stock, at cost

(21.0)

(70.8)

Accumulated other comprehensive loss

 

(494.6)

 

(430.9)

Total shareholders’ equity attributable to Amphenol Corporation

 

4,738.6

 

4,530.3

Noncontrolling interests

 

61.7

 

65.9

Total equity

 

4,800.3

 

4,596.2

$

11,203.9

$

10,815.5

See accompanying notes to condensed consolidated financial statements.

2

Table of Contents

AMPHENOL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

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

Three Months Ended

Six Months Ended

June 30, 

June 30, 

    

2020

    

2019

    

2020

    

2019

 

Net sales

$

1,987.5

$

2,015.3

$

3,849.5

$

3,973.8

Cost of sales

 

1,383.7

 

1,367.7

 

2,685.9

 

2,698.4

Gross profit

 

603.8

 

647.6

 

1,163.6

 

1,275.4

Acquisition-related expenses

 

 

8.9

 

 

25.4

Selling, general and administrative expenses

 

246.4

 

239.2

 

489.3

 

474.3

Operating income

 

357.4

 

399.5

 

674.3

 

775.7

Interest expense

 

(30.2)

 

(30.0)

 

(59.0)

 

(59.7)

Other income, net

 

1.3

 

0.1

 

2.4

 

3.1

Income before income taxes

 

328.5

 

369.6

 

617.7

 

719.1

Provision for income taxes

 

(68.0)

 

(78.7)

 

(114.0)

 

(158.3)

Net income

 

260.5

 

290.9

 

503.7

 

560.8

Less: Net income attributable to noncontrolling interests

 

(2.8)

 

(2.5)

 

(3.9)

 

(4.8)

Net income attributable to Amphenol Corporation

$

257.7

$

288.4

$

499.8

$

556.0

Net income per common share — Basic

$

0.87

$

0.97

$

1.68

$

1.87

Weighted average common shares outstanding — Basic

 

296.6

 

298.0

 

297.0

 

298.1

Net income per common share — Diluted

$

0.85

$

0.93

$

1.64

$

1.80

Weighted average common shares outstanding — Diluted

 

304.0

 

308.7

 

305.2

 

308.7

See accompanying notes to condensed consolidated financial statements.

3

Table of Contents

AMPHENOL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(dollars in millions)

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2020

    

2019

    

2020

    

2019

 

Net income

$

260.5

$

290.9

$

503.7

$

560.8

Total other comprehensive income (loss), net of tax:

Foreign currency translation adjustments

 

26.4

 

(17.1)

 

(74.2)

 

(14.3)

Unrealized (loss) gain on cash flow hedges

 

(0.8)

 

0.2

 

(0.6)

 

Pension and postretirement benefit plan adjustment, net of tax of ($1.7) and ($3.3) for 2020, and ($1.2) and ($2.4) for 2019, respectively

 

5.2

 

3.8

 

10.3

 

7.6

Total other comprehensive income (loss), net of tax

 

30.8

 

(13.1)

 

(64.5)

 

(6.7)

Total comprehensive income

 

291.3

 

277.8

 

439.2

 

554.1

Less: Comprehensive income attributable to noncontrolling interests

 

(3.1)

 

(1.5)

 

(3.1)

 

(4.8)

Comprehensive income attributable to Amphenol Corporation

$

288.2

$

276.3

$

436.1

$

549.3

See accompanying notes to condensed consolidated financial statements.

4

Table of Contents

AMPHENOL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited)

(dollars in millions)

Six Months Ended June 30, 

 

    

2020

    

2019

 

Cash from operating activities:

Net income

$

503.7

$

560.8

Adjustments to reconcile net income to cash provided by operating activities:

Depreciation and amortization

 

143.6

 

163.4

Stock-based compensation expense

 

32.0

 

29.8

Deferred income tax provision (benefit)

 

5.1

(23.6)

Net change in components of working capital

70.8

(66.6)

Net change in other long-term assets and liabilities

(2.8)

2.2

 

Net cash provided by operating activities

 

752.4

 

666.0

Cash from investing activities:

Capital expenditures

 

(128.3)

 

(149.9)

Proceeds from disposals of property, plant and equipment

 

1.9

 

5.5

Purchases of short-term investments

 

(49.1)

 

(36.9)

Sales and maturities of short-term investments

 

40.3

 

34.4

Acquisitions, net of cash acquired

 

(16.5)

 

(756.2)

Net cash used in investing activities

 

(151.7)

 

(903.1)

Cash from financing activities:

Proceeds from issuance of senior notes

 

942.3

 

499.5

Repayments of senior notes and other long-term debt

 

(401.3)

(757.8)

Borrowings under credit facilities

 

1,567.4

 

Repayments under credit facilities

(1,568.1)

(Repayments) borrowings under commercial paper programs, net

(385.2)

667.5

Payment of costs related to debt financing

 

(8.7)

 

(7.2)

Payment of acquisition-related contingent consideration

 

(75.0)

 

Proceeds from exercise of stock options

152.5

113.5

Distributions to and purchases of noncontrolling interests

(9.7)

(24.6)

Purchase of treasury stock

 

(257.2)

 

(408.7)

Dividend payments

 

(148.4)

 

(137.2)

Net cash used in financing activities

 

(191.4)

 

(55.0)

Effect of exchange rate changes on cash and cash equivalents

 

(12.2)

 

(4.9)

Net change in cash and cash equivalents

 

397.1

 

(297.0)

Cash and cash equivalents balance, beginning of period

 

891.2

 

1,279.3

Cash and cash equivalents balance, end of period

$

1,288.3

$

982.3

Cash paid for:

Interest

$

47.2

$

57.8

Income taxes, net

 

141.6

 

241.7

See accompanying notes to condensed consolidated financial statements.

5

Table of Contents

AMPHENOL CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(amounts in millions, except share and per share data)

Note 1—Basis of Presentation and Principles of Consolidation

The condensed consolidated balance sheets as of June 30, 2020 and December 31, 2019, the related condensed consolidated statements of income and condensed consolidated statements of comprehensive income for the three and six months ended June 30, 2020 and 2019, and the related condensed consolidated statements of cash flow for the six months ended June 30, 2020 and 2019 include the accounts of Amphenol Corporation and its subsidiaries (“Amphenol,” the “Company,” “we,” “our,” or “us”). All material intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements included herein are unaudited. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, including normal recurring adjustments considered necessary for a fair presentation of the results, in conformity with accounting principles generally accepted in the United States of America. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the full year. These condensed consolidated financial statements and the related notes should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the “2019 Annual Report”).

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

Note 2—New Accounting Pronouncements

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

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

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

6

Table of Contents

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

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

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

Note 3—Inventories

Inventories consist of:

June 30, 

December 31, 

 

    

2020

    

2019

 

Raw materials and supplies

 

$

547.7

 

$

509.6

Work in process

 

416.7

 

395.2

Finished goods

 

397.5

 

405.3

 

$

1,361.9

 

$

1,310.1

7

Table of Contents

Note 4—Debt

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

 

June 30, 2020

December 31, 2019

 

Carrying

Approximate

Carrying

Approximate

 

    

Amount

    

Fair Value

    

Amount

    

Fair Value

 

Revolving Credit Facility

$

 

$

 

$

 

$

U.S. Commercial Paper Program

 

 

 

160.0

 

160.0

Euro Commercial Paper Program

 

 

 

235.5

 

235.5

2.20% Senior Notes due April 2020

 

 

 

400.0

 

400.0

3.125% Senior Notes due September 2021

 

227.7

 

233.2

 

227.6

 

231.0

4.00% Senior Notes due February 2022

 

294.9

 

306.5

 

294.8

 

304.0

3.20% Senior Notes due April 2024

 

349.8

 

373.7

 

349.8

 

363.7

2.050% Senior Notes due March 2025

399.4

417.1

0.750% Euro Senior Notes due May 2026

559.3

558.2

2.000% Euro Senior Notes due October 2028

559.4

605.6

558.2

622.8

4.350% Senior Notes due June 2029

499.6

590.4

499.6

562.9

2.800% Senior Notes due February 2030

899.3

960.4

899.3

897.3

Notes payable to foreign banks and other debt

 

6.4

 

6.4

 

5.5

 

5.5

Less unamortized deferred debt issuance costs

 

 

(29.7)

 

 

(23.6)

 

Total debt

 

3,766.1

 

4,051.5

 

3,606.7

 

3,782.7

Less current portion

 

2.3

2.3

 

403.3

 

403.3

Total long-term debt

$

3,763.8

 

$