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Amphenol Corp. (NYSE:APH)

This company has been moved to the archive! The financial data has not been updated since April 26, 2024.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Amphenol Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Accounts payable 8.17 8.54 8.94 9.09 8.01
Accrued salaries, wages and employee benefits 2.50 2.72 2.49 1.59 1.59
Accrued income taxes 1.00 1.11 0.60 0.91 1.18
Accrued dividends 0.80 0.81 0.82 0.70 0.69
Other accrued expenses 4.46 4.26 3.79 4.53 4.52
Current portion of long-term debt 2.14 0.02 0.03 1.87 3.73
Current liabilities 19.08% 17.46% 16.67% 18.69% 19.72%
Long-term debt, less current portion 24.10 29.85 32.67 29.50 29.62
Accrued pension and postretirement benefit obligations 0.87 0.83 1.32 1.85 1.84
Deferred income taxes 2.22 2.67 2.89 2.43 2.41
Other long-term liabilities 2.75 2.89 2.99 3.30 3.92
Long-term liabilities 29.94% 36.25% 39.87% 37.08% 37.78%
Total liabilities 49.01% 53.71% 56.54% 55.77% 57.50%
Redeemable noncontrolling interests 0.19 0.13 0.13 0.00 0.00
Class A Common Stock, $0.001 par value 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 18.77 17.29 16.41 16.78 15.56
Retained earnings 35.83 32.49 29.15 30.06 30.96
Treasury stock, at cost -0.86 -0.52 -0.68 -0.90 -0.65
Accumulated other comprehensive loss -3.23 -3.49 -1.95 -2.26 -3.98
Stockholders’ equity attributable to Amphenol Corporation 50.50% 45.78% 42.93% 43.68% 41.89%
Noncontrolling interests 0.30 0.38 0.40 0.54 0.61
Total equity 50.80% 46.15% 43.33% 44.23% 42.50%
Total liabilities, redeemable noncontrolling interests and equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

A significant shift in the capital structure is observed between 2019 and 2023, characterized by a steady migration from liability-based financing toward equity-based funding. Total liabilities decreased from 57.50% of the total balance sheet in 2019 to 49.01% by 2023, while total equity expanded from 42.50% to 50.80% over the same period. This transition indicates a strengthened solvency position and a reduction in financial leverage.

Debt and Long-Term Liability Trends
Long-term debt, excluding the current portion, exhibited volatility, peaking at 32.67% in 2021 before declining to 24.10% in 2023. This reduction represents the primary driver behind the decrease in total liabilities. Additionally, accrued pension and postretirement benefit obligations showed a consistent downward trend, falling from 1.84% in 2019 to 0.87% in 2023, suggesting a reduction in long-term employee-related liability exposure.
Equity Composition and Growth
The growth in total equity is primarily attributed to an increase in retained earnings, which rose from 30.96% in 2019 to 35.83% in 2023. This indicates consistent profitability and the retention of earnings to fund operations. Additional paid-in capital also trended upward, moving from 15.56% to 18.77%, signaling further capital contributions. Meanwhile, accumulated other comprehensive losses remained a negative factor, fluctuating between -1.95% and -3.98%.
Current Liability Dynamics
Current liabilities remained relatively stable, fluctuating within a range of 16.67% to 19.72%. Accounts payable stayed consistent, averaging approximately 8% to 9% of total liabilities and equity. A notable volatility is observed in the current portion of long-term debt, which dropped from 3.73% in 2019 to near-zero levels in 2021 and 2022, before increasing again to 2.14% in 2023, suggesting cyclical debt repayment and refinancing activities.
Operational Accruals
Accrued salaries, wages, and employee benefits saw a moderate increase from 1.59% in 2019 to 2.50% in 2023. Other accrued expenses and accrued income taxes remained relatively flat, indicating that operational short-term obligations are scaling proportionally with the overall balance sheet growth.

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