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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Taxes |
Income Taxes | Note 6—Income Taxes ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ |  | September 30, |  | September 30, | ​
​ | ​ | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024 | ​
Provision for income taxes | ​ | $ | (385.8) | ​ | $ | (166.1) | ​ | $ | (851.8) | ​ | $ | (412.0) | ​
Effective tax rate | ​ |  | 23.5 | % |  | 21.4 | % |  | 21.6 | % |  | 19.6 | %
​ For the three months ended September 30, 2025 and 2024, stock option exercise activity had the impact of decreasing our Provision for income taxes by $57.1 and $21.4, respectively, and decreasing our effective tax rate by approximately 350 basis points and 280 basis points, respectively, due to the recognition of excess tax benefits within Provision for income taxes in the accompanying Condensed Consolidated Statements of Income. For the nine months ended September 30, 2025 and 2024, stock option exercise activity had the impact of decreasing our Provision for income taxes by $162.6 and $82.0, respectively, and decreasing our effective tax rate by approximately 410 basis points and 390 basis points, respectively. Acquisition-related expenses, as discussed in further detail in Note 11 herein, had the aggregate impact of increasing our effective tax rate by approximately 20 basis points for the nine months ended September 30, 2025. Acquisition-related expenses incurred during the three and nine months ended September 30, 2024 had the aggregate impact of increasing our effective tax rate by approximately 20 basis points and 40 basis points, respectively. In addition, for the nine months ended September 30, 2024, a discrete tax benefit of $18.6, related to the settlement of tax audits and associated lapses of statutes of limitation, along with a difference in a non-U.S. tax filing position, had the effect of decreasing our effective tax rate by approximately 90 basis points. ​ The United States federal government enacted the Tax Cuts and Jobs Act (“Tax Act”) in December 2017. As a result, in 2017, the Company recorded a transition tax (“Transition Tax”) related to the deemed repatriation of the accumulated unremitted earnings and profits of the Company’s foreign subsidiaries. The Company paid the balance of the Transition Tax, net of applicable tax credits and deductions, in the second quarter of 2025, as permitted under the Tax Act. ​ The Company operates in the U.S. and numerous foreign taxable jurisdictions, and at any point in time has numerous audits underway at various stages of completion. With few exceptions, the Company is subject to income tax examinations by tax authorities for the years 2017 and after. The Company is generally not able to precisely estimate the ultimate settlement amounts or timing until the close of an audit. The Company evaluates its tax positions and establishes liabilities for uncertain tax positions that may be challenged by tax authorities and may not be fully sustained, despite the Company’s belief that the underlying tax positions are fully supportable. As of September 30, 2025, the amount of unrecognized tax benefits, including penalties and interest, which if recognized would impact the effective tax rate, was approximately $225.6. Unrecognized tax benefits are reviewed on an ongoing basis and are adjusted for changing facts and circumstances, including the progress of tax audits and the closing of statutes of limitations. Based on information currently available, management anticipates that over the next 12-month period, audit activity could be completed and statutes of limitations may close relating to existing unrecognized tax benefits of approximately $13.3. ​ In addition, during the third quarter of 2025, certain of the Company’s subsidiaries based in China received notices from relevant tax authorities challenging tax positions taken in prior periods. The Company believes the tax positions taken by the Company are appropriate and is currently discussing the matter with the relevant tax authorities. The aggregate potential exposure for all relevant subsidiaries ranges from $0 up to approximately $200. Based on the Company’s evaluation of the technical merits of the tax positions, no reversals of tax benefits taken to date have been recorded as of September 30, 2025, and the Company is unable to estimate the timing or outcome of this matter. ​ Inflation Reduction Act of 2022 ​ On August 16, 2022, the Inflation Reduction Act of 2022 (the “IRA”), a tax and spending package that introduced several tax-related provisions, including a 15% corporate alternative minimum tax (“CAMT”) on certain large corporations and a 1% excise tax on certain corporate stock repurchases, was enacted into law. Companies were required to reassess their valuation allowances for certain affected deferred tax assets in the period of enactment but did not need to remeasure deferred tax balances for the related tax accounting implications of the CAMT. The IRA provisions, which became effective for Amphenol beginning on January 1, 2023, did not have a material impact on the Company during the three and nine months ended September 30, 2025 and 2024. While the full impact of these provisions in the future depends on several factors, including interpretive regulatory guidance, which has not yet been released, the Company does not currently believe that the provisions of the IRA, including several other non-tax related provisions, will have a material impact on its financial condition, results of operations, liquidity and cash flows. ​ H.R. 1 ​ On July 4, 2025, the United States federal government enacted the tax and spending bill H.R. 1. This legislation contains changes to previously enacted provisions of the Internal Revenue Code and provides for extensions of certain expiring tax provisions included in the Tax Act. Certain corporate tax provisions in H.R. 1 were enacted with retroactive effect to January 1, 2025. H.R. 1 did not have a material impact on our effective tax rate for the three months ended September 30, 2025. The Company continues to evaluate the corporate tax provisions contained within H.R. 1, and the future impact of the bill depends on several factors, including interpretive regulatory guidance, which has not yet been released.

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