Connecticut | 06-0397030 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
40 Waterview Drive | ||||||||
Shelton | CT | 06484 | ||||||
(Address of principal executive offices) | (Zip Code) | |||||||
(475) | 882-4000 | |||||||
(Registrant's telephone number, including area code) |
Indicate by check mark | ||||||||||||||||||||||||||
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if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. | Yes | ☑ | No | ☐ | |||||||||||||||||||||
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if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. | Yes | ☐ | No | ☑ | |||||||||||||||||||||
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if 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 report), and (2) has been subject to such filing requirements for the past 90 days. | Yes | ☑ | No | ☐ | |||||||||||||||||||||
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whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted 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 | ☐ | |||||||||||||||||||||
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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. (Check one): | |||||||||||||||||||||||||
Large accelerated filer | ☑ |
Accelerated filer ☐
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Non-accelerated filer ☐
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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 standard provided pursuant to Section 13(a) of the Exchange Act. ☐
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whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
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☑ | ||||||||||||||||||||||||
•whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
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Yes | ☐ | No | ☑ |
Table of contents | ||||||||
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PART I |
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Commercial and Industrial | |||||||||||||||||
• | Wiring devices & accessories | • | Junction boxes, plugs & receptacles | • | Cable reels | ||||||||||||
• | Switches & dimmers | • | Steel & plastic enclosures | • | Datacom connectivity & enclosures | ||||||||||||
• | Ground fault devices | • | Pin & sleeve devices | • | Electrical motor controls | ||||||||||||
Lighting | |||||||||||||||||
• | Canopy lights | • | Parking lot/parking garage fixtures | • | Decorative landscape fixtures | ||||||||||||
• | Emergency lighting/exit signs | • | Bollards | • | Fluorescent fixtures | ||||||||||||
• | Floodlights & poles | • | Bath/vanity fixtures & fans | • | Ceiling fans | ||||||||||||
• | LED components | • | Chandeliers & sconces | • | Site & area lighting | ||||||||||||
• | Recessed, surface mounted & track fixtures | • | Athletic & recreational field fixtures | • | Occupancy, dimming & daylight harvesting sensors | ||||||||||||
Construction and Energy | |||||||||||||||||
• | Mechanical connectors | • | Gas connectors and assemblies | • | Specialty communications equipment | ||||||||||||
• | Mechanical grounding devices | • | Installation tooling | • | Mining communication & controls | ||||||||||||
• | Compression connectors | • | Specialty lighting | • | Cable glands & fittings | ||||||||||||
• | Safety equipment |
Commercial and Industrial | |||||||||||||||||||||||||||||
• | Hubbell® | • | Bell® | • | Raco® | • | Gleason Reel® | • | ACME Electric® | ||||||||||||||||||||
• | Kellems® | • | TayMac® | • | Hipotronics® | • | Powerohm® | • | EC&M Design® | ||||||||||||||||||||
• | Bryant® | • | Wiegmann® | • | AccelTex Solutions™ | • | iDevices® | ||||||||||||||||||||||
Lighting | |||||||||||||||||||||||||||||
• | Kim Lighting® | • | Beacon Products™ | • | Spaulding Lighting™ | • | Kurt Versen® | • | Litecontrol® | ||||||||||||||||||||
• | Sportsliter Solutions™ | • | Columbia Lighting® | • | Alera Lighting® | • | Prescolite® | • | Dual-Lite® | ||||||||||||||||||||
• | Security Lighting™ | • | Progress Lighting Design® | • | Hubbell® Outdoor Lighting™ | • | Architectural Area Lighting™ | ||||||||||||||||||||||
Construction and Energy | |||||||||||||||||||||||||||||
• | Burndy® | • | Killark® | • | GAI-Tronics® | • | Gas Breaker® | • | R.W. Lyall™ | ||||||||||||||||||||
• | CMC® | • | Hawke™ | • | Chalmit™ | • | Connector Products™ | • | Continental® | ||||||||||||||||||||
• | Austdac™ | • | AEC™ |
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• | Aclara® | • | Chance® | • | Anderson® | • | PenCell® | ||||||||||||||||
• | Fargo® | • | Hubbell® | • | Polycast® | • | Opti-loop Design® | ||||||||||||||||
• | Quazite® | • | Quadri*sil® | • | Trinetics® | • | Reuel® | ||||||||||||||||
• | Electro Composites® | • | USCO™ | • | CDR™ | • | RFL Design® | ||||||||||||||||
• | Hot Box® | • | PCORE® | • | Delmar™ | • | Turner Electric® | ||||||||||||||||
• | EMC™ | • | Longbow™ | • | Ohio Brass® | • | Meramec® | ||||||||||||||||
• | Reliaguard® | • | Greenjacket® | • | Armorcast® | • | Beckwith Electric™ |
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Name (1)
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Age | Present Position | Business Experience | |||||||||||
Gerben W. Bakker | 56 |
President and Chief Executive Officer
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Present position since October 1, 2020; previously, President and Chief Operating Officer June 6, 2019 to October 1, 2020; Group President, Power Systems February 1, 2014 to June 6, 2019; Division Vice President, Hubbell Power Systems, Inc. (“HPS”) August 2009 - February 2014; President, HPS Brazil June 2005 - July 2009; Vice President, Sourcing, HPS March 2004 - May 2005. | |||||||||||
William R. Sperry | 58 |
Executive Vice President,
Chief Financial Officer |
Present position since May 5, 2020; previously, Executive Vice President, Chief Financial Officer and Treasurer June 6, 2019 to May 2020; Senior Vice President and Chief Financial Officer June 6, 2012 to June 6, 2019; Vice President, Corporate Strategy and Development August 15, 2008 to June 6, 2012; Managing Director, Lehman Brothers August 2006 to April 2008; various positions, including Managing Director, of J.P. Morgan and its predecessor institutions, 1994-2006. | |||||||||||
Jonathan M. Del Nero | 49 | Vice President, Controller | Present position since January 15, 2021; previously, Assistant Controller June 14, 2014, to January 15, 2021; Executive Director, Financial Reporting, Aetna June 2011 to June 2014; Senior Manager, Technical Accounting, Stanley Black and Decker June 2009 to June 2011; Manager of Accounting Policy, The Hartford September 2008 to June 2009; various positions at CIGNA March 2003 to September 2008. | |||||||||||
Allan J. Connolly
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53 | President, Utility Solutions Segment | Present position since July 1, 2019 (the Utility Solutions Segment was formerly known as the Power Systems Group); previously, President, Aclara February 2018 to June 28, 2019; President and Chief Executive Officer of Aclara May 2014 to February 2018; Chief Operating Officer of Culligan International July 2012 to January 2014; Executive Vice President of Operations, Engineering and N.A. Industrial of Culligan International November 2006 to July 2012; Vice President of Research, Development & Engineering of Culligan International April 2006 to November 2006; General Manager Technology; GE Power & Water March 2003 to April 2006. | |||||||||||
Katherine A. Lane | 43 |
Vice President, General
Counsel and Secretary |
Present position since June 6, 2019; previously, Vice President, Acting General Counsel and Secretary March 2019 to June 6, 2019; Vice President, Associate General Counsel June 2017 to March 2019; Vice President, Legal, Hubbell Commercial & Industrial September 2015 to June 2017; Senior Counsel, Hubbell Electrical Systems May 2014 to September 2015; Corporate General Attorney August 2010 to May 2014. Previously, various positions in private practice in law firms based in Massachusetts and Connecticut. | |||||||||||
Peter J. Lau | 41 | President, Electrical Solutions Segment | Present position since August 3, 2020; previously President of Honeywell Fire and Electrical Products (Honeywell) April 2019-August 2020; President of the global security business, Honeywell 2018-2019; CEO, International, Current, powered by GE 2016-2018; various positions at GE Lighting 2005-2016. | |||||||||||
Stephen M. Mais
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56 |
Senior Vice President,
Human Resources |
Present position since May 3, 2016; previously Vice President, Human Resources, August 2005 - May 2016; Director, Staffing and Capability, Pepsi Bottling Group (“Pepsi”) 2001-2005; Director, Human Resources Southeastern U.S., Pepsi 1997-2001. |
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Number of Facilities |
Total Approximate Floor
Area in Square Feet |
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Segment | Location | Warehouses | Manufacturing | Owned | Leased | ||||||||||||
Electrical Solutions | United States | 7 | 18 | 2,378,000 | 1,779,000 | ||||||||||||
Australia | — | 1 | — | 24,000 | |||||||||||||
Canada | 1 | 2 | 179,000 | 3,000 | |||||||||||||
Mexico | 1 | 4 | 829,000 | 174,000 | |||||||||||||
China | — | 1 | — | 350,000 | |||||||||||||
Puerto Rico | — | 1 | 162,000 | — | |||||||||||||
Singapore | 1 | — | — | 12,000 | |||||||||||||
United Kingdom | 2 | 3 | 134,000 | 58,000 | |||||||||||||
Utility Solutions (1)
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United States | 6 | 15 | 3,271,000 | 687,000 | ||||||||||||
Brazil | — | 1 | 188,000 | — | |||||||||||||
Canada | — | 2 | 84,000 | — | |||||||||||||
Mexico | 1 | 1 | 167,000 | 181,000 | |||||||||||||
China | — | 2 | — | 199,000 | |||||||||||||
Philippines | — | 1 | — | 19,000 | |||||||||||||
Spain | — | 1 | — | 11,000 | |||||||||||||
TOTAL | 19 | 53 | 7,392,000 | 3,497,000 |
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PART II |
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2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||
RESULTS OF OPERATION, YEARS ENDED DECEMBER 31 | |||||||||||||||||
Net sales | $ | 4,186.0 | $ | 4,591.0 | $ | 4,481.7 | $ | 3,668.8 | $ | 3,505.2 | |||||||
Gross profit | $ | 1,209.3 | $ | 1,352.7 | $ | 1,300.4 | $ | 1,155.1 | $ | 1,105.1 | |||||||
Operating income (1)
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$ | 533.0 | $ | 596.6 | $ | 556.9 | $ | 518.8 | $ | 489.8 | |||||||
Adjusted operating income (2)
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$ | 608.9 | $ | 668.7 | $ | 642.3 | $ | 560.4 | $ | 522.1 | |||||||
Operating income as a % of sales | 12.7 | % | 13.0 | % | 12.4 | % | 14.1 | % | 14.0 | % | |||||||
Adjusted operating income as a % of sales (2)
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14.5 | % | 14.6 | % | 14.3 | % | 15.3 | % | 14.9 | % | |||||||
Net income attributable to Hubbell (3)
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$ | 351.2 | $ | 400.9 | $ | 360.2 | $ | 243.1 | $ | 293.0 | |||||||
Adjusted net income attributable to Hubbell (2)
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$ | 414.1 | $ | 445.7 | $ | 428.0 | $ | 333.9 | $ | 315.4 | |||||||
Net income attributable to Hubbell as a % of net sales | 8.4 | % | 8.7 | % | 8.0 | % | 6.6 | % | 8.4 | % | |||||||
Adjusted net income attributable to Hubbell as a % of net sales (2)
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9.9 | % | 9.7 | % | 9.5 | % | 9.1 | % | 9.0 | % | |||||||
Net income attributable to Hubbell as a % of Hubbell shareholders’ average equity | 17.5 | % | 21.5 | % | 21.1 | % | 15.1 | % | 17.6 | % | |||||||
Earnings per share — diluted | $ | 6.43 | $ | 7.31 | $ | 6.54 | $ | 4.39 | $ | 5.24 | |||||||
Adjusted earnings per share — diluted (2)
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$ | 7.58 | $ | 8.12 | $ | 7.77 | $ | 6.03 | $ | 5.64 | |||||||
Cash dividends declared per common share | $ | 3.71 | $ | 3.43 | $ | 3.15 | $ | 2.87 | $ | 2.59 | |||||||
Average number of common shares outstanding — diluted | 54.5 | 54.7 | 54.9 | 55.1 | 55.7 | ||||||||||||
Cost of acquisitions, net of cash acquired | $ | 239.6 | $ | 70.8 | $ | 1,118.0 | $ | 184.1 | $ | 173.4 | |||||||
FINANCIAL POSITION, AT YEAR-END | |||||||||||||||||
Working capital (4)
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$ | 639.4 | $ | 729.3 | $ | 804.4 | $ | 898.0 | $ | 961.7 | |||||||
Total assets | $ | 5,085.1 | $ | 4,903.0 | $ | 4,872.1 | $ | 3,720.6 | $ | 3,525.0 | |||||||
Total debt
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$ | 1,590.0 | $ | 1,571.4 | $ | 1,793.2 | $ | 1,055.2 | $ | 993.7 | |||||||
Total Hubbell shareholders’ equity | $ | 2,070.0 | $ | 1,947.1 | $ | 1,780.6 | $ | 1,634.2 | $ | 1,592.8 | |||||||
NUMBER OF EMPLOYEES, AT YEAR-END | 19,100 | 18,800 | 19,700 | 17,700 | 17,400 |
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For the Year Ending December 31, | ||||||||||||||||||||||||||||||||
2020 | % of Net sales | 2019 | % of Net sales | 2018 | % of Net sales | |||||||||||||||||||||||||||
Net sales | $ | 4,186.0 | $ | 4,591.0 | $ | 4,481.7 | ||||||||||||||||||||||||||
Cost of goods sold | 2,976.7 | 71.1 | % | 3,238.3 | 70.5 | % | 3,181.3 | 71.0 | % | |||||||||||||||||||||||
Gross profit | 1,209.3 | 28.9 | % | 1,352.7 | 29.5 | % | 1,300.4 | 29.0 | % | |||||||||||||||||||||||
Selling & administrative expenses | 676.3 | 16.2 | % | 756.1 | 16.5 | % | 743.5 | 16.6 | % | |||||||||||||||||||||||
Operating income | 533.0 | 12.7 | % | 596.6 | 13.0 | % | 556.9 | 12.4 | % | |||||||||||||||||||||||
Net income attributable to Hubbell | 351.2 | 8.4 | % | 400.9 | 8.7 | % | 360.2 | 8.0 | % | |||||||||||||||||||||||
Less: Earnings allocated to participating securities | (1.3) | (1.5) | (1.3) | |||||||||||||||||||||||||||||
Net income available to common shareholders | 349.9 | 399.4 | 358.9 | |||||||||||||||||||||||||||||
Average number of diluted shares outstanding | 54.5 | 54.7 | 54.9 | |||||||||||||||||||||||||||||
EARNINGS PER SHARE - DILUTED | $ | 6.43 | $ | 7.31 | $ | 6.54 |
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For the Year Ended December 31, | |||||||||||||||||||||||||||||
2020 | % of Net sales | 2019 | % of Net sales | 2018 | % of Net sales | ||||||||||||||||||||||||
Gross profit (GAAP measure) | $ | 1,209.3 | 28.9% | $ | 1,352.7 | 29.5% | $ | 1,300.4 | 29.0% | ||||||||||||||||||||
Amortization of acquisition-related intangible assets | 26.1 | 24.0 | 29.5 | ||||||||||||||||||||||||||
Adjusted gross profit | $ | 1,235.4 | 29.5% | $ | 1,376.7 | 30.0% | $ | 1,329.9 | 29.7% | ||||||||||||||||||||
S&A expenses (GAAP measure) | $ | 676.3 | 16.2% | $ | 756.1 | 16.5% | $ | 743.5 | 16.6% | ||||||||||||||||||||
Amortization of acquisition-related intangible assets | 49.8 | 48.1 | 46.4 | ||||||||||||||||||||||||||
Aclara transaction costs | — | — | 9.5 | ||||||||||||||||||||||||||
Adjusted S&A expenses | $ | 626.5 | 15.0% | $ | 708.0 | 15.4% | $ | 687.6 | 15.3% | ||||||||||||||||||||
Operating income (GAAP measure) | $ | 533.0 | 12.7% | $ | 596.6 | 13.0% | $ | 556.9 | 12.4% | ||||||||||||||||||||
Amortization of acquisition-related intangible assets | 75.9 | 72.1 | 75.9 | ||||||||||||||||||||||||||
Aclara transaction costs | — | — | 9.5 | ||||||||||||||||||||||||||
Adjusted operating income | $ | 608.9 | 14.5% | $ | 668.7 | 14.6% | $ | 642.3 | 14.3% | ||||||||||||||||||||
Net income attributable to Hubbell (GAAP measure) | $ | 351.2 | $ | 400.9 | $ | 360.2 | |||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 75.9 | 72.1 | 75.9 | ||||||||||||||||||||||||||
Gain on disposition of business | — | (21.7) | — | ||||||||||||||||||||||||||
Pension charge | 7.6 | 8.5 | — | ||||||||||||||||||||||||||
Loss on investment | — | 5.0 | — | ||||||||||||||||||||||||||
Aclara transaction costs | — | — | 12.8 | ||||||||||||||||||||||||||
Total pre-tax adjustments to net income | 83.5 | 63.9 | 88.7 | ||||||||||||||||||||||||||
Income tax effects(1)
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20.6 | 19.1 | 20.9 | ||||||||||||||||||||||||||
Adjusted net income attributable to Hubbell | $ | 414.1 | $ | 445.7 | $ | 428.0 | |||||||||||||||||||||||
Less: Earnings allocated to participating securities | (1.5) | (1.7) | (1.5) | ||||||||||||||||||||||||||
Adjusted net income available to common shareholders | $ | 412.6 | $ | 444.0 | $ | 426.5 | |||||||||||||||||||||||
Average number of diluted shares outstanding | 54.5 | 54.7 | 54.9 | ||||||||||||||||||||||||||
ADJUSTED EARNINGS PER SHARE — DILUTED | $ | 7.58 | $ | 8.12 | $ | 7.77 |
For the Year Ended December 31, | ||||||||||||||
2020 | Inc/(Dec) % | 2019 | Inc/(Dec) % | |||||||||||
Net sales growth (decline) (GAAP measure) | $ | (405.0) | (8.8) | $ | 109.3 | 2.4 | ||||||||
Impact of acquisitions | 44.8 | 1.0 | 54.5 | 1.2 | ||||||||||
Impact of divestitures | (20.3) | (0.4) | (17.1) | (0.4) | ||||||||||
Foreign currency exchange | (11.6) | (0.3) | (17.4) | (0.4) | ||||||||||
Organic net sales growth (decline) (non-GAAP measure) | $ | (417.9) | (9.1) | $ | 89.3 | 2.0 |
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For the Year Ended December 31, | ||||||||
(in millions) | 2020 | 2019 | ||||||
Net sales | $ | 2,263.6 | $ | 2,625.7 | ||||
Operating income (GAAP measure) | $ | 234.8 | $ | 320.1 | ||||
Amortization of acquisition-related intangible assets | 24.2 | 23.1 | ||||||
Adjusted operating income | $ | 259.0 | $ | 343.2 | ||||
Operating margin (GAAP measure) | 10.4 | % | 12.2 | % | ||||
Adjusted operating margin | 11.4 | % | 13.1 | % | ||||
For the Year Ended December 31, | ||||||||||||||
Electrical Solutions | 2020 | Inc/(Dec) % | 2019 | Inc/(Dec) % | ||||||||||
Net sales growth (decline) (GAAP measure) | $ | (362.1) | (13.8) | $ | (34.9) | (1.3) | ||||||||
Impact of acquisitions | 18.8 | 0.7 | 0.8 | — | ||||||||||
Impact of divestitures | (20.3) | (0.8) | (17.1) | (0.6) | ||||||||||
Foreign currency exchange | (3.3) | (0.1) | (9.8) | (0.4) | ||||||||||
Organic net sales growth (decline) (non-GAAP measure) | $ | (357.3) | (13.6) | $ | (8.8) | (0.3) | ||||||||
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For the Year Ended December 31, | ||||||||
(in millions) | 2020 | 2019 | ||||||
Net sales | $ | 1,922.4 | $ | 1,965.3 | ||||
Operating income | $ | 298.2 | $ | 276.5 | ||||
Amortization of acquisition-related intangible assets | 51.7 | 49.0 | ||||||
Adjusted operating income | $ | 349.9 | $ | 325.5 | ||||
Operating margin (GAAP measure) | 15.5 | % | 14.1 | % | ||||
Adjusted operating margin | 18.2 | % | 16.6 | % |
For the Year Ended December 31, | ||||||||||||||
Utility Solutions | 2020 | Inc/(Dec) % | 2019 | Inc/(Dec) % | ||||||||||
Net sales growth (decline) (GAAP measure) | $ | (42.9) | (2.2) | $ | 144.2 | 7.9 | ||||||||
Impact of acquisitions | 26.0 | 1.3 | 53.7 | 2.9 | ||||||||||
Impact of divestitures | — | — | — | — | ||||||||||
Foreign currency exchange | (8.3) | (0.4) | (7.6) | (0.4) | ||||||||||
Organic net sales growth (decline) (non-GAAP measure) | $ | (60.6) | (3.1) | $ | 98.1 | 5.4 |
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For the Year Ended December 31, | |||||||||||
(in millions) | 2020 | 2019 | 2018 | ||||||||
Net cash provided by (used in): | |||||||||||
Operating activities | $ | 648.0 | $ | 591.6 | $ | 517.1 | |||||
Investing activities | (328.8) | (128.9) | (1,201.4) | ||||||||
Financing activities | (244.2) | (471.0) | 506.5 | ||||||||
Effect of foreign currency exchange rate changes on cash and cash equivalents | 2.6 | 1.3 | (8.2) | ||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | $ | 77.6 | $ | (7.0) | $ | (186.0) |
For the Year Ended December 31, | |||||||||||
(in millions) | 2020 | 2019 | 2018 | ||||||||
Net cash provided by operating activities (GAAP measure) | $ | 648.0 | $ | 591.6 | $ | 517.1 | |||||
Less: Capital expenditures | (88.4) | (93.9) | (96.2) | ||||||||
Free cash flow | $ | 559.6 | $ | 497.7 | $ | 420.9 | |||||
Free cash flow as a percent of net income attributable to Hubbell | 159.3 | % | 124.1 | % | 116.9 | % |
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Costs Incurred in 2020 | Additional Expected Costs | Expected Completion Date | |||||||||
2020 Restructuring Actions | $ | 18.4 | $ | 7.7 | 2021 | ||||||
2019 and Prior Restructuring Actions | 5.7 | 1.9 | 2021 | ||||||||
Restructuring cost (GAAP measure) | $ | 24.1 | $ | 9.6 | |||||||
Restructuring-related costs | 6.5 | 1.1 | |||||||||
Restructuring and related costs (Non-GAAP) | $ | 30.6 | $ | 10.7 |
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December 31, | ||||||||
(in millions) | 2020 | 2019 | ||||||
Total Debt | $ | 1,590.0 | $ | 1,571.4 | ||||
Total Hubbell Shareholders’ Equity | 2,070.0 | 1,947.1 | ||||||
TOTAL CAPITAL | $ | 3,660.0 | $ | 3,518.5 | ||||
Debt to Total Capital | 43 | % | 45 | % | ||||
Cash and Investments | $ | 340.0 | $ | 251.9 | ||||
NET DEBT | $ | 1,250.0 | $ | 1,319.5 | ||||
Net Debt to Total Capital | 34 | % | 38 | % |
HUBBELL INCORPORATED - Form 10-K
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|
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Pension Benefits | Other Benefits | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31, | |||||||||||||||||
Discount rate | 2.47 | % | 3.17 | % | 2.50 | % | 3.30 | % | |||||||||
Rate of compensation increase | 0.24 | % | 2.94 | % | 3.99 | % | 4.00 | % | |||||||||
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31, | |||||||||||||||||
Discount rate | 3.17 | % | 4.24 | % | 3.30 | % | 4.40 | % | |||||||||
Expected return on plan assets | 4.69 | % | 4.75 | % | N/A | N/A | |||||||||||
Rate of compensation increase | 2.94 | % | 3.25 | % | 4.00 | % | 4.05 | % |
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Payments due by period | |||||||||||||||||
Total
|
2021 | 2022-2023 | 2024-2025 |
2026 and
thereafter |
|||||||||||||
Debt obligations(a)
|
$ | 1,450.0 | $ | — | $ | 300.0 | $ | — | $ | 1,150.0 | |||||||
Short-term debt obligations(a)
|
153.1 | 153.1 | — | — | — | ||||||||||||
Expected interest payments | 264.5 | 49.5 | 86.7 | 77.2 | 51.1 | ||||||||||||
Operating lease obligations | 114.5 | 34.7 | 45.0 | 20.9 | 13.9 | ||||||||||||
Retirement and other benefits(b)
|
178.4 | 13.9 | 17.2 | 16.2 | 131.1 | ||||||||||||
Purchase obligations | 372.6 | 356.1 | 13.7 | 2.7 | 0.1 | ||||||||||||
Obligations under customer incentive programs | 40.7 | 40.7 | — | — | — | ||||||||||||
Income tax payments(c)
|
30.3 | 4.8 | 8.6 | 16.9 | — | ||||||||||||
TOTAL | $ | 2,604.1 | $ | 652.8 | $ | 471.2 | $ | 133.9 | $ | 1,346.2 |
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2021 | 2022 | 2023 | 2024 | 2025 |
Thereafter
|
Total |
Fair Value
12/31/20 |
|||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Available-for-sale investments | $ | 9.3 | $ | 9.7 | $ | 13.3 | $ | 10.3 | $ | 4.6 | $ | 9.2 | $ | 56.4 | $ | 57.7 | ||||||||||
Avg. interest rate | 4.32 | % | 4.30 | % | 4.11 | % | 3.90 | % | 3.80 | % | 3.16 | % | ||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||
Senior Notes | $ | — | $ | 300.0 | $ | — | $ | — | $ | — | $ | 1,150.0 | $ | 1,450.0 | $ | 1,569.5 | ||||||||||
Avg. interest rate | — | 3.63 | % | — | — | — | 3.36 | % |
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Financial Statement Schedule | |||||
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/s/ GERBEN W. BAKKER | /s/ WILLIAM R. SPERRY | |||||||
Gerben W. Bakker | William R. Sperry | |||||||
President and Chief Executive Officer and Director | Executive Vice President and Chief Financial Officer |
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Year Ended December 31, | |||||||||||
(in millions, except per share amounts) | 2020 | 2019 | 2018 | ||||||||
Net sales | $ | 4,186.0 | $ | 4,591.0 | $ | 4,481.7 | |||||
Cost of goods sold | 2,976.7 | 3,238.3 | 3,181.3 | ||||||||
Gross profit | 1,209.3 | 1,352.7 | 1,300.4 | ||||||||
Selling & administrative expenses | 676.3 | 756.1 | 743.5 | ||||||||
Operating income | 533.0 | 596.6 | 556.9 | ||||||||
Gain on disposition of business (Note 3) | — | 21.7 | — | ||||||||
Pension charge (Note 11 & 15) | (7.6) | (8.5) | — | ||||||||
Interest expense | (60.3) | (69.4) | (72.4) | ||||||||
Investment income | — | 1.5 | 0.1 | ||||||||
Other expense, net | (11.6) | (21.4) | (17.6) | ||||||||
Total other expense | (79.5) | (76.1) | (89.9) | ||||||||
Income before income taxes | 453.5 | 520.5 | 467.0 | ||||||||
Provision for income taxes | 97.5 | 113.1 | 100.9 | ||||||||
Net income | 356.0 | 407.4 | 366.1 | ||||||||
Less: Net income attributable to noncontrolling interest | 4.8 | 6.5 | 5.9 | ||||||||
NET INCOME ATTRIBUTABLE TO HUBBELL INCORPORATED | $ | 351.2 | $ | 400.9 | $ | 360.2 | |||||
Earnings per share | |||||||||||
Basic | $ | 6.46 | $ | 7.35 | $ | 6.57 | |||||
Diluted | $ | 6.43 | $ | 7.31 | $ | 6.54 |
Year Ended December 31, | |||||||||||
(in millions) | 2020 | 2019 | 2018 | ||||||||
Net income | $ | 356.0 | $ | 407.4 | $ | 366.1 | |||||
Other comprehensive income (loss): | |||||||||||
Currency translation adjustment: | |||||||||||
Foreign currency translation adjustments | 12.3 | 3.7 | (33.9) | ||||||||
Reclassification of currency translation gains included in net income | — | (7.7) | — | ||||||||
Defined benefit pension and post-retirement plans, net of taxes of $2.9, $5.3 and $(6.3)
|
(8.8) | (14.5) | 17.8 | ||||||||
Unrealized gain (loss) on investments, net of taxes of $(0.1), $(0.2) and $0.4
|
0.4 | 2.6 | (1.4) | ||||||||
Unrealized gains (losses) on cash flow hedges, net of taxes of $0.1, $0.5 and $(0.5)
|
(0.2) | (1.3) | 1.6 | ||||||||
Other comprehensive income (loss) | 3.7 | (17.2) | (15.9) | ||||||||
Comprehensive income | 359.7 | 390.2 | 350.2 | ||||||||
Less: Comprehensive income attributable to noncontrolling interest | 4.8 | 6.5 | 5.9 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO HUBBELL | $ | 354.9 | $ | 383.7 | $ | 344.3 |
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|
At December 31, | ||||||||
(in millions, except per share amounts) | 2020 | 2019 | ||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 259.6 | $ | 182.0 | ||||
Short-term investments | 9.3 | 14.2 | ||||||
Accounts receivable (net of allowances of $12.5 and $7.7)
|
634.7 | 683.0 | ||||||
Inventories, net | 607.3 | 633.0 | ||||||
Other current assets | 76.7 | 62.0 | ||||||
Total Current Assets | 1,587.6 | 1,574.2 | ||||||
Property, Plant, and Equipment, net | 519.2 | 505.2 | ||||||
Other Assets | ||||||||
Investments | 71.1 | 55.7 | ||||||
Goodwill | 1,923.3 | 1,811.8 | ||||||
Other Intangible assets, net | 810.6 | 781.5 | ||||||
Other long-term assets | 173.3 | 174.6 | ||||||
TOTAL ASSETS | $ | 5,085.1 | $ | 4,903.0 | ||||
LIABILITIES AND EQUITY | ||||||||
Current Liabilities | ||||||||
Short-term debt and current portion of long-term debt | $ | 153.1 | $ | 65.4 | ||||
Accounts payable | 378.0 | 347.7 | ||||||
Accrued salaries, wages and employee benefits | 91.5 | 101.5 | ||||||
Accrued insurance | 71.6 | 68.1 | ||||||
Other accrued liabilities | 254.0 | 262.2 | ||||||
Total Current Liabilities | 948.2 | 844.9 | ||||||
Long-term Debt | 1,436.9 | 1,506.0 | ||||||
Other Non-Current Liabilities | 614.6 | 591.6 | ||||||
TOTAL LIABILITIES | 2,999.7 | 2,942.5 | ||||||
Commitments and Contingencies (see Note 15) | ||||||||
Hubbell Incorporated Shareholders’ Equity | ||||||||
Common stock, par value $0.01
|
||||||||
Common stock - Authorized 200,000,000 shares, outstanding 54,382,659 and 54,514,172 shares
|
$ | 0.6 | $ | 0.6 | ||||
Additional paid-in capital | 4.9 | — | ||||||
Retained earnings | 2,393.7 | 2,279.4 | ||||||
Accumulated other comprehensive loss | (329.2) | (332.9) | ||||||
Total Hubbell Incorporated Shareholders’ Equity | 2,070.0 | 1,947.1 | ||||||
Noncontrolling interest | 15.4 | 13.4 | ||||||
TOTAL EQUITY | 2,085.4 | 1,960.5 | ||||||
TOTAL LIABILITIES AND EQUITY | $ | 5,085.1 | $ | 4,903.0 |
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Year Ended December 31, | |||||||||||
(in millions) | 2020 | 2019 | 2018 | ||||||||
Cash Flows from Operating Activities | |||||||||||
Net income | $ | 356.0 | $ | 407.4 | $ | 366.1 | |||||
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisitions: | |||||||||||
Depreciation and amortization | 157.6 | 151.0 | 148.4 | ||||||||
Deferred income taxes | 3.3 | 6.1 | 49.0 | ||||||||
Stock-based compensation | 23.9 | 16.4 | 24.2 | ||||||||
Provision for bad debt expense | 6.7 | 1.7 | — | ||||||||
Gain on disposition of business | — | (21.7) | — | ||||||||
Pension charge | 7.6 | 8.5 | — | ||||||||
Gain on sale of assets | 0.3 | (0.4) | (4.0) | ||||||||
Changes in assets and liabilities, net of acquisitions: | |||||||||||
Decrease (increase) in accounts receivable | 55.5 | 44.5 | (75.4) | ||||||||
Decrease in inventories | 50.7 | 12.2 | 34.2 | ||||||||
Increase (decrease) in accounts payable | 22.6 | (41.2) | 21.5 | ||||||||
(Decrease) increase in current liabilities | (39.9) | 5.0 | (5.9) | ||||||||
Changes in other assets and liabilities, net | 19.2 | 0.9 | (20.4) | ||||||||
Contributions to qualified defined benefit pension plans | (23.2) | (10.4) | (27.9) | ||||||||
Other, net | 7.7 | 11.6 | 7.3 | ||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | 648.0 | 591.6 | 517.1 | ||||||||
Cash Flows from Investing Activities | |||||||||||
Capital expenditures | (88.4) | (93.9) | (96.2) | ||||||||
Acquisitions, net of cash acquired | (239.6) | (70.8) | (1,118.0) | ||||||||
Proceeds from disposal of business, net of cash | — | 33.4 | — | ||||||||
Purchases of available-for-sale investments | (35.1) | (14.1) | (16.6) | ||||||||
Proceeds from sales of available-for-sale investments | 28.9 | 12.5 | 20.5 | ||||||||
Proceeds from disposition of assets | 4.5 | 3.1 | 6.8 | ||||||||
Other, net | 0.9 | 0.9 | 2.1 | ||||||||
NET CASH USED IN INVESTING ACTIVITIES | (328.8) | (128.9) | (1,201.4) | ||||||||
Cash Flows from Financing Activities | |||||||||||
Issuance of long-term debt | 225.0 | — | 947.5 | ||||||||
Payment of long-term debt | (331.3) | (225.0) | (168.8) | ||||||||
Issuance of short-term debt | 125.5 | 0.7 | 0.8 | ||||||||
Payment of short-term debt | (3.6) | (0.8) | (38.0) | ||||||||
Debt issuance cost | — | — | (7.6) | ||||||||
Payment of dividends | (201.4) | (186.6) | (172.3) | ||||||||
Payment of dividends to noncontrolling interest | (2.1) | (11.3) | (3.9) | ||||||||
Acquisition of common shares | (41.3) | (35.0) | (40.0) | ||||||||
Other | (15.0) | (13.0) | (11.2) | ||||||||
NET CASH PROVIDED (USED) IN FINANCING ACTIVITIES | (244.2) | (471.0) | 506.5 | ||||||||
Effect of foreign currency exchange rate changes on cash and cash equivalents | 2.6 | 1.3 | (8.2) | ||||||||
Increase (Decrease) in cash and cash equivalents | 77.6 | (7.0) | (186.0) | ||||||||
Cash and cash equivalents, beginning of year | 182.0 | 189.0 | 375.0 | ||||||||
Cash and cash equivalents, end of year | $ | 259.6 | $ | 182.0 | $ | 189.0 |
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|
(in millions, except per
share amounts) |
Common Stock |
Additional
Paid-in Capital |
Retained
Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Total Hubbell
Shareholders' Equity |
Non-
controlling interest |
||||||||||||||
BALANCE AT DECEMBER 31, 2017 | $ | 0.6 | $ | 11.0 | $ | 1,892.4 | $ | (269.8) | $ | 1,634.2 | $ | 13.7 | ||||||||
Net income | — | — | 360.2 | — | 360.2 | 5.9 | ||||||||||||||
Other comprehensive (loss) income | — | — | — | (15.9) | (15.9) | — | ||||||||||||||
Stock-based compensation | — | 24.2 | — | — | 24.2 | — | ||||||||||||||
ASC 606 adoption to retained earnings | — | — | 0.6 | — | 0.6 | — | ||||||||||||||
Acquisition/surrender of common shares (1)
|
— | (34.5) | (16.0) | — | (50.5) | — | ||||||||||||||
Cash dividends declared ($3.15 per share)
|
— | — | (172.8) | — | (172.8) | — | ||||||||||||||
Dividends to noncontrolling interest | — | — | — | — | — | (3.9) | ||||||||||||||
Aclara noncontrolling interest | — | — | — | — | — | 2.6 | ||||||||||||||
Directors deferred compensation | — | 0.6 | — | — | 0.6 | — | ||||||||||||||
BALANCE AT DECEMBER 31, 2018 | $ | 0.6 | $ | 1.3 | $ | 2,064.4 | $ | (285.7) | $ | 1,780.6 | $ | 18.3 | ||||||||
Net income | — | — | 400.9 | — | 400.9 | 6.5 | ||||||||||||||
Other comprehensive (loss) income | — | — | — | (17.2) | (17.2) | — | ||||||||||||||
Stock-based compensation | — | 16.4 | — | — | 16.4 | — | ||||||||||||||
Reclassification of stranded tax effects | — | — | 30.0 | (30.0) | — | — | ||||||||||||||
Acquisition/surrender of common shares (1)
|
— | (18.3) | (28.9) | — | (47.2) | — | ||||||||||||||
Cash dividends declared ($3.43 per share)
|
— | — | (187.0) | — | (187.0) | — | ||||||||||||||
Dividends to noncontrolling interest | — | — | — | — | — | (11.4) | ||||||||||||||
Directors deferred compensation | — | 0.6 | — | — | 0.6 | — | ||||||||||||||
BALANCE AT DECEMBER 31, 2019 | $ | 0.6 | $ | — | $ | 2,279.4 | $ | (332.9) | $ | 1,947.1 | $ | 13.4 | ||||||||
Net income | — | — | 351.2 | — | 351.2 | 4.8 | ||||||||||||||
Other comprehensive (loss) income | — | — | — | 3.7 | 3.7 | — | ||||||||||||||
Stock-based compensation | — | 23.9 | — | — | 23.9 | — | ||||||||||||||
Acquisition/surrender of common shares (1)
|
— | (17.8) | (34.1) | — | (51.9) | — | ||||||||||||||
Cash dividends declared ($3.71 per share)
|
— | — | (201.8) | — | (201.8) | — | ||||||||||||||
Dividends to noncontrolling interest | — | — | — | — | — | (2.8) | ||||||||||||||
Directors deferred compensation | — | (1.2) | — | — | (1.2) | — | ||||||||||||||
Cumulative effect from adoption of CECL accounting standard | — | — | (1.0) | — | (1.0) | — | ||||||||||||||
BALANCE AT DECEMBER 31, 2020 | $ | 0.6 | $ | 4.9 | $ | 2,393.7 | $ | (329.2) | $ | 2,070.0 | $ | 15.4 |
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|
Twelve Months Ended December 31, | |||||||||||
in millions | 2020 | 2019 | 2018 | ||||||||
Net sales | |||||||||||
Commercial and Industrial | $ | 762.1 | $ | 902.1 | $ | 910.8 | |||||
Construction and Energy | 715.4 | 808.7 | 799.7 | ||||||||
Lighting | 786.1 | 914.9 | 950.1 | ||||||||
Total Electrical Solutions | $ | 2,263.6 | $ | 2,625.7 | $ | 2,660.6 | |||||
Power Systems | 1,343.0 | 1,283.1 | 1,210.0 | ||||||||
Aclara | 579.4 | 682.2 | 611.1 | ||||||||
Total Utility Solutions | $ | 1,922.4 | $ | 1,965.3 | $ | 1,821.1 | |||||
TOTAL | $ | 4,186.0 | $ | 4,591.0 | $ | 4,481.7 |
Twelve Months Ended December 31, | |||||||||||
in millions | 2020 | 2019 | 2018 | ||||||||
Net sales | |||||||||||
United States | $ | 2,049.5 | $ | 2,358.2 | $ | 2,365.4 | |||||
International | 214.1 | 267.5 | 295.2 | ||||||||
Total Electrical Solutions | $ | 2,263.6 | $ | 2,625.7 | $ | 2,660.6 | |||||
United States | 1,810.9 | 1,832.3 | 1,675.2 | ||||||||
International | 111.5 | 133.0 | 145.9 | ||||||||
Total Utility Solutions | $ | 1,922.4 | $ | 1,965.3 | $ | 1,821.1 | |||||
TOTAL | $ | 4,186.0 | $ | 4,591.0 | $ | 4,481.7 |
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|
Tangible assets acquired | $ | 66.5 | |||
Intangible assets | 106.4 | ||||
Goodwill | 99.7 | ||||
Net deferred taxes | (8.6) | ||||
Other liabilities assumed | (26.4) | ||||
Total Estimate of Consideration Transferred, Net of Cash Acquired | $ | 237.6 |
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Tangible assets acquired | $ | 17.9 | |||
Intangible assets | 33.2 | ||||
Goodwill | 32.5 | ||||
Net deferred taxes | (4.4) | ||||
Other liabilities assumed | (7.9) | ||||
Total Estimate of Consideration Transferred, Net of Cash Acquired | $ | 71.3 |
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Accounts receivable | $ | 118.1 | |||
Inventories | 73.5 | ||||
Other current assets | 8.5 | ||||
Property, plant and equipment | 30.9 | ||||
Intangible assets | 434.0 | ||||
Accounts payable | (51.8) | ||||
Other accrued liabilities | (93.3) | ||||
Deferred tax liabilities, net | (42.1) | ||||
Other non-current liabilities | (67.7) | ||||
Noncontrolling interest | (2.5) | ||||
Goodwill | 708.7 | ||||
Total Estimate of Consideration Transferred, Net of Cash Acquired | $ | 1,116.3 |
Estimated Fair Value | Weighted Average Estimated Useful Life | ||||||||||
Patents, tradenames and trademarks | $ | 55.0 | 20.0 | ||||||||
Customer relationships | 194.0 | 18.0 | |||||||||
Developed technology | 185.0 | 13.0 | |||||||||
Total | $ | 434.0 |
Twelve Months Ended December 31, | |||||
2018 | |||||
Selling & administrative expense | $ | 9.5 | |||
Interest expense | 3.3 | ||||
Total Aclara Transaction Costs | $ | 12.8 |
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(in millions, except per share amounts) |
Twelve Months Ended December 31, | ||||||||||||||||
2018 | |||||||||||||||||
Net sales | $ | 4,531.2 | |||||||||||||||
Net income attributable to Hubbell | $ | 376.4 | |||||||||||||||
Earnings Per Share: | |||||||||||||||||
Basic | $ | 6.86 | |||||||||||||||
Diluted | $ | 6.83 |
2020 | 2019 | |||||||
Trade accounts receivable | $ | 658.2 | $ | 696.8 | ||||
Non-trade receivables | 23.4 | 29.9 | ||||||
Accounts receivable, gross | 681.6 | 726.7 | ||||||
Allowance for credit memos, returns and cash discounts | (34.4) | (36.0) | ||||||
Allowance for doubtful accounts | (12.5) | (7.7) | ||||||
Total allowances | (46.9) | (43.7) | ||||||
ACCOUNTS RECEIVABLE, NET | $ | 634.7 | $ | 683.0 |
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|
2020 | 2019 | |||||||
Raw material | $ | 219.5 | $ | 217.4 | ||||
Work-in-process | 108.3 | 101.8 | ||||||
Finished goods | 366.8 | 403.6 | ||||||
Subtotal | 694.6 | 722.8 | ||||||
Excess of FIFO over LIFO cost basis | (87.3) | (89.8) | ||||||
INVENTORIES, NET | $ | 607.3 | $ | 633.0 |
Segment | |||||||||||
Electrical Solutions | Utility Solutions | Total | |||||||||
BALANCE AT DECEMBER 31, 2018 | $ | 714.1 | $ | 1,070.3 | $ | 1,784.4 | |||||
Current year acquisitions(1)
|
15.2 | 14.2 | 29.4 | ||||||||
Dispositions(1)
|
(3.1) | — | (3.1) | ||||||||
Foreign currency translation | 1.5 | (0.4) | 1.1 | ||||||||
BALANCE AT DECEMBER 31, 2019 | $ | 727.7 | $ | 1,084.1 | $ | 1,811.8 | |||||
Current year acquisitions(1)
|
21.1 | 78.6 | 99.7 | ||||||||
Prior year acquisitions(1)
|
0.5 | 2.6 | 3.1 | ||||||||
Foreign currency translation | 3.1 | 5.6 | 8.7 | ||||||||
BALANCE AT DECEMBER 31, 2020 | $ | 752.4 | $ | 1,170.9 | $ | 1,923.3 |
December 31, 2020 | December 31, 2019 | ||||||||||||||||
Gross Amount |
Accumulated
Amortization |
Gross Amount |
Accumulated
Amortization |
||||||||||||||
Definite-lived: | |||||||||||||||||
Patents, tradenames and trademarks | $ | 213.4 | $ | (73.8) | $ | 202.7 | $ | (65.0) | |||||||||
Customer relationships, developed technology and other | 958.0 | (340.6) | 861.0 | (270.8) | |||||||||||||
TOTAL DEFINITE-LIVED INTANGIBLES | 1,171.4 | (414.4) | 1,063.7 | (335.8) | |||||||||||||
Indefinite-lived: | |||||||||||||||||
Tradenames and other | 53.6 | — | 53.6 | — | |||||||||||||
TOTAL OTHER INTANGIBLE ASSETS | $ | 1,225.0 | $ | (414.4) | $ | 1,117.3 | $ | (335.8) |
62
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HUBBELL INCORPORATED - Form 10-K
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2020 | 2019 | ||||||||||||||||||||||||||||||||||
Amortized
Cost |
Gross Unrealized
Gains |
Gross
Unrealized Losses |
Fair
Value |
Carrying
Value |
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Fair
Value |
Carrying
Value |
||||||||||||||||||||||||||
Available-for-sale securities | $56.4 | $1.4 | $(0.1) | $57.7 | $57.7 | $50.0 | $0.8 | $(0.1) | $50.7 | $50.7 | |||||||||||||||||||||||||
Trading securities | 13.1 | 9.6 | — | 22.7 | 22.7 | 12.0 | 7.2 | — | 19.2 | 19.2 | |||||||||||||||||||||||||
TOTAL INVESTMENTS | $69.5 | $11.0 | $(0.1) | $80.4 | $80.4 | $62.0 | $8.0 | $(0.1) | $69.9 | $69.9 |
Amortized Cost | Fair Value | |||||||
Available-for-sale securities | ||||||||
Due within 1 year | $ | 9.3 | $ | 9.4 | ||||
After 1 year but within 5 years | 37.9 | 38.7 | ||||||
After 5 years but within 10 years | 4.3 | 4.6 | ||||||
Due after 10 years | 4.9 | 5.0 | ||||||
TOTAL | $ | 56.4 | $ | 57.7 |
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2020 | 2019 | |||||||
Land | $ | 37.2 | $ | 37.7 | ||||
Buildings and improvements | 282.7 | 285.3 | ||||||
Machinery, tools, and equipment | 924.4 | 896.0 | ||||||
Construction-in-progress | 57.4 | 35.3 | ||||||
Gross property, plant, and equipment | 1,301.7 | 1,254.3 | ||||||
Less accumulated depreciation | (782.5) | (749.1) | ||||||
PROPERTY, PLANT, AND EQUIPMENT, NET | $ | 519.2 | $ | 505.2 |
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2020 | 2019 | |||||||
Customer program incentives | $ | 40.7 | $ | 49.0 | ||||
Accrued income taxes | 4.6 | 6.0 | ||||||
Contract liabilities - deferred revenue | 30.9 | 31.0 | ||||||
Customer refund liability | 17.4 | 19.0 | ||||||
Accrued warranties(1)
|
28.7 | 24.0 | ||||||
Current operating lease liabilities | 32.1 | 29.6 | ||||||
Other | 99.6 | 103.6 | ||||||
TOTAL | $ | 254.0 | $ | 262.2 |
2020 | 2019 | |||||||
Pensions | $ | 199.0 | $ | 198.5 | ||||
Other post-employment benefits | 21.2 | 21.5 | ||||||
Deferred tax liabilities | 135.3 | 126.8 | ||||||
Accrued warranties long-term(1)
|
51.8 | 58.1 | ||||||
Non-current operating lease liabilities | 74.9 | 71.7 | ||||||
Other | 132.4 | 115.0 | ||||||
TOTAL | $ | 614.6 | $ | 591.6 |
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Pension Benefits | Other Benefits | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Change in benefit obligation | |||||||||||||||||
Benefit obligation at beginning of year | $ | 938.7 | $ | 844.3 | $ | 23.8 | $ | 26.1 | |||||||||
Service cost | 1.2 | 2.2 | — | 0.1 | |||||||||||||
Interest cost | 28.0 | 34.6 | 0.7 | 1.1 | |||||||||||||
Plan participants’ contributions | — | 0.4 | — | — | |||||||||||||
Actuarial loss/(gain) | 89.6 | 107.0 | 0.2 | (2.0) | |||||||||||||
Curtailment gain | (0.1) | — | — | — | |||||||||||||
Settlements | (24.7) | — | — | — | |||||||||||||
Currency impact | 5.1 | 3.6 | — | — | |||||||||||||
Other | — | 0.1 | — | — | |||||||||||||
Benefits paid | (43.6) | (53.5) | (1.5) | (1.5) | |||||||||||||
Benefit obligation at end of year | $ | 994.2 | $ | 938.7 | $ | 23.2 | $ | 23.8 | |||||||||
Change in plan assets | |||||||||||||||||
Fair value of plan assets at beginning of year | $ | 743.4 | $ | 670.1 | $ | — | $ | — | |||||||||
Actual return on plan assets | 94.9 | 106.2 | — | — | |||||||||||||
Employer contributions | 29.5 | 16.4 | 1.5 | 1.5 | |||||||||||||
Plan participants’ contributions | — | 0.4 | — | — | |||||||||||||
Settlements | (24.7) | — | — | — | |||||||||||||
Currency impact | 5.6 | 3.8 | — | — | |||||||||||||
Benefits paid | (43.6) | (53.5) | (1.5) | (1.5) | |||||||||||||
Fair value of plan assets at end of year | $ | 805.1 | $ | 743.4 | $ | — | $ | — | |||||||||
FUNDED STATUS | $ | (189.1) | $ | (195.3) | $ | (23.2) | $ | (23.8) | |||||||||
Amounts recognized in the consolidated balance sheet consist of: | |||||||||||||||||
Prepaid pensions (included in Other long-term assets) | $ | 16.4 | $ | 8.6 | $ | — | $ | — | |||||||||
Accrued benefit liability (short-term and long-term) | (205.5) | (203.9) | (23.2) | (23.8) | |||||||||||||
NET AMOUNT RECOGNIZED IN THE CONSOLIDATED BALANCE SHEET | $ | (189.1) | $ | (195.3) | $ | (23.2) | $ | (23.8) | |||||||||
Amounts recognized in Accumulated other comprehensive loss (income) consist of: | |||||||||||||||||
Net actuarial loss | $ | 275.4 | $ | 263.4 | $ | 0.6 | $ | 0.3 | |||||||||
Prior service cost (credit) | 3.5 | 3.6 | — | (0.4) | |||||||||||||
NET AMOUNT RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS | $ | 278.9 | $ | 267.0 | $ | 0.6 | $ | (0.1) |
2020 | 2019 | |||||||
Projected benefit obligation | $ | 865.1 | $ | 823.8 | ||||
Accumulated benefit obligation | $ | 865.1 | $ | 819.0 | ||||
Fair value of plan assets | $ | 659.5 | $ | 620.0 |
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Pension Benefits | Other Benefits | ||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||
Service cost | $ | 1.2 | $ | 2.2 | $ | 3.8 | $ | — | $ | 0.1 | $ | 0.1 | |||||||||||
Interest cost | 28.0 | 34.6 | 34.3 | 0.7 | 1.1 | 1.0 | |||||||||||||||||
Expected return on plan assets | (33.9) | (30.7) | (33.5) | — | — | — | |||||||||||||||||
Amortization of prior service cost (credit) | 0.2 | 0.2 | 0.1 | (0.4) | (0.9) | (0.8) | |||||||||||||||||
Amortization of actuarial losses (gains) | 9.8 | 9.6 | 10.5 | (0.1) | 0.1 | — | |||||||||||||||||
Curtailment and settlement losses | 7.5 | 0.3 | — | — | — | — | |||||||||||||||||
Net periodic benefit cost | $ | 12.8 | $ | 16.2 | $ | 15.2 | $ | 0.2 | $ | 0.4 | $ | 0.3 | |||||||||||
Changes recognized in other comprehensive loss (income), before tax: | |||||||||||||||||||||||
Current year net actuarial loss (gain) | $ | 28.6 | $ | 31.5 | $ | (15.8) | $ | 0.1 | $ | (2.0) | $ | (0.4) | |||||||||||
Current year prior service credit | — | — | 2.0 | — | — | — | |||||||||||||||||
Amortization of prior service (cost) credit | (0.2) | (0.2) | (0.1) | 0.4 | 0.9 | 1.0 | |||||||||||||||||
Amortization of net actuarial (losses) gains | (9.8) | (9.6) | (10.5) | 0.1 | (0.1) | (0.2) | |||||||||||||||||
Currency impact | 0.1 | 0.7 | (1.3) | — | — | — | |||||||||||||||||
Settlement adjustment | (7.6) | — | — | — | — | — | |||||||||||||||||
Curtailment adjustments | 0.1 | (0.3) | — | — | — | — | |||||||||||||||||
Total recognized in other comprehensive loss | 11.2 | 22.1 | (25.7) | 0.6 | (1.2) | 0.4 | |||||||||||||||||
TOTAL RECOGNIZED IN NET PERIODIC PENSION COST AND OTHER COMPREHENSIVE LOSS | $ | 24.0 | $ | 38.3 | $ | (10.5) | $ | 0.8 | $ | (0.8) | $ | 0.7 | |||||||||||
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Pension Benefits | Other Benefits | ||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31, | |||||||||||||||||||||||
Discount rate | 2.47 | % | 3.17 | % | 4.24 | % | 2.50 | % | 3.30 | % | 4.40 | % | |||||||||||
Rate of compensation increase | 0.24 | % | 2.94 | % | 3.25 | % | 3.99 | % | 4.00 | % | 4.05 | % | |||||||||||
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31, | |||||||||||||||||||||||
Discount rate | 3.17 | % | 4.24 | % | 3.67 | % | 3.30 | % | 4.40 | % | 3.70 | % | |||||||||||
Expected return on plan assets | 4.69 | % | 4.75 | % | 4.68 | % | N/A | N/A | N/A | ||||||||||||||
Rate of compensation increase | 2.94 | % | 3.25 | % | 3.24 | % | 4.00 | % | 4.05 | % | 4.00 | % |
Other Benefits | |||||||||||
2020 | 2019 | 2018 | |||||||||
Assumed health care cost trend rates at December 31, | |||||||||||
Health care cost trend assumed for next year | 6.4 | % | 6.6 | % | 6.8 | % | |||||
Rate to which the cost trend is assumed to decline | 5.0 | % | 5.0 | % | 5.0 | % | |||||
Year that the rate reaches the ultimate trend rate | 2028 | 2028 | 2028 |
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Percentage of Plan Assets | |||||||||||
Target | Actual | ||||||||||
Asset Category | 2021 | 2020 | 2019 | ||||||||
Equity securities | 25 | % | 24 | % | 25 | % | |||||
Debt securities & Cash | 73 | % | 74 | % | 73 | % | |||||
Alternative Investments | 2 | % | 2 | % | 2 | % | |||||
TOTAL | 100 | % | 100 | % | 100 | % |
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Quoted Prices in Active
Markets for Identical Assets |
Quoted Prices in Active
Market for Similar Asset |
Significant
Unobservable Inputs |
Investments Priced
Using Net Asset Value |
||||||||||||||
Asset Category | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Cash and cash equivalents | $ | 26.6 | $ | 26.6 | $ | — | $ | — | $ | — | |||||||
Equity securities: | |||||||||||||||||
Equity Mutual Funds | 29.8 | 29.8 | — | — | — | ||||||||||||
Common Pooled Equity Funds (a)
|
153.9 | — | 153.9 | — | — | ||||||||||||
Fixed Income Securities: | |||||||||||||||||
U.S. Treasuries | 52.0 | — | 52.0 | — | — | ||||||||||||
State and Local Municipal Bonds | 9.3 | — | 9.3 | — | — | ||||||||||||
Sovereign Debt | 9.3 | — | 9.3 | — | — | ||||||||||||
Corporate Bonds (b)
|
145.1 | — | 145.1 | — | — | ||||||||||||
Fixed Income Mutual Funds | 59.9 | 59.9 | — | — | — | ||||||||||||
Common Pooled Fixed Income Funds (c)
|
279.4 | — | 279.4 | — | — | ||||||||||||
Alternative Investment Funds (d)
|
14.3 | — | — | — | 14.3 | ||||||||||||
Common Pooled Funds (e)
|
25.5 | 0.5 | 25.0 | — | — | ||||||||||||
BALANCE AT DECEMBER 31, 2020 | $ | 805.1 | $ | 116.8 | $ | 674.0 | $ | — | $ | 14.3 |
Quoted Prices in Active
Markets for Identical Assets |
Quoted Prices in Active
Market for Similar Asset |
Significant
Unobservable Inputs |
Investments Priced
Using Net Asset Value |
||||||||||||||
Asset Category | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Cash and cash equivalents | $ | 16.6 | $ | 16.6 | $ | — | $ | — | $ | — | |||||||
Equity securities: | |||||||||||||||||
Equity Mutual Funds | 31.6 | 31.6 | — | — | — | ||||||||||||
Common Pooled Equity Funds (a)
|
144.0 | — | 144.0 | — | — | ||||||||||||
Fixed Income Securities: | |||||||||||||||||
U.S. Treasuries | 64.5 | — | 64.5 | — | — | ||||||||||||
State and Local Municipal Bonds | 9.4 | — | 9.4 | — | — | ||||||||||||
Sovereign Debt | 7.6 | — | 7.6 | — | — | ||||||||||||
Corporate Bonds (b)
|
122.9 | 0.1 | 122.8 | — | — | ||||||||||||
Fixed Income Mutual Funds | 54.2 | 54.2 | — | — | — | ||||||||||||
Common Pooled Fixed Income Funds (c)
|
252.3 | — | 252.3 | — | — | ||||||||||||
Alternative Investment Funds (d)
|
18.1 | — | 0.9 | — | 17.2 | ||||||||||||
Common Pooled Funds (e)
|
22.2 | 0.5 | 21.7 | — | — | ||||||||||||
BALANCE AT DECEMBER 31, 2019 | $ | 743.4 | $ | 103.0 | $ | 623.2 | $ | — | $ | 17.2 |
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Pension Benefits | Other Benefits | |||||||
2021 | $ | 52.1 | $ | 2.0 | ||||
2022 | $ | 53.1 | $ | 1.9 | ||||
2023 | $ | 53.5 | $ | 1.8 | ||||
2024 | $ | 53.7 | $ | 1.7 | ||||
2025 | $ | 53.9 | $ | 1.6 | ||||
2025-2028 | $ | 262.9 | $ | 6.9 |
Maturity | 2020 | 2019 | |||||||||
Senior notes at 3.625%
|
2022 | $ | 299.2 | $ | 298.8 | ||||||
Senior notes at 3.35%
|
2026 | 396.5 | 395.7 | ||||||||
Senior notes at 3.15%
|
2027 | 296.4 | 295.9 | ||||||||
Senior notes at 3.50%
|
2028 | 444.8 | 444.0 | ||||||||
Term loan, net of current portion of $0 million and $34.4 million, respectively
|
2023 | — | 71.6 | ||||||||
2018 Credit Facility | 2023 | — | — | ||||||||
TOTAL LONG-TERM DEBT(a)
|
$ | 1,436.9 | $ | 1,506.0 |
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2020 | 2019 | |||||||
Weighted average interest rate on short-term debt: | ||||||||
At year end | 0.32 | % | 2.59 | % |
2020 | 2019 | 2018 | |||||||||
Income before income taxes: | |||||||||||
United States | $ | 372.0 | $ | 406.7 | $ | 360.8 | |||||
International | 81.5 | 113.8 | 106.2 | ||||||||
TOTAL INCOME BEFORE INCOME TAXES | $ | 453.5 | $ | 520.5 | $ | 467.0 | |||||
Provision for income taxes — current: | |||||||||||
Federal | $ | 60.7 | $ | 65.0 | $ | 12.3 | |||||
State | 16.1 | 16.6 | 21.8 | ||||||||
International | 17.4 | 25.4 | 17.8 | ||||||||
Total provision — current | 94.2 | 107.0 | 51.9 | ||||||||
Provision for income taxes — deferred: | |||||||||||
Federal | 2.4 | 8.6 | 35.0 | ||||||||
State | 1.0 | 0.5 | 9.4 | ||||||||
International | (0.1) | (3.0) | 4.6 | ||||||||
Total provision — deferred | 3.3 | 6.1 | 49.0 | ||||||||
TOTAL PROVISION FOR INCOME TAXES | $ | 97.5 | $ | 113.1 | $ | 100.9 |
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2020 | 2019 | |||||||
Deferred tax assets: | ||||||||
Inventories | $ | 9.6 | $ | 10.1 | ||||
Lease Liabilities | 26.0 | 24.8 | ||||||
Income tax credits | 27.8 | 26.9 | ||||||
Accrued liabilities | 42.6 | 37.8 | ||||||
Pension | 49.6 | 53.4 | ||||||
Post retirement and post employment benefits | 6.0 | 6.0 | ||||||
Stock-based compensation | 7.4 | 9.7 | ||||||
Loss Carryforwards | 20.5 | 21.3 | ||||||
Miscellaneous other | 16.4 | 11.9 | ||||||
Gross deferred tax assets | 205.9 | 201.9 | ||||||
Valuation allowance | (34.2) | (29.0) | ||||||
Total deferred tax assets, net of valuation allowance | 171.7 | 172.9 | ||||||
Deferred tax liabilities: | ||||||||
Liability on undistributed foreign earnings | (9.6) | (8.6) | ||||||
Goodwill and Intangibles | (218.3) | (212.3) | ||||||
Right-of-use assets | (25.1) | (24.2) | ||||||
Property, plant, and equipment | (48.9) | (48.4) | ||||||
Total deferred tax liabilities | (301.9) | (293.5) | ||||||
TOTAL NET DEFERRED TAX LIABILITY | $ | (130.2) | $ | (120.6) | ||||
Deferred taxes are reflected in the Consolidated Balance Sheet as follows: | ||||||||
Non-current tax assets (included in Other long-term assets) | 5.1 | 6.2 | ||||||
Non-current tax liabilities (included in Other Non-Current Liabilities) | (135.3) | (126.8) | ||||||
TOTAL NET DEFERRED TAX LIABILITY | $ | (130.2) | $ | (120.6) |
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2020 | 2019 | 2018 | |||||||||
Unrecognized tax benefits at beginning of year | $ | 41.9 | $ | 38.9 | $ | 29.5 | |||||
Additions based on tax positions relating to the current year | 7.4 | 7.0 | 3.8 | ||||||||
Reductions based on expiration of statute of limitations | (6.2) | (5.2) | (1.7) | ||||||||
Additions to tax positions relating to previous years | 4.5 | 1.6 | 7.4 | ||||||||
Settlements | — | (0.4) | (0.1) | ||||||||
TOTAL UNRECOGNIZED TAX BENEFITS | $ | 47.6 | $ | 41.9 | $ | 38.9 |
2020 | 2019 | 2018 | |||||||||
Federal statutory income tax rate | 21.0 | % | 21.0 | % | 21.0 | % | |||||
State income taxes, net of federal benefit | 3.0 | 2.8 | 4.5 | ||||||||
Foreign income taxes | (0.1) | (0.7) | (1.1) | ||||||||
Federal R&D Credit | (1.5) | (1.2) | (1.0) | ||||||||
TCJA and related | — | — | (1.3) | ||||||||
Other, net | (0.9) | (0.2) | (0.5) | ||||||||
CONSOLIDATED EFFECTIVE INCOME TAX RATE | 21.5 | % | 21.7 | % | 21.6 | % |
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Asset (Liability) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Similar Assets (Level 2) | Unobservable inputs for which little or no market data exists (Level 3) | Total | ||||||||||
Money market funds (a)
|
$ | 26.6 | $ | — | $ | — | $ | 26.6 | ||||||
Available for sale investments | — | 57.7 | — | 57.7 | ||||||||||
Trading securities | 22.7 | — | — | 22.7 | ||||||||||
Deferred compensation plan liabilities | (22.7) | — | — | (22.7) | ||||||||||
Derivatives: | ||||||||||||||
Forward exchange contracts-(Liabilities) (b)
|
— | (0.8) | — | (0.8) | ||||||||||
BALANCE AT DECEMBER 31, 2020 | $ | 26.6 | $ | 56.9 | $ | — | $ | 83.5 |
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Asset (Liability) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Similar Assets (Level 2) | Unobservable inputs for which little or no market data exists (Level 3) | Total | ||||||||||
Money market funds (a)
|
$ | 27.5 | $ | — | $ | — | $ | 27.5 | ||||||
Available-for-sale investments | — | 50.7 | — | 50.7 | ||||||||||
Trading securities | 19.2 | — | — | 19.2 | ||||||||||
Deferred compensation plan liabilities | (19.2) | — | — | (19.2) | ||||||||||
Derivatives: | ||||||||||||||
Forward exchange contracts-(Liabilities) (b)
|
— | (0.3) | — | (0.3) | ||||||||||
BALANCE AT DECEMBER 31, 2019 | $ | 27.5 | $ | 50.4 | $ | — | $ | 77.9 |
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Common Stock | |||||
OUTSTANDING AT DECEMBER 31, 2017 | 54,882 | ||||
Exercise of stock options/stock appreciation rights | 66 | ||||
Director compensation arrangements, net | 11 | ||||
Restricted/performance shares activity, net of forfeitures | 165 | ||||
Acquisition/surrender of shares | (409) | ||||
OUTSTANDING AT DECEMBER 31, 2018 | 54,715 | ||||
Exercise of stock appreciation rights | 84 | ||||
Director compensation arrangements, net | 10 | ||||
Restricted/performance shares activity, net of forfeitures | 39 | ||||
Acquisition/surrender of shares | (334) | ||||
OUTSTANDING AT DECEMBER 31, 2019 | 54,514 | ||||
Exercise of stock appreciation rights | 87 | ||||
Director compensation arrangements, net | 9 | ||||
Restricted/performance shares activity, net of forfeitures | 132 | ||||
Acquisition/surrender of shares | (359) | ||||
OUTSTANDING AT DECEMBER 31, 2020 | 54,383 |
Common Stock | |||||
Future grant of stock-based compensation | 1,856 | ||||
Shares reserved under other equity compensation plans | 143 | ||||
TOTAL | 1,999 |
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|
Shares | Weighted Average Grant Date Fair Value/Share | |||||||
RESTRICTED STOCK AT DECEMBER 31, 2019 | 198 | $ | 110.89 | |||||
Shares granted | 101 | 145.48 | ||||||
Shares vested | (68) | 114.10 | ||||||
Shares forfeited | (9) | 126.90 | ||||||
RESTRICTED STOCK AT DECEMBER 31, 2020 | 222 | $ | 124.77 |
Number of Rights | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||
OUTSTANDING AT DECEMBER 31, 2019 | 1,572 | $ | 110.66 | |||||||||||
Granted | 287 | 146.22 | ||||||||||||
Exercised | (448) | 105.51 | ||||||||||||
Forfeited | (26) | 127.36 | ||||||||||||
Canceled | (2) | 126.63 | ||||||||||||
OUTSTANDING AT DECEMBER 31, 2020 | 1,383 | $ | 119.37 | 6.9 years | $ | 51,741 | ||||||||
EXERCISABLE AT DECEMBER 31, 2020 | 980 | $ | 112.83 | 6.1 years | $ | 43,057 |
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Grant Date | Expected Dividend Yield | Expected Volatility | Risk Free Interest Rate | Expected Term | Weighted Avg. Grant Date Fair Value of 1 SAR | ||||||||||||
2020 | 2.5 | % | 23.5 | % | 1.3 | % | 5.5 years | $ | 24.52 | ||||||||
2019 | 2.7 | % | 22.7 | % | 1.8 | % | 5.5 years | $ | 21.25 | ||||||||
2018 | 2.9 | % | 21.7 | % | 2.8 | % | 5.5 years | $ | 18.23 |
Grant Date | Shares Outstanding at 12/31/2020 | Fair Value | Performance Period | Payout Range | ||||||||||||||||
2020 | 61,595 | $ | 151.78 | Jan 2020-Dec 2022 |
0-200% + up to a multiple of 150x
|
|||||||||||||||
2018 | 48,235 | $ | 98.80 | Jan 2019-Dec 2021 |
0-200% + up to a multiple of 120x
|
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Grant Date | Shares Outstanding at 12/31/2020 | Fair Value | Performance Period | Payout Range | ||||||||||||||||
2017 | 18,530 | $ | 118.55 | Jan 2018 - Dec 2020 |
0-250%
|
2020 | 2019 | 2018 | |||||||||
Numerator: | |||||||||||
Net income attributable to Hubbell Incorporated | $ | 351.2 | $ | 400.9 | $ | 360.2 | |||||
Less: Earnings allocated to participating securities | (1.3) | (1.5) | (1.3) | ||||||||
Net income available to common shareholders | $ | 349.9 | $ | 399.4 | $ | 358.9 | |||||
Denominator: | |||||||||||
Average number of common shares outstanding | 54.2 | 54.4 | 54.6 | ||||||||
Potential dilutive shares | 0.3 | 0.3 | 0.3 | ||||||||
Average number of diluted shares outstanding | 54.5 | 54.7 | 54.9 | ||||||||
Earnings per share: | |||||||||||
Basic | $ | 6.46 | $ | 7.35 | $ | 6.57 | |||||
Diluted | $ | 6.43 | $ | 7.31 | $ | 6.54 |
84
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HUBBELL INCORPORATED - Form 10-K
|
(Debit) credit |
Cash Flow
Hedge (Loss) Gain |
Unrealized
Gain (Loss) on Available-for-Sale Securities |
Pension and
Post Retirement Benefit Plan Adjustment |
Cumulative
Translation Adjustment |
Total | ||||||||||||
BALANCE AT DECEMBER 31, 2017 | $ | (0.8) | $ | (0.6) | $ | (176.5) | $ | (91.9) | $ | (269.8) | |||||||
Other comprehensive income (loss) before Reclassifications | 1.9 | (1.4) | 10.4 | (33.9) | (23.0) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (0.3) | — | 7.4 | — | 7.1 | ||||||||||||
Current period other comprehensive income (loss) | 1.6 | (1.4) | 17.8 | (33.9) | (15.9) | ||||||||||||
BALANCE AT DECEMBER 31, 2018 | $ | 0.8 | $ | (2.0) | $ | (158.7) | $ | (125.8) | $ | (285.7) | |||||||
Other comprehensive income (loss) before Reclassifications | (0.8) | 0.8 | (21.5) | 3.7 | (17.8) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (0.5) | 1.8 | 7.0 | (7.7) | 0.6 | ||||||||||||
Current period other comprehensive income (loss) | (1.3) | 2.6 | (14.5) | (4.0) | (17.2) | ||||||||||||
Reclassification of Stranded Tax Effects | — | — | (30.0) | — | (30.0) | ||||||||||||
BALANCE AT DECEMBER 31, 2019 | $ | (0.5) | $ | 0.6 | $ | (203.2) | $ | (129.8) | $ | (332.9) | |||||||
Other comprehensive income (loss) before Reclassifications | 0.4 | 0.4 | (21.6) | 12.3 | (8.5) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (0.6) | — | 12.8 | — | 12.2 | ||||||||||||
Current period other comprehensive income (loss) | (0.2) | 0.4 | (8.8) | 12.3 | 3.7 | ||||||||||||
BALANCE AT DECEMBER 31, 2020 | $ | (0.7) | $ | 1.0 | $ | (212.0) | $ | (117.5) | $ | (329.2) |
HUBBELL INCORPORATED - Form 10-K
|
85
|
Details about Accumulated Other Comprehensive Loss Components | 2020 | 2019 |
Location of Gain (Loss)
Reclassified into Income |
||||||||||||||
Cash flow hedges gain (loss): | |||||||||||||||||
Forward exchange contracts | $ | 0.3 | $ | 0.3 | Net Sales | ||||||||||||
0.5 | 0.4 | Cost of goods sold | |||||||||||||||
0.8 | 0.7 | Total before tax | |||||||||||||||
(0.2) | (0.2) | Tax (expense) benefit | |||||||||||||||
$ | 0.6 | $ | 0.5 | Gain (loss) net of tax | |||||||||||||
Amortization of defined benefit pension and post retirement benefit items: | |||||||||||||||||
Prior-service credits | $ | 0.2 |
(a)
|
$ | 0.7 |
(a)
|
|||||||||||
Actuarial gains/(losses) | (9.7) |
(a)
|
(9.7) |
(a)
|
|||||||||||||
Settlement and curtailment losses | (7.5) |
(a)
|
(0.3) |
(a)
|
|||||||||||||
(17.0) | (9.3) | Total before tax | |||||||||||||||
4.2 | 2.3 | Tax benefit (expense) | |||||||||||||||
$ | (12.8) | $ | (7.0) | (Loss) gain net of tax | |||||||||||||
Reclassification of gains (losses) on available-for-sale securities | $ | — | $ | (1.8) | Other expense, net | ||||||||||||
— | — | Tax benefit (expense) | |||||||||||||||
$ | — | $ | (1.8) | (Loss) gain net of tax | |||||||||||||
Reclassification of currency translation gain | $ | — | $ | 7.7 | Gain on disposition of business (Note 3) | ||||||||||||
— | — | Tax benefit (expense) | |||||||||||||||
$ | — | $ | 7.7 | Gain (loss) net of tax | |||||||||||||
Gains (losses) reclassified into earnings | $ | (12.2) | $ | (0.6) | (Loss) gain net of tax |
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HUBBELL INCORPORATED - Form 10-K
|
87
|
2020 | 2019 | 2018 | |||||||||
Net Sales: | |||||||||||
Electrical Solutions | $ | 2,263.6 | $ | 2,625.7 | $ | 2,660.6 | |||||
Utility Solutions | 1,922.4 | 1,965.3 | 1,821.1 | ||||||||
TOTAL NET SALES | $ | 4,186.0 | $ | 4,591.0 | $ | 4,481.7 | |||||
Operating Income: | |||||||||||
Electrical Solutions | $ | 234.8 | $ | 320.1 | $ | 320.8 | |||||
Utility Solutions | 298.2 | 276.5 | 236.1 | ||||||||
Operating Income | $ | 533.0 | $ | 596.6 | $ | 556.9 | |||||
Gain on disposition of business (Note 3) | — | 21.7 | — | ||||||||
Pension charge (Note 11 & 15) | (7.6) | (8.5) | — | ||||||||
Interest expense | (60.3) | (69.4) | (72.4) | ||||||||
Investment income and other expense, net | (11.6) | (19.9) | (17.5) | ||||||||
INCOME BEFORE INCOME TAXES | $ | 453.5 | $ | 520.5 | $ | 467.0 | |||||
Assets: | |||||||||||
Electrical Solutions | $ | 2,233.0 | $ | 2,197.8 | $ | 2,228.5 | |||||
Utility Solutions | 2,563.8 | 2,401.3 | 2,395.8 | ||||||||
General Corporate | 288.3 | 303.9 | 247.8 | ||||||||
TOTAL ASSETS | $ | 5,085.1 | $ | 4,903.0 | $ | 4,872.1 | |||||
Capital Expenditures: | |||||||||||
Electrical Solutions | $ | 34.8 | $ | 45.8 | $ | 53.0 | |||||
Utility Solutions | 53.1 | 45.4 | 36.8 | ||||||||
General Corporate | 0.5 | 2.7 | 6.4 | ||||||||
TOTAL CAPITAL EXPENDITURES | $ | 88.4 | $ | 93.9 | $ | 96.2 | |||||
Depreciation and Amortization: | |||||||||||
Electrical Solutions | $ | 65.1 | $ | 65.0 | $ | 61.4 | |||||
Utility Solutions | 92.5 | 86.0 | 87.0 | ||||||||
TOTAL DEPRECIATION AND AMORTIZATION | $ | 157.6 | $ | 151.0 | $ | 148.4 |
2020 | 2019 | 2018 | |||||||||
Net Sales: | |||||||||||
United States | $ | 3,860.4 | $ | 4,190.5 | $ | 4,040.6 | |||||
International | 325.6 | 400.5 | 441.1 | ||||||||
TOTAL NET SALES | $ | 4,186.0 | $ | 4,591.0 | $ | 4,481.7 | |||||
Operating Income: | |||||||||||
United States | $ | 476.2 | $ | 529.7 | $ | 478.0 | |||||
International | 56.8 | 66.9 | 78.9 | ||||||||
TOTAL OPERATING INCOME | $ | 533.0 | $ | 596.6 | $ | 556.9 | |||||
Long-lived Assets: | |||||||||||
United States | $ | 3,113.7 | $ | 2,950.4 | $ | 2,972.4 | |||||
International | 378.7 | 372.2 | 245.0 | ||||||||
TOTAL LONG-LIVED ASSETS | $ | 3,492.4 | $ | 3,322.6 | $ | 3,217.4 |
88
|
HUBBELL INCORPORATED - Form 10-K
|
BALANCE AT DECEMBER 31, 2018 | $ | 92.7 | |||
Provision | 15.8 | ||||
Expenditures/other | (26.4) | ||||
BALANCE AT DECEMBER 31, 2019 | $ | 82.1 | |||
Provision | 10.8 | ||||
Expenditures/other | (12.4) | ||||
BALANCE AT DECEMBER 31, 2020(a)
|
$ | 80.5 |
HUBBELL INCORPORATED - Form 10-K
|
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|
Twelve Months Ended December 31, 2020 | Twelve Months Ended December 31, 2019 | Twelve Months Ended December 31, 2018 | |||||||||||||||||||||||||||||||||
Electrical Solutions |
Utility
Solutions |
Total | Electrical Solutions |
Utility
Solutions |
Total | Electrical Solutions |
Utility
Solutions |
Total | |||||||||||||||||||||||||||
Restructuring costs | |||||||||||||||||||||||||||||||||||
Cost of goods sold | $ | 13.1 | $ | 6.2 | $ | 19.3 | $ | 12.5 | $ | 9.8 | $ | 22.3 | $ | 4.9 | $ | 3.3 | $ | 8.2 | |||||||||||||||||
S&A expense | 4.1 | 0.7 | 4.8 | 8.0 | 1.7 | 9.7 | 3.4 | 0.4 | 3.8 | ||||||||||||||||||||||||||
Total restructuring costs | $ | 17.2 | $ | 6.9 | $ | 24.1 | $ | 20.5 | $ | 11.5 | $ | 32.0 | $ | 8.3 | $ | 3.7 | $ | 12.0 |
Beginning Accrued
Restructuring Balance 1/1/20 |
Pre-tax Restructuring Costs |
Utilization and
Foreign Exchange |
Ending Accrued
Restructuring Balance 12/31/20 |
|||||||||||
2020 Restructuring Actions | ||||||||||||||
Severance | $ | — | $ | 11.1 | $ | (5.2) | $ | 5.9 | ||||||
Asset write-downs | — | 4.6 | (4.6) | — | ||||||||||
Facility closure and other costs | — | 2.7 | (2.6) | 0.1 | ||||||||||
Total 2020 Restructuring Actions | $ | — | $ | 18.4 | $ | (12.4) | $ | 6.0 | ||||||
2019 and Prior Restructuring Actions | ||||||||||||||
Severance | $ | 11.3 | $ | (1.1) | $ | (7.2) | $ | 3.0 | ||||||
Asset write-downs | — | 0.5 | (0.5) | — | ||||||||||
Facility closure and other costs | 6.1 | 6.3 | (10.8) | 1.6 | ||||||||||
Total 2019 and Prior Restructuring Actions | $ | 17.4 | $ | 5.7 | $ | (18.5) | $ | 4.6 | ||||||
Total Restructuring Actions | $ | 17.4 | $ | 24.1 | $ | (30.9) | $ | 10.6 |
Expected Costs | Costs incurred in 2018 | Costs incurred in 2019 | Costs incurred in 2020 | Remaining costs at 12/31/20 | |||||||||||||
2020 Restructuring Actions | |||||||||||||||||
Electrical Solutions | $ | 24.7 | $ | — | $ | — | $ | 17.0 | $ | 7.7 | |||||||
Utility Solutions | 1.4 | — | — | 1.4 | — | ||||||||||||
Total 2020 Restructuring Actions | $ | 26.1 | $ | — | $ | — | $ | 18.4 | $ | 7.7 | |||||||
2019 Restructuring Actions | |||||||||||||||||
Electrical Solutions | $ | 18.7 | $ | — | $ | 18.3 | $ | 0.2 | $ | 0.2 | |||||||
Utility Solutions | 18.0 | — | 10.8 | 5.5 | 1.7 | ||||||||||||
Total 2019 Restructuring Actions | $ | 36.7 | $ | — | $ | 29.1 | $ | 5.7 | $ | 1.9 | |||||||
2018 and Prior Restructuring Actions | |||||||||||||||||
Electrical Solutions | $ | 10.5 | $ | 8.3 | $ | 2.2 | $ | — | $ | — | |||||||
Utility Solutions | 4.4 | 3.7 | 0.7 | — | — | ||||||||||||
Total 2018 and Prior Restructuring Actions | $ | 14.9 | $ | 12.0 | $ | 2.9 | $ | — | $ | — | |||||||
Total Restructuring Actions | $ | 77.7 | $ | 12.0 | $ | 32.0 | $ | 24.1 | $ | 9.6 |
90
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HUBBELL INCORPORATED - Form 10-K
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December 31, 2020 | December 31, 2019 | ||||||||||
Operating lease right-of-use assets | $ | 103.0 | $ | 96.8 | |||||||
TOTAL ASSETS | $ | 103.0 | $ | 96.8 | |||||||
Other accrued liabilities | $ | 32.1 | $ | 29.6 | |||||||
Other non-current liabilities | 74.9 | 71.7 | |||||||||
TOTAL LIABILITIES | $ | 107.0 | $ | 101.3 |
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total Payments | Imputed Interest | Total | |||||||||||||||||||||
Operating Leases | 34.7 | 25.3 | 19.7 | 12.3 | 8.6 | 13.9 | 114.5 | (7.5) | $107.0 |
2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total Payments | Imputed Interest | Total | |||||||||||||||||||||
Operating Leases | 32.7 | 24.6 | 15.8 | 13.2 | 8.4 | 15.9 | 110.6 | (9.3) | $101.3 |
HUBBELL INCORPORATED - Form 10-K
|
91
|
Reported First Quarter | Reported Second Quarter | Reported Third Quarter | Fourth Quarter | |||||||||||
2020 | ||||||||||||||
Net sales | $ | 1,090.3 | $ | 949.2 | $ | 1,108.6 | $ | 1,037.9 | ||||||
Cost of goods sold | $ | 776.8 | $ | 668.7 | $ | 779.0 | $ | 752.2 | ||||||
Gross profit | $ | 313.5 | $ | 280.5 | $ | 329.6 | $ | 285.7 | ||||||
Selling & administrative expenses | $ | 194.7 | $ | 149.0 | $ | 166.7 | $ | 165.9 | ||||||
Net income | $ | 75.7 | $ | 89.1 | $ | 108.6 | $ | 82.6 | ||||||
Net Income attributable to Hubbell | $ | 75.0 | $ | 88.2 | $ | 107.1 | $ | 80.9 | ||||||
Earnings per share — Basic | $ | 1.38 | $ | 1.62 | $ | 1.97 | $ | 1.49 | ||||||
Earnings per share — Diluted | $ | 1.37 | $ | 1.62 | $ | 1.96 | $ | 1.48 | ||||||
Reported First Quarter | Reported Second Quarter | Reported Third Quarter | Fourth Quarter | |||||||||||
2019 | ||||||||||||||
Net sales | $ | 1,087.3 | $ | 1,196.4 | $ | 1,204.0 | $ | 1,103.3 | ||||||
Cost of goods sold | $ | 780.0 | $ | 839.0 | $ | 842.0 | $ | 777.3 | ||||||
Gross profit | $ | 307.3 | $ | 357.4 | $ | 362.0 | $ | 326.0 | ||||||
Selling & administrative expenses | $ | 186.4 | $ | 190.5 | $ | 189.1 | $ | 190.1 | ||||||
Net income | $ | 73.8 | $ | 97.9 | $ | 132.6 | $ | 103.1 | ||||||
Net Income attributable to Hubbell | $ | 72.3 | $ | 96.0 | $ | 130.7 | $ | 101.9 | ||||||
Earnings per share — Basic | $ | 1.32 | $ | 1.76 | $ | 2.40 | $ | 1.87 | ||||||
Earnings per share — Diluted | $ | 1.32 | $ | 1.75 | $ | 2.38 | $ | 1.85 |
92
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HUBBELL INCORPORATED - Form 10-K
|
HUBBELL INCORPORATED - Form 10-K
|
93
|
PART III |
|
A | B | C | ||||||||||||||||||
Plan Category | Number of Securities to be Issued upon Exercise of Outstanding Options,Warrants and Rights | Weighted Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column A) | |||||||||||||||||
Equity Compensation Plans Approved by Shareholders(a)
|
1,725 |
(c)(d)
|
$ | 119.37 |
(e)
|
1,856 |
(c)
|
|||||||||||||
Equity Compensation Plans Not Requiring Shareholder Approval(b)
|
56 |
(c)(f)
|
— | 143 |
(c)
|
|||||||||||||||
TOTAL | 1,781 | $ | 119.37 | 1,999 |
94
|
HUBBELL INCORPORATED - Form 10-K
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HUBBELL INCORPORATED - Form 10-K
|
95
|
PART IV |
Incorporated by Reference | ||||||||||||||||||||
Number | Description |
Form
|
File No.
|
Exhibit |
Filing
Date |
Filed/
Furnished Herewith |
||||||||||||||
3.1 | 8-A12B | 001-02958 | 3.1 | 12/23/2015 | ||||||||||||||||
3.2 | 8-K | 001-02958 | 3.1 | 5/10/2013 | ||||||||||||||||
4.1 | S-4 | 333-90754 | 4a | 6/18/2002 | ||||||||||||||||
4.3 | 8-K | 001-02958 | 4.2 | 11/17/2010 | ||||||||||||||||
4.4 | 8-K | 001-02958 | 4.2 | 3/1/2016 | ||||||||||||||||
4.5 | 8-K | 001-02958 | 4.3 | 3/1/2016 | ||||||||||||||||
4.6 | 8-K | 001-02958 | 4.2 | 8/3/2017 | ||||||||||||||||
4.7 | 8-K | 001-02958 | 4.3 | 8/3/2017 | ||||||||||||||||
4.8 | 8-K | 001-02958 | 4.2 | 2/2/2018 | ||||||||||||||||
4.9 | 8-K | 001-02958 | 4.3 | 2/2/2018 | ||||||||||||||||
4.10 | 10-K | 001-02958 | 4.1 | 2/14/2020 |
96
|
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|
Incorporated by Reference | ||||||||||||||||||||
Number | Description |
Form
|
File No.
|
Exhibit |
Filing
Date |
Filed/
Furnished Herewith |
||||||||||||||
10.1† | 10-Q | 001-02958 | 10a | 10/26/2007 | ||||||||||||||||
10.1(a)† | 10-K | 001-02958 | 10.nn | 2/25/2008 | ||||||||||||||||
10.1(b)† | 10-K | 001-02958 | 10a(1) | 2/16/2011 | ||||||||||||||||
10.1(c)† | 10-K | 001-02958 | 10.1(c) | 2/16/2017 | ||||||||||||||||
10.2† | 10-Q | 001-02958 | 10i | 10/26/2007 | ||||||||||||||||
10.3† | S-8POS | 333-206898 | 4.4 | 12/24/2015 | ||||||||||||||||
10.4† | 10-K | 001-02958 | 10.5 | 2/18/2016 | ||||||||||||||||
10.4(a)† | 10-K | 001-02958 | 10.4(a) | 2/14/2020 | ||||||||||||||||
10.5† | 10-Q | 001-02958 | 10w | 10/26/2007 | ||||||||||||||||
10.5(a)† | 10-K | 001-02958 | 10w(1) | 2/16/2011 | ||||||||||||||||
10.5(b)† | 10-K | 001-02958 | 10.5(b) | 2/16/2017 | ||||||||||||||||
10.5(c)†
|
10-K | 001-02958 | 10.5(c) | 2/14/2020 | ||||||||||||||||
10.6† | 10-K | 001-02958 | 10z | 3/20/2002 | ||||||||||||||||
10.6(a)†
|
10-K | 001-02958 | 10.6(a) | 2/14/2020 | ||||||||||||||||
10.7† | 10-K | 001-02958 | 10.7 | 2/14/2020 | ||||||||||||||||
10.8† | 10-Q | 001-02958 | 10.8 | 7/19/2013 | ||||||||||||||||
10.9† | * | |||||||||||||||||||
10.10† | * | |||||||||||||||||||
10.11† | 10-K | 001-02958 | 10.12 | 2/16/2017 | ||||||||||||||||
10.12† | * | |||||||||||||||||||
10.13† | * | |||||||||||||||||||
10.14† | 10-K | 001-02958 | 10.16 | 2/18/2016 | ||||||||||||||||
10.14(a)† | 10-K | 001-02958 | 10.14(a) | 2/16/2017 | ||||||||||||||||
10.14(b)† | 10-K | 001-02958 | 10.12(b) | 2/14/2020 |
HUBBELL INCORPORATED - Form 10-K
|
97
|
Incorporated by Reference | ||||||||||||||||||||
Number | Description |
Form
|
File No.
|
Exhibit |
Filing
Date |
Filed/
Furnished Herewith |
||||||||||||||
10.15† | 10-K | 001-02958 | 10.14 | 2/14/2020 | ||||||||||||||||
10.16† | 10-K | 001-02958 | 10.18 | 2/18/2016 | ||||||||||||||||
10.17† | 10-K | 001-02958 | 10.19 | 2/18/2016 | ||||||||||||||||
10.18† | 10-K | 001-02958 | 10.20 | 2/18/2016 | ||||||||||||||||
10.19† | 8-K | 001-02958 | 10.2 | 1/5/2011 | ||||||||||||||||
10.19(a)† | 8-K | 001-02958 | 10.1 | 12/6/2012 | ||||||||||||||||
10.20† | 8-K | 001-02958 | 99.1 | 9/6/2005 | ||||||||||||||||
10.21† | 8-K | 001-02958 | 10.1 | 9/17/2012 | ||||||||||||||||
10.21(a)† | 8-K | 001-02958 | 10.2 | 9/17/2012 | ||||||||||||||||
10.22† | 10-K | 001-02958 | 10.36 | 2/18/2014 | ||||||||||||||||
10.23† | 10-K | 001-02958 | 10.22 | 2/14/2020 | ||||||||||||||||
10.23(a)†
|
10-K | 001-02958 | 10.22(a) | 2/14/2020 | ||||||||||||||||
10.23(b)† | * | |||||||||||||||||||
10.24† |
Change in Control Severance Agreement, dated as of December 31, 2010, between Hubbell Incorporated and Stephen M. Mais
|
10-Q | 001-02958 | 10.3 | 7/19/2013 | |||||||||||||||
10.25† | 10-K | 001-02958 | 10.33 | 2/18/2016 | ||||||||||||||||
10.26 | 8-K | 001-02958 | 99.2 | 1/31/2018 | ||||||||||||||||
10.27 | 8-K | 001-02958 | 10.1 | 1/11/2018 | ||||||||||||||||
21.1 | * | |||||||||||||||||||
23.1 | * | |||||||||||||||||||
31.1 | * | |||||||||||||||||||
31.2 | * | |||||||||||||||||||
32.1 | ** | |||||||||||||||||||
32.2 | ** | |||||||||||||||||||
101.INS | Inline XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document | |||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | * | ||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | * |
98
|
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|
Incorporated by Reference | ||||||||||||||||||||
Number | Description |
Form
|
File No.
|
Exhibit |
Filing
Date |
Filed/
Furnished Herewith |
||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | * | ||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | * | ||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | * | ||||||||||||||||||
104 | The cover page of this Annual Report on Form 10-K for the year end December 31, 2020, formatted in Inline XBRL (included within the Exhibit 101 attachments) | * |
† | A management contract or compensatory plan or arrangement required to be filed as an exhibit pursuant to Item 15(a)(3) of Form 10-K. | ||||
†† | Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company agrees to furnish supplemental copies of such omitted schedules and exhibits to the Securities and Exchange Commission upon request. | ||||
* | Filed herewith. | ||||
** | Furnished herewith. |
HUBBELL INCORPORATED - Form 10-K
|
99
|
HUBBELL INCORPORATED | ||||||||||||||
By | /s/ JONATHAN M. DEL NERO | By | /s/ WILLIAM R. SPERRY | |||||||||||
Jonathan M. Del Nero | William R. Sperry | |||||||||||||
Vice President, Controller | Executive Vice President and | |||||||||||||
Chief Financial Officer | ||||||||||||||
Date: | February 11, 2021 |
Title | Date | ||||||||||
By |
/s/ G. W. BAKKER
G. W. Bakker
|
President and Chief Executive Officer and Director | 2/11/2021 | ||||||||
By |
/s/ W. R. SPERRY
W. R. Sperry
|
Executive Vice President and Chief Financial Officer | 2/11/2021 | ||||||||
By |
/s/ J. M. DEL NERO
J. M. Del Nero
|
Vice President, Controller (Principal Accounting Officer) | 2/11/2021 | ||||||||
By |
/s/ D. G. NORD
D. G. Nord
|
Executive Chairman | 2/11/2021 | ||||||||
By |
/s/ C. M. CARDOSO
C. M. Cardoso
|
Director | 2/11/2021 | ||||||||
By |
/s/ A. J. GUZZI
A. J. Guzzi
|
Director | 2/11/2021 | ||||||||
By |
/s/ N. J. KEATING
N. J. Keating
|
Director | 2/11/2021 | ||||||||
By |
/s/ B. C. LIND
B. C. Lind
|
Director | 2/11/2021 | ||||||||
By |
/s/ J. F. MALLOY
J. F. Malloy
|
Director | 2/11/2021 | ||||||||
By |
/s/ J. M. POLLINO
J. M. Pollino
|
Director | 2/11/2021 | ||||||||
By |
/s/ J. G. RUSSELL
J. G. Russell
|
Director | 2/11/2021 | ||||||||
By |
/s/ S. R. SHAWLEY
S. R. Shawley
|
Director | 2/11/2021 |
100
|
HUBBELL INCORPORATED - Form 10-K
|
Balance
at Beginning of Year |
Additions / (Reversals)
Charged to Costs and Expenses |
Deductions
|
Acquisitions |
Balance at
End of Year
|
||||||||||||||||||||||||||||
Allowances for doubtful accounts receivable: | ||||||||||||||||||||||||||||||||
Year 2018 | $ | 4.6 | $ | — | $ | (1.4) | $ | 1.6 | $ | 4.8 | ||||||||||||||||||||||
Year 2019 | $ | 4.8 | $ | 3.4 | $ | (0.5) | $ | — | $ | 7.7 | ||||||||||||||||||||||
Year 2020(a)
|
$ | 9.0 | $ | 5.0 | $ | (1.7) | $ | 0.2 | $ | 12.5 | ||||||||||||||||||||||
Allowance for credit memos, returns and cash discounts: | ||||||||||||||||||||||||||||||||
Year 2018 | $ | 50.5 | $ | 278.0 | $ | (293.5) | $ | 0.1 | $ | 35.1 | ||||||||||||||||||||||
Year 2019 | $ | 35.1 | $ | 299.1 | $ | (298.2) | $ | — | $ | 36.0 | ||||||||||||||||||||||
Year 2020 | $ | 36.0 | $ | 286.2 | $ | (287.8) | $ | — | $ | 34.4 | ||||||||||||||||||||||
Valuation allowance on deferred tax assets: | ||||||||||||||||||||||||||||||||
Year 2018 | $ | 19.4 | $ | 0.7 | $ | — | $ | 1.7 | $ | 21.8 | ||||||||||||||||||||||
Year 2019 | $ | 21.8 | $ | 7.2 | $ | — | $ | — | $ | 29.0 | ||||||||||||||||||||||
Year 2020 | $ | 29.0 | $ | 5.2 | $ | — | $ | — | $ | 34.2 |
HUBBELL INCORPORATED - Form 10-K
|
101
|
Base Price: [FMV of Common Stock on Grant Date]
Grant Date: [Grant Date]
|
Grant Date: [Grant Date]
Performance Period: January 1, [_____] – December 31, [____]
|
Grant Date: [Grant Date]
|
Grant Date: [Grant Date]
|
HUBBELL POWER SYSTEMS, INC. | EXECUTIVE: | ||||||||||
By: | /s/ Katherine A. Lane | /s/ Allan Connolly | |||||||||
Name: Katherine A. Lane | Allan Connolly | ||||||||||
Title: Vice President and Secretary |
Subsidiary | State or Other Jurisdiction of Incorporation | ||||
Aclara Belgium | Belgium | ||||
Aclara India Private Limited | India | ||||
Aclara International Holdings, Inc | Delaware | ||||
Aclara Japan Godo Kaisha | Japan | ||||
Aclara Meters Chile SpA | Chile | ||||
Aclara Meters LLC | Delaware | ||||
Aclara Meters Philippines, Inc. | Philippines | ||||
Aclara Meters UK Ltd. | UK | ||||
Aclara Meters S.L. | Spain | ||||
Aclara Smart Grid Solutions, LLC | Delaware | ||||
Aclara Technologies LLC | Ohio | ||||
Acme Electric de Mexico, S. de R. L. de C.V. | Mexico | ||||
Acme Electric Manufacturing de Mexico, S. de R.L. de C.V. | Mexico | ||||
Armorcast Products Company, Inc. | California | ||||
Artesanias Baja, S.A. de C.V.
|
Mexico | ||||
Austdac Pty. Limited | Australia | ||||
Beckwith Electric Co., Inc. | Florida | ||||
Bel Manufacturera, S. A. de C.V.
|
Mexico | ||||
Burndy Americas Inc. | Delaware | ||||
Burndy International Holdings S.a.r.l. | Luxembourg | ||||
Burndy LLC | Delaware | ||||
Burndy Technology and Global Business Services Private Limited | India | ||||
Burndy Technology LLC | Delaware | ||||
Cantega Technologies Inc. | Canada | ||||
CDR de Mexico S. de R.L. de C.V. | Mexico | ||||
Chalmit Lighting Limited | UK | ||||
Connector Assembly, Ltd. | Ohio | ||||
Connector Manufacturing Company | Ohio | ||||
Distribution Control Systems Caribe, Inc. | Puerto Rico | ||||
Dongguan Hubbell Electrical Products Company Limited | China | ||||
Electro Composites (2008) ULC | Nova Scotia | ||||
GAI-Tronics Corporation | Delaware | ||||
GAI-Tronics Limited | UK | ||||
GAI-Tronics S.r.l. | Italy | ||||
Gleason Reel Corp. | Delaware | ||||
Greenjacket Inc. | Delaware | ||||
Harvey Hubbell Holdings S.a.r.l. | Luxembourg | ||||
Harvey Hubbell Limited | UK | ||||
Harvey Hubbell, Incorporated | Connecticut | ||||
Hawke Asia Pacific Pte. Ltd. | Singapore |
Subsidiary | State or Other Jurisdiction of Incorporation | ||||
Hawke Cable Glands Limited | UK | ||||
Hipotronics, Inc. | Delaware | ||||
Hub Reinsurance Ltd. | Bermuda | ||||
Hubbell (Australia) Holdings Pty. Limited | Australia | ||||
Hubbell (UK) GulfMex Limited | UK | ||||
Hubbell Asia Limited | Hong Kong | ||||
Hubbell Australia Holdco Limited | Cayman Islands | ||||
Hubbell Canada ULC | Canada | ||||
Hubbell Caribe Limited | Cayman Islands | ||||
Hubbell Cayman Investments Limited | Cayman Islands | ||||
Hubbell Commercial and Trading (Shanghai) Co., Ltd. | China | ||||
Hubbell Corporate Holdings, Inc. | Delaware | ||||
Hubbell Distribution, Inc. | Delaware | ||||
Hubbell do Brasil, Indústria, Comércio, Importação e Exportação de Equipamentos Elétricos LTDA
|
Brazil | ||||
Hubbell Electric (Wuhu) Co. Ltd. | China | ||||
Hubbell Electrical Holdings S.a.r.l. | Luxembourg | ||||
Hubbell Global Finance Ireland Limited | Ireland | ||||
Hubbell Global Operations Limited | Ireland | ||||
Hubbell Holdco Luxembourg S.a.r.l. | Luxembourg | ||||
Hubbell Holdings Europe Limited | UK | ||||
Hubbell Holdings Limited | UK | ||||
Hubbell Incorporated (Delaware) | Delaware | ||||
Hubbell India Electrical Products, LLP | India | ||||
Hubbell Industrial Controls, Inc. | Delaware | ||||
Hubbell Integrated Solutions, Inc. | Delaware | ||||
Hubbell International Management Limited | Ireland | ||||
Hubbell International, LLC | Delaware | ||||
Hubbell Korea, Ltd. | Korea | ||||
Hubbell Lenoir City, Inc. | Virginia | ||||
Hubbell Lighting, Inc. | Connecticut | ||||
Hubbell Limited | UK | ||||
Hubbell Luxembourg S.a.r.l. | Luxembourg | ||||
Hubbell Management Inc. | Canada | ||||
Hubbell Operations, LLC | Delaware | ||||
Hubbell Pickering LP | Canada | ||||
Hubbell Plastics, Inc. | Delaware | ||||
Hubbell Power Holdings S.a.r.l. | Luxembourg | ||||
Hubbell Power Systems, Inc. | Delaware | ||||
Hubbell Products Mexico S. de R.L. de C.V. | Mexico | ||||
Hubbell Sing Holdco Pte. Ltd
|
Singapore | ||||
Hubbell Switch Holding Co., Inc. | Delaware | ||||
Hubbell-Anmex International (S) Pte. Ltd. | Singapore | ||||
HUBS, Inc. | Delaware |
Subsidiary | State or Other Jurisdiction of Incorporation | ||||
iDevices, LLC | Connecticut | ||||
Jiangsu Xiangyuan Electric Equipment Co., Ltd. (a/k/a "Longbow)" | China | ||||
Lighting Corporation of America | Delaware | ||||
Litecontrol Corporation | Massachusetts | ||||
Lyall Manufacturing WI, Inc. | Wisconsin | ||||
Meramec Instrument Transformer Company | Missouri | ||||
Meter Readings Holding I Corp. | Delaware | ||||
Meter Readings Holding, LLC | Delaware | ||||
Newco Condenser, Inc. | Delaware | ||||
Newco Lighting, Inc. | Delaware | ||||
PCORE Electric Company, Inc. | Delaware | ||||
Progress Lighting Inc. | Delaware | ||||
Progressive Lighting, Inc. | North Carolina | ||||
Progressive Lighting, Inc. | South Carolina | ||||
R. W. Lyall & Company, Inc. | California | ||||
State Street Corp. | Connecticut | ||||
Wepawaug Canada Corp. | Nova Scotia |
/s/ PricewaterhouseCoopers LLP | |||||
Hartford, Connecticut | |||||
February 11, 2021 |
/s/ GERBEN W. BAKKER | ||||||||
Gerben W. Bakker | ||||||||
President and Chief Executive Officer and Director | ||||||||
Date: | February 11, 2021 |
92 |
HUBBELL INCORPORATED - Form 10-K
|
/s/ WILLIAM R. SPERRY | ||||||||
William R. Sperry | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
Date: | February 11, 2021 |
HUBBELL INCORPORATED - Form 10-K
|
93 |
/s/ GERBEN W. BAKKER | |||||
Gerben W. Bakker | |||||
President and Chief Executive Officer and Director | |||||
February 11, 2021 |
94 |
HUBBELL INCORPORATED - Form 10-K
|
/s/ WILLIAM R. SPERRY | |||||
William R. Sperry | |||||
Executive Vice President and Chief Financial Officer | |||||
February 11, 2021 |
HUBBELL INCORPORATED - Form 10-K
|
95 |