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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hubbell Incorporated | NYSE:HUBB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
5.26 | 1.31% | 407.53 | 410.37 | 403.56 | 403.56 | 359,603 | 00:17:58 |
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) |
N/A | ||
(Former name, former address and former fiscal year, if changed since last report.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock - par value $0.01 per share | HUBB | New York Stock Exchange |
Table of contents | |||||||||||
PART I |
FINANCIAL INFORMATION
|
ITEM 1 | Financial Statements |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in millions, except per share amounts) | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||
Net sales | $ | 1,108.6 | $ | 1,204.0 | $ | 3,148.1 | $ | 3,487.7 | ||||||||||||||||||
Cost of goods sold | 779.0 | 842.0 | 2,224.5 | 2,461.0 | ||||||||||||||||||||||
Gross profit | 329.6 | 362.0 | 923.6 | 1,026.7 | ||||||||||||||||||||||
Selling & administrative expenses | 166.7 | 189.1 | 510.4 | 566.0 | ||||||||||||||||||||||
Operating income | 162.9 | 172.9 | 413.2 | 460.7 | ||||||||||||||||||||||
Gain on disposition of business (Note 1) | — | 21.7 | — | 21.7 | ||||||||||||||||||||||
Pension charge (Note 11, Note 14) | (6.6) | — | (6.6) | (22.9) | ||||||||||||||||||||||
Interest expense, net | (15.0) | (17.0) | (45.8) | (51.7) | ||||||||||||||||||||||
Other expense, net | (2.3) | (9.6) | (8.9) | (18.2) | ||||||||||||||||||||||
Total other expense | (23.9) | (4.9) | (61.3) | (71.1) | ||||||||||||||||||||||
Income before income taxes | 139.0 | 168.0 | 351.9 | 389.6 | ||||||||||||||||||||||
Provision for income taxes | 30.4 | 35.4 | 78.5 | 85.3 | ||||||||||||||||||||||
Net income | 108.6 | 132.6 | 273.4 | 304.3 | ||||||||||||||||||||||
Less: Net income attributable to noncontrolling interest | 1.5 | 1.9 | 3.1 | 5.3 | ||||||||||||||||||||||
Net income attributable to Hubbell Incorporated | $ | 107.1 | $ | 130.7 | $ | 270.3 | $ | 299.0 | ||||||||||||||||||
Earnings per share | ||||||||||||||||||||||||||
Basic | $ | 1.97 | $ | 2.40 | $ | 4.97 | $ | 5.48 | ||||||||||||||||||
Diluted | $ | 1.96 | $ | 2.38 | $ | 4.95 | $ | 5.45 | ||||||||||||||||||
Cash dividends per common share | $ | 0.91 | $ | 0.84 | $ | 2.73 | $ | 2.52 |
Three Months Ended September 30, | |||||||||||
(in millions) | 2020 | 2019 | |||||||||
Net income | $ | 108.6 | $ | 132.6 | |||||||
Other comprehensive (loss) income: | |||||||||||
Currency translation adjustment: | |||||||||||
Foreign currency translation adjustments | 11.6 | (12.2) | |||||||||
Reclassification of currency translation gains included in net income | — | (7.7) | |||||||||
Defined benefit pension and post-retirement plans, net of taxes of $5.1 and $(0.7)
|
(15.7) | 1.9 | |||||||||
Available-for-sale investments, net of taxes of $0.0 and $0.0
|
0.1 | 1.9 | |||||||||
Unrealized gain (loss) on cash flow hedges, net of taxes of $0.2 and $(0.1)
|
(0.4) | 0.1 | |||||||||
Other comprehensive (loss) income | (4.4) | (16.0) | |||||||||
Total comprehensive income | 104.2 | 116.6 | |||||||||
Less: Comprehensive income attributable to noncontrolling interest | 1.5 | 1.9 | |||||||||
Comprehensive income attributable to Hubbell Incorporated | $ | 102.7 | $ | 114.7 |
(in millions)
|
September 30, 2020 | December 31, 2019 | ||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and cash equivalents
|
$ | 269.2 | $ | 182.0 | ||||
Short-term investments
|
9.0 | 14.2 | ||||||
Account receivable (net of allowances of $14.7 and $7.7)
|
711.4 | 683.0 | ||||||
Inventories, net
|
584.9 | 633.0 | ||||||
Other current assets | 65.9 | 62.0 | ||||||
Total Current Assets
|
1,640.4 | 1,574.2 | ||||||
Property, Plant, and Equipment, net | 485.3 | 505.2 | ||||||
Other Assets | ||||||||
Investments
|
60.4 | 55.7 | ||||||
Goodwill
|
1,813.4 | 1,811.8 | ||||||
Other intangible assets, net
|
724.0 | 781.5 | ||||||
Other long-term assets
|
153.6 | 174.6 | ||||||
TOTAL ASSETS | $ | 4,877.1 | $ | 4,903.0 | ||||
LIABILITIES AND EQUITY | ||||||||
Current Liabilities | ||||||||
Short-term debt and current portion of long-term debt
|
$ | 21.9 | $ | 65.4 | ||||
Accounts payable
|
387.6 | 347.7 | ||||||
Accrued salaries, wages and employee benefits
|
78.8 | 101.5 | ||||||
Accrued insurance
|
72.2 | 68.1 | ||||||
Other accrued liabilities
|
232.2 | 262.2 | ||||||
Total Current Liabilities
|
792.7 | 844.9 | ||||||
Long-Term Debt | 1,436.3 | 1,506.0 | ||||||
Other Non-Current Liabilities | 617.1 | 591.6 | ||||||
TOTAL LIABILITIES | 2,846.1 | 2,942.5 | ||||||
Hubbell Incorporated Shareholders’ Equity | 2,016.8 | 1,947.1 | ||||||
Noncontrolling interest | 14.2 | 13.4 | ||||||
Total Equity | 2,031.0 | 1,960.5 | ||||||
TOTAL LIABILITIES AND EQUITY | $ | 4,877.1 | $ | 4,903.0 |
Nine Months Ended September 30, | |||||||||||
(in millions) | 2020 | 2019 | |||||||||
Cash Flows from Operating Activities | |||||||||||
Net income | $ | 273.4 | $ | 304.3 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization
|
117.0 | 111.1 | |||||||||
Deferred income taxes | (4.3) | (2.9) | |||||||||
Stock-based compensation | 20.0 | 13.5 | |||||||||
Provision for bad debt expense | 8.3 | 0.8 | |||||||||
Gain on disposition of business | — | (21.7) | |||||||||
Pension charge | 6.6 | 22.9 | |||||||||
Changes in assets and liabilities, excluding effects of acquisitions: | |||||||||||
Decrease (increase) in accounts receivable, net | (42.1) | (67.5) | |||||||||
Decrease (increase) in inventories, net | 45.1 | (23.4) | |||||||||
Increase in accounts payable | 45.0 | 30.6 | |||||||||
Decrease in current liabilities | (44.8) | (2.4) | |||||||||
Changes in other assets and liabilities, net | 27.3 | 15.7 | |||||||||
Contribution to qualified defined benefit pension plans | (2.8) | (0.3) | |||||||||
Other, net | 6.9 | 4.4 | |||||||||
Net cash provided by operating activities | 455.6 | 385.1 | |||||||||
Cash Flows from Investing Activities | |||||||||||
Capital expenditures | (51.7) | (72.6) | |||||||||
Proceeds from disposal of business, net of cash | — | 33.4 | |||||||||
Acquisition of businesses, net of cash acquired | (2.0) | (5.0) | |||||||||
Purchases of available-for-sale investments | (14.3) | (4.5) | |||||||||
Proceeds from available-for-sale investments | 16.5 | 10.4 | |||||||||
Other, net | 5.1 | 3.8 | |||||||||
Net cash used in investing activities | (46.4) | (34.5) | |||||||||
Cash Flows from Financing Activities | |||||||||||
Long-term debt borrowings | 225.0 | — | |||||||||
Long-term debt repayments | (331.3) | (18.8) | |||||||||
Short-term debt (repayments), net | (9.0) | (26.6) | |||||||||
Payment of dividends to shareholders | (148.2) | (137.1) | |||||||||
Payment of dividends to noncontrolling interest | (2.1) | (11.1) | |||||||||
Repurchase of common stock | (41.3) | (35.0) | |||||||||
Other, net | (9.2) | (9.1) | |||||||||
Net cash (used) provided by financing activities | (316.1) | (237.7) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (5.9) | (1.9) | |||||||||
Increase in cash and cash equivalents | 87.2 | 111.0 | |||||||||
Cash and cash equivalents | |||||||||||
Beginning of period | 182.0 | 189.0 | |||||||||
End of period | $ | 269.2 | $ | 300.0 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
in millions | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||
Net sales | |||||||||||||||||||||||
Commercial and Industrial | $ | 194.8 | $ | 237.0 | $ | 575.5 | $ | 692.6 | |||||||||||||||
Construction and Energy | 181.9 | 213.0 | 533.0 | 608.7 | |||||||||||||||||||
Lighting | 214.5 | 239.3 | 595.9 | 706.4 | |||||||||||||||||||
Total Electrical | $ | 591.2 | $ | 689.3 | $ | 1,704.4 | $ | 2,007.7 | |||||||||||||||
Power Systems | 369.7 | 339.5 | 1,008.9 | 965.5 | |||||||||||||||||||
Aclara | 147.7 | 175.2 | 434.8 | 514.5 | |||||||||||||||||||
Total Utility Solutions | $ | 517.4 | $ | 514.7 | $ | 1,443.7 | $ | 1,480.0 | |||||||||||||||
TOTAL | $ | 1,108.6 | $ | 1,204.0 | $ | 3,148.1 | $ | 3,487.7 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
in millions | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||
Net sales | ||||||||||||||||||||
United States | $ | 535.9 | $ | 618.2 | $ | 1,547.5 | $ | 1,804.3 | ||||||||||||
International | 55.3 | 71.1 | 156.9 | 203.4 | ||||||||||||||||
Total Electrical | $ | 591.2 | $ | 689.3 | $ | 1,704.4 | $ | 2,007.7 | ||||||||||||
United States | 484.7 | 477.7 | 1,359.0 | 1,386.7 | ||||||||||||||||
International | 32.7 | 37.0 | 84.7 | 93.3 | ||||||||||||||||
Total Utility Solutions | $ | 517.4 | $ | 514.7 | $ | 1,443.7 | $ | 1,480.0 | ||||||||||||
TOTAL | $ | 1,108.6 | $ | 1,204.0 | $ | 3,148.1 | $ | 3,487.7 |
Net Sales | Operating Income | Operating Income as a % of Net Sales | |||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||
Electrical | $ | 591.2 | $ | 689.3 | $ | 70.6 | $ | 90.2 | 11.9 | % | 13.1 | % | |||||||||||||||||
Utility Solutions | 517.4 | 514.7 | 92.3 | 82.7 | 17.8 | % | 16.1 | % | |||||||||||||||||||||
TOTAL | $ | 1,108.6 | $ | 1,204.0 | $ | 162.9 | $ | 172.9 | 14.7 | % | 14.4 | % | |||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||
Electrical | $ | 1,704.4 | $ | 2,007.7 | $ | 185.7 | $ | 246.8 | 10.9 | % | 12.3 | % | |||||||||||||||||
Utility Solutions | 1,443.7 | 1,480.0 | 227.5 | 213.9 | 15.8 | % | 14.5 | % | |||||||||||||||||||||
TOTAL | $ | 3,148.1 | $ | 3,487.7 | $ | 413.2 | $ | 460.7 | 13.1 | % | 13.2 | % | |||||||||||||||||
September 30, 2020 | December 31, 2019 | |||||||
Raw material | $ | 219.8 | $ | 217.4 | ||||
Work-in-process | 110.4 | 101.8 | ||||||
Finished goods | 344.7 | 403.6 | ||||||
Subtotal | 674.9 | 722.8 | ||||||
Excess of FIFO over LIFO cost basis | (90.0) | (89.8) | ||||||
TOTAL | $ | 584.9 | $ | 633.0 |
Segment | ||||||||||||||
Electrical | Utility Solutions | Total | ||||||||||||
BALANCE DECEMBER 31, 2019 | $ | 727.7 | $ | 1,084.1 | $ | 1,811.8 | ||||||||
Prior year acquisitions | 0.2 | 2.7 | 2.9 | |||||||||||
Foreign currency translation | (1.0) | (0.3) | (1.3) | |||||||||||
BALANCE SEPTEMBER 30, 2020 | $ | 726.9 | $ | 1,086.5 | $ | 1,813.4 |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||
Gross Amount |
Accumulated
Amortization |
Gross Amount |
Accumulated
Amortization |
|||||||||||||||||
Definite-lived: | ||||||||||||||||||||
Patents, tradenames and trademarks | $ | 201.6 | $ | (71.2) | $ | 202.7 | $ | (65.0) | ||||||||||||
Customer relationships, developed technology and other | 858.4 | (318.0) | 861.0 | (270.8) | ||||||||||||||||
Total | $ | 1,060.0 | $ | (389.2) | $ | 1,063.7 | $ | (335.8) | ||||||||||||
Indefinite-lived: | ||||||||||||||||||||
Tradenames and other | 53.2 | — | 53.6 | — | ||||||||||||||||
TOTAL | $ | 1,113.2 | $ | (389.2) | $ | 1,117.3 | $ | (335.8) |
September 30, 2020 | December 31, 2019 | |||||||
Customer program incentives | $ | 35.3 | $ | 49.0 | ||||
Accrued income taxes | 7.5 | 6.0 | ||||||
Contract liabilities - deferred revenue | 35.7 | 31.0 | ||||||
Customer refund liability | 19.7 | 19.0 | ||||||
Accrued warranties(1)
|
22.0 | 24.0 | ||||||
Current operating lease liabilities | 28.5 | 29.6 | ||||||
Other | 83.5 | 103.6 | ||||||
TOTAL | $ | 232.2 | $ | 262.2 |
September 30, 2020 | December 31, 2019 | |||||||
Pensions | $ | 218.6 | $ | 198.5 | ||||
Other post-retirement benefits | 21.5 | 21.5 | ||||||
Deferred tax liabilities | 116.5 | 126.8 | ||||||
Accrued warranties long-term(1)
|
59.9 | 58.1 | ||||||
Non-current operating lease liabilities | 67.1 | 71.7 | ||||||
Other | 133.5 | 115.0 | ||||||
TOTAL | $ | 617.1 | $ | 591.6 |
Common Stock |
Additional
Paid-in Capital |
Retained
Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Total Hubbell
Shareholders' Equity |
Non-
controlling interest |
|||||||||||||||
BALANCE AT DECEMBER 31, 2019 | $ | 0.6 | $ | — | $ | 2,279.4 | $ | (332.9) | $ | 1,947.1 | $ | 13.4 | ||||||||
Net income | — | — | 163.2 | — | 163.2 | 1.6 | ||||||||||||||
Other comprehensive (loss) income | — | — | — | (19.0) | (19.0) | — | ||||||||||||||
Stock-based compensation | — | 15.9 | — | — | 15.9 | — | ||||||||||||||
Acquisition/surrender of common shares(1)
|
— | (12.0) | (34.1) | — | (46.1) | — | ||||||||||||||
Cash dividends declared ($0.91 per share)
|
— | — | (99.1) | — | (99.1) | — | ||||||||||||||
Dividends to noncontrolling interest | — | — | — | — | — | (1.4) | ||||||||||||||
Directors deferred compensation | — | (1.1) | — | — | (1.1) | — | ||||||||||||||
Cumulative effect from adoption of CECL accounting standard (Note1) | — | — | (1.0) | — | (1.0) | — | ||||||||||||||
BALANCE AT JUNE 30, 2020 | $ | 0.6 | $ | 2.8 | $ | 2,308.4 | $ | (351.9) | $ | 1,959.9 | $ | 13.6 | ||||||||
Net income | — | — | 107.1 | — | 107.1 | 1.5 | ||||||||||||||
Other comprehensive (loss) income | — | — | — | (4.4) | (4.4) | — | ||||||||||||||
Stock-based compensation | — | 4.1 | — | — | 4.1 | — | ||||||||||||||
Acquisition/surrender of common shares(1)
|
— | (0.6) | — | — | (0.6) | — | ||||||||||||||
Cash dividends declared ($0.91 per share)
|
— | — | (49.5) | — | (49.5) | — | ||||||||||||||
Dividends to noncontrolling interest | — | — | — | — | — | (0.9) | ||||||||||||||
Directors deferred compensation | — | 0.2 | — | — | 0.2 | — | ||||||||||||||
BALANCE AT SEPTEMBER 30, 2020 | $ | 0.6 | $ | 6.5 | $ | 2,366.0 | $ | (356.3) | $ | 2,016.8 | $ | 14.2 | ||||||||
Common Stock |
Additional
Paid-in Capital |
Retained
Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Total Hubbell
Shareholders' Equity |
Non-
controlling interest |
|||||||||||||||
BALANCE AT DECEMBER 31, 2018 | $ | 0.6 | $ | 1.3 | $ | 2,064.4 | $ | (285.7) | $ | 1,780.6 | $ | 18.3 | ||||||||
Net income | — | — | 168.3 | — | 168.3 | 3.4 | ||||||||||||||
Other comprehensive (loss) income | — | — | — | 6.0 | 6.0 | — | ||||||||||||||
Stock-based compensation | — | 8.3 | — | — | 8.3 | — | ||||||||||||||
Reclassification of stranded tax effects | — | — | 30.0 | (30.0) | — | — | ||||||||||||||
Acquisition/surrender of common shares(1)
|
— | (8.8) | (27.2) | — | (36.0) | — | ||||||||||||||
Cash dividends declared ($0.84 per share)
|
— | — | (91.7) | — | (91.7) | — | ||||||||||||||
Dividends to noncontrolling interest | — | — | — | — | — | (2.6) | ||||||||||||||
Directors deferred compensation | — | 0.4 | — | — | 0.4 | — | ||||||||||||||
BALANCE AT JUNE 30, 2019 | $ | 0.6 | $ | 1.2 | $ | 2,143.8 | $ | (309.7) | $ | 1,835.9 | $ | 19.1 | ||||||||
Net income | — | — | 130.7 | — | 130.7 | 1.9 | ||||||||||||||
Other comprehensive (loss) income | — | — | — | (16.0) | (16.0) | — | ||||||||||||||
Stock-based compensation | — | 5.2 | — | — | 5.2 | — | ||||||||||||||
Acquisition/surrender of common shares(1)
|
— | (5.8) | (1.4) | — | (7.2) | — | ||||||||||||||
Cash dividends declared ($0.84 per share)
|
— | — | (45.6) | — | (45.6) | — | ||||||||||||||
Dividends to noncontrolling interest | — | — | — | — | — | (8.5) | ||||||||||||||
Directors deferred compensation | — | 0.1 | — | — | 0.1 | — | ||||||||||||||
BALANCE AT SEPTEMBER 30, 2019 | $ | 0.6 | $ | 0.7 | $ | 2,227.5 | $ | (325.7) | $ | 1,903.1 | $ | 12.5 | ||||||||
(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, 2019 | $ | (0.5) | $ | 0.6 | $ | (203.2) | $ | (129.8) | $ | (332.9) | |||||||
Other comprehensive income (loss) before reclassifications | 1.2 | 0.5 | (22.3) | (12.2) | (32.8) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | (0.7) | — | 10.1 | — | 9.4 | ||||||||||||
Current period other comprehensive income (loss) | 0.5 | 0.5 | (12.2) | (12.2) | (23.4) | ||||||||||||
BALANCE AT SEPTEMBER 30, 2020 | $ | — | $ | 1.1 | $ | (215.4) | $ | (142.0) | $ | (356.3) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
Details about Accumulated Other
Comprehensive Loss Components |
2020 | 2019 | 2020 | 2019 | Location of Gain (Loss) Reclassified into Income | |||||||||||||||||||||
Cash flow hedges gain (loss): | ||||||||||||||||||||||||||
Forward exchange contracts | $ | — | $ | 0.1 | $ | 0.3 | $ | 0.4 | Net sales | |||||||||||||||||
0.2 | — | 0.7 | 0.5 | Cost of goods sold | ||||||||||||||||||||||
0.2 | 0.1 | 1.0 | 0.9 | Total before tax | ||||||||||||||||||||||
(0.1) | — | (0.3) | (0.2) | Tax benefit (expense) | ||||||||||||||||||||||
$ | 0.1 | $ | 0.1 | $ | 0.7 | $ | 0.7 | Gain (loss) net of tax | ||||||||||||||||||
Defined benefit pension and post-retirement benefit items: | ||||||||||||||||||||||||||
Prior-service costs (a) | $ | 0.1 | $ | 0.1 | $ | 0.2 | $ | 0.5 | ||||||||||||||||||
Actuarial gains/(losses) (a) | (2.4) | (2.4) | (7.1) | (7.3) | ||||||||||||||||||||||
Settlement and curtailment losses (a) | (6.6) | (0.3) | (6.6) | (0.3) | ||||||||||||||||||||||
(8.9) | (2.6) | (13.5) | (7.1) | Total before tax | ||||||||||||||||||||||
2.3 | 0.7 | 3.4 | 1.8 | Tax benefit (expense) | ||||||||||||||||||||||
$ | (6.6) | $ | (1.9) | $ | (10.1) | $ | (5.3) | Gain (loss) net of tax | ||||||||||||||||||
Reclassification of gains (losses) on available-for-sale securities: | $ | — | $ | (1.8) | $ | — | $ | (1.8) | Other expense, net | |||||||||||||||||
— | — | — | — | Tax benefit (expense) | ||||||||||||||||||||||
$ | — | $ | (1.8) | $ | — | $ | (1.8) | |||||||||||||||||||
Reclassification of currency translation gain: | $ | — | $ | 7.7 | $ | — | $ | 7.7 | Gain on disposition of business (Note 1) | |||||||||||||||||
— | — | — | — | Tax benefit (expense) | ||||||||||||||||||||||
$ | — | $ | 7.7 | $ | — | $ | 7.7 | |||||||||||||||||||
Gains (losses) reclassified into earnings | $ | (6.5) | $ | 4.1 | $ | (9.4) | $ | 1.3 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Numerator: | ||||||||||||||||||||
Net income attributable to Hubbell Incorporated | $ | 107.1 | $ | 130.7 | $ | 270.3 | $ | 299.0 | ||||||||||||
Less: Earnings allocated to participating securities | (0.4) | (0.5) | (1.0) | (1.2) | ||||||||||||||||
Net income available to common shareholders | $ | 106.7 | $ | 130.2 | $ | 269.3 | $ | 297.8 | ||||||||||||
Denominator: | ||||||||||||||||||||
Average number of common shares outstanding | 54.2 | 54.3 | 54.1 | 54.4 | ||||||||||||||||
Potential dilutive common shares | 0.3 | 0.3 | 0.3 | 0.3 | ||||||||||||||||
Average number of diluted shares outstanding | 54.5 | 54.6 | 54.4 | 54.7 | ||||||||||||||||
Earnings per share: | ||||||||||||||||||||
Basic | $ | 1.97 | $ | 2.40 | $ | 4.97 | $ | 5.48 | ||||||||||||
Diluted | $ | 1.96 | $ | 2.38 | $ | 4.95 | $ | 5.45 |
Pension Benefits | Other Benefits | |||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||
Service cost | $ | 0.3 | $ | 0.5 | $ | — | $ | 0.1 | ||||||||||||
Interest cost | 7.2 | 8.7 | 0.2 | 0.2 | ||||||||||||||||
Expected return on plan assets | (8.5) | (7.7) | — | — | ||||||||||||||||
Amortization of prior service cost | — | 0.2 | (0.1) | (0.3) | ||||||||||||||||
Amortization of actuarial losses | 2.4 | 2.3 | — | 0.1 | ||||||||||||||||
Settlement and curtailment losses | 6.6 | 0.3 | — | — | ||||||||||||||||
NET PERIODIC BENEFIT COST | $ | 8.0 | $ | 4.3 | $ | 0.1 | $ | 0.1 | ||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||
Service cost | $ | 0.8 | $ | 1.6 | $ | — | $ | 0.1 | ||||||||||||
Interest cost | 21.6 | 26.0 | 0.6 | 0.8 | ||||||||||||||||
Expected return on plan assets | (25.4) | (23.0) | — | — | ||||||||||||||||
Amortization of prior service cost | 0.1 | 0.2 | (0.3) | (0.7) | ||||||||||||||||
Amortization of actuarial losses | 7.1 | 7.2 | — | 0.1 | ||||||||||||||||
Settlement and curtailment losses | 6.6 | 0.3 | — | — | ||||||||||||||||
NET PERIODIC BENEFIT COST | $ | 10.8 | $ | 12.3 | $ | 0.3 | $ | 0.3 | ||||||||||||
2020 | 2019 | |||||||
BALANCE AT JANUARY 1, (a)
|
$ | 82.1 | $ | 92.7 | ||||
Provision | 10.0 | 13.0 | ||||||
Expenditures/payments/other | (10.2) | (23.2) | ||||||
BALANCE AT SEPTEMBER 30, (a)
|
$ | 81.9 | $ | 82.5 |
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 | ||||||||||
September 30, 2020 | ||||||||||||||
Money market funds(a)
|
$ | 68.6 | $ | — | $ | — | $ | 68.6 | ||||||
Available for sale investments | — | 48.7 | — | 48.7 | ||||||||||
Trading securities | 20.7 | — | — | 20.7 | ||||||||||
Deferred compensation plan liabilities | (20.7) | — | — | (20.7) | ||||||||||
Derivatives: | ||||||||||||||
Forward exchange contracts-Assets(b)
|
— | 0.2 | — | 0.2 | ||||||||||
Forward exchange contracts-(Liabilities)(c)
|
— | (0.1) | — | (0.1) | ||||||||||
TOTAL | $ | 68.6 | $ | 48.8 | $ | — | $ | 117.4 | ||||||
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 | ||||||||||
December 31, 2019 | ||||||||||||||
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)(c)
|
— | (0.3) | — | (0.3) | ||||||||||
TOTAL | $ | 27.5 | $ | 50.4 | $ | — | $ | 77.9 |
Derivative Gain/(Loss) Recognized in Accumulated Other Comprehensive Income (net of tax) |
Location of Gain/(Loss)
Reclassified into Income |
Gain/(Loss) Reclassified into
Earnings Effective Portion (net of tax) |
|||||||||||||||||||||
Derivative Instrument | 2020 | 2019 | (Effective Portion) | 2020 | 2019 | ||||||||||||||||||
Forward exchange contract | $ | (0.3) | $ | 0.2 | Net sales | $ | — | $ | 0.1 | ||||||||||||||
Cost of goods sold | $ | 0.1 | $ | — |
Derivative Gain/(Loss) Recognized in Accumulated Other Comprehensive Income (net of tax) | Location of Gain/(Loss) Reclassified into Income |
Gain/(Loss) Reclassified into
Earnings Effective Portion (net of tax) |
|||||||||||||||||||||
Derivative Instrument | 2020 | 2019 | (Effective Portion) | 2020 | 2019 | ||||||||||||||||||
Forward exchange contract | $ | 1.2 | $ | (0.5) | Net sales | $ | 0.2 | $ | 0.3 | ||||||||||||||
Cost of goods sold | $ | 0.5 | $ | 0.4 |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Cost of goods sold | Selling & administrative expense | Total | |||||||||||||||||||||||||||||||||
Electrical | $ | 1.9 | $ | 2.7 | $ | 0.1 | $ | 1.4 | $ | 2.0 | $ | 4.1 | |||||||||||||||||||||||
Utility Solutions | 1.3 | 1.3 | — | (0.2) | 1.3 | 1.1 | |||||||||||||||||||||||||||||
Total Pre-Tax Restructuring Costs | $ | 3.2 | $ | 4.0 | $ | 0.1 | $ | 1.2 | $ | 3.3 | $ | 5.2 |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Cost of goods sold | Selling & administrative expense | Total | |||||||||||||||||||||||||||||||||
Electrical | $ | 5.3 | $ | 8.4 | $ | 2.1 | $ | 3.0 | $ | 7.4 | $ | 11.4 | |||||||||||||||||||||||
Utility Solutions | 4.9 | 2.9 | 0.2 | 1.3 | 5.1 | 4.2 | |||||||||||||||||||||||||||||
Total Pre-Tax Restructuring Costs | $ | 10.2 | $ | 11.3 | $ | 2.3 | $ | 4.3 | $ | 12.5 | $ | 15.6 |
Beginning Accrued Restructuring Balance 1/1/20 | Pre-tax Restructuring Costs | Utilization and Foreign Exchange | Ending Accrued Restructuring Balance 9/30/2020 | |||||||||||
2020 Restructuring Actions | ||||||||||||||
Severance | $ | — | $ | 6.2 | $ | (3.6) | $ | 2.6 | ||||||
Asset write-downs | — | 0.2 | (0.2) | — | ||||||||||
Facility closure and other costs | — | 1.8 | (1.8) | — | ||||||||||
Total 2020 Restructuring Actions | $ | — | $ | 8.2 | $ | (5.5) | $ | 2.6 | ||||||
2019 and Prior Restructuring Actions | ||||||||||||||
Severance | $ | 11.3 | $ | (1.3) | $ | (6.5) | $ | 3.5 | ||||||
Asset write-downs | — | 0.3 | (0.3) | — | ||||||||||
Facility closure and other costs | 6.1 | 5.3 | (4.7) | 6.7 | ||||||||||
Total 2019 and Prior Restructuring Actions | $ | 17.4 | $ | 4.3 | $ | (11.5) | $ | 10.2 | ||||||
Total Restructuring Actions | $ | 17.4 | $ | 12.5 | $ | (17.0) | $ | 12.8 |
Total expected costs | Costs incurred during 2019 | Costs incurred in the first nine months of 2020 | Remaining costs at 9/30/2020 | |||||||||||
2020 Restructuring Actions | ||||||||||||||
Electrical | $ | 14.8 | $ | — | $ | 7.5 | $ | 7.3 | ||||||
Utility Solutions | 0.7 | — | 0.7 | — | ||||||||||
Total 2020 Restructuring Actions | $ | 15.5 | $ | — | $ | 8.2 | $ | 7.3 | ||||||
2019 and Prior Restructuring Actions | ||||||||||||||
Electrical | $ | 20.7 | $ | 20.5 | $ | (0.1) | $ | 0.3 | ||||||
Utility Solutions | 19.8 | 11.5 | 4.4 | 3.9 | ||||||||||
Total 2019 and Prior Restructuring Actions | $ | 40.5 | $ | 32.0 | $ | 4.3 | $ | 4.2 | ||||||
Total Restructuring Actions | $ | 56.0 | $ | 32.0 | $ | 12.5 | $ | 11.5 |
Maturity | September 30, 2020 | December 31, 2019 | |||||||||
Senior notes at 3.625%
|
2022 | $ | 299.1 | $ | 298.8 | ||||||
Senior notes at 3.35%
|
2026 | 396.3 | 395.7 | ||||||||
Senior notes at 3.15%
|
2027 | 296.3 | 295.9 | ||||||||
Senior notes at 3.50%
|
2028 | 444.6 | 444.0 | ||||||||
Term loan, net of current portion of $0.0 and $34.4, respectively
|
2023 | — | 71.6 | ||||||||
2018 Credit Facility | 2023 | — | — | ||||||||
TOTAL LONG-TERM DEBT(a)
|
$ | 1,436.3 | $ | 1,506.0 |
Grant Date | Expected Dividend Yield | Expected Volatility | Risk Free Interest Rate | Expected Term | Weighted Avg. Grant Date Fair Value of 1 SAR | ||||||||||||
February 2020 | 2.5% | 23.2% | 1.5% | 5.5 years | $25.28 |
Grant Date | Fair Value | Performance Period | Payout Range | ||||||||||||||||||||
February 2020 | $143.45 | Jan 2020-Dec 2022 | 0-200% +/- 50% |
ITEM 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||
2020 | % of Net sales | 2019 | % of Net sales | ||||||||||||||||||||||||||||||||||||||
Net sales | $ | 1,108.6 | $ | 1,204.0 | |||||||||||||||||||||||||||||||||||||
Cost of goods sold | 779.0 | 70.3 | % | 842.0 | 69.9 | % | |||||||||||||||||||||||||||||||||||
Gross profit | 329.6 | 29.7 | % | 362.0 | 30.1 | % | |||||||||||||||||||||||||||||||||||
Selling & administrative ("S&A") expense | 166.7 | 15.0 | % | 189.1 | 15.7 | % | |||||||||||||||||||||||||||||||||||
Operating income | 162.9 | 14.7 | % | 172.9 | 14.4 | % | |||||||||||||||||||||||||||||||||||
Net income attributable to Hubbell Incorporated | 107.1 | 9.7 | % | 130.7 | 10.9 | % | |||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE – DILUTED | $ | 1.96 | $ | 2.38 |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||
2020 | % of Net sales | 2019 | % of Net sales | ||||||||||||||||||||||||||||||||||||||
Gross profit (GAAP measure) | $ | 329.6 | 29.7 | % | $ | 362.0 | 30.1 | % | |||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 6.1 | 5.7 | |||||||||||||||||||||||||||||||||||||||
Adjusted gross profit | $ | 335.7 | 30.3 | % | $ | 367.7 | 30.5 | % | |||||||||||||||||||||||||||||||||
S&A expenses (GAAP measure) | $ | 166.7 | 15.0 | % | $ | 189.1 | 15.7 | % | |||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 12.4 | 11.8 | |||||||||||||||||||||||||||||||||||||||
Adjusted S&A expenses | $ | 154.3 | 13.9 | % | $ | 177.3 | 14.7 | % | |||||||||||||||||||||||||||||||||
Operating income (GAAP measure) | $ | 162.9 | 14.7 | % | $ | 172.9 | 14.4 | % | |||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 18.5 | 17.5 | |||||||||||||||||||||||||||||||||||||||
Adjusted operating income | $ | 181.4 | 16.4 | % | $ | 190.4 | 15.8 | % | |||||||||||||||||||||||||||||||||
Net income attributable to Hubbell Incorporated (GAAP measure) | $ | 107.1 | $ | 130.7 | |||||||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 18.5 | 17.5 | |||||||||||||||||||||||||||||||||||||||
Gain on disposition of business | — | (21.7) | |||||||||||||||||||||||||||||||||||||||
Pension charge | 6.6 | — | |||||||||||||||||||||||||||||||||||||||
Loss on investment | — | 5.0 | |||||||||||||||||||||||||||||||||||||||
Total pre-tax adjustments to net income | $ | 25.1 | $ | 0.8 | |||||||||||||||||||||||||||||||||||||
Income tax effects(1)
|
6.3 | 3.2 | |||||||||||||||||||||||||||||||||||||||
Adjusted net income attributable to Hubbell Incorporated | $ | 125.9 | $ | 128.3 | |||||||||||||||||||||||||||||||||||||
Less: Earnings allocated to participating securities | (0.5) | (0.5) | |||||||||||||||||||||||||||||||||||||||
Adjusted net income available to common shareholders | $ | 125.4 | $ | 127.8 | |||||||||||||||||||||||||||||||||||||
Average number of diluted shares outstanding | 54.5 | 54.6 | |||||||||||||||||||||||||||||||||||||||
ADJUSTED EARNINGS PER SHARE – DILUTED | $ | 2.30 | $ | 2.34 |
For the Three Months Ended September 30, | |||||||||||||||||||||||
2020 | Inc/(Dec) % | 2019 | Inc/(Dec) % | ||||||||||||||||||||
Net sales growth (GAAP measure) | $ | (95.4) | (7.9) | $ | 24.3 | 2.1 | |||||||||||||||||
Impact of acquisitions | 11.3 | 0.9 | — | — | |||||||||||||||||||
Impact of divestitures | (4.5) | (0.4) | (5.6) | (0.5) | |||||||||||||||||||
Foreign currency exchange | (3.4) | (0.2) | (3.3) | (0.2) | |||||||||||||||||||
Organic net sales growth (non-GAAP measure) | $ | (98.8) | (8.2) | $ | 33.2 | 2.8 |
Three Months Ended September 30, | |||||||||||
(In millions) | 2020 | 2019 | |||||||||
Net sales | $ | 591.2 | $ | 689.3 | |||||||
Operating income (GAAP measure) | 70.6 | 90.2 | |||||||||
Amortization of acquisition-related intangible assets | 5.8 | 5.6 | |||||||||
Adjusted operating income | $ | 76.4 | $ | 95.8 | |||||||
Operating margin (GAAP measure) | 11.9 | % | 13.1 | % | |||||||
Adjusted operating margin | 12.9 | % | 13.9 | % |
For the Three Months Ended September 30, | |||||||||||||||||||||||
Electrical Segment | 2020 | Inc/(Dec) % | 2019 | Inc/(Dec) % | |||||||||||||||||||
Net sales growth (GAAP measure) | $ | (98.1) | (14.2) | $ | 1.9 | 0.3 | |||||||||||||||||
Impact of acquisitions | 4.4 | 0.6 | — | — | |||||||||||||||||||
Impact of divestitures | (4.5) | (0.6) | (5.6) | (0.8) | |||||||||||||||||||
Foreign currency exchange | (0.8) | (0.1) | (1.7) | (0.2) | |||||||||||||||||||
Organic net sales growth (non-GAAP measure) | $ | (97.2) | (14.1) | $ | 9.2 | 1.3 | |||||||||||||||||
Three Months Ended September 30, | |||||||||||
(In millions) | 2020 | 2019 | |||||||||
Net sales | $ | 517.4 | $ | 514.7 | |||||||
Operating income (GAAP measure) | 92.3 | 82.7 | |||||||||
Amortization of acquisition-related intangible assets | 12.7 | 11.9 | |||||||||
Adjusted operating income | $ | 105.0 | $ | 94.6 | |||||||
Operating margin (GAAP measure) | 17.8 | % | 16.1 | % | |||||||
Adjusted operating margin | 20.3 | % | 18.4 | % |
For the Three Months Ended September 30, | |||||||||||||||||||||||
Utility Solutions | 2020 | Inc/(Dec) % | 2019 | Inc/(Dec) % | |||||||||||||||||||
Net sales growth (GAAP measure) | $ | 2.7 | 0.5 | $ | 22.4 | 4.6 | |||||||||||||||||
Impact of acquisitions | 6.9 | 1.3 | — | — | |||||||||||||||||||
Impact of divestitures | — | — | — | — | |||||||||||||||||||
Foreign currency exchange | (2.6) | (0.5) | (1.6) | (0.3) | |||||||||||||||||||
Organic net sales growth (non-GAAP measure) | $ | (1.6) | (0.3) | $ | 24.0 | 4.9 |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||
2020 | % of Net sales | 2019 | % of Net sales | ||||||||||||||||||||||||||||||||||||||
Net sales | $ | 3,148.1 | $ | 3,487.7 | |||||||||||||||||||||||||||||||||||||
Cost of goods sold | 2,224.5 | 70.7 | % | 2,461.0 | 70.6 | % | |||||||||||||||||||||||||||||||||||
Gross profit | 923.6 | 29.3 | % | 1,026.7 | 29.4 | % | |||||||||||||||||||||||||||||||||||
Selling & administrative ("S&A") expense | 510.4 | 16.2 | % | 566.0 | 16.2 | % | |||||||||||||||||||||||||||||||||||
Operating income | 413.2 | 13.1 | % | 460.7 | 13.2 | % | |||||||||||||||||||||||||||||||||||
Net income attributable to Hubbell Incorporated | 270.3 | 8.6 | % | 299.0 | 8.6 | % | |||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE – DILUTED | $ | 4.95 | $ | 5.45 |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||
2020 | % of Net sales | 2019 | % of Net sales | ||||||||||||||||||||||||||||||||||||||
Gross profit (GAAP measure) | $ | 923.6 | 29.3 | % | $ | 1,026.7 | 29.4 | % | |||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 19.4 | 17.8 | |||||||||||||||||||||||||||||||||||||||
Adjusted gross profit | $ | 943.0 | 30.0 | % | $ | 1,044.5 | 29.9 | % | |||||||||||||||||||||||||||||||||
S&A expenses (GAAP measure) | $ | 510.4 | 16.2 | % | $ | 566.0 | 16.2 | % | |||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 37.2 | 36.0 | |||||||||||||||||||||||||||||||||||||||
Adjusted S&A expenses | $ | 473.2 | 15.0 | % | $ | 530.0 | 15.2 | % | |||||||||||||||||||||||||||||||||
Operating income (GAAP measure) | $ | 413.2 | 13.1 | % | $ | 460.7 | 13.2 | % | |||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 56.6 | 53.8 | |||||||||||||||||||||||||||||||||||||||
Adjusted operating income | $ | 469.8 | 14.9 | % | $ | 514.5 | 14.8 | % | |||||||||||||||||||||||||||||||||
Net income attributable to Hubbell Incorporated (GAAP measure) | $ | 270.3 | $ | 299.0 | |||||||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 56.6 | 53.8 | |||||||||||||||||||||||||||||||||||||||
Gain on disposition of business | — | (21.7) | |||||||||||||||||||||||||||||||||||||||
Pension charge | 6.6 | 22.9 | |||||||||||||||||||||||||||||||||||||||
Loss on investment | — | 5.0 | |||||||||||||||||||||||||||||||||||||||
Total pre-tax adjustments to net income | $ | 63.2 | $ | 60.0 | |||||||||||||||||||||||||||||||||||||
Income tax effects (1)
|
15.9 | 18.2 | |||||||||||||||||||||||||||||||||||||||
Adjusted net income attributable to Hubbell Incorporated | $ | 317.6 | $ | 340.8 | |||||||||||||||||||||||||||||||||||||
Less: Earnings allocated to participating securities | (1.1) | (1.3) | |||||||||||||||||||||||||||||||||||||||
Adjusted net income available to common shareholders | $ | 316.5 | $ | 339.5 | |||||||||||||||||||||||||||||||||||||
Average number of diluted shares outstanding | 54.4 | 54.7 | |||||||||||||||||||||||||||||||||||||||
ADJUSTED EARNINGS PER SHARE – DILUTED | $ | 5.81 | $ | 6.21 |
For the Nine Months Ended September 30, | |||||||||||||||||||||||
2020 | Inc/(Dec) % | 2019 | Inc/(Dec) % | ||||||||||||||||||||
Net sales growth (GAAP measure) | $ | (339.6) | (9.7) | $ | 150.1 | 4.5 | |||||||||||||||||
Impact of acquisitions | 33.2 | 1.0 | 51.4 | 1.5 | |||||||||||||||||||
Impact of divestitures | (20.3) | (0.6) | (5.6) | (0.1) | |||||||||||||||||||
Foreign currency exchange | (11.3) | (0.3) | (15.5) | (0.5) | |||||||||||||||||||
Organic net sales growth (non-GAAP measure) | $ | (341.2) | (9.8) | $ | 119.8 | 3.6 |
Nine Months Ended September 30, | |||||||||||
(In millions) | 2020 | 2019 | |||||||||
Net sales | $ | 1,704.4 | $ | 2,007.7 | |||||||
Operating income (GAAP measure) | 185.7 | 246.8 | |||||||||
Amortization of acquisition-related intangible assets | 18.0 | 17.0 | |||||||||
Adjusted operating income | $ | 203.7 | $ | 263.8 | |||||||
Operating margin (GAAP measure) | 10.9 | % | 12.3 | % | |||||||
Adjusted operating margin | 12.0 | % | 13.1 | % |
For the Nine Months Ended September 30, | |||||||||||||||||||||||
Electrical Segment | 2020 | Inc/(Dec) % | 2019 | Inc/(Dec) % | |||||||||||||||||||
Net sales growth (GAAP measure) | $ | (303.3) | (15.1) | $ | 13.6 | 0.7 | |||||||||||||||||
Impact of acquisitions | 12.4 | 0.6 | — | — | |||||||||||||||||||
Impact of divestitures | (20.3) | (1.0) | (5.6) | (0.2) | |||||||||||||||||||
Foreign currency exchange | (4.2) | (0.2) | (9.0) | (0.5) | |||||||||||||||||||
Organic net sales growth (non-GAAP measure) | $ | (291.2) | (14.5) | $ | 28.2 | 1.4 |
Nine Months Ended September 30, | |||||||||||
(In millions) | 2020 | 2019 | |||||||||
Net sales | $ | 1,443.7 | $ | 1,480.0 | |||||||
Operating income (GAAP measure) | 227.5 | 213.9 | |||||||||
Amortization of acquisition-related intangible assets | 38.6 | 36.8 | |||||||||
Adjusted operating income | $ | 266.1 | $ | 250.7 | |||||||
Operating margin (GAAP measure) | 15.8 | % | 14.5 | % | |||||||
Adjusted operating margin | 18.4 | % | 16.9 | % |
For the Nine Months Ended September 30, | |||||||||||||||||||||||
Utility Solutions | 2020 | Inc/(Dec) % | 2019 | Inc/(Dec) % | |||||||||||||||||||
Net sales growth (GAAP measure) | $ | (36.3) | (2.5) | $ | 136.5 | 10.2 | |||||||||||||||||
Impact of acquisitions | 20.8 | 1.4 | 51.4 | 3.8 | |||||||||||||||||||
Impact of divestitures | — | — | — | — | |||||||||||||||||||
Foreign currency exchange | (7.1) | (0.5) | (6.5) | (0.4) | |||||||||||||||||||
Organic net sales growth (non-GAAP measure) | $ | (50.0) | (3.4) | $ | 91.6 | 6.8 |
Nine Months Ended September 30, | |||||||||||
(In millions) | 2020 | 2019 | |||||||||
Net cash provided by (used in): | |||||||||||
Operating activities
|
$ | 455.6 | $ | 385.1 | |||||||
Investing activities
|
(46.4) | (34.5) | |||||||||
Financing activities
|
(316.1) | (237.7) | |||||||||
Effect of foreign currency exchange rate changes on cash and cash equivalents
|
(5.9) | (1.9) | |||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | $ | 87.2 | $ | 111.0 |
Costs incurred in the nine months ended
September 30, 2020 |
Additional expected costs | Expected completion date | |||||||||
2020 Restructuring Actions | $ | 8.2 | $ | 7.3 | 2021 | ||||||
2019 and Prior Restructuring Actions | 4.3 | 4.2 | 2020 | ||||||||
Total Restructuring cost (GAAP measure) | $ | 12.5 | $ | 11.5 | |||||||
Restructuring-related costs | 4.1 | 1.5 | |||||||||
Restructuring and related costs (Non-GAAP) | $ | 16.6 | $ | 13.0 |
(In millions) | September 30, 2020 | December 31, 2019 | ||||||
Total Debt | $ | 1,458.2 | $ | 1,571.4 | ||||
Total Hubbell Incorporated Shareholders’ Equity | 2,016.8 | 1,947.1 | ||||||
TOTAL CAPITAL | $ | 3,475.0 | $ | 3,518.5 | ||||
Total Debt to Total Capital | 42 | % | 45 | % | ||||
Cash and Investments | 338.6 | 251.9 | ||||||
Net Debt | $ | 1,119.6 | $ | 1,319.5 | ||||
Net Debt to Total Capital | 32 | % | 38 | % |
ITEM 3 | Quantitative and Qualitative Disclosures About Market Risk |
ITEM 4 | Controls and Procedures |
PART II |
OTHER INFORMATION
|
ITEM 1A | Risk Factors |
ITEM 2 | Unregistered Sales of Equity Securities and Use of Proceeds |
ITEM 6 | Exhibits |
Incorporated by Reference | ||||||||||||||||||||||||||
Exhibit
Number |
Exhibit Description | Form | File No. | Exhibit |
Filing
Date |
Filed/
Furnished Herewith |
||||||||||||||||||||
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 | * | ||||||||||||||||||||||||
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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, formatted in Inline XBRL (included within the Exhibit 101 attachments) | * |
* | Filed herewith | ||||
** | Furnished herewith |
HUBBELL INCORPORATED | |||||||||||||||||
By | /s/ William R. Sperry | By | /s/ Joseph A. Capozzoli | ||||||||||||||
William R. Sperry | Joseph A. Capozzoli | ||||||||||||||||
Executive Vice President and Chief Financial Officer | Vice President, Controller (Principal Accounting Officer) |
1 Year Hubbell Chart |
1 Month Hubbell Chart |
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