Business Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2020

Summary of the Fair Values of the Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the respective date of acquisition for all transactions (in millions):



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

The following table summarizes the assets acquired and liabilities assumed as of the respective date of acquisition for all transactions (in millions):



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

The following are the assets acquired and the liabilities assumed by the Company in the Aclara acquisition, reconciled to the acquisition consideration (in millions):



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

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The purchase price allocation to identifiable intangible assets acquired is as follows (in millions, except useful life amounts):


	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

Transaction costs

These costs were recorded in the respective financial statement line items as follows (in millions):


	Twelve Months Ended December 31,
	2018
Selling & administrative expense	$	9.5
Interest expense	3.3
Total Aclara Transaction Costs	$	12.8

Business Acquisition, Pro Forma Information

The following unaudited supplemental pro-forma information presents consolidated results as if the acquisition had been completed on January 1, 2017. The unaudited supplemental pro-forma financial information does not reflect the actual performance of Aclara in the periods presented and does not reflect the potential realization of cost savings relating to the integration of the two companies. Further, the pro-forma data should not be considered indicative of the results that would have occurred if the acquisition and related financing had been consummated on January 1, 2017, nor are they indicative of future results. Per share amounts in 2018 reflect the reduction in the U.S. federal corporate income tax rate from 35% to 21%:


(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