(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) | |||||||
(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 | ||||||
Indicate by check mark | |||||||||||||||||||||||||||||
•whether 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 reports), and (2) has been subject to such filing requirements for the past 90 days. | ☑ | No | ☐ | ||||||||||||||||||||||||||
•whether the registrant has submitted electronically every Interactive Data File required to be submitted 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). | ☑ | No | ☐ | ||||||||||||||||||||||||||
•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): | |||||||||||||||||||||||||||||
☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | 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. ☐ | ||||||||||||||||||||||||||||
•whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | Yes | ☐ | No |
Table of Contents | ||||||||
PART I | FINANCIAL INFORMATION |
ITEM 1 | Financial Statements |
Three Months Ended March 31, | ||||||||
(in millions, except per share amounts) | 2023 | 2022 | ||||||
Net sales | $ | $ | ||||||
Cost of goods sold | ||||||||
Gross profit | ||||||||
Selling & administrative expenses | ||||||||
Operating income | ||||||||
Interest expense, net | ( | ( | ||||||
Other (expense) income, net | ( | |||||||
Total other expense | ( | ( | ||||||
Income from continuing operations before income taxes | ||||||||
Provision for income taxes | ||||||||
Net income from continuing operations | ||||||||
Less: Net income from continuing operations attributable to noncontrolling interest | ( | ( | ||||||
Net income from continuing operations attributable to Hubbell Incorporated | ||||||||
Income from discontinued operations, net of tax (Note 2) | ||||||||
Net Income attributable to Hubbell Incorporated | $ | $ | ||||||
Earnings per share: | ||||||||
Basic earnings per share from continuing operations | $ | $ | ||||||
Basic earnings per share from discontinued operations | ||||||||
Basic earnings per share | $ | $ | ||||||
Diluted earnings per share from continuing operations | $ | $ | ||||||
Diluted earnings per share from discontinued operations | ||||||||
Diluted earnings per share | $ | $ | ||||||
Cash dividends per common share | $ | $ |
Three Months Ended March 31, | ||||||||
(in millions) | 2023 | 2022 | ||||||
Net income | $ | $ | ||||||
Other comprehensive income (loss): | ||||||||
Currency translation adjustments: | ||||||||
Foreign currency translation adjustments | ||||||||
Reclassification of currency translation losses included in net income | ||||||||
Defined benefit pension and post-retirement plans, net of taxes of $( | ||||||||
Unrealized gain (loss) on investments, net of taxes of $( | ( | |||||||
Unrealized loss on cash flow hedges, net of taxes of $ | ( | ( | ||||||
Other comprehensive income | ||||||||
Comprehensive income | ||||||||
Less: Comprehensive income attributable to noncontrolling interest | ||||||||
Comprehensive income attributable to Hubbell Incorporated | $ | $ |
(in millions) | March 31, 2023 | December 31, 2022 | ||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Short-term investments | ||||||||
Accounts receivable (net of allowances of $ | ||||||||
Inventories, net | ||||||||
Other current assets | ||||||||
Total Current Assets | ||||||||
Property, Plant, and Equipment, net | ||||||||
Other Assets | ||||||||
Investments | ||||||||
Goodwill | ||||||||
Other intangible assets, net | ||||||||
Other long-term assets | ||||||||
TOTAL ASSETS | $ | $ | ||||||
LIABILITIES AND EQUITY | ||||||||
Current Liabilities | ||||||||
Short-term debt | $ | $ | ||||||
Accounts payable | ||||||||
Accrued salaries, wages and employee benefits | ||||||||
Accrued insurance | ||||||||
Other accrued liabilities | ||||||||
Total Current Liabilities | ||||||||
Long-Term Debt | ||||||||
Other Non-Current Liabilities | ||||||||
TOTAL LIABILITIES | ||||||||
Hubbell Incorporated Shareholders’ Equity | ||||||||
Noncontrolling interest | ||||||||
TOTAL EQUITY | ||||||||
TOTAL LIABILITIES AND EQUITY | $ | $ |
Three Months Ended March 31, | ||||||||
(in millions) | 2023 | 2022 | ||||||
Cash Flows from Operating Activities of Continuing Operations | ||||||||
Net income from continuing operations | $ | $ | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | ||||||||
Deferred income taxes | ( | ( | ||||||
Stock-based compensation | ||||||||
Provision for bad debt expense | ||||||||
Loss on sale of assets | ||||||||
Changes in assets and liabilities, excluding effects of acquisitions: | ||||||||
Increase in accounts receivable, net | ( | ( | ||||||
Increase in inventories, net | ( | ( | ||||||
Increase in accounts payable | ||||||||
Decrease in current liabilities | ( | ( | ||||||
Changes in other assets and liabilities, net | ( | |||||||
Contribution to qualified defined benefit pension plans | ||||||||
Other, net | ( | ( | ||||||
Net cash provided by (used in) operating activities from Continuing Operations | ( | |||||||
Cash Flows from Investing Activities of Continuing Operations | ||||||||
Capital expenditures | ( | ( | ||||||
Acquisitions, net of cash acquired | ||||||||
Proceeds from disposal of business, net of cash | ||||||||
Purchases of available-for-sale investments | ( | ( | ||||||
Proceeds from available-for-sale investments | ||||||||
Other, net | ||||||||
Net cash (used in) provided by investing activities from Continuing Operations | ( | |||||||
Cash Flows from Financing Activities of Continuing Operations | ||||||||
Borrowings (payments) of short-term debt, net | ( | |||||||
Payment of dividends | ( | ( | ||||||
Acquisition of common shares | ( | ( | ||||||
Other, net | ( | ( | ||||||
Net cash used in financing activities from Continuing Operations | ( | ( | ||||||
Cash Flows from Discontinued Operations: | ||||||||
Cash used in operating activities | ( | |||||||
Cash used in investing activities | ( | |||||||
Cash used in discontinued operations | ( | |||||||
Effect of exchange rate changes on cash and cash equivalents | ||||||||
(Decrease) increase in cash and cash equivalents | ( | |||||||
Cash and cash equivalents, beginning of year | ||||||||
Cash and cash equivalents within assets held for sale, beginning of year | ||||||||
Restricted cash, included in other assets, beginning of year | ||||||||
Less: Restricted cash, included in Other Assets | ||||||||
Cash and cash equivalents, end of period | $ | $ |
Three Months Ended March 31, | ||||||||
(in millions) | 2023 | 2022 | ||||||
Net sales | $ | $ | ||||||
Cost of goods sold | ||||||||
Gross profit | ||||||||
Selling & administrative expenses | ||||||||
Operating (loss) income | ( | |||||||
Gain on disposal of business | ||||||||
Other expense | ||||||||
Income from discontinued operations before income taxes | ||||||||
Provision for income taxes | ||||||||
Income from discontinued operations, net of taxes | $ | $ |
Three Months Ended March 31, | ||||||||
in millions | 2023 | 2022 | ||||||
Net sales | ||||||||
Utility T&D Components | $ | $ | ||||||
Utility Communications and Controls | ||||||||
Total Utility Solutions | $ | $ | ||||||
Electrical Products | $ | $ | ||||||
Connection and Bonding | ||||||||
Industrial Controls | ||||||||
Retail and Builder | ||||||||
Total Electrical Solutions | $ | $ | ||||||
TOTAL | $ | $ |
Three Months Ended March 31, | ||||||||
in millions | 2023 | 2022 | ||||||
Net sales | ||||||||
United States | $ | $ | ||||||
International | ||||||||
Total Utility Solutions | $ | $ | ||||||
United States | $ | $ | ||||||
International | ||||||||
Total Electrical Solutions | $ | $ | ||||||
TOTAL | $ | $ |
Net Sales | Operating Income | Operating Income as a % of Net Sales | ||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
Utility Solutions | $ | $ | $ | $ | % | % | ||||||||||||||
Electrical Solutions | % | % | ||||||||||||||||||
TOTAL | $ | $ | $ | $ | % | % | ||||||||||||||
March 31, 2023 | December 31, 2022 | |||||||
Raw material | $ | $ | ||||||
Work-in-process | ||||||||
Finished goods | ||||||||
Subtotal | ||||||||
Excess of FIFO over LIFO cost basis | ( | ( | ||||||
TOTAL | $ | $ |
Segment | |||||||||||
Utility Solutions | Electrical Solutions | Total | |||||||||
BALANCE AT DECEMBER 31, 2022 | $ | $ | $ | ||||||||
Prior year acquisitions | |||||||||||
Foreign currency translation | |||||||||||
BALANCE AT MARCH 31, 2023 | $ | $ | $ |
March 31, 2023 | December 31, 2022 | |||||||||||||
Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | |||||||||||
Definite-lived: | ||||||||||||||
Patents, tradenames and trademarks | $ | $ | ( | $ | $ | ( | ||||||||
Customer relationships, developed technology and other | ( | ( | ||||||||||||
TOTAL DEFINITE-LIVED INTANGIBLES | $ | $ | ( | $ | $ | ( | ||||||||
Indefinite-lived: | ||||||||||||||
Tradenames and other | — | — | ||||||||||||
TOTAL OTHER INTANGIBLE ASSETS | $ | $ | ( | $ | $ | ( |
March 31, 2023 | December 31, 2022 | |||||||
Customer program incentives | $ | $ | ||||||
Accrued income taxes | ||||||||
Contract liabilities - deferred revenue | ||||||||
Customer refund liability | ||||||||
Accrued warranties(1) | ||||||||
Current operating lease liabilities | ||||||||
Other | ||||||||
TOTAL | $ | $ |
March 31, 2023 | December 31, 2022 | |||||||
Pensions | $ | $ | ||||||
Other post-retirement benefits | ||||||||
Deferred tax liabilities | ||||||||
Accrued warranties long-term(1) | ||||||||
Non-current operating lease liabilities | ||||||||
Other | ||||||||
TOTAL | $ | $ |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Hubbell Shareholders' Equity | Non- controlling interest | |||||||||||||||
BALANCE AT DECEMBER 31, 2022 | $ | $ | $ | $ | ( | $ | $ | |||||||||||||
Net income | — | — | — | |||||||||||||||||
Other comprehensive (loss) income | — | — | — | — | ||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||
Acquisition/surrender of common shares(1) | — | ( | ( | — | ( | — | ||||||||||||||
Cash dividends declared ($ | — | — | ( | — | ( | — | ||||||||||||||
Dividends to noncontrolling interest | — | — | — | — | — | ( | ||||||||||||||
Directors deferred compensation | — | — | — | — | — | — | ||||||||||||||
BALANCE AT MARCH 31, 2023 | $ | $ | $ | $ | ( | $ | $ | |||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Hubbell Shareholders' Equity | Non- controlling interest | |||||||||||||||
BALANCE AT DECEMBER 31, 2021 | $ | $ | $ | $ | ( | $ | $ | |||||||||||||
Net income | — | — | — | |||||||||||||||||
Other comprehensive (loss) income | — | — | — | — | ||||||||||||||||
Stock-based compensation | — | — | — | — | ||||||||||||||||
Acquisition/surrender of common shares(1) | — | ( | ( | — | ( | — | ||||||||||||||
Cash dividends declared ($ | — | — | ( | — | ( | — | ||||||||||||||
Dividends to noncontrolling interest | — | — | — | — | — | ( | ||||||||||||||
Directors deferred compensation | — | — | — | — | ||||||||||||||||
BALANCE AT MARCH 31, 2022 | $ | $ | $ | $ | ( | $ | $ | |||||||||||||
(debit) credit | Cash flow hedge gain (loss) | Unrealized gain (loss) on available-for- sale securities | Pension and post retirement benefit plan adjustment | Cumulative translation adjustment | Total | ||||||||||||
BALANCE AT DECEMBER 31, 2022 | $ | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||
Other comprehensive income (loss) before reclassifications | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ( | ||||||||||||||||
Current period other comprehensive income (loss) | ( | ||||||||||||||||
BALANCE AT MARCH 31, 2023 | $ | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended March 31, | ||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | 2023 | 2022 | Location of Gain (Loss) Reclassified into Income | |||||||||||
Cash flow hedges gain (loss): | ||||||||||||||
Forward exchange contracts | $ | $ | Net sales | |||||||||||
Cost of goods sold | ||||||||||||||
Other expense, net | ||||||||||||||
Total before tax | ||||||||||||||
( | Tax benefit (expense) | |||||||||||||
$ | $ | Gain (loss) net of tax | ||||||||||||
Amortization of defined benefit pension and post retirement benefit items: | ||||||||||||||
Prior-service costs (a) | $ | ( | $ | ( | ||||||||||
Actuarial gains(losses) (a) | ( | ( | ||||||||||||
( | ( | Total before tax | ||||||||||||
Tax benefit (expense) | ||||||||||||||
$ | ( | $ | ( | Gain (loss) net of tax | ||||||||||
Reclassification of currency translation gain (loss): | ||||||||||||||
$ | $ | ( | Gain (loss) on disposition of business (Note 2) | |||||||||||
Tax benefit (expense) | ||||||||||||||
$ | $ | ( | Gain (loss) net of tax | |||||||||||
Gains (losses) reclassified into earnings | $ | ( | $ | ( | Gain (loss) net of tax |
Three Months Ended March 31, | ||||||||
2023 | 2022 | |||||||
Numerator: | ||||||||
Net income from continuing operations attributable to Hubbell Incorporated | $ | $ | ||||||
Less: Earnings allocated to participating securities | ( | ( | ||||||
Net income from continuing operations available to common shareholders | $ | $ | ||||||
Net income from discontinued operations attributable to Hubbell Incorporated | $ | $ | ||||||
Less: Earnings allocated to participating securities | ( | |||||||
Net income from discontinued operations available to common shareholders | $ | $ | ||||||
Net income attributable to Hubbell Incorporated | $ | $ | ||||||
Less: Earnings allocated to participating securities | ( | ( | ||||||
Net income available to common shareholders | $ | $ | ||||||
Denominator: | ||||||||
Average number of common shares outstanding | ||||||||
Potential dilutive common shares | ||||||||
Average number of diluted shares outstanding | ||||||||
Basic earnings per share: | ||||||||
Basic earnings per share from continuing operations | $ | $ | ||||||
Basic earnings per share from discontinued operations | ||||||||
Basic earnings per share | $ | $ | ||||||
Diluted earnings per share: | ||||||||
Diluted earnings per share from continuing operations | $ | $ | ||||||
Diluted earnings per share from discontinued operations | ||||||||
Diluted earnings per share | $ | $ |
Pension Benefits | Other Benefits | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Three Months Ended March 31, | ||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||
Interest cost | ||||||||||||||
Expected return on plan assets | ( | ( | ||||||||||||
Amortization of prior service cost | ||||||||||||||
Amortization of actuarial losses (gains) | ( | ( | ||||||||||||
Settlement losses | ||||||||||||||
NET PERIODIC BENEFIT COST | $ | $ | $ | $ | ||||||||||
2023 | 2022 | |||||||
BALANCE AT JANUARY 1, (a) | $ | $ | ||||||
Provision | ||||||||
Expenditures/payments/other | ( | ( | ||||||
BALANCE AT MARCH 31, (a) | $ | $ |
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 | ||||||||||
March 31, 2023 | ||||||||||||||
Money market funds(a) | $ | $ | $ | $ | ||||||||||
Time Deposits(a) | ||||||||||||||
Available for sale investments | ||||||||||||||
Trading securities | ||||||||||||||
Deferred compensation plan liabilities | ( | ( | ||||||||||||
Derivatives: | ||||||||||||||
Forward exchange contracts-Assets(b) | ||||||||||||||
Forward exchange contracts-(Liabilities)(c) | ( | ( | ||||||||||||
TOTAL | $ | $ | $ | $ | ||||||||||
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, 2022 | ||||||||||||||
Money market funds(a) | $ | $ | $ | $ | ||||||||||
Time Deposits(a) | ||||||||||||||
Available for sale investments | ||||||||||||||
Trading securities | ||||||||||||||
Deferred compensation plan liabilities | ( | ( | ||||||||||||
Derivatives: | ||||||||||||||
Forward exchange contracts-Assets(b) | ||||||||||||||
TOTAL | $ | $ | $ | $ |
Three Months Ended March 31, | ||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||
Cost of goods sold | Selling & administrative expense | Total | ||||||||||||||||||
Utility Solutions | $ | $ | $ | $ | $ | $ | ||||||||||||||
Electrical Solutions | ( | ( | ||||||||||||||||||
Total Pre-Tax Restructuring Costs | $ | $ | $ | $ | $ | $ |
Beginning Accrued Restructuring Balance 1/1/23 | Pre-tax Restructuring Costs | Utilization and Foreign Exchange | Ending Accrued Restructuring Balance 3/31/2023 | |||||||||||
2023 Restructuring Actions | ||||||||||||||
Severance | $ | $ | $ | $ | ||||||||||
Asset write-downs | ||||||||||||||
Facility closure and other costs | ||||||||||||||
Total 2023 Restructuring Actions | $ | $ | $ | $ | ||||||||||
2022 and Prior Restructuring Actions | ||||||||||||||
Severance | $ | $ | ( | $ | ( | $ | ||||||||
Asset write-downs | ||||||||||||||
Facility closure and other costs | ( | |||||||||||||
Total 2022 and Prior Restructuring Actions | $ | $ | $ | ( | $ | |||||||||
Total Restructuring Actions | $ | $ | $ | ( | $ |
Total expected costs | Costs incurred during 2022 | Costs incurred in the first three months of 2023 | Remaining costs at 3/31/2023 | |||||||||||
2023 Restructuring Actions | ||||||||||||||
Utility Solutions | $ | $ | $ | $ | ||||||||||
Electrical Solutions | ||||||||||||||
Total 2023 Restructuring Actions | $ | $ | $ | $ | ||||||||||
2022 and Prior Restructuring Actions | ||||||||||||||
Utility Solutions | $ | $ | $ | $ | ||||||||||
Electrical Solutions | ( | |||||||||||||
Total 2022 and Prior Restructuring Actions | $ | $ | $ | $ | ||||||||||
Total Restructuring Actions | $ | $ | $ | $ |
Maturity | March 31, 2023 | December 31, 2022 | |||||||||
Senior notes at | 2026 | $ | $ | ||||||||
Senior notes at | 2027 | ||||||||||
Senior notes at | 2028 | ||||||||||
Senior notes at | 2031 | ||||||||||
TOTAL LONG-TERM DEBT(a) | $ | $ |
Grant Date | Expected Dividend Yield | Expected Volatility | Risk Free Interest Rate | Expected Term | Weighted Avg. Grant Date Fair Value of 1 SAR | ||||||||||||
February 2023 | $ |
Grant Date | Stock Price on Measurement Date | Dividend Yield | Expected Volatility | Risk Free Interest Rate | Expected Term | Weighted Avg. Grant Date Fair Value | ||||||||||||||
February 2023 | $ | $ |
Grant Date | Fair Value | Performance Period | Payout Range | ||||||||||||||
February 2023 | $ | Jan 2023 - Dec 2025 |
ITEM 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Three Months Ended March 31, | ||||||||||||||
2023 | % of Net sales | 2022 | % of Net sales | |||||||||||
Net sales | $ | 1,285.4 | $ | 1,156.1 | ||||||||||
Cost of goods sold | 837.1 | 65.1 | % | 833.0 | 72.1 | % | ||||||||
Gross profit | 448.3 | 34.9 | % | 323.1 | 27.9 | % | ||||||||
Selling & administrative ("S&A") expense | 199.5 | 15.5 | % | 180.2 | 15.6 | % | ||||||||
Operating income | 248.8 | 19.4 | % | 142.9 | 12.4 | % | ||||||||
Net income from continuing operations | 183.4 | 14.3 | % | 103.8 | 9.0 | % | ||||||||
Less: Net income from continuing operations attributable to non-controlling interest | (1.5) | (0.1) | % | (1.3) | (0.1) | % | ||||||||
Net income from continuing operations attributable to Hubbell Incorporated | 181.9 | 14.2 | % | 102.5 | 8.9 | % | ||||||||
Income from discontinued operations, net of tax | — | 77.7 | ||||||||||||
Net income attributable to Hubbell incorporated | 181.9 | 180.2 | ||||||||||||
Less: Earnings allocated to participating securities | (0.4) | (0.5) | ||||||||||||
Net income available to common shareholders | $ | 181.5 | $ | 179.7 | ||||||||||
Average number of diluted shares outstanding | 53.9 | 54.4 | ||||||||||||
DILUTED EARNINGS PER SHARE - CONTINUING OPERATIONS | $ | 3.37 | $ | 1.88 | ||||||||||
DILUTED EARNINGS PER SHARE - DISCONTINUED OPERATIONS | $ | — | $ | 1.43 |
Three Months Ended March 31, | ||||||||||||||
2023 | % of Net sales | 2022 | % of Net sales | |||||||||||
Operating income (GAAP measure) | $ | 248.8 | 19.4 | % | $ | 142.9 | 12.4 | % | ||||||
Amortization of acquisition-related intangible assets | 17.8 | 1.3 | % | 17.5 | 1.5 | % | ||||||||
Adjusted operating income (non-GAAP measure) | $ | 266.6 | 20.7 | % | $ | 160.4 | 13.9 | % | ||||||
The following table reconciles Adjusted net income from continuing operations attributable to Hubbell Incorporated, Adjusted net income from continuing operations available to common shareholders, and the diluted per share amounts thereof, each a non-GAAP measure, to the directly comparable GAAP financial measures (in millions, except per share data). | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2023 | Diluted Per Share | 2022 | Diluted Per Share | |||||||||||
Net income from continuing operations attributable to Hubbell Incorporated (GAAP measure) | $ | 181.9 | $ | 3.37 | $ | 102.5 | $ | 1.88 | ||||||
Amortization of acquisition-related intangible assets | 17.8 | 0.33 | 17.5 | 0.32 | ||||||||||
Subtotal | $ | 199.7 | $ | 3.70 | $ | 120.0 | $ | 2.20 | ||||||
Income tax effects(1) | 4.4 | 0.08 | 4.3 | 0.08 | ||||||||||
Adjusted net income from continuing operations attributable to Hubbell Incorporated (non-GAAP measure) | $ | 195.3 | $ | 3.62 | $ | 115.7 | $ | 2.12 | ||||||
Less: Earnings allocated to participating securities | (0.5) | (0.01) | (0.3) | — | ||||||||||
Adjusted net income from continuing operations available to common shareholders (non-GAAP measure) | $ | 194.8 | $ | 3.61 | $ | 115.4 | $ | 2.12 | ||||||
Three Months Ended March 31, | ||||||||||||||
2023 | Inc/(Dec) % | 2022 | Inc/(Dec) % | |||||||||||
Net sales growth (GAAP measure) | $ | 129.3 | 11.2 | $ | 199.8 | 20.9 | ||||||||
Impact of acquisitions | 20.7 | 1.8 | — | — | ||||||||||
Impact of divestitures | — | — | (2.8) | (0.3) | ||||||||||
Foreign currency exchange | (4.7) | (0.4) | (0.3) | — | ||||||||||
Organic net sales growth (non-GAAP measure) | $ | 113.3 | 9.8 | $ | 202.9 | 21.2 | ||||||||
Three Months Ended March 31, | ||||||||
(In millions) | 2023 | 2022 | ||||||
Net sales | $ | 781.6 | $ | 651.8 | ||||
Operating income (GAAP measure) | 177.5 | 88.1 | ||||||
Amortization of acquisition-related intangible assets | 13.3 | 14.0 | ||||||
Adjusted operating income | $ | 190.8 | $ | 102.1 | ||||
Operating margin (GAAP measure) | 22.7 | % | 13.5 | % | ||||
Adjusted operating margin | 24.4 | % | 15.7 | % |
Three Months Ended March 31, | ||||||||||||||
Utility Solutions | 2023 | Inc/(Dec) % | 2022 | Inc/(Dec) % | ||||||||||
Net sales growth (GAAP measure) | $ | 129.8 | 19.9 | $ | 119.6 | 22.5 | ||||||||
Impact of acquisitions | 5.6 | 0.9 | — | — | ||||||||||
Impact of divestitures | — | — | (2.8) | (0.5) | ||||||||||
Foreign currency exchange | (1.7) | (0.3) | 0.5 | 0.1 | ||||||||||
Organic net sales growth (non-GAAP measure) | $ | 125.9 | 19.3 | $ | 121.9 | 22.9 |
Three Months Ended March 31, | ||||||||
(In millions) | 2023 | 2022 | ||||||
Net sales | $ | 503.8 | $ | 504.3 | ||||
Operating income (GAAP measure) | 71.3 | 54.8 | ||||||
Amortization of acquisition-related intangible assets | 4.5 | 3.5 | ||||||
Adjusted operating income | $ | 75.8 | $ | 58.3 | ||||
Operating margin (GAAP measure) | 14.2 | % | 10.9 | % | ||||
Adjusted operating margin | 15.0 | % | 11.6 | % |
Three Months Ended March 31, | ||||||||||||||
Electrical Solutions | 2023 | Inc/(Dec) % | 2022 | Inc/(Dec) % | ||||||||||
Net sales growth (GAAP measure) | $ | (0.5) | (0.1) | $ | 80.2 | 18.9 | ||||||||
Impact of acquisitions | 15.1 | 3.0 | — | — | ||||||||||
Impact of divestitures | — | — | — | — | ||||||||||
Foreign currency exchange | (3.0) | (0.6) | (0.8) | (0.2) | ||||||||||
Organic net sales growth (non-GAAP measure) | $ | (12.6) | (2.5) | $ | 81.0 | 19.1 |
Three months ended March 31, | ||||||||
(In millions) | 2023 | 2022 | ||||||
Net cash provided by (used in): | ||||||||
Operating activities from continuing operations | $ | 113.7 | $ | (14.4) | ||||
Investing activities from continuing operations | (35.1) | 317.9 | ||||||
Financing activities from continuing operations | (91.8) | (210.4) | ||||||
Cash from discontinued operations | — | (23.8) | ||||||
Effect of foreign currency exchange rate changes on cash and cash equivalents | 2.7 | 3.2 | ||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | $ | (10.5) | $ | 72.5 |
Costs incurred in the three months ended March 31, 2023 | Additional expected costs | Expected completion date | |||||||||
2023 Restructuring Actions | $ | — | $ | — | |||||||
2022 and Prior Restructuring Actions | 0.5 | 4.3 | 2024 | ||||||||
Total Restructuring cost (GAAP measure) | $ | 0.5 | $ | 4.3 | |||||||
Restructuring-related costs | 2.0 | 0.8 | |||||||||
Restructuring and related costs (Non-GAAP) | $ | 2.5 | $ | 5.1 |
(In millions) | March 31, 2023 | December 31, 2022 | ||||||
Total Debt | $ | 1,443.2 | $ | 1,442.6 | ||||
Hubbell Incorporated Shareholders’ Equity | 2,472.7 | 2,360.9 | ||||||
TOTAL CAPITAL | $ | 3,915.9 | $ | 3,803.5 | ||||
Total Debt to Total Capital | 37 | % | 38 | % | ||||
Cash and Investments | 512.9 | 520.7 | ||||||
Net Debt | $ | 930.3 | $ | 921.9 | ||||
Net Debt to Total Capital | 24 | % | 24 | % |
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 |
Period | Total Number of Shares of Common Stock Purchased (a) (000s) | Average Price Paid Per Share of Common Stock | Approximate Value of Shares that May Yet be Purchased Under the Plans (b) (in millions) | Total number of shares purchased as part of publicly announced plans (000s) | ||||||||||
January 1, 2023 - January 31, 2023 | — | — | $ | 406.7 | — | |||||||||
February 1, 2023 - February 28, 2023 | 83 | $ | 240.99 | $ | 386.7 | 83 | ||||||||
March 1, 2023 - March 31, 2023 | — | — | $ | 386.7 | — | |||||||||
TOTAL FOR THE QUARTER ENDED MARCH 31, 2023 | 83 | $ | 240.99 | $ | 386.7 | 83 |
ITEM 6 | Exhibits |
Incorporated by Reference | ||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Exhibit | Filing Date | Filed/ Furnished Herewith | ||||||||||||||
3.1 | 8-K | 001-02958 | 3.1 | 2/22/2023 | ||||||||||||||||
10.1† | * | |||||||||||||||||||
31.1 | * | |||||||||||||||||||
31.2 | * | |||||||||||||||||||
32.1 | ** | |||||||||||||||||||
32.2 | ** | |||||||||||||||||||
101 | The following materials from Hubbell Incorporated's Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 formatted in Inline Extensible Business Reporting Language (iXBRL): (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, and (v) Notes to the Condensed Consolidated Financial Statements. | * | ||||||||||||||||||
104 | The cover page of this Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, formatted in Inline XBRL (included within the Exhibit 101 attachments) | * |
* | Filed herewith | ||||
** | Furnished herewith | ||||
† | A management contract or compensatory plan or arrangement |
HUBBELL INCORPORATED | ||||||||||||||
By | /s/ William R. Sperry | By | /s/ Jonathan M. Del Nero | |||||||||||
William R. Sperry | Jonathan M. Del Nero | |||||||||||||
Executive Vice President and Chief Financial Officer | Vice President, Controller (Principal Accounting Officer) |
Grant Date: Performance Period: |
Performance Measures | Weight | Index/ Goal | Target/Payout | |||||||||||
/s/ Gerben W. Bakker | |||||
Gerben W. Bakker | |||||
Chairman of the Board, President and Chief Executive Officer | |||||
Date: | April 28, 2023 |
/s/ William R. Sperry | |||||
William R. Sperry | |||||
Executive Vice President and Chief Financial Officer | |||||
Date: | April 28, 2023 |
/s/ Gerben W. Bakker | |||||
Gerben W. Bakker | |||||
Chairman of the Board, President and Chief Executive Officer | |||||
April 28, 2023 |
/s/ William R. Sperry | |||||
William R. Sperry | |||||
Executive Vice President and Chief Financial Officer | |||||
April 28, 2023 |
Condensed Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2023 |
Mar. 31, 2022 |
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Statement of Comprehensive Income [Abstract] | ||
Net income | $ 183.4 | $ 181.5 |
Currency translation adjustments: | ||
Foreign currency translation adjustments | 7.9 | 4.6 |
Reclassification of currency translation losses included in net income | 0.0 | 0.5 |
Defined benefit pension and post-retirement plans, net of taxes of $(1.2) and $(0.5) | 1.4 | 2.1 |
Unrealized gain (loss) on investments, net of taxes of $(0.1) and $0.4 | 0.3 | (1.2) |
Unrealized loss on cash flow hedges, net of taxes of $0.1 and $0.2 | (0.3) | (0.6) |
Other comprehensive income | 9.3 | 5.4 |
Comprehensive income | 192.7 | 186.9 |
Less: Comprehensive income attributable to noncontrolling interest | 1.5 | 1.3 |
Comprehensive income attributable to Hubbell Incorporated | $ 191.2 | $ 185.6 |
Condensed Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2023 |
Mar. 31, 2022 |
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Statement of Comprehensive Income [Abstract] | ||
Defined benefit pension and post-retirement plans, tax | $ (1.2) | $ (0.5) |
Available-for-sale investments, tax | (0.1) | 0.4 |
Unrealized gain (loss) on cash flow hedges, tax | $ 0.1 | $ 0.2 |
Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ (13.9) | $ (14.3) |
Basis of Presentation |
3 Months Ended |
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Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Hubbell Incorporated (“Hubbell”, the “Company”, “registrant”, “we”, “our” or “us”, which references include its divisions and subsidiaries) have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by United States of America (“U.S.”) GAAP for audited financial statements. In the opinion of management, all adjustments consisting only of normal recurring adjustments considered necessary for a fair statement of the results of the periods presented have been included. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2023. The balance sheet at December 31, 2022 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Hubbell Incorporated Annual Report on Form 10-K for the year ended December 31, 2022. Discontinued Operations On February 1, 2022, the Company completed the sale of the Commercial and Industrial Lighting business (the "C&I Lighting business") to GE Current, a Daintree Company, for total net cash consideration of $332.8 million. The disposal of the C&I Lighting business met the criteria set forth in ASC 205-20 to be presented as a discontinued operation. The C&I Lighting business's results of operations and the related cash flows have been reclassified to income from discontinued operations in the Condensed Consolidated Statements of Income and cash flows from discontinued operations in the Condensed Consolidated Statement of Cash Flows, respectively, for all periods presented. For additional information regarding this transaction and its effect on our financial reporting, see Note 2 – Discontinued Operations, in the accompanying Condensed Consolidated Financial Statements, which note is incorporated herein by reference. Impact of the COVID-19 Pandemic The COVID-19 pandemic, which began in the first quarter of 2020, has had, and may continue to have, a significant lingering effect on global economic conditions. U.S. Federal, state, local, and foreign governments reacted to the public health crisis with mitigation measures, creating significant uncertainties in the U.S. and global economies. Although the most significant effects of the pandemic have largely subsided, the extent to which the lingering impacts of the coronavirus pandemic will continue to affect our business, operations, supply chains, inflation, interest rates, economic conditions and our financial results will depend on numerous evolving factors that we may not be able to accurately predict and which may cause the actual results to differ from the estimates and assumptions we are required to make in the preparation of financial statements according to GAAP. Recently Adopted Accounting Pronouncements In September 2022, the FASB issued ASU 2022-04, "Liabilities - Supplier Finance Programs (Subtopic 405-50: Disclosure of Supplier Finance Program Obligations)", which the Company adopted in the first quarter of 2023, with the exception of the rollforward information, which is effective for the Company in 2024. Payment Services Arrangements The Company has ongoing agreements with financial institutions to facilitate the processing of vendor payables. Under these agreements, the Company pays the financial institution the stated amount of confirmed invoices from participating suppliers on their original maturity date. The terms of the vendor payables are not affected by vendors participating in these agreements. As a result, the amounts owed are presented as accounts payable in the Company’s Condensed Consolidated Balance Sheet, of which, $96.7 million and $91.9 million was outstanding at March 31, 2023 and December 31, 2022, respectively. Either party may terminate the agreements with 30 days written notice. Cash flows under the program are reported in operating activities in the Company’s Condensed Consolidated Statement of Cash Flows. Commercial Card Program In 2021, the Company entered into an agreement with a financial institution that allows participating suppliers to receive payment for outstanding invoices through a commercial purchasing card sponsored by a financial institution. The Company is required to then settle such outstanding invoices through a consolidated payment to the financial institution 15 days after the commercial card billing cycle. The Company receives the benefit of extended payment terms and a rebate from the financial institution. Either party may terminate the agreement with 60 days written notice. The amount outstanding to the financial institution is presented as short-term debt in the Company’s Condensed Consolidated Balance Sheet, of which, $2.7 million and $1.9 million was outstanding at March 31, 2023 and December 31, 2022, respectively. Cash flows under the program are reported in financing activities in the Company’s Condensed Consolidated Statement of Cash Flows. Recently Issued Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting," which provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments are effective for all entities beginning on March 12, 2020 through December 31, 2022. The Company may elect to apply the amendments prospectively through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which extends the temporary accounting rules under Topic 848 to December 31, 2024. The Company is currently assessing the impact of adopting this standard on its financial statements and the timing of adoption.
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Discontinued Operations |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Discontinued Operations On February 1, 2022, the Company completed the sale of the C&I Lighting business to GE Current, a Daintree Company, for total net cash consideration of $332.8 million. We have concluded the divestiture met the criteria set forth in ASC 205-20 to be presented as a discontinued operation in our Condensed Consolidated Financial Statements for all periods presented. The C&I Lighting business was previously included in the Electrical Solutions segment. Under the terms of the transaction, Hubbell and the buyer entered into a transition services agreement ("TSA"), pursuant to which the Company provides certain administrative and operational services for a period of 12 months or less. Furthermore, we entered into a short-term supply agreement whereby the Company acts as a supplier of finished goods and component parts to the C&I Lighting business after the completion of the sale. Income from the TSA and supply agreement was $0.1 million and $2.8 million for the three months ended March 31, 2023 and 2022, respectively and was recorded in Other Income in the Condensed Consolidated Financial Statements. The TSA and short-term supply agreement were effectively completed as of March 31, 2023. The following table presents the summarized components of income from discontinued operations, net of income taxes, for the C&I Lighting business:
Income from discontinued operations, net of taxes for the three month ended March 31, 2023 and 2022 includes pre-tax transaction and separation costs of $0.0 million and $2.1 million and pre-tax gain on the disposal of $0.0 million and $88.5 million, respectively.
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Revenue |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue The Company recognizes revenue when performance obligations identified under the terms of contracts with its customers are satisfied, which generally occurs, for products, upon the transfer of control in accordance with the contractual terms and conditions of the sale. The majority of the Company’s revenue associated with products is recognized at a point in time when the product is shipped to the customer, with a relatively small amount of transactions, primarily in the Utility Solutions segment, recognized upon delivery of the product at the destination. Revenue from service contracts and post-shipment performance obligations are approximately two percent of total annual consolidated net revenue and those service contracts and post-shipment obligations are primarily within the Utility Solutions segment. Revenue from service contracts and post-shipment performance obligations is recognized when or as those obligations are satisfied. The Company primarily offers assurance-type standard warranties that do not represent separate performance obligations and on occasion will separately offer and price extended warranties that are separate performance obligations for which the associated revenue is recognized over-time based on the extended warranty period. The Company records amounts billed to customers for reimbursement of shipping and handling costs within revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of goods sold. Sales taxes and other usage-based taxes are excluded from revenue. Within the Electrical Solutions segment, certain businesses require a portion of the transaction price to be paid in advance of transfer of control. Advance payments are not considered a significant financing component as they are received less than one year before the related performance obligations are satisfied. In addition, in the Utility Solutions segment, certain businesses offer annual maintenance service contracts that require payment at the beginning of the contract period. These payments are treated as a contract liability and are classified in Other accrued liabilities in the Condensed Consolidated Balance Sheets. Once control transfers to the customer and the Company meets the revenue recognition criteria, the deferred revenue is recognized in the Condensed Consolidated Statements of Income. The deferred revenue relating to the annual maintenance service contracts is recognized in the Condensed Consolidated Statements of Income on a straight-line basis over the expected term of the contract. The following table presents disaggregated revenue by business group.
The following table presents disaggregated revenue by geographic location (on a geographic basis, the Company defines "international" as operations based outside of the United States and its possessions):
Contract Balances Our contract liabilities consist of advance payments for products as well as deferred revenue on service obligations and extended warranties. Deferred revenue is included in Other accrued liabilities in the Condensed Consolidated Balance Sheets. Contract liabilities were $67.1 million as of March 31, 2023 compared to $45.8 million as of December 31, 2022. The $21.3 million increase in our contract liabilities balance was primarily due to a $39.0 million net increase in current year deferrals primarily due to timing of advance payments on certain orders, partially offset by the recognition of $17.7 million in revenue related to amounts that were recorded in contract liabilities at January 1, 2023. The Company has an immaterial amount of contract assets relating to performance obligations satisfied prior to payment that is recorded in Other long-term assets in the Condensed Consolidated Balance Sheets. Impairment losses recognized on our receivables and contract assets were immaterial for the three months ended March 31, 2023. Unsatisfied Performance Obligations As of March 31, 2023, the Company had approximately $300 million of unsatisfied performance obligations for contracts with an original expected length of greater than one year, primarily relating to long-term contracts of the Utility Solutions segment to deliver and install meters, metering communications and grid monitoring sensor technology. The Company expects that a majority of the unsatisfied performance obligations will be completed and recognized over the next two years.
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Segment Information |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company's reporting segments consist of the Utility Solutions segment and the Electrical Solutions segment. The Utility Solutions segment consists of businesses that design, manufacture, and sell a wide variety of electrical distribution, transmission, substation, and telecommunications products. This includes utility transmission & distribution (T&D) components such as arresters, insulators, connectors, anchors, bushings, and enclosures. The Utility Solutions segment also offers solutions that serve the utility infrastructure, including smart meters, communications systems, and protection and control devices. Hubbell Utility Solutions supports the electrical distribution, electrical transmission, water, gas distribution, telecommunications, and solar and wind markets. Products are sold to distributors and directly to users such as utilities, telecommunication companies, industrial firms, construction and engineering firms. The Electrical Solutions segment comprises businesses that sell stock and custom products including standard and special application wiring device products, rough-in electrical products, connector and grounding products, lighting fixtures, components and other electrical equipment. The products are typically used in and around industrial, commercial and institutional facilities by electrical contractors, maintenance personnel, electricians, utilities, and telecommunications companies. In addition, certain of our businesses design and manufacture industrial controls and communication systems used in the non-residential and industrial markets. Many of these products are designed such that they can also be used in harsh and hazardous locations where a potential for fire and explosion exists due to the presence of flammable gasses and vapors. Harsh and hazardous products are primarily used in the oil and gas (onshore and offshore) and mining industries. There are also a variety of wiring devices, lighting fixtures and electrical products that have residential and utility applications, including residential products with Internet-of-Things ("IoT") enabled technologies. These products are primarily sold through electrical and industrial distributors, home centers, retail and hardware outlets, lighting showrooms and residential product oriented internet sites. Special application products are primarily sold through wholesale distributors to contractors, industrial customers and OEMs. The following table sets forth financial information by business segment (in millions):
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Inventories, net |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory, Net, Items Net of Reserve Alternative [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories, net | Inventories, net Inventories, net consists of the following (in millions):
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Goodwill and Other Intangible Assets, net |
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Goodwill and Other Intangible Assets, net | Goodwill and Other Intangible Assets, net Changes in the carrying values of goodwill for the three months ended March 31, 2023, by segment, were as follows (in millions):
The carrying value of other intangible assets included in Other intangible assets, net in the Condensed Consolidated Balance Sheets is as follows (in millions):
Amortization expense associated with definite-lived intangible assets was $17.8 million and $17.5 million during the three months ended March 31, 2023 and 2022, respectively. Future amortization expense associated with these intangible assets is estimated to be $53.4 million for the remainder of 2023, $66.1 million in 2024, $63.6 million in 2025, $60.0 million in 2026, $54.5 million in 2027, and $49.5 million in 2028. The Company amortizes intangible assets with definite lives using either an accelerated method that reflects the pattern in which economic benefits of the intangible assets are consumed and results in higher amortization in the earlier years of the asset's useful life, or using a straight line method. Approximately 80% of the gross value of definite-lived intangible assets follow an accelerated amortization method.
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Other Accrued Liabilities |
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Accrued Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consists of the following (in millions):
(1) Refer to Note 22 - Guarantees, in the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2022 for additional information regarding warranties.
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Other Non-Current Liabilities |
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities, Other than Long-Term Debt, Noncurrent [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Non-Current Liabilities | Other Non-Current Liabilities Other non-current liabilities consists of the following (in millions):
(1) Refer to Note 22 - Guarantees, in the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2022 for additional information regarding warranties.
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Total Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Equity | Total Equity A summary of changes in total equity for the three months ended March 31, 2023 and the three months ended March 31, 2022 is provided below (in millions, except per share amounts):
(1) For accounting purposes, the Company treats repurchased shares as constructively retired when acquired and accordingly charges the purchase price against common stock par value, Additional paid-in capital, to the extent available, and Retained earnings. The change in Retained earnings of $21.2 million and $145.2 million in the first three months of 2023 and 2022, respectively, reflects this accounting treatment. The detailed components of total comprehensive income are presented in the Condensed Consolidated Statements of Comprehensive Income.
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Accumulated Other Comprehensive Loss |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss A summary of the changes in Accumulated other comprehensive loss (net of tax) for the three months ended March 31, 2023 is provided below (in millions):
A summary of the gain (loss) reclassifications out of Accumulated other comprehensive loss for the three months ended March 31, 2023 and 2022 is provided below (in millions):
(a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 12 - Pension and Other Benefits in the Notes to Condensed Consolidated Financial Statements for additional details).
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The Company computes earnings per share using the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities. Service-based and performance-based restricted stock awards granted by the Company are considered participating securities as these awards contain a non-forfeitable right to dividends. The following table sets forth the computation of earnings per share for the three months ended March 31, 2023 and 2022 (in millions, except per share amounts):
The Company did not have any significant anti-dilutive securities outstanding during the three months ended March 31, 2023 and 2022.
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Pension and Other Benefits |
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Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Benefits | Pension and Other Benefits The following table sets forth the components of net pension and other benefit costs for the three months ended March 31, 2023 and 2022 (in millions):
Employer Contributions |
Guarantees |
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Standard Product Warranty Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees | Guarantees The Company records a liability equal to the fair value of guarantees in accordance with the accounting guidance for guarantees. When it is probable that a liability has been incurred and the amount can be reasonably estimated, the Company accrues for costs associated with guarantees. The most likely costs to be incurred are accrued based on an evaluation of currently available facts and, where no amount within a range of estimates is more likely, the minimum is accrued. As of March 31, 2023 and December 31, 2022, the fair value and maximum potential payment related to the Company’s guarantees were not material. The Company offers product warranties that cover defects on most of its products. These warranties primarily apply to products that are properly installed, maintained and used for their intended purpose. The Company accrues estimated warranty costs at the time of sale. Estimated warranty expenses, recorded in cost of goods sold, are based upon historical information such as past experience, product failure rates, or the estimated number of units to be repaired or replaced. Adjustments are made to the product warranty accrual as claims are incurred, additional information becomes known, or as historical experience indicates. Changes in the accrual for product warranties during the three months ended March 31, 2023 and 2022 are set forth below (in millions):
(a) Refer to Note 7 – Other Accrued Liabilities and Note 8 – Other Non-Current Liabilities for a breakout of short-term and long-term warranties.
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Fair Value Measurement |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement | Fair Value Measurement Financial Instruments Financial instruments which potentially subject the Company to significant concentrations of credit loss risk consist of trade receivables, cash equivalents and investments. The Company grants credit terms in the normal course of business to its customers. Due to the diversity of its product lines, the Company has an extensive customer base including electrical distributors and wholesalers, electric utilities, equipment manufacturers, electrical contractors, telecommunication companies and retail and hardware outlets. As part of its ongoing procedures, the Company monitors the credit worthiness of its customers. Bad debt write-offs have historically been minimal. The Company places its cash and cash equivalents with financial institutions and limits the amount of exposure in any one institution. At March 31, 2023 our accounts receivable balance was $778.3 million, net of allowances of $13.9 million. During the three months ended March 31, 2023 our allowances decreased approximately $0.4 million. Investments At March 31, 2023 and December 31, 2022, the Company had $63.2 million and $61.4 million, respectively, of available-for-sale municipal debt securities. These investments had an amortized cost of $64.0 million and $62.6 million, respectively. No allowance for credit losses related to our available-for-sale debt securities was recorded for the three months ended March 31, 2023. As of March 31, 2023 and December 31, 2022 the unrealized losses attributable to our available-for-sale debt securities were $1.0 million and $1.3 million, respectively. The fair value of available-for-sale debt securities with unrealized losses was $45.1 million at March 31, 2023 and $53.7 million at December 31, 2022. The Company also had trading securities of $19.8 million at March 31, 2023 and $18.8 million at December 31, 2022 that are carried on the balance sheet at fair value. Unrealized gains and losses associated with available-for-sale debt securities are reflected in Accumulated other comprehensive loss, net of tax, while unrealized gains and losses associated with trading securities are reflected in the results of operations. Fair value measurements Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The FASB fair value measurement guidance established a fair value hierarchy that prioritizes the inputs used to measure fair value. The three broad levels of the fair value hierarchy are as follows: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly. Level 3 – Unobservable inputs for which little or no market data exists, therefore requiring a company to develop its own assumptions. The following table shows, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis at March 31, 2023 and December 31, 2022 (in millions):
(a) Money market funds and time deposits are reflected in Cash and cash equivalents in the Condensed Consolidated Balance Sheets. (b) Forward exchange contracts-Assets are reflected in Other current assets in the Condensed Consolidated Balance Sheets. (c) Forward exchange contracts-(Liabilities) are reflected in Other accrued liabilities in the Condensed Consolidated Balance Sheets. The methods and assumptions used to estimate the Level 2 fair values were as follows: Forward exchange contracts – The fair value of forward exchange contracts was based on quoted forward foreign exchange prices at the reporting date. Available-for-sale municipal bonds classified in Level 2 – The fair value of available-for-sale investments in municipal bonds is based on observable market-based inputs, other than quoted prices in active markets for identical assets. Deferred compensation plans The Company offers certain employees the opportunity to participate in non-qualified deferred compensation plans. A participant’s deferrals are invested in a variety of participant-directed debt and equity mutual funds that are classified as trading securities. The Company purchased $2.1 million and $1.0 million of trading securities related to these deferred compensation plans during the three months ended March 31, 2023 and 2022, respectively. As a result of participant distributions, the Company sold $2.0 million of these trading securities during the three months ended March 31, 2023 and $2.4 million during the three months ended March 31, 2022. The unrealized gains and losses associated with these trading securities are directly offset by the changes in the fair value of the underlying deferred compensation plan obligation. Long Term Debt As of March 31, 2023 and December 31, 2022, the carrying value of long-term debt, net of unamortized discount and debt issuance costs, was $1,438.5 million and $1,437.9 million, respectively. The estimated fair value of the long-term debt as of March 31, 2023 and December 31, 2022 was $1,344.8 million and $1,306.5 million, respectively, using quoted market prices in active markets for similar liabilities (Level 2).
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Commitments and Contingencies |
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Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesThe Company is subject to various legal proceedings arising in the normal course of its business. These proceedings include claims for damages arising out of use of the Company’s products, intellectual property, workers’ compensation and environmental matters. The Company is self-insured up to specified limits for certain types of claims, including product liability and workers’ compensation, and is fully self-insured for certain other types of claims, including environmental and intellectual property matters. The Company recognizes a liability for any contingency that in management’s judgment is probable of occurrence and can be reasonably estimated. We continually reassess the likelihood of adverse judgments and outcomes in these matters, as well as estimated ranges of possible losses based upon an analysis of each matter which includes advice of outside legal counsel and, if applicable, other experts. |
Restructuring Costs and Other |
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Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Costs and Other | Restructuring Costs and Other In the three months ended March 31, 2023, we incurred costs for restructuring actions initiated in 2023 as well as costs for restructuring actions initiated in prior years. Our restructuring actions are associated with cost reduction efforts that include the consolidation of manufacturing and distribution facilities as well as workforce reductions. Restructuring costs include severance and employee benefits, asset impairments, accelerated depreciation, as well as facility closure, contract termination and certain pension costs that are directly related to restructuring actions. These costs are predominantly settled in cash from our operating activities and are generally settled within one year, with the exception of asset impairments, which are non-cash. Pre-tax restructuring costs incurred in each of our reporting segments and the location of the costs in the Condensed Consolidated Statements of Income for the three months ended March 31, 2023 and 2022 are as follows (in millions):
The following table summarizes the accrued liabilities for our restructuring actions (in millions):
The actual costs incurred and total expected cost in each of our reporting segments of our on-going restructuring actions are as follows (in millions):
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Debt and Financing Arrangements |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Financing Arrangements | Debt and Financing Arrangements Long-term debt consists of the following (in millions):
(a)Long-term debt is presented net of debt issuance costs and unamortized discounts. 2021 Credit Facility The Company has a five-year credit agreement with a syndicate of lenders and JPMorgan Chase, N.A., as administrative agent, that provides a $750 million committed revolving credit facility (the “2021 Credit Facility"). Commitments under the 2021 Credit Facility may be increased to an aggregate amount not to exceed $1.25 billion. The 2021 Credit Facility contains a financial covenant requiring that, as of the last day of each fiscal quarter, the ratio of total indebtedness to total capitalization shall not be greater than 65%. The Company was in compliance with this covenant as of March 31, 2023. As of March 31, 2023, the 2021 Credit Facility was undrawn. Short-Term Debt The Company had $4.7 million of short-term debt outstanding at both March 31, 2023 and December 31, 2022, which consisted of borrowings to support our international operations in China and amounts outstanding under our Commercial Card Program.
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Stock-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation As of March 31, 2023, the Company had various stock-based awards outstanding which were issued to executives and other key employees. The Company recognizes the grant-date fair value of all stock-based awards to employees over their respective requisite service periods (generally equal to an award’s vesting period), net of estimated forfeitures. A stock-based award is considered vested for expense attribution purposes when the employee’s retention of the award is no longer contingent on providing subsequent service. For those awards that vest immediately upon retirement eligibility, the Company recognizes compensation cost immediately for retirement-eligible individuals or over the period from the grant date to the date retirement eligibility is achieved, if less than the stated vesting period. The Company’s long-term incentive program for awarding stock-based compensation includes a combination of restricted stock, stock appreciation rights (“SARs”), and performance shares of the Company’s common stock pursuant to the Hubbell Incorporated 2005 Incentive Award Plan as amended and restated (the "Award Plan"). Under the Award Plan, the Company may authorize up to 9.7 million shares of common stock to settle awards of restricted stock, performance shares, or SARs. The Company issues new shares to settle stock-based awards. During the three months ended March 31, 2023, the Company's grant of stock-based awards included restricted stock, SARs and performance shares. Each of the compensation arrangements is discussed below. Restricted Stock The Company issues various types of restricted stock awards, all of which are considered outstanding at the time of grant, as the award holders are entitled to dividends and voting rights. Unvested restricted stock awards are considered participating securities when computing earnings per share. Restricted stock grants are not transferable and are subject to forfeiture in the event of the recipient’s termination of employment prior to vesting. Restricted Stock Issued to Employees - Service Condition Restricted stock awards that vest based upon a service condition are expensed on a straight-line basis over the requisite service period. These awards generally vest either in three equal installments on each of the first three anniversaries of the grant date or on the third-year anniversary of the grant date. The fair value of these awards is measured by the average of the high and low trading prices of the Company’s common stock on the most recent trading day immediately preceding the grant date (“measurement date”). In February 2023, the Company granted 47,670 restricted stock awards with a fair value per share of $241.17. Stock Appreciation Rights SARs grant the holder the right to receive, once vested, the value in shares of the Company's common stock equal to the positive difference between the grant price, as determined using the mean of the high and low trading prices of the Company’s common stock on the measurement date, and the fair market value of the Company’s common stock on the date of exercise. This amount is payable in shares of the Company’s common stock. SARs vest and become exercisable in three equal installments during the first three years following the grant date and expire ten years from the grant date. In February 2023, the Company granted 93,779 SAR awards. The fair value of each SAR award was measured using the Black-Scholes option pricing model. The following table summarizes the weighted-average assumptions used in estimating the fair value of the SARs granted during February 2023:
The expected dividend yield was calculated by dividing the Company’s expected annual dividend by the average stock price for the past three months. Expected volatilities are based on historical volatilities of the Company’s stock for a period consistent with the expected term. The expected term of SARs granted was based upon historical exercise behavior of SARs. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for the expected term of the award. Performance Shares Performance shares represent the right to receive a share of the Company’s common stock subject to the achievement of certain market or performance conditions established by the Company’s Compensation Committee and measured over a three-year period. Partial vesting in these awards may occur after separation from the Company for retirement eligible employees. Shares are not vested until approved by the Company’s Compensation Committee. Performance Shares - Market Condition In February 2023, the Company granted 11,481 performance shares that will vest subject to a market condition and service condition through the performance period. The market condition associated with the awards is the Company's total shareholder return ("TSR") compared to the TSR generated by the companies that comprise the S&P Capital Goods 900 index over a three year performance period. Performance at target will result in vesting and issuance of the number of performance shares granted, equal to 100% payout. Performance below or above target can result in issuance in the range of 0%-200% of the number of shares granted. Expense is recognized irrespective of the market condition being achieved. The fair value of the performance share awards with a market condition for the 2023 grant was determined based upon a lattice model. The following table summarizes the related assumptions used to determine the fair values of the performance share awards with a market condition granted during February 2023:
Expected volatilities are based on historical volatilities of the Company’s and members of the peer group's stock over the expected term of the award. The risk free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant for the expected term of the award. Performance Shares - Performance Condition In February 2023, the Company granted 23,316 performance shares that will vest subject to an internal Company-based performance condition and service requirement. Fifty percent of these performance shares granted will vest based on Hubbell’s compounded annual growth rate of Net sales as compared to that of the companies that comprise the S&P Capital Goods 900 index. Fifty percent of these performance shares granted will vest based on achieved operating profit margin performance as compared to internal targets. Each of these performance conditions is measured over the same three-year performance period. The cumulative result of these performance conditions can result in a number of shares earned in the range of 0% - 200% of the target number of shares granted. The fair value of the award is measured based upon the average of the high and low trading prices of the Company's common stock on the measurement date reduced by the present value of dividends expected to be paid during the requisite service period. The Company expenses these awards on a straight-line basis over the requisite service period and including an assessment of the performance achieved to date. The weighted average fair value per share was $230.64 for the awards granted during February 2023.
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Basis of Presentation (Policies) |
3 Months Ended |
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Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited Condensed Consolidated Financial Statements of Hubbell Incorporated (“Hubbell”, the “Company”, “registrant”, “we”, “our” or “us”, which references include its divisions and subsidiaries) have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by United States of America (“U.S.”) GAAP for audited financial statements. In the opinion of management, all adjustments consisting only of normal recurring adjustments considered necessary for a fair statement of the results of the periods presented have been included. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2023. The balance sheet at December 31, 2022 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, refer to the consolidated financial statements and footnotes thereto included in the Hubbell Incorporated Annual Report on Form 10-K for the year ended December 31, 2022.
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Discontinued Operations | Discontinued OperationsOn February 1, 2022, the Company completed the sale of the Commercial and Industrial Lighting business (the "C&I Lighting business") to GE Current, a Daintree Company, for total net cash consideration of $332.8 million. The disposal of the C&I Lighting business met the criteria set forth in ASC 205-20 to be presented as a discontinued operation. The C&I Lighting business's results of operations and the related cash flows have been reclassified to income from discontinued operations in the Condensed Consolidated Statements of Income and cash flows from discontinued operations in the Condensed Consolidated Statement of Cash Flows, respectively, for all periods presented. |
Impact of the COVID-19 Pandemic | Impact of the COVID-19 Pandemic The COVID-19 pandemic, which began in the first quarter of 2020, has had, and may continue to have, a significant lingering effect on global economic conditions. U.S. Federal, state, local, and foreign governments reacted to the public health crisis with mitigation measures, creating significant uncertainties in the U.S. and global economies. Although the most significant effects of the pandemic have largely subsided, the extent to which the lingering impacts of the coronavirus pandemic will continue to affect our business, operations, supply chains, inflation, interest rates, economic conditions and our financial results will depend on numerous evolving factors that we may not be able to accurately predict and which may cause the actual results to differ from the estimates and assumptions we are required to make in the preparation of financial statements according to GAAP.
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Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In September 2022, the FASB issued ASU 2022-04, "Liabilities - Supplier Finance Programs (Subtopic 405-50: Disclosure of Supplier Finance Program Obligations)", which the Company adopted in the first quarter of 2023, with the exception of the rollforward information, which is effective for the Company in 2024. Payment Services Arrangements The Company has ongoing agreements with financial institutions to facilitate the processing of vendor payables. Under these agreements, the Company pays the financial institution the stated amount of confirmed invoices from participating suppliers on their original maturity date. The terms of the vendor payables are not affected by vendors participating in these agreements. As a result, the amounts owed are presented as accounts payable in the Company’s Condensed Consolidated Balance Sheet, of which, $96.7 million and $91.9 million was outstanding at March 31, 2023 and December 31, 2022, respectively. Either party may terminate the agreements with 30 days written notice. Cash flows under the program are reported in operating activities in the Company’s Condensed Consolidated Statement of Cash Flows. Commercial Card Program In 2021, the Company entered into an agreement with a financial institution that allows participating suppliers to receive payment for outstanding invoices through a commercial purchasing card sponsored by a financial institution. The Company is required to then settle such outstanding invoices through a consolidated payment to the financial institution 15 days after the commercial card billing cycle. The Company receives the benefit of extended payment terms and a rebate from the financial institution. Either party may terminate the agreement with 60 days written notice. The amount outstanding to the financial institution is presented as short-term debt in the Company’s Condensed Consolidated Balance Sheet, of which, $2.7 million and $1.9 million was outstanding at March 31, 2023 and December 31, 2022, respectively. Cash flows under the program are reported in financing activities in the Company’s Condensed Consolidated Statement of Cash Flows. Recently Issued Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting," which provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments are effective for all entities beginning on March 12, 2020 through December 31, 2022. The Company may elect to apply the amendments prospectively through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which extends the temporary accounting rules under Topic 848 to December 31, 2024. The Company is currently assessing the impact of adopting this standard on its financial statements and the timing of adoption.
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Discontinued Operations (Tables) |
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income From Discontinued Operations, Net of Income Taxes and Balance Sheet Information for Assets and Liabilities Held for Sale | The following table presents the summarized components of income from discontinued operations, net of income taxes, for the C&I Lighting business:
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Revenue (Tables) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregated Revenue by Business Group | The following table presents disaggregated revenue by business group.
The following table presents disaggregated revenue by geographic location (on a geographic basis, the Company defines "international" as operations based outside of the United States and its possessions):
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Segment Information (Tables) |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Information | The following table sets forth financial information by business segment (in millions):
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Inventories, net (Tables) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory, Net, Items Net of Reserve Alternative [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories, Net | Inventories, net consists of the following (in millions):
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Goodwill and Other Intangible Assets, net (Tables) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Goodwill | Changes in the carrying values of goodwill for the three months ended March 31, 2023, by segment, were as follows (in millions):
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Schedule of Intangible Assets | The carrying value of other intangible assets included in Other intangible assets, net in the Condensed Consolidated Balance Sheets is as follows (in millions):
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Other Accrued Liabilities (Tables) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Accrued Liabilities | Other accrued liabilities consists of the following (in millions):
(1) Refer to Note 22 - Guarantees, in the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2022 for additional information regarding warranties.
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Other Non-Current Liabilities (Tables) |
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities, Other than Long-Term Debt, Noncurrent [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Non-Current Liabilities | Other non-current liabilities consists of the following (in millions):
(1) Refer to Note 22 - Guarantees, in the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2022 for additional information regarding warranties.
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Total Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stockholders Equity | A summary of changes in total equity for the three months ended March 31, 2023 and the three months ended March 31, 2022 is provided below (in millions, except per share amounts):
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Accumulated Other Comprehensive Loss (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income Loss | A summary of the changes in Accumulated other comprehensive loss (net of tax) for the three months ended March 31, 2023 is provided below (in millions):
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Schedule of Reclassifications Out of Accumulated Other Comprehensive Income | A summary of the gain (loss) reclassifications out of Accumulated other comprehensive loss for the three months ended March 31, 2023 and 2022 is provided below (in millions):
(a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 12 - Pension and Other Benefits in the Notes to Condensed Consolidated Financial Statements for additional details).
|
Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Computation of Earnings Per Share | The following table sets forth the computation of earnings per share for the three months ended March 31, 2023 and 2022 (in millions, except per share amounts):
|
Pension and Other Benefits (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Pension and Other Benefit Costs | The following table sets forth the components of net pension and other benefit costs for the three months ended March 31, 2023 and 2022 (in millions):
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Guarantees (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Standard Product Warranty Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Product Warranty Liability | Changes in the accrual for product warranties during the three months ended March 31, 2023 and 2022 are set forth below (in millions):
(a) Refer to Note 7 – Other Accrued Liabilities and Note 8 – Other Non-Current Liabilities for a breakout of short-term and long-term warranties.
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Fair Value Measurement (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Assets and Liability by Fair Value Hierarchy Level | The following table shows, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis at March 31, 2023 and December 31, 2022 (in millions):
(a) Money market funds and time deposits are reflected in Cash and cash equivalents in the Condensed Consolidated Balance Sheets. (b) Forward exchange contracts-Assets are reflected in Other current assets in the Condensed Consolidated Balance Sheets. (c) Forward exchange contracts-(Liabilities) are reflected in Other accrued liabilities in the Condensed Consolidated Balance Sheets.
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Restructuring Costs and Other (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Costs | Pre-tax restructuring costs incurred in each of our reporting segments and the location of the costs in the Condensed Consolidated Statements of Income for the three months ended March 31, 2023 and 2022 are as follows (in millions):
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Schedule of Restructuring Reserve by Type of Cost | The following table summarizes the accrued liabilities for our restructuring actions (in millions):
The actual costs incurred and total expected cost in each of our reporting segments of our on-going restructuring actions are as follows (in millions):
|
Debt and Financing Arrangements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long Term Debt | Long-term debt consists of the following (in millions):
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Stock-Based Compensation (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the Weighted-Average Assumption Used in Estimating Fair Value of Stock Appreciation Rights | The following table summarizes the weighted-average assumptions used in estimating the fair value of the SARs granted during February 2023:
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Schedule of the Attributes of the Performance Shares Granted During the Period | The following table summarizes the related assumptions used to determine the fair values of the performance share awards with a market condition granted during February 2023:
|
Basis of Presentation (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Feb. 01, 2022 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Discontinued Operations | ||||
Total net cash consideration | $ 0.0 | $ 348.6 | ||
Payment Services Arrangement | ||||
Recently Adopted Accounting Pronouncements | ||||
Supplier finance program, obligation | 96.7 | $ 91.9 | ||
Commercial Card Program | ||||
Recently Adopted Accounting Pronouncements | ||||
Supplier finance program, obligation | $ 2.7 | $ 1.9 | ||
Discontinued Operations, Disposed of by Sale | Commercial and Industrial Lighting business | ||||
Discontinued Operations | ||||
Total net cash consideration | $ 332.8 |
Discontinued Operations - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Feb. 01, 2022 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total net cash consideration | $ 0.0 | $ 348.6 | |
Discontinued Operations, Disposed of by Sale | Commercial and Industrial Lighting business | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total net cash consideration | $ 332.8 | ||
Administrative and operational services for a period (in months) | 12 months | ||
Income from service | 0.1 | 2.8 | |
Transaction and separation costs, net of tax | 0.0 | 2.1 | |
Gain on disposal of business | $ 0.0 | $ 88.5 |
Discontinued Operations - Schedule of Income From Discontinued Operations, Net of Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Income from discontinued operations, net of taxes | $ 0.0 | $ 77.7 |
Discontinued Operations, Disposed of by Sale | Commercial and Industrial Lighting business | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net sales | 0.0 | 29.1 |
Cost of goods sold | 0.0 | 27.7 |
Gross profit | 0.0 | 1.4 |
Selling & administrative expenses | 0.0 | 10.7 |
Operating (loss) income | 0.0 | (9.3) |
Gain on disposal of business | 0.0 | 88.5 |
Other expense | 0.0 | 0.2 |
Income from discontinued operations before income taxes | 0.0 | 79.4 |
Provision for income taxes | 0.0 | 1.7 |
Income from discontinued operations, net of taxes | $ 0.0 | $ 77.7 |
Revenue - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Revenue from Contract with Customer [Abstract] | ||
Percentage of revenue from service contracts and post-shipment obligations (approximate) | 2.00% | |
Contract liability | $ 67.1 | $ 45.8 |
Increase (decrease) in net contract liabilities | 21.3 | |
Increase in current year deferrals, net | 39.0 | |
Revenue recognized | $ 17.7 |
Revenue - Unsatisfied Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 $ in Millions |
Mar. 31, 2023
USD ($)
|
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Unsatisfied performance obligation | $ 300 |
Unsatisfied performance obligation, period of recognition (in years) | 2 years |
Segment Information (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Segment Reporting Information [Line Items] | ||
Net Sales | $ 1,285.4 | $ 1,156.1 |
Operating Income | $ 248.8 | $ 142.9 |
Operating Income as a % of Net Sales | 19.40% | 12.40% |
Utility Solutions | ||
Segment Reporting Information [Line Items] | ||
Net Sales | $ 781.6 | $ 651.8 |
Operating Income | $ 177.5 | $ 88.1 |
Operating Income as a % of Net Sales | 22.70% | 13.50% |
Electrical Solutions | ||
Segment Reporting Information [Line Items] | ||
Net Sales | $ 503.8 | $ 504.3 |
Operating Income | $ 71.3 | $ 54.8 |
Operating Income as a % of Net Sales | 14.20% | 10.90% |
Inventories, net (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Inventory, Net, Items Net of Reserve Alternative [Abstract] | ||
Raw material | $ 315.9 | $ 302.8 |
Work-in-process | 175.2 | 161.7 |
Finished goods | 474.0 | 463.2 |
Subtotal | 965.1 | 927.7 |
Excess of FIFO over LIFO cost basis | (185.5) | (187.0) |
TOTAL | $ 779.6 | $ 740.7 |
Goodwill and Other Intangible Assets, net - Changes in Goodwill (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
| |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 1,970.5 |
Prior year acquisitions | 2.9 |
Foreign currency translation | 2.7 |
Goodwill, ending balance | 1,976.1 |
Utility Solutions | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 1,275.9 |
Prior year acquisitions | 1.2 |
Foreign currency translation | 2.0 |
Goodwill, ending balance | 1,279.1 |
Electrical Solutions | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 694.6 |
Prior year acquisitions | 1.7 |
Foreign currency translation | 0.7 |
Goodwill, ending balance | $ 697.0 |
Goodwill and Other Intangible Assets, net - Other Intangible Assets (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Other Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 1,144.6 | $ 1,143.2 |
Accumulated Amortization | (532.1) | (513.5) |
Total intangible assets | 1,185.0 | 1,183.4 |
Tradenames and other | ||
Other Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 40.4 | 40.2 |
Patents, tradenames and trademarks | ||
Other Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 188.1 | 187.9 |
Accumulated Amortization | (78.0) | (75.7) |
Customer relationships, developed technology and other | ||
Other Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 956.5 | 955.3 |
Accumulated Amortization | $ (454.1) | $ (437.8) |
Goodwill and Other Intangible Assets, net - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortization expense | $ 17.8 | $ 17.5 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2023 | 53.4 | |
2024 | 66.1 | |
2025 | 63.6 | |
2026 | 60.0 | |
2027 | 54.5 | |
2028 | $ 49.5 | |
Percentage of definite-lived intangible assets under accelerated amortization method (approximate) (as a percent) | 80.00% |
Other Accrued Liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Accrued Liabilities [Abstract] | ||
Customer program incentives | $ 46.6 | $ 87.8 |
Accrued income taxes | 45.8 | 4.5 |
Contract liabilities - deferred revenue | 67.1 | 45.8 |
Customer refund liability | 15.7 | 14.8 |
Accrued warranties | 17.2 | 20.2 |
Current operating lease liabilities | 31.1 | 30.5 |
Other | 124.8 | 130.5 |
TOTAL | $ 348.3 | $ 334.1 |
Other Non-Current Liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Liabilities, Other than Long-Term Debt, Noncurrent [Abstract] | ||
Pensions | $ 155.1 | $ 155.3 |
Other post-retirement benefits | 14.3 | 14.3 |
Deferred tax liabilities | 113.9 | 113.8 |
Accrued warranties long-term | 26.0 | 26.0 |
Non-current operating lease liabilities | 86.7 | 84.9 |
Other | 111.1 | 111.3 |
TOTAL | $ 507.1 | $ 505.6 |
Pension and Other Benefits - Net Pension and Other Benefit Costs (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 0.1 | $ 0.2 |
Interest cost | 8.7 | 6.3 |
Expected return on plan assets | (7.0) | (8.2) |
Amortization of prior service cost | 0.1 | 0.1 |
Amortization of actuarial losses (gains) | 2.6 | 2.6 |
Settlement losses | 0.0 | 0.0 |
NET PERIODIC BENEFIT COST | 4.5 | 1.0 |
Other Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0.0 | 0.0 |
Interest cost | 0.2 | 0.1 |
Expected return on plan assets | 0.0 | 0.0 |
Amortization of prior service cost | 0.0 | 0.0 |
Amortization of actuarial losses (gains) | (0.1) | (0.1) |
Settlement losses | 0.0 | 0.0 |
NET PERIODIC BENEFIT COST | $ 0.1 | $ 0.0 |
Pension and Other Benefits - Narrative (Details) - Pension Benefits $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
| |
United States | |
Defined Benefit Plan Disclosure [Line Items] | |
Contributions by employer | $ 0.0 |
Foreign Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Contributions by employer | $ 0.0 |
Guarantees (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Beginning balance | $ 46.2 | $ 66.1 |
Provision | 3.4 | 3.7 |
Expenditures/payments/other | (6.4) | (3.5) |
Ending balance | $ 43.2 | $ 66.3 |
Debt and Financing Arrangements - Schedule of Long Term Debt (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,438.5 | $ 1,437.9 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,438.5 | 1,437.9 |
Senior Notes | Senior notes at 3.35% | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage (as a percent) | 3.35% | |
Long-term debt | $ 398.0 | 397.9 |
Senior Notes | Senior notes at 3.15% | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage (as a percent) | 3.15% | |
Long-term debt | $ 297.7 | 297.5 |
Senior Notes | Senior notes at 3.50% | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage (as a percent) | 3.50% | |
Long-term debt | $ 446.4 | 446.2 |
Senior Notes | Senior notes at 2.300% | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage (as a percent) | 2.30% | |
Long-term debt | $ 296.4 | $ 296.3 |
Debt and Financing Arrangements - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Debt Instrument [Line Items] | ||
Short-term debt outstanding | $ 4.7 | $ 4.7 |
2021 Credit Facility | 2021 Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt term (in years) | 5 years | |
Line of credit, maximum borrowing capacity | $ 750.0 | |
Line of credit facility, accordion feature, higher borrowing capacity option | $ 1,250.0 | |
Line of credit facility covenants maximum debt to capitalization (as a percent) | 65.00% |
Stock-Based Compensation - SARS Fair Value Assumptions (Details) - Stock Appreciation Rights SARS |
1 Months Ended |
---|---|
Feb. 28, 2023
$ / shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected Dividend Yield | 1.90% |
Expected Volatility | 28.00% |
Risk Free Interest Rate | 3.70% |
Expected Term | 4 years 10 months 24 days |
Weighted Avg. Grant Date Fair Value of 1 SAR (USD per share) | $ 60.99 |
Stock-Based Compensation - Performance Shares, Market Condition (Details) - Performance Shares, Market Condition |
1 Months Ended |
---|---|
Feb. 28, 2023
$ / shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share Price (USD per share) | $ 241.17 |
Expected Dividend Yield | 1.90% |
Expected Volatility | 39.40% |
Risk Free Interest Rate | 4.10% |
Expected Term | 2 years 10 months 24 days |
Weighted Avg. Grant Date Fair Value (USD per share) | $ 279.47 |
Stock-Based Compensation - Performance Shares, Performance Condition (Details) - Performance Shares, Performance Condition |
1 Months Ended |
---|---|
Feb. 28, 2023
$ / shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Avg. Grant Date Fair Value (USD per share) | $ 230.64 |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance based criteria plan payout percentage (as a percent) | 0.00% |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance based criteria plan payout percentage (as a percent) | 200.00% |
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