Business Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

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

The following table presents the final determination of the fair value of identifiable assets acquired and liabilities assumed from the Company’s 2023 acquisitions. Fair value estimates are based on a complex series of judgments about future events and uncertainties and rely heavily on estimates and assumptions. The judgments used to determine the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact the Company’s results of operations (in millions):

Accounts receivable	$	71.5
Inventories	84.9
Other current assets	49.6
Property, plant and equipment	31.6
Other non-current assets	2.8
Intangible assets	608.2
Accounts payable	(17.5)
Other accrued liabilities	(85.1)
Deferred tax liabilities, net	(134.0)
Other non-current liabilities	(11.9)
Goodwill	605.7
Total Estimate of Consideration Transferred, Net of Cash Acquired	$	1,205.8

The following table summarizes the fair values of the assets acquired and liabilities assumed as of the respective date of acquisition for all of the Company’s 2022 acquisitions (in millions):

Tangible assets acquired	$	41.5
Intangible assets	67.3
Goodwill	114.7
Other liabilities assumed	(46.4)
Total Estimate of Consideration Transferred, Net of Cash Acquired	$	177.1

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The purchase price allocation to identifiable intangible assets acquired for all of the 2023 acquisitions is as follows (in millions, except useful life amounts):

	Estimated Fair Value		Weighted Average Estimated Useful Life
Patents, tradenames and trademarks	$	45.1	20
Customer relationships	503.0		21
Developed technology	8.5		10
Backlog	51.6		3
Total	$	608.2

Schedule of Business Acquisition, Pro Forma Information, Nonrecurring Adjustments

Those reclassifications primarily include the following, which represent the amount of increase or (decrease) to reported results to arrive at the pro-forma results (in millions, except per share amounts).

	Twelve Months Ended December 31,				Per Diluted Share
	2023		2022		2023		2022
Transaction costs incurred in 2023(1)	$	11.2	$	(11.2)	$	0.21	$	(0.21)
Intangible amortization and inventory step up(2)	$	(20.7)	$	(46.6)	$	(0.38)	$	(0.86)
Interest expense(3)	$	1.2	$	(30.1)	$	0.02	$	(0.56)

(1) Transaction costs incurred in 2023 have been reclassified into the comparative pro-forma 2022 period.

(2) Intangible amortization and inventory step up amortization incurred in 2023 have been reclassified into the comparable pro-forma 2022 period and increased to reflect the assumption the transactions were completed on January 1, 2022. The pro-forma 2023 period includes the intangible amortization that would be incurred assuming the transactions had been completed on January 1, 2022.

(3) Interest expense incurred in 2023, reflecting amounts incurred from the date of the acquisitions, has been reclassified into the pro-forma 2022 period and increased to reflect the assumption the transactions were completed on January 1, 2022. The pro-forma 2023 period includes the interest expense that would have been incurred assuming the transactions had been completed on January 1, 2022.

Schedule of Business Acquisition, Pro Forma Information

The pro-forma results were calculated by combining the results of the Company with the stand-alone results of the acquisitions for the pre-acquisition periods, as described above:

	Twelve Months Ended December 31,
(in millions, except per share amounts)	2023		2022
Net sales	$	5,762.1	$	5,316.5
Net income attributable to Hubbell	$	809.8	$	454.4
Earnings Per Share:
Basic	$	15.08	$	8.43
Diluted	$	14.97	$	8.39

Schedule of Disclosure of Long-Lived Assets Held-for-Sale

The following table presents balance sheet information of the residential lighting business’ assets and liabilities held for sale:

	At December 31,
(in millions)	2023
Cash and cash equivalents	$	—
Accounts receivable, net	29.8
Inventories, net	37.8
Other current assets	2.9
Assets held for sale - current	$	70.5
Property, Plant, and Equipment, net	1.6
Goodwill	63.2
Other Intangible assets, net	6.5
Other long-term assets	20.6
Assets held for sale - non-current	$	91.9
Accounts payable	1.9
Accrued salaries, wages and employee benefits	3.5
Accrued insurance	3.4
Other accrued liabilities	15.8
Liabilities held for sale - current	$	24.6
Other Non-Current Liabilities	17.5
Liabilities held for sale - non-current	$	17.5