Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Change in Inventory Costing Method

The table below illustrates the impacts for the three and nine months ended September 30, 2025, had the Company continued to report under the LIFO basis of accounting (in millions, except per share data):


	Three Months Ended September 30, 2025						Nine Months Ended September 30, 2025
	As Computed Under LIFO		Impact of Change		As Reported		As Computed Under LIFO		Impact of Change		As Reported
Condensed Statements of Income
Net sales	$	1,502.4	$	—	$	1,502.4	$	4,351.9	$	—	$	4,351.9
Cost of goods sold	982.9		(24.8)		958.1		2,857.9		(45.0)		2,812.9
Operating Income	305.8		24.8		330.6		852.3		45.0		897.3
Income before income taxes	286.3		24.8		311.1		792.6		45.0		837.6
Provision for income taxes	48.1		6.3		54.4		160.2		10.7		170.9
Net Income	238.2		18.5		256.7		632.4		34.3		666.7
Less: Net income attributable to noncontrolling interest	(1.2)		—		(1.2)		(3.8)		—		(3.8)


Net income attributable to Hubbell Incorporated	$	237.0	$	18.5	$	255.5	$	628.6	$	34.3	$	662.9

Earnings per share


Basic earnings per share	$	4.46	$	0.34	$	4.80	$	11.78	$	0.64	$	12.42



Diluted earnings per share	$	4.43	$	0.34	$	4.77	$	11.71	$	0.64	$	12.35


	September 30, 2025
	As Computed Under LIFO		Impact of Change to FIFO		As Reported
Condensed Balance Sheet
Inventories, net	$	840.0	$	213.7	$	1,053.7
Total Current Assets	2,576.3		213.7		2,790.0
Total Assets	7,313.2		213.7		7,526.9

Other Accrued Liabilities	351.1		24.0		375.1
Total Current Liabilities	2,030.3		24.0		2,054.3
Other Non-Current Liabilities	707.3		27.5		734.8
Total Liabilities	3,782.4		51.5		3,833.9
Hubbell Incorporated Shareholders' Equity	3,519.1		162.2		3,681.3
Total Equity	3,530.8		162.2		3,693.0
Total Liabilities and Equity	$	7,313.2	$	213.7	$	7,526.9

The Consolidated Statement of Income for the three and nine months ended September 30, 2024, Consolidated Statement of Cash Flows for the nine months ended September 30, 2024, and the Consolidated Balance Sheet at December 31, 2024 have been retrospectively adjusted to reflect the change in accounting principle (in millions, except per share data):


	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	As Reported Under LIFO		Impact of Change FIFO		As Adjusted		As Reported Under LIFO		Impact of Change FIFO		As Adjusted
Condensed Statements of Income
Net sales	$	1,442.6	$	—	$	1,442.6	$	4,294.2	$	—	$	4,294.2
Cost of goods sold	945.5		(8.9)		936.6		2,840.7		0.1		2,840.8
Operating Income	303.8		8.9		312.7		833.5		(0.1)		833.4
Income before income taxes	279.5		8.9		288.4		761.1		(0.1)		761.0
Provision for income taxes	58.5		2.1		60.6		175.8		(0.1)		175.7
Net Income	221.0		6.8		227.8		585.3		—		585.3
Less: Net income attributable to noncontrolling interest	(1.6)		—		(1.6)		(4.5)		—		(4.5)


Net income attributable to Hubbell Incorporated	$	219.4	$	6.8	$	226.2	$	580.8	$	—	$	580.8

Earnings per share


Basic earnings per share	$	4.08	$	0.13	$	4.21	$	10.80	$	—	$	10.80



Diluted earnings per share	$	4.05	$	0.13	$	4.18	$	10.73	$	—	$	10.73


	Nine Months Ended September 30, 2024
	As Reported Under LIFO		Impact of Change FIFO		As Adjusted
Condensed Statement of Cash Flows
Net income	$	585.3	$	—	$	585.3
Adjustments to reconcile net income to net cash provided by operating activities:

Deferred income taxes	4.2		(0.1)		4.1
Changes in assets and liabilities, excluding effects of acquisitions:
(Increase) Decrease in inventories, net	(30.8)		0.1		(30.7)
Net cash provided by operating activities	$	558.8	$	—	$	558.8


	December 31, 2024
	As Reported Under LIFO		Impact of Change FIFO		As Adjusted
Condensed Balance Sheet
Inventories, net	$	841.8	$	168.6	$	1,010.4
Total Current Assets	2,089.3		168.6		2,257.9
Total Assets	6,679.1		168.6		6,847.7



Other Non-Current Liabilities	679.5		40.7		720.2
Total Liabilities	3,396.4		40.7		3,437.1
Hubbell Incorporated Shareholders' Equity	3,268.3		127.9		3,396.2
Total Equity	3,282.7		127.9		3,410.6
Total Liabilities and Equity	$	6,679.1	$	168.6	$	6,847.7