HUBBELL INC
For the period ended Dec 31, 2023. Filed Feb 8, 2024.
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FY2023 · Filed Feb 8, 2024
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Consolidated Statement of Changes in Equity
| (in millions, except pershare amounts) | Common Stock | AdditionalPaid-inCapital | RetainedEarnings | AccumulatedOtherComprehensiveIncome (Loss) | Total HubbellShareholders'Equity | Non-controllinginterest |
|---|---|---|---|---|---|---|
| BALANCE AT DECEMBER 31, 2020 | $0.6 | $4.9 | $2,393.7 | $(329.2) | $2,070.0 | $15.4 |
| Net income | — | — | 399.5 | — | 399.5 | 6.1 |
| Other comprehensive (loss) income | — | — | — | (1.6) | (1.6) | — |
| Stock-based compensation | — | 18.6 | — | — | 18.6 | — |
| Acquisition/surrender of common shares (1) | — | (24.2) | (15.8) | — | (40.0) | — |
| Cash dividends declared ($3.99 per share) | — | — | (217.4) | — | (217.4) | — |
| Dividends to noncontrolling interest | — | — | — | — | — | (10.6) |
| Directors deferred compensation | — | 0.7 | — | — | 0.7 | — |
| BALANCE AT DECEMBER 31, 2021 | $0.6 | $— | $2,560.0 | $(330.8) | $2,229.8 | $10.9 |
| Net income | — | — | 545.9 | — | 545.9 | 5.5 |
| Other comprehensive (loss) income | — | — | — | (14.4) | (14.4) | — |
| Stock-based compensation | — | 24.5 | — | — | 24.5 | — |
| Acquisition/surrender of common shares (1) | — | (23.1) | (170.5) | — | (193.6) | — |
| Cash dividends declared ($4.27 per share) | — | — | (229.9) | — | (229.9) | — |
| Dividends to noncontrolling interest | — | — | — | — | — | (6.7) |
| Directors deferred compensation | — | (1.4) | — | — | (1.4) | — |
| BALANCE AT DECEMBER 31, 2022 | $0.6 | $— | $2,705.5 | $(345.2) | $2,360.9 | $9.7 |
| Net income | — | — | 759.8 | — | 759.8 | 6.2 |
| Other comprehensive (loss) income | — | — | — | 32.8 | 32.8 | — |
| Stock-based compensation | — | 26.9 | — | — | 26.9 | — |
| Acquisition/surrender of common shares (1) | — | (21.4) | (36.6) | — | (58.0) | — |
| Cash dividends declared ($4.58 per share) | — | — | (246.0) | — | (246.0) | — |
| Dividends to noncontrolling interest | — | — | — | — | — | (3.6) |
| Directors deferred compensation | — | 0.6 | — | — | 0.6 | — |
| BALANCE AT DECEMBER 31, 2023 | $0.6 | $6.1 | $3,182.7 | $(312.4) | $2,877.0 | $12.3 |
(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 $36.6 million, $170.5 million and $15.8 million in 2023, 2022 and 2021, respectively, reflects this accounting treatment.
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