HUBBELL INC
For the period ended Dec 31, 2024. Filed Feb 13, 2025.
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FY2024 · Filed Feb 13, 2025
HUBB$437.79-0.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statement of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2024 | 2023 | 2022 |
| Cash Flows from Operating Activities of Continuing Operations | |||
| Net income from continuing operations | $783.5 | $766.0 | $516.8 |
| Adjustments to reconcile net income from continuing operations to net cash provided by operating activities, net of acquisitions: | |||
| Depreciation and amortization | 212.1 | 149.7 | 148.5 |
| Deferred income taxes | 1.7 | (16.2) | (27.8) |
| Stock-based compensation | 30.6 | 26.5 | 24.5 |
| Loss on disposition of business | 5.3 | — | — |
| Pension charge | — | — | 7.0 |
| Loss on sale of assets | 1.0 | 2.5 | 3.5 |
| Changes in assets and liabilities, net of acquisitions: | |||
| Decrease (increase) in accounts receivable | 22.2 | (1.6) | (66.8) |
| Increase in inventories | (22.7) | (42.1) | (66.5) |
| (Decrease) increase in accounts payable | (13.6) | 13.2 | (15.3) |
| (Decrease) increase in current liabilities | (24.3) | (4.5) | 108.3 |
| Changes in other assets and liabilities, net | 14.9 | 2.1 | 13.2 |
| Contributions to qualified defined benefit pension plans | (1.3) | (20.0) | (12.5) |
| Other, net | (18.2) | 5.2 | 3.3 |
| NET CASH PROVIDED BY OPERATING ACTIVITIES FROM CONTINUING OPERATIONS | 991.2 | 880.8 | 636.2 |
| Cash Flows from Investing Activities of Continuing Operations | |||
| Capital expenditures | (180.4) | (165.7) | (129.3) |
| Acquisitions, net of cash acquired | 5.9 | (1,211.7) | (177.1) |
| Proceeds from disposal of business, net of cash | 122.9 | — | 332.8 |
| Purchases of available-for-sale investments | (21.0) | (25.4) | (33.7) |
| Proceeds from sales of available-for-sale investments | 15.8 | 21.8 | 23.0 |
| Other, net | (2.3) | 0.8 | 2.4 |
| NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES FROM CONTINUING OPERATIONS | (59.1) | (1,380.2) | 18.1 |
| Cash Flows from Financing Activities of Continuing Operations | |||
| Issuance of long-term debt | — | 600.0 | — |
| Payment of long-term debt | (600.0) | — | — |
| Issuance of short-term debt | 22.9 | 100.0 | — |
| Payment of short-term debt | — | (2.2) | (4.8) |
| Payment of dividends | (267.3) | (245.5) | (229.6) |
| Debt issuance cost | — | (2.2) | — |
| Acquisition of common shares | (40.0) | (30.0) | (182.0) |
| Other | (39.0) | (31.6) | (20.7) |
| NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES FROM CONTINUING OPERATIONS | (923.4) | 388.5 | (437.1) |
| Discontinued Operations: | |||
| Cash (used in) provided by operating activities | — | — | (53.0) |
| Cash used in investing activities | — | — | (1.7) |
| Cash (used in) provided by discontinued operations | — | — | (54.7) |
| Effect of foreign currency exchange rate changes on cash and cash equivalents | (16.4) | 6.9 | (8.8) |
| (Decrease) Increase in cash, cash equivalents, and restricted cash | (7.7) | (104.0) | 153.7 |
| Cash and cash equivalents, beginning of year | 336.1 | 440.5 | 286.2 |
| Cash and cash equivalents within assets held for sale, beginning of year | — | — | 0.7 |
| Restricted cash, included in other assets, beginning of year | 3.2 | 2.8 | 2.7 |
| Less: Restricted cash, included in Other Assets | 2.5 | 3.2 | 2.8 |
| Less: Cash and cash equivalents within assets held for sale, end of year | — | — | — |
| Cash and cash equivalents, end of year | $329.1 | $336.1 | $440.5 |
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