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Hubbell Inc. – ‘10-Q’ for 9/30/20 – ‘R12’

On:  Wednesday, 10/28/20, at 8:27am ET   ·   For:  9/30/20   ·   Accession #:  1628280-20-14919   ·   File #:  1-02958

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

10/28/20  Hubbell Inc.                      10-Q        9/30/20   86:10M                                    Workiva Inc Wde… FA01/FA

Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    977K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     28K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     28K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     25K 
 5: EX-32.2     Certification -- §906 - SOA'02                      HTML     25K 
12: R1          Document and Entity Information                     HTML     75K 
13: R2          Condensed Consolidated Statements of Income         HTML     94K 
14: R3          Condensed Consolidated Statements of Comprehensive  HTML     65K 
                Income                                                           
15: R4          Condensed Consolidated Statements of Comprehensive  HTML     30K 
                Income (Parenthetical)                                           
16: R5          Condensed Consolidated Balance Sheets               HTML    104K 
17: R6          Condensed Consolidated Balance Sheets Condensed     HTML     25K 
                Consolidated Balance Sheets (Parenthetical)                      
18: R7          Condensed Consolidated Statements of Cash Flows     HTML    115K 
19: R8          Basis of Presentation                               HTML     33K 
20: R9          Revenue                                             HTML     87K 
21: R10         Segment Information                                 HTML     67K 
22: R11         Inventories, net                                    HTML     35K 
23: R12         Goodwill and Other Intangible Assets, net           HTML     61K 
24: R13         Other Accrued Liabilities                           HTML     38K 
25: R14         Other Non-Current Liabilities                       HTML     37K 
26: R15         Total Equity                                        HTML    163K 
27: R16         Accumulated Other Comprehensive Loss                HTML    113K 
28: R17         Earnings Per Share                                  HTML     55K 
29: R18         Pension and Other Benefits                          HTML     72K 
30: R19         Guarantees                                          HTML     36K 
31: R20         Fair Value Measurement                              HTML    106K 
32: R21         Commitments and Contingencies                       HTML     28K 
33: R22         Restructuring Costs and Other                       HTML    119K 
34: R23         Long Term Debt and Financing Arrangements           HTML     43K 
35: R24         Stock-Based Compensation                            HTML     44K 
36: R25         Basis of Presentation (Policies)                    HTML     34K 
37: R26         Revenue (Tables)                                    HTML     78K 
38: R27         Segment Information (Tables)                        HTML     60K 
39: R28         Inventories, net (Tables)                           HTML     36K 
40: R29         Goodwill and Other Intangible Assets, net (Tables)  HTML     60K 
41: R30         Other Accrued Liabilities (Tables)                  HTML     38K 
42: R31         Other Non-Current Liabilities (Tables)              HTML     36K 
43: R32         Total Equity (Tables)                               HTML    162K 
44: R33         Accumulated Other Comprehensive Loss (Tables)       HTML    115K 
45: R34         Earnings Per Share (Tables)                         HTML     53K 
46: R35         Pension and Other Benefits (Tables)                 HTML     67K 
47: R36         Guarantees (Tables)                                 HTML     34K 
48: R37         Fair Value Measurement (Tables)                     HTML     95K 
49: R38         Restructuring Costs and Other (Tables)              HTML    121K 
50: R39         Long Term Debt and Financing Arrangements (Tables)  HTML     39K 
51: R40         Stock-Based Compensation (Tables)                   HTML     35K 
52: R41         Basis of Presentation (Details)                     HTML     59K 
53: R42         Revenue - Narrative (Details)                       HTML     33K 
54: R43         Revenue - Disaggregation of Revenue (Details)       HTML     51K 
55: R44         Revenue - Unsatisfied Performance Obligations       HTML     29K 
                (Details)                                                        
56: R45         Segment Information (Details)                       HTML     41K 
57: R46         Inventories, net (Details)                          HTML     36K 
58: R47         Goodwill and Other Intangible Assets, net -         HTML     36K 
                Changes in Goodwill (Details)                                    
59: R48         Goodwill and Other Intangible Assets, net -         HTML     54K 
                Narrative (Details)                                              
60: R49         Goodwill and Other Intangible Assets, net - Other   HTML     38K 
                Intangible Assets (Details)                                      
61: R50         Other Accrued Liabilities (Details)                 HTML     41K 
62: R51         Other Non-Current Liabilities (Details)             HTML     39K 
63: R52         Total Equity- Summary of Changes in Total Equity    HTML    104K 
                (Details)                                                        
64: R53         Total Equity - Additional Information (Details)     HTML     26K 
65: R54         Accumulated Other Comprehensive Loss - Changes in   HTML     67K 
                AOCI (Details)                                                   
66: R55         Accumulated Other Comprehensive Loss -              HTML     76K 
                Reclassifications (Details)                                      
67: R56         Earnings Per Share (Details)                        HTML     57K 
68: R57         Pension and Other Benefits - Net Pension and Other  HTML     52K 
                Benefit Costs (Details)                                          
69: R58         Pension and Other Benefits - Narrative (Details)    HTML     43K 
70: R59         Guarantees (Details)                                HTML     29K 
71: R60         Fair Value Measurement - Narrative (Details)        HTML     74K 
72: R61         Fair Value Measurement - Financial Assets and       HTML     59K 
                Liabilities by Hierarchy Level (Details)                         
73: R62         Fair Value Measurement - Cash Flow Hedging          HTML     34K 
                Relationships (Details)                                          
74: R63         Commitments and Contingencies (Details)             HTML     41K 
75: R64         Restructuring Costs and Other - By Segment          HTML     40K 
                (Details)                                                        
76: R65         Restructuring Costs and Other - Reserve (Details)   HTML     57K 
77: R66         Restructuring Costs and Other - Summary of Costs    HTML     45K 
                (Details)                                                        
78: R67         Long Term Debt and Financing Arrangements -         HTML     45K 
                Schedule of Long Term Debt (Details)                             
79: R68         Long Term Debt and Financing Arrangements -         HTML     59K 
                Narrative (Details)                                              
80: R69         Stock-Based Compensation - Narrative (Details)      HTML     66K 
81: R70         Stock-Based Compensation - Fair Value Assumptions   HTML     35K 
                (Details)                                                        
82: R71         Stock-Based Compensation - Performance Shares       HTML     37K 
                Granted During the Period (Details)                              
84: XML         IDEA XML File -- Filing Summary                      XML    154K 
11: XML         XBRL Instance -- hubb-20200930_htm                   XML   2.94M 
83: EXCEL       IDEA Workbook of Financial Reports                  XLSX    100K 
 7: EX-101.CAL  XBRL Calculations -- hubb-20200930_cal               XML    231K 
 8: EX-101.DEF  XBRL Definitions -- hubb-20200930_def                XML    586K 
 9: EX-101.LAB  XBRL Labels -- hubb-20200930_lab                     XML   1.41M 
10: EX-101.PRE  XBRL Presentations -- hubb-20200930_pre              XML    892K 
 6: EX-101.SCH  XBRL Schema -- hubb-20200930                         XSD    146K 
85: JSON        XBRL Instance as JSON Data -- MetaLinks              384±   538K 
86: ZIP         XBRL Zipped Folder -- 0001628280-20-014919-xbrl      Zip    323K

‘R12’   —   Goodwill and Other Intangible Assets, net

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.20.2
Goodwill and Other Intangible Assets, net
 9 Months Ended
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets, net Goodwill and Other Intangible Assets, net
Changes in the carrying values of goodwill for the nine months ended September 30, 2020, were as follows (in millions):
 Segment 
 ElectricalUtility SolutionsTotal
BALANCE DECEMBER 31, 2019$727.7 $1,084.1 $1,811.8 
Prior year acquisitions0.2 2.7 2.9 
Foreign currency translation (1.0)(0.3)(1.3)
BALANCE SEPTEMBER 30, 2020$726.9 $1,086.5 $1,813.4 
During the nine months ended September 30, 2020, we recognized a net increase to the consideration paid primarily related to our acquisition of all of the issued and outstanding shares of Cantega Technologies Inc., including its wholly owned subsidiary Greenjacket Inc., and all of the issued and outstanding shares of Reliaguard Inc. (collectively "Cantega") as a result of the customary net working capital provisions in the acquisition agreement. The increase in net consideration paid of $2.0 million resulted in a corresponding increase to goodwill. The goodwill is not deductible for tax purposes.

The carrying value of other intangible assets included in Other intangible assets, net in the Condensed Consolidated Balance Sheets is as follows (in millions):
 September 30, 2020December 31, 2019
 Gross AmountAccumulated
Amortization		Gross AmountAccumulated
Amortization
Definite-lived:    
Patents, tradenames and trademarks$201.6 $(71.2)$202.7 $(65.0)
Customer relationships, developed technology and other858.4 (318.0)861.0 (270.8)
Total$1,060.0 $(389.2)$1,063.7 $(335.8)
Indefinite-lived:  
Tradenames and other53.2 — 53.6 — 
TOTAL$1,113.2 $(389.2)$1,117.3 $(335.8)
 
Amortization expense associated with definite-lived intangible assets was $18.5 million and $17.1 million during the three months ended September 30, 2020 and 2019, respectively, and $56.2 million and $53.4 million during the nine months ended September 30, 2020 and 2019, respectively. Future amortization expense associated with these intangible assets is estimated to be $18.0 million for the remainder of 2020, $72.3 million in 2021, $67.2 million in 2022, $62.3 million in 2023, $57.0 million in 2024, and $52.4 million in 2025. 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 assets useful life, or using a straight line method. Approximately 75% of the gross value of definite-lived intangible assets follow an accelerated amortization method.

In October 2020, the Company completed the acquisition of AccelTex Solutions, LLC ("AccelTex") for approximately $45 million. AccelTex engineers and manufactures wireless network products and accessories and the acquisition extends our reach into 5G and datacom. AccelTex will be added to the Electrical segment. This acquisition is not recognized in the Condensed Consolidated Financial Statements as of September 30, 2020.

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
Filed on:10/28/20
For Period end:9/30/20
12/31/1910-K,  SD
9/30/1910-Q
 List all Filings 
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Filing Submission 0001628280-20-014919   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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