Indicate by check mark

•whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

☑

☐

•whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes

☑

☐

•whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standard provided pursuant to Section 13(a) of the Exchange Act. ☐

•whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

☐

☑


		Three Months Ended June 30,				Six Months Ended June 30,				Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share amounts)	(in millions, except per share amounts)	2021		2020		2021		2020			(in millions, except per share amounts)	2021		2020		2021		2020
Net sales	Net sales	$	1,191.8	$	949.2	$	2,270.2	$	2,039.5		Net sales	$	1,213.6	$	1,108.6	$	3,483.8	$	3,148.1
Cost of goods sold	Cost of goods sold	861.0		668.7		1,649.6		1,445.5			Cost of goods sold	883.3		779.0		2,532.9		2,224.5
Gross profit	Gross profit	330.8		280.5		620.6		594.0			Gross profit	330.3		329.6		950.9		923.6
Selling & administrative expenses	Selling & administrative expenses	178.1		149.0		350.3		343.7			Selling & administrative expenses	175.0		166.7		525.3		510.4
Operating income	Operating income	152.7		131.5		270.3		250.3			Operating income	155.3		162.9		425.6		413.2
Interest expense, net	Interest expense, net	(12.7)		(15.7)		(27.9)		(30.8)			Interest expense, net	(13.5)		(15.0)		(41.4)		(45.8)
Loss on disposition of business (Note 5)	Loss on disposition of business (Note 5)	(6.8)		0		(6.8)		0			Loss on disposition of business (Note 5)	(0.1)		—		(6.9)		—
Loss on extinguishment of debt (Note 16)	Loss on extinguishment of debt (Note 16)	(16.8)		0		(16.8)		0			Loss on extinguishment of debt (Note 16)	—		—		(16.8)		—
Pension charge											Pension charge	—		(6.6)		—		(6.6)
Other expense, net	Other expense, net	(1.0)		(2.8)		(1.9)		(6.6)			Other expense, net	(1.2)		(2.3)		(3.1)		(8.9)

Total other expense	Total other expense	(37.3)		(18.5)		(53.4)		(37.4)			Total other expense	(14.8)		(23.9)		(68.2)		(61.3)
Income before income taxes	Income before income taxes	115.4		113.0		216.9		212.9			Income before income taxes	140.5		139.0		357.4		351.9
Provision for income taxes	Provision for income taxes	18.8		23.9		41.2		48.1			Provision for income taxes	29.9		30.4		71.1		78.5
Net income	Net income	96.6		89.1		175.7		164.8			Net income	110.6		108.6		286.3		273.4
Less: Net income attributable to noncontrolling interest	Less: Net income attributable to noncontrolling interest	0.8		0.9		2.2		1.6			Less: Net income attributable to noncontrolling interest	2.1		1.5		4.3		3.1
Net income attributable to Hubbell Incorporated	Net income attributable to Hubbell Incorporated	$	95.8	$	88.2	$	173.5	$	163.2		Net income attributable to Hubbell Incorporated	$	108.5	$	107.1	$	282.0	$	270.3
Earnings per share	Earnings per share										Earnings per share
Basic	Basic	$	1.76	$	1.62	$	3.19	$	3.00		Basic	$	1.99	$	1.97	$	5.18	$	4.97
Diluted	Diluted	$	1.74	$	1.62	$	3.16	$	2.99		Diluted	$	1.98	$	1.96	$	5.14	$	4.95
Cash dividends per common share	Cash dividends per common share	$	0.98	$	0.91	$	1.96	$	1.82		Cash dividends per common share	$	0.98	$	0.91	$	2.94	$	2.73


		Three Months Ended June 30,					Three Months Ended September 30,
(in millions)	(in millions)	2021		2020		(in millions)	2021		2020
Net income	Net income	$	96.6	$	89.1	Net income	$	110.6	$	108.6
Other comprehensive (loss) income:	Other comprehensive (loss) income:					Other comprehensive (loss) income:

Currency translation adjustment:						Currency translation adjustment:
Foreign currency translation adjustments	Foreign currency translation adjustments	9.3		1.8		Foreign currency translation adjustments	(13.5)		11.6

Defined benefit pension and post-retirement plans, net of taxes of $(0.7) and $(0.5)		2.1		1.8
Available-for-sale investments, net of taxes of $0.0 and $(0.1)		0		0.5
Unrealized gain (loss) on cash flow hedges, net of taxes of $(0.1) and $0.3		0.2		(0.7)
Defined benefit pension and post-retirement plans, net of taxes of $(0.7) and $5.1						Defined benefit pension and post-retirement plans, net of taxes of $(0.7) and $5.1	2.0		(15.7)
Available-for-sale investments, net of taxes of $0.1 and $0.0						Available-for-sale investments, net of taxes of $0.1 and $0.0	(0.2)		0.1
Unrealized gain (loss) on cash flow hedges, net of taxes of $(0.2) and $0.2						Unrealized gain (loss) on cash flow hedges, net of taxes of $(0.2) and $0.2	0.8		(0.4)
Other comprehensive (loss) income	Other comprehensive (loss) income	11.6		3.4		Other comprehensive (loss) income	(10.9)		(4.4)
Total comprehensive income	Total comprehensive income	108.2		92.5		Total comprehensive income	99.7		104.2
Less: Comprehensive income attributable to noncontrolling interest	Less: Comprehensive income attributable to noncontrolling interest	0.8		0.9		Less: Comprehensive income attributable to noncontrolling interest	2.1		1.5
Comprehensive income attributable to Hubbell Incorporated	Comprehensive income attributable to Hubbell Incorporated	$	107.4	$	91.6	Comprehensive income attributable to Hubbell Incorporated	$	97.6	$	102.7


		Six Months Ended June 30,					Nine Months Ended September 30,
(in millions)	(in millions)	2021		2020		(in millions)	2021		2020
Net income	Net income	$	175.7	$	164.8	Net income	$	286.3	$	273.4
Other comprehensive (loss) income:	Other comprehensive (loss) income:					Other comprehensive (loss) income:

Currency translation adjustment:						Currency translation adjustment:
Foreign currency translation adjustments	Foreign currency translation adjustments	2.7		(23.8)		Foreign currency translation adjustments	(10.8)		(12.2)

Defined benefit pension and post-retirement plans, net of taxes of $(1.4) and $(1.1)		4.1		3.5
Available-for-sale investments, net of taxes of $0.0 and $(0.1)		(0.1)		0.4
Unrealized gain on cash flow hedges, net of taxes of $(0.1) and $(0.3)		0.3		0.9
Defined benefit pension and post-retirement plans, net of taxes of $(2.1) and $4.0						Defined benefit pension and post-retirement plans, net of taxes of $(2.1) and $4.0	6.1		(12.2)
Available-for-sale investments, net of taxes of $0.1 and $(0.1)						Available-for-sale investments, net of taxes of $0.1 and $(0.1)	(0.3)		0.5
Unrealized gain on cash flow hedges, net of taxes of $(0.3) and $(0.1)						Unrealized gain on cash flow hedges, net of taxes of $(0.3) and $(0.1)	1.1		0.5
Other comprehensive (loss) income	Other comprehensive (loss) income	7.0		(19.0)		Other comprehensive (loss) income	(3.9)		(23.4)
Total comprehensive income	Total comprehensive income	182.7		145.8		Total comprehensive income	282.4		250.0
Less: Comprehensive income attributable to noncontrolling interest	Less: Comprehensive income attributable to noncontrolling interest	2.2		1.6		Less: Comprehensive income attributable to noncontrolling interest	4.3		3.1
Comprehensive income attributable to Hubbell Incorporated	Comprehensive income attributable to Hubbell Incorporated	$	180.5	$	144.2	Comprehensive income attributable to Hubbell Incorporated	$	278.1	$	246.9


(in millions)	(in millions)	June 30, 2021		December 31, 2020		(in millions)	September 30, 2021		December 31, 2020
ASSETS	ASSETS					ASSETS
Current Assets	Current Assets					Current Assets
Cash and cash equivalents	Cash and cash equivalents	$	265.4	$	259.6	Cash and cash equivalents	$	257.9	$	259.6
Short-term investments	Short-term investments	12.6		9.3		Short-term investments	9.9		9.3
Accounts receivable (net of allowances of $11.8 and $12.5)		762.3		634.7
Accounts receivable (net of allowances of $11.6 and $12.5)						Accounts receivable (net of allowances of $11.6 and $12.5)	798.3		634.7
Inventories, net	Inventories, net	638.3		607.3		Inventories, net	700.7		607.3
Other current assets	Other current assets	66.5		76.7		Other current assets	66.4		76.7
Total Current Assets	Total Current Assets	1,745.1		1,587.6		Total Current Assets	1,833.2		1,587.6
Property, Plant, and Equipment, net	Property, Plant, and Equipment, net	518.7		519.2		Property, Plant, and Equipment, net	521.2		519.2
Other Assets	Other Assets					Other Assets
Investments	Investments	69.7		71.1		Investments	72.1		71.1
Goodwill	Goodwill	1,922.9		1,923.3		Goodwill	1,922.6		1,923.3
Other intangible assets, net	Other intangible assets, net	758.3		810.6		Other intangible assets, net	738.0		810.6
Other long-term assets	Other long-term assets	158.1		173.3		Other long-term assets	154.6		173.3
TOTAL ASSETS	TOTAL ASSETS	$	5,172.8	$	5,085.1	TOTAL ASSETS	$	5,241.7	$	5,085.1
LIABILITIES AND EQUITY	LIABILITIES AND EQUITY					LIABILITIES AND EQUITY
Current Liabilities	Current Liabilities					Current Liabilities
Short-term debt	Short-term debt	$	137.6	$	153.1	Short-term debt	$	128.9	$	153.1
Accounts payable	Accounts payable	465.7		378.0		Accounts payable	491.9		378.0
Accrued salaries, wages and employee benefits	Accrued salaries, wages and employee benefits	79.0		91.5		Accrued salaries, wages and employee benefits	81.9		91.5
Accrued insurance	Accrued insurance	76.4		71.6		Accrued insurance	77.1		71.6
Other accrued liabilities	Other accrued liabilities	240.7		254.0		Other accrued liabilities	255.6		254.0
Total Current Liabilities	Total Current Liabilities	999.4		948.2		Total Current Liabilities	1,035.4		948.2
Long-Term Debt	Long-Term Debt	1,434.2		1,436.9		Long-Term Debt	1,434.9		1,436.9
Other Non-Current Liabilities	Other Non-Current Liabilities	598.3		614.6		Other Non-Current Liabilities	593.3		614.6
TOTAL LIABILITIES	TOTAL LIABILITIES	3,031.9		2,999.7		TOTAL LIABILITIES	3,063.6		2,999.7
Hubbell Incorporated Shareholders’ Equity	Hubbell Incorporated Shareholders’ Equity	2,125.7		2,070.0		Hubbell Incorporated Shareholders’ Equity	2,168.8		2,070.0
Noncontrolling interest	Noncontrolling interest	15.2		15.4		Noncontrolling interest	9.3		15.4
Total Equity	Total Equity	2,140.9		2,085.4		Total Equity	2,178.1		2,085.4
TOTAL LIABILITIES AND EQUITY	TOTAL LIABILITIES AND EQUITY	$	5,172.8	$	5,085.1	TOTAL LIABILITIES AND EQUITY	$	5,241.7	$	5,085.1


		Six Months Ended June 30,					Nine Months Ended September 30,
(in millions)	(in millions)	2021		2020		(in millions)	2021		2020
Cash Flows from Operating Activities	Cash Flows from Operating Activities					Cash Flows from Operating Activities
Net income	Net income	$	175.7	$	164.8	Net income	$	286.3	$	273.4
Adjustments to reconcile net income to net cash provided by operating activities:	Adjustments to reconcile net income to net cash provided by operating activities:					Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	Depreciation and amortization	83.5		77.6		Depreciation and amortization	122.6		117.0
Deferred income taxes	Deferred income taxes	6.1		(0.5)		Deferred income taxes	5.9		(4.3)
Stock-based compensation	Stock-based compensation	13.4		15.9		Stock-based compensation	16.5		20.0
Provision for bad debt expense	Provision for bad debt expense	(0.3)		6.8		Provision for bad debt expense	(0.1)		8.3
Loss on disposition of business	Loss on disposition of business	6.8		0		Loss on disposition of business	6.9		—
Loss on extinguishment of debt	Loss on extinguishment of debt	16.8		0		Loss on extinguishment of debt	16.8		—
Pension charge						Pension charge	—		6.6
Changes in assets and liabilities, excluding effects of acquisitions:	Changes in assets and liabilities, excluding effects of acquisitions:					Changes in assets and liabilities, excluding effects of acquisitions:
Decrease (increase) in accounts receivable, net		(125.6)		25.0
Increase in accounts receivable, net						Increase in accounts receivable, net	(165.0)		(42.1)
Decrease (increase) in inventories, net	Decrease (increase) in inventories, net	(33.2)		24.5		Decrease (increase) in inventories, net	(97.9)		45.1
Increase in accounts payable	Increase in accounts payable	92.2		13.1		Increase in accounts payable	120.6		45.0
Decrease in current liabilities		(15.7)		(45.7)
Increase (decrease) in current liabilities						Increase (decrease) in current liabilities	5.3		(44.8)
Changes in other assets and liabilities, net	Changes in other assets and liabilities, net	(5.2)		17.8		Changes in other assets and liabilities, net	(8.0)		27.3
Contribution to qualified defined benefit pension plans	Contribution to qualified defined benefit pension plans	(0.1)		(1.4)		Contribution to qualified defined benefit pension plans	(0.1)		(2.8)
Other, net	Other, net	(5.1)		5.8		Other, net	(3.0)		6.9
Net cash provided by operating activities	Net cash provided by operating activities	209.3		303.7		Net cash provided by operating activities	306.8		455.6
Cash Flows from Investing Activities	Cash Flows from Investing Activities					Cash Flows from Investing Activities
Capital expenditures	Capital expenditures	(39.1)		(35.0)		Capital expenditures	(66.5)		(51.7)
Proceeds from disposal of business	Proceeds from disposal of business	8.5		0		Proceeds from disposal of business	8.5		—
Acquisition of businesses, net of cash acquired	Acquisition of businesses, net of cash acquired	0.1		(2.0)		Acquisition of businesses, net of cash acquired	0.1		(2.0)
Purchases of available-for-sale investments	Purchases of available-for-sale investments	(6.2)		(4.7)		Purchases of available-for-sale investments	(10.6)		(14.3)
Proceeds from available-for-sale investments	Proceeds from available-for-sale investments	3.3		11.1		Proceeds from available-for-sale investments	7.2		16.5
Other, net	Other, net	6.6		3.7		Other, net	7.8		5.1
Net cash used in investing activities	Net cash used in investing activities	(26.8)		(26.9)		Net cash used in investing activities	(53.5)		(46.4)
Cash Flows from Financing Activities	Cash Flows from Financing Activities					Cash Flows from Financing Activities
Long-term debt borrowings	Long-term debt borrowings	298.7		225.0		Long-term debt borrowings	298.7		225.0
Long-term debt repayments	Long-term debt repayments	(300.0)		(115.6)		Long-term debt repayments	(300.0)		(331.3)
Short-term debt (repayments) borrowings, net	Short-term debt (repayments) borrowings, net	(15.6)		73.5		Short-term debt (repayments) borrowings, net	(24.2)		(9.0)
Payment of dividends to shareholders	Payment of dividends to shareholders	(106.5)		(98.9)		Payment of dividends to shareholders	(159.8)		(148.2)
Payment of dividends to noncontrolling interest	Payment of dividends to noncontrolling interest	(2.3)		(1.6)		Payment of dividends to noncontrolling interest	(10.1)		(2.1)
Repurchase of common stock	Repurchase of common stock	(11.2)		(41.3)		Repurchase of common stock	(11.2)		(41.3)
Debt issuance costs	Debt issuance costs	(4.5)		0		Debt issuance costs	(4.5)		—
Make whole payment for retirement of long-term debt	Make whole payment for retirement of long-term debt	(16.0)		0		Make whole payment for retirement of long-term debt	(16.0)		—
Other, net	Other, net	(20.9)		(6.5)		Other, net	(25.3)		(9.2)
Net cash (used) provided by financing activities		(178.3)		34.6
Net cash used by financing activities						Net cash used by financing activities	(252.4)		(316.1)
Effect of exchange rate changes on cash and cash equivalents	Effect of exchange rate changes on cash and cash equivalents	1.6		(8.4)		Effect of exchange rate changes on cash and cash equivalents	(2.6)		(5.9)
Increase in cash and cash equivalents		5.8		303.0
Increase (decrease) in cash and cash equivalents						Increase (decrease) in cash and cash equivalents	(1.7)		87.2
Cash and cash equivalents	Cash and cash equivalents					Cash and cash equivalents
Beginning of period	Beginning of period	259.6		182.0		Beginning of period	259.6		182.0
End of period	End of period	$	265.4	$	485.0	End of period	$	257.9	$	269.2

The accompanying unaudited Condensed Consolidated Financial Statements of Hubbell Incorporated (“Hubbell”, the “Company”, “registrant”, “we”, “our” or “us”, which references include its divisions and subsidiaries) have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by United States of America (“U.S.”) GAAP for audited financial statements. In the opinion of management, all adjustments consisting only of normal recurring adjustments considered necessary for a fair statement of the results of the periods presented have been included. Operating results for the ~~six~~nine months ended ~~June~~September 30, 2021 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021.

During March 2020, a global pandemic was declared by the World Health Organization related to the rapidly growing outbreak of a novel strain of coronavirus (COVID-19). The pandemic has had, and may continue to have, a significant effect on global economic conditions. U.S. Federal, state, local, and foreign governments have reacted to the public health crisis with mitigation measures, creating significant uncertainties in the U.S. and global economies. The extent to which the coronavirus pandemic will continue to affect our business, operations, supply chains, and our financial results will depend on numerous evolving factors that we may not be able to accurately predict and which may cause the actual results to differ from the estimates and assumptions we are required to make in the preparation of financial statements according to GAAP.

In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting", which provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments are effective for all entities beginning on March 12, 2020 through December 31, 2022. The Company may elect to apply the amendments prospectively through December 31, 2022. The Company has not adopted this ASU as of ~~June~~September 30, 2021. The Company is currently assessing the impact of adopting this standard on its financial statements and the timing of adoption.

The Company recognizes revenue when performance obligations identified under the terms of contracts with its customers are satisfied, which generally occurs, for products, upon the transfer of control in accordance with the contractual terms and conditions of the sale. The majority of the Company’s revenue associated with products is recognized at a point in time when the product is shipped to the customer, with a relatively small amount of transactions primarily in the Utility Solutions segment recognized upon delivery of the product at the destination. Revenue from service contracts and post-shipment performance obligations are approximately 3 percent of total annual consolidated net revenue and those service contracts and post-shipment obligations are primarily within the Utility Solutions segment. Revenue from service contracts and post-shipment performance obligations is recognized when or as those obligations are satisfied. The Company primarily offers assurance-type standard warranties that do not represent separate performance obligations and on occasion will separately offer and price extended warranties that are separate performance obligations for which the associated revenue is recognized over-time based on the extended warranty period. The Company records amounts billed to customers for reimbursement of shipping and handling costs within revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of goods sold. Sales taxes and other usage-based taxes are excluded from revenue.

Within the Electrical Solutions segment, certain businesses require a portion of the transaction price to be paid in advance of transfer of control. Advance payments are not considered a significant financing component as they are received less than one year before the related performance obligations are satisfied. In addition, in the Utility Solutions segment, certain businesses offer annual maintenance service contracts that require payment at the beginning of the contract period. These payments are treated as a contract liability and are classified in Other accrued liabilities in the Condensed Consolidated Balance Sheets. Once control transfers to the customer and the Company meets the revenue recognition criteria, the deferred revenue is recognized in the Condensed Consolidated Statements of Income. The deferred revenue relating to the annual maintenance service contracts is recognized in the Condensed Consolidated Statements of Income on a straight-line basis over the expected term of the contract.


		Three Months Ended June 30,				Six Months Ended June 30,					Three Months Ended September 30,				Nine Months Ended September 30,
in millions	in millions	2021		2020		2021		2020		in millions	2021		2020		2021		2020
Net sales	Net sales									Net sales
Commercial and Industrial	Commercial and Industrial	$	423.6	$	312.5	$	802.1	$	693.5	Commercial and Industrial	$	434.9	$	372.9	$	1,237.0	$	1,066.4
Heavy Industrial	Heavy Industrial	85.8		67.2		162.1		153.5		Heavy Industrial	85.2		75.1		247.3		228.6
Residential and Retail	Residential and Retail	93.5		89.7		184.9		186.1		Residential and Retail	91.8		103.0		276.7		289.1
Total Electrical Solutions	Total Electrical Solutions	$	602.9	$	469.4	$	1,149.1	$	1,033.1	Total Electrical Solutions	$	611.9	$	551.0	$	1,761.0	$	1,584.1
Utility T&D Components	Utility T&D Components	421.3		337.5		796.2		692.4		Utility T&D Components	435.3		396.9		1,231.5		1,089.3
Utility Communications and Controls	Utility Communications and Controls	167.6		142.3		324.9		314.0		Utility Communications and Controls	166.4		160.7		491.3		474.7
Total Utility Solutions	Total Utility Solutions	$	588.9	$	479.8	$	1,121.1	$	1,006.4	Total Utility Solutions	$	601.7	$	557.6	$	1,722.8	$	1,564.0
TOTAL	TOTAL	$	1,191.8	$	949.2	$	2,270.2	$	2,039.5	TOTAL	$	1,213.6	$	1,108.6	$	3,483.8	$	3,148.1


		Three Months Ended June 30,				Six Months Ended June 30,				Three Months Ended September 30,				Nine Months Ended September 30,
in millions	in millions	2021		2020		2021		2020			in millions	2021		2020		2021		2020
Net sales	Net sales										Net sales
United States	United States	$	534.0	$	424.2	$	1,022.0	$	931.5		United States	$	549.7	$	495.7	$	1,571.7	$	1,427.2
International	International	68.9		45.2		127.1		101.6			International	62.2		55.3		189.3		156.9
Total Electrical Solutions	Total Electrical Solutions	$	602.9	$	469.4	$	1,149.1	$	1,033.1		Total Electrical Solutions	$	611.9	$	551.0	$	1,761.0	$	1,584.1
United States	United States	560.3		456.5		1,061.7		954.4			United States	571.4		524.9		1,633.1		1,479.3
International	International	28.6		23.3		59.4		52.0			International	30.3		32.7		89.7		84.7
Total Utility Solutions	Total Utility Solutions	$	588.9	$	479.8	$	1,121.1	$	1,006.4		Total Utility Solutions	$	601.7	$	557.6	$	1,722.8	$	1,564.0
TOTAL	TOTAL	$	1,191.8	$	949.2	$	2,270.2	$	2,039.5		TOTAL	$	1,213.6	$	1,108.6	$	3,483.8	$	3,148.1

Contract liabilities were ~~$14.5~~$19.3 million as of ~~June~~September 30, 2021 compared to $30.9 million as of December 31, 2020. The ~~$16.4~~$11.6 million decrease in our contract liabilities balance was primarily due to the recognition of ~~$25.8~~$27.2 million in revenue related to amounts that were recorded in contract liabilities at January 1, 2021 and a $1.5 million decline in contract liabilities relating to the disposition of a business, partially offset by a ~~$10.9~~$17.1 million net increase in current year deferrals primarily due to timing of advance payments on certain orders. The Company has an immaterial amount of contract assets relating to performance obligations satisfied prior to payment that is recorded in Other long-term assets in the Condensed Consolidated Balance Sheets. Impairment losses recognized on our receivables and contract assets were immaterial for the three and ~~six~~nine months ended ~~June~~September 30, 2021.

As of ~~June~~September 30, 2021, the Company had approximately ~~$430~~$450 million of unsatisfied performance obligations for contracts with an original expected length of greater than one year, primarily relating to long-term contracts of the Utility Solutions segment to deliver and install meters, metering communications and grid monitoring sensor technology. The Company expects that a majority of the unsatisfied performance obligations will be completed and recognized over the next three years.

The Company's reporting segments consist of the Electrical Solutions segment and the Utility Solutions segment. Effective January 1, 2021, the Company moved its Hubbell Gas Connectors and Accessories business, from the Electrical Solutions segment to the Utility Solutions segment, consolidated the former 3 business groups within its Electrical segment and renamed the segment as Hubbell Electrical Solutions ("Electrical Solutions"). The Hubbell Gas Connectors and Accessories business has been moved to Utility Solutions to create synergies with the existing gas products already offered within the Utility Solutions segment and to better serve its utility customers. Comparable prior period segment results have been re-cast to reflect this change. The consolidation of business groups within the Electrical Solutions segment unites businesses with similar operating models, products, and go to market strategies under one operating banner and common leadership to drive synergies and long-term growth opportunities.

The Electrical Solutions segment comprises businesses that sell stock and custom products including standard and special application wiring device products, rough-in electrical products, connector and grounding products, lighting fixtures and controls, and other electrical equipment. The products are typically used in and around industrial, commercial and institutional facilities by electrical contractors, maintenance personnel, electricians, utilities, and telecommunications companies. In addition, certain of our businesses design and manufacture industrial controls and communication systems used in the non-residential and industrial markets. Many of these products are designed such that they can also be used in harsh and hazardous locations where a potential for fire and explosion exists due to the presence of flammable gasses and vapors. Harsh and hazardous products are primarily used in the oil and gas (onshore and offshore) and mining industries. There are also a variety of lighting fixtures, wiring devices and electrical products that have residential and utility applications, including residential products with Internet-of-Things ("IoT") enabled technologies. These products are primarily sold through electrical and industrial distributors, home centers, retail and hardware outlets, lighting showrooms and residential product-oriented internet sites. Special application products are primarily sold through wholesale distributors to contractors, industrial customers and OEMs.

The Utility Solutions segment consists of businesses that design and manufacture various distribution, transmission, substation and telecommunications products primarily used by the electric, water, gas, and telecommunication utility industries. These offerings include advanced metering infrastructure, meter and edge devices, software and infrastructure services, which are primarily sold to the electric, water, and gas utility industries, as well as components and assemblies for the natural gas distribution market. In addition, certain of these products are used in the civil construction, water utility, and transportation industries. Products are sold to distributors and directly to users such as utilities, telecommunication companies, industrial firms, construction and engineering firms.


		Net Sales				Operating Income				Operating Income as a % of Net Sales					Net Sales				Operating Income				Operating Income as a % of Net Sales
		2021		2020		2021		2020		2021		2020			2021		2020		2021		2020		2021		2020
Three Months Ended June 30,
Three Months Ended September 30,														Three Months Ended September 30,
Electrical Solutions	Electrical Solutions	$	602.9	$	469.4	$	76.3	$	52.8	12.7	%	11.2	%	Electrical Solutions	$	611.9	$	551.0	$	72.0	$	65.9	11.8	%	12.0	%
Utility Solutions	Utility Solutions	588.9		479.8		76.4		78.7		13.0	%	16.4	%	Utility Solutions	601.7		557.6		83.3		97.0		13.8	%	17.4	%
TOTAL	TOTAL	$	1,191.8	$	949.2	$	152.7	$	131.5	12.8	%	13.9	%	TOTAL	$	1,213.6	$	1,108.6	$	155.3	$	162.9	12.8	%	14.7	%
Six Months Ended June 30,
Nine Months Ended September 30,														Nine Months Ended September 30,
Electrical Solutions	Electrical Solutions	$	1,149.1	$	1,033.1	$	129.3	$	105.2	11.3	%	10.2	%	Electrical Solutions	$	1,761.0	$	1,584.1	$	201.3	$	171.1	11.4	%	10.8	%
Utility Solutions	Utility Solutions	1,121.1		1,006.4		141.0		145.1		12.6	%	14.4	%	Utility Solutions	1,722.8		1,564.0		224.3		242.1		13.0	%	15.5	%
TOTAL	TOTAL	$	2,270.2	$	2,039.5	$	270.3	$	250.3	11.9	%	12.3	%	TOTAL	$	3,483.8	$	3,148.1	$	425.6	$	413.2	12.2	%	13.1	%


		June 30, 2021		December 31, 2020			September 30, 2021		December 31, 2020
Raw material	Raw material	$	236.0	$	219.5	Raw material	$	250.2	$	219.5
Work-in-process	Work-in-process	120.5		108.3		Work-in-process	126.2		108.3
Finished goods	Finished goods	369.2		366.8		Finished goods	411.7		366.8
Subtotal	Subtotal	725.7		694.6		Subtotal	788.1		694.6
Excess of FIFO over LIFO cost basis	Excess of FIFO over LIFO cost basis	(87.4)		(87.3)		Excess of FIFO over LIFO cost basis	(87.4)		(87.3)
TOTAL	TOTAL	$	638.3	$	607.3	TOTAL	$	700.7	$	607.3


		Segment							Segment
		Electrical Solutions		Utility Solutions		Total			Electrical Solutions		Utility Solutions		Total
BALANCE DECEMBER 31, 2020	BALANCE DECEMBER 31, 2020	$	663.9	$	1,259.4	$	1,923.3	BALANCE DECEMBER 31, 2020	$	663.9	$	1,259.4	$	1,923.3
Prior year acquisitions	Prior year acquisitions	0		1.8		1.8		Prior year acquisitions	—		6.9		6.9
Current year dispositions	Current year dispositions	0		(1.9)		(1.9)		Current year dispositions	—		(1.9)		(1.9)
Foreign currency translation	Foreign currency translation	0.6		(0.9)		(0.3)		Foreign currency translation	(1.7)		(4.0)		(5.7)
BALANCE JUNE 30, 2021		$	664.5	$	1,258.4	$	1,922.9
BALANCE SEPTEMBER 30, 2021								BALANCE SEPTEMBER 30, 2021	$	662.2	$	1,260.4	$	1,922.6

In June of 2021, the Company completed the sale of the Consumer Analytics Solutions business for $9.8 million. The Consumer Analytics Solutions business was part of Aclara and was previously included in the Utility Solutions segment. Upon disposition, the Consumer Analytics Solutions business had assets of $15.9 million, including definite-lived intangibles of $8.7 million (primarily customer relationships and developed technology), goodwill of $1.9 million and total liabilities of $1.5 million (primarily ~~comprised~~composed of deferred revenue). As a result of the sale of the Consumer Analytics Solutions business, we recognized a pre-tax loss of ~~$6.8~~$6.9 million that is included in Total other expense in the Condensed Consolidated Statements of Income.


		June 30, 2021				December 31, 2020					September 30, 2021				December 31, 2020
		Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization			Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Definite-lived:	Definite-lived:									Definite-lived:
Patents, tradenames and trademarks	Patents, tradenames and trademarks	$	213.3	$	(78.6)	$	213.4	$	(73.8)	Patents, tradenames and trademarks	$	212.7	$	(80.7)	$	213.4	$	(73.8)
Customer relationships, developed technology and other	Customer relationships, developed technology and other	942.9		(373.1)		958.0		(340.6)		Customer relationships, developed technology and other	940.7		(388.3)		958.0		(340.6)
TOTAL DEFINITE-LIVED INTANGIBLES	TOTAL DEFINITE-LIVED INTANGIBLES	$	1,156.2	$	(451.7)	$	1,171.4	$	(414.4)	TOTAL DEFINITE-LIVED INTANGIBLES	$	1,153.4	$	(469.0)	$	1,171.4	$	(414.4)
Indefinite-lived:	Indefinite-lived:									Indefinite-lived:
Tradenames and other	Tradenames and other	53.8		—		53.6		—		Tradenames and other	53.6		—		53.6		—
TOTAL OTHER INTANGIBLE ASSETS	TOTAL OTHER INTANGIBLE ASSETS	$	1,210.0	$	(451.7)	$	1,225.0	$	(414.4)	TOTAL OTHER INTANGIBLE ASSETS	$	1,207.0	$	(469.0)	$	1,225.0	$	(414.4)

Amortization expense associated with definite-lived intangible assets was ~~$19.9~~$18.7 million and ~~$18.6~~$18.5 million during the three months ended ~~June~~September 30, 2021 and 2020, respectively, and ~~$40.7~~$59.4 million and ~~$37.7~~$56.2 million during the ~~six~~nine months ended ~~June~~September 30, 2021 and 2020, respectively. Future amortization expense associated with these intangible assets is estimated to be ~~$39.1~~$20.1 million for the remainder of 2021, ~~$73.1~~$72.9 million in 2022, ~~$68.4~~$68.2 million in 2023, ~~$63.5~~$63.3 million in 2024, ~~$58.9~~$58.8 million in 2025, and ~~$55.2~~$55.1 million in 2026. 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 76% of the gross value of definite-lived intangible assets follow an accelerated amortization method.

The Company completed its annual goodwill impairment test as of April 1, 2021. The Company applied the "Step-zero" test to 1 of its 5 reporting units, which allows the Company to first assess qualitative factors to determine whether it is more likely than not that a reporting unit's fair value is greater than its carrying amount. Based on the qualitative assessment, the Company concluded that it was more likely than not that the fair value of this reporting unit substantially exceeded its carrying value and, therefore, further quantitative analysis was not required. For the other 4 reporting units, the Company elected to utilize the quantitative goodwill impairment testing process, as permitted in the accounting guidance, by comparing the estimated fair value of the reporting units to their carrying values. If the estimated fair value of a reporting unit exceeds its carrying value, no impairment exists.

Goodwill impairment testing requires judgment, including the identification of reporting units, assigning assets and liabilities to reporting units and determining the fair value of each reporting unit. Significant judgment is required to estimate the fair value of reporting units including estimating future cash flows, determining appropriate discount rates and other assumptions, including assumptions about secular economic and market conditions, such as the potential continuing effects of the COVID-19 pandemic. The Company uses internal discounted cash flow models to estimate fair value. These cash flow estimates are derived from historical experience, third party end market data, and future long-term business plans and include assumptions of future sales growth, gross margin, operating margin, terminal growth rate, and the application of an appropriate discount rate.

The Company performs its impairment assessment of indefinite-lived intangible assets as of April 1st of each year, unless circumstances dictate the need for more frequent assessments. For the 2021 test, the Company elected to utilize the quantitative impairment testing process as permitted in the accounting guidance, by comparing the fair value of the indefinite-lived intangible assets to their carrying values. If the fair value of the indefinite-lived intangible assets exceeds their carrying value, no impairment exists. The fair value was determined utilizing an income approach (relief from royalty method). Significant judgment is required to estimate the fair value of the indefinite-lived intangible assets including assumptions for future revenues, discount rates, royalty rates, and other assumptions, including assumptions about secular economic and market conditions, such as the potential continuing effects of the COVID-19 pandemic. Significant changes in these estimates and assumptions could affect the determination of fair value and/or impairment for each indefinite-lived intangible asset. As of April 1, 2021, the impairment testing resulted in fair values for each indefinite-lived intangible asset that significantly exceeded the carrying values and there were no indefinite-lived intangible assets at risk of failing the quantitative impairment test.


		June 30, 2021		December 31, 2020			September 30, 2021		December 31, 2020
Customer program incentives	Customer program incentives	$	42.5	$	40.7	Customer program incentives	$	58.4	$	40.7
Accrued income taxes	Accrued income taxes	5.8		4.6		Accrued income taxes	15.2		4.6
Contract liabilities - deferred revenue	Contract liabilities - deferred revenue	14.5		30.9		Contract liabilities - deferred revenue	19.3		30.9
Customer refund liability	Customer refund liability	17.6		17.4		Customer refund liability	18.7		17.4
Accrued warranties(1)	Accrued warranties(1)	24.0		28.7		Accrued warranties(1)	21.9		28.7
Current operating lease liabilities	Current operating lease liabilities	29.8		32.1		Current operating lease liabilities	29.2		32.1
Other	Other	106.5		99.6		Other	92.9		99.6
TOTAL	TOTAL	$	240.7	$	254.0	TOTAL	$	255.6	$	254.0


		June 30, 2021		December 31, 2020			September 30, 2021		December 31, 2020
Pensions	Pensions	$	190.3	$	199.0	Pensions	$	185.9	$	199.0
Other post-retirement benefits	Other post-retirement benefits	21.2		21.2		Other post-retirement benefits	21.2		21.2
Deferred tax liabilities	Deferred tax liabilities	142.8		135.3		Deferred tax liabilities	143.3		135.3
Accrued warranties long-term(1)	Accrued warranties long-term(1)	51.5		51.8		Accrued warranties long-term(1)	51.8		51.8
Non-current operating lease liabilities	Non-current operating lease liabilities	66.6		74.9		Non-current operating lease liabilities	65.7		74.9
Other	Other	125.9		132.4		Other	125.4		132.4
TOTAL	TOTAL	$	598.3	$	614.6	TOTAL	$	593.3	$	614.6


		Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Hubbell Shareholders' Equity		Non- controlling interest			Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Hubbell Shareholders' Equity		Non- controlling interest
BALANCE AT DECEMBER 31, 2020	BALANCE AT DECEMBER 31, 2020	$	0.6	$	4.9	$	2,393.7	$	(329.2)	$	2,070.0	$	15.4	BALANCE AT DECEMBER 31, 2020	$	0.6	$	4.9	$	2,393.7	$	(329.2)	$	2,070.0	$	15.4
Net income	Net income	—		—		77.7		—		77.7		1.4		Net income	—		—		173.5		—		173.5		2.2
Other comprehensive (loss) income	Other comprehensive (loss) income	—		—		—		(4.6)		(4.6)		—		Other comprehensive (loss) income	—		—		—		7.0		7.0		—
Stock-based compensation	Stock-based compensation	—		9.5		—		—		9.5		—		Stock-based compensation	—		13.4		—		—		13.4		—

Acquisition/surrender of common shares(1)	Acquisition/surrender of common shares(1)	—		(14.0)		(2.7)		—		(16.7)		—		Acquisition/surrender of common shares(1)	—		(18.5)		(13.2)		—		(31.7)		—
Cash dividends declared ($0.98 per share)	Cash dividends declared ($0.98 per share)	—		—		(53.3)		—		(53.3)		—		Cash dividends declared ($0.98 per share)	—		—		(106.7)		—		(106.7)		—
Dividends to noncontrolling interest	Dividends to noncontrolling interest	—		—		—		—		—		(1.5)		Dividends to noncontrolling interest	—		—		—		—		—		(2.4)

Directors deferred compensation	Directors deferred compensation	—		0.1		—		—		0.1		—		Directors deferred compensation	—		0.2		—		—		0.2		—

BALANCE AT MARCH 31, 2021		$	0.6	$	0.5	$	2,415.4	$	(333.8)	$	2,082.7	$	15.3
BALANCE AT JUNE 30, 2021														BALANCE AT JUNE 30, 2021	$	0.6	$	—	$	2,447.3	$	(322.2)	$	2,125.7	$	15.2
Net income	Net income	—		—		95.8		—		95.8		0.8		Net income	—		—		108.5		—		108.5		2.1
Other comprehensive (loss) income	Other comprehensive (loss) income	—		—		—		11.6		11.6		—		Other comprehensive (loss) income	—		—		—		(10.9)		(10.9)		—
Stock-based compensation	Stock-based compensation	—		3.9		—		—		3.9		—		Stock-based compensation	—		3.1		—		—		3.1		—
Acquisition/surrender of common shares(1)	Acquisition/surrender of common shares(1)	—		(4.5)		(10.5)		—		(15.0)		—		Acquisition/surrender of common shares(1)	—		(3.4)		(1.0)		—		(4.4)		—
Cash dividends declared ($0.98 per share)	Cash dividends declared ($0.98 per share)	—		—		(53.4)		—		(53.4)		—		Cash dividends declared ($0.98 per share)	—		—		(53.5)		—		(53.5)		—
Dividends to noncontrolling interest	Dividends to noncontrolling interest	—		—		—		—		—		(0.9)		Dividends to noncontrolling interest	—		—		—		—		—		(8.0)
Directors deferred compensation	Directors deferred compensation	—		0.1		—		—		0.1		—		Directors deferred compensation	—		0.3		—		—		0.3		—

BALANCE AT JUNE 30, 2021		$	0.6	$	0	$	2,447.3	$	(322.2)	$	2,125.7	$	15.2
BALANCE AT SEPTEMBER 30, 2021														BALANCE AT SEPTEMBER 30, 2021	$	0.6	$	—	$	2,501.3	$	(333.1)	$	2,168.8	$	9.3


		Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Hubbell Shareholders' Equity		Non- controlling interest			Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Total Hubbell Shareholders' Equity		Non- controlling interest
BALANCE AT DECEMBER 31, 2019	BALANCE AT DECEMBER 31, 2019	$	0.6	$	0	$	2,279.4	$	(332.9)	$	1,947.1	$	13.4	BALANCE AT DECEMBER 31, 2019	$	0.6	$	—	$	2,279.4	$	(332.9)	$	1,947.1	$	13.4
Net income	Net income	—		—		75.0		—		75.0		0.7		Net income	—		—		163.2		—		163.2		1.6
Other comprehensive (loss) income	Other comprehensive (loss) income	—		—		—		(22.4)		(22.4)		—		Other comprehensive (loss) income	—		—		—		(19.0)		(19.0)		—
Stock-based compensation	Stock-based compensation	—		11.6		—		—		11.6		—		Stock-based compensation	—		15.9		—		—		15.9		—
Acquisition/surrender of common shares(1)	Acquisition/surrender of common shares(1)	—		(10.4)		(34.1)		—		(44.5)		—		Acquisition/surrender of common shares(1)	—		(12.0)		(34.1)		—		(46.1)		—
Cash dividends declared ($0.91 per share)	Cash dividends declared ($0.91 per share)	—		—		(49.7)		—		(49.7)		—		Cash dividends declared ($0.91 per share)	—		—		(99.1)		—		(99.1)		—
Dividends to noncontrolling interest	Dividends to noncontrolling interest	—		—		—		—		—		(0.5)		Dividends to noncontrolling interest	—		—		—		—		—		(1.4)
Directors deferred compensation	Directors deferred compensation	—		(1.2)		—		—		(1.2)		—		Directors deferred compensation	—		(1.1)		—		—		(1.1)		—
Cumulative effect from adoption of CECL accounting standard	Cumulative effect from adoption of CECL accounting standard	—		—		(1.0)		—		(1.0)		—		Cumulative effect from adoption of CECL accounting standard	—		—		(1.0)		—		(1.0)		—
BALANCE AT MARCH 31, 2020		$	0.6	$	0	$	2,269.6	$	(355.3)	$	1,914.9	$	13.6
BALANCE AT JUNE 30, 2020														BALANCE AT JUNE 30, 2020	$	0.6	$	2.8	$	2,308.4	$	(351.9)	$	1,959.9	$	13.6
Net income	Net income	—		—		88.2		—		88.2		0.9		Net income	—		—		107.1		—		107.1		1.5
Other comprehensive (loss) income	Other comprehensive (loss) income	—		—		—		3.4		3.4		—		Other comprehensive (loss) income	—		—		—		(4.4)		(4.4)		—
Stock-based compensation	Stock-based compensation	—		4.3		—		—		4.3		—		Stock-based compensation	—		4.1		—		—		4.1		—
Acquisition/surrender of common shares(1)	Acquisition/surrender of common shares(1)	—		(1.6)		0		—		(1.6)		—		Acquisition/surrender of common shares(1)	—		(0.6)		—		—		(0.6)		—
Cash dividends declared ($0.91 per share)	Cash dividends declared ($0.91 per share)	—		—		(49.4)		—		(49.4)		—		Cash dividends declared ($0.91 per share)	—		—		(49.5)		—		(49.5)		—
Dividends to noncontrolling interest	Dividends to noncontrolling interest	—		—		—		—		—		(0.9)		Dividends to noncontrolling interest	—		—		—		—		—		(0.9)
Directors deferred compensation	Directors deferred compensation	—		0.1		—		—		0.1		—		Directors deferred compensation	—		0.2		—		—		0.2		—
BALANCE AT JUNE 30, 2020		$	0.6	$	2.8	$	2,308.4	$	(351.9)	$	1,959.9	$	13.6
BALANCE AT SEPTEMBER 30, 2020														BALANCE AT SEPTEMBER 30, 2020	$	0.6	$	6.5	$	2,366.0	$	(356.3)	$	2,016.8	$	14.2


(debit) credit	(debit) credit	Cash flow hedge (loss) gain		Unrealized gain (loss) on available-for- sale securities		Pension and post retirement benefit plan adjustment		Cumulative translation adjustment		Total		(debit) credit	Cash flow hedge (loss) gain		Unrealized gain (loss) on available-for- sale securities		Pension and post retirement benefit plan adjustment		Cumulative translation adjustment		Total
BALANCE AT DECEMBER 31, 2020	BALANCE AT DECEMBER 31, 2020	$	(0.7)	$	1.0	$	(212.0)	$	(117.5)	$	(329.2)	BALANCE AT DECEMBER 31, 2020	$	(0.7)	$	1.0	$	(212.0)	$	(117.5)	$	(329.2)
Other comprehensive income (loss) before reclassifications	Other comprehensive income (loss) before reclassifications	(0.5)		(0.1)		0		2.7		2.1		Other comprehensive income (loss) before reclassifications	0.2		(0.3)		—		(10.8)		(10.9)
Amounts reclassified from accumulated other comprehensive loss	Amounts reclassified from accumulated other comprehensive loss	0.8		0		4.1		0		4.9		Amounts reclassified from accumulated other comprehensive loss	0.9		—		6.1		—		7.0
Current period other comprehensive income (loss)	Current period other comprehensive income (loss)	0.3		(0.1)		4.1		2.7		7.0		Current period other comprehensive income (loss)	1.1		(0.3)		6.1		(10.8)		(3.9)
BALANCE AT JUNE 30, 2021		$	(0.4)	$	0.9	$	(207.9)	$	(114.8)	$	(322.2)
BALANCE AT SEPTEMBER 30, 2021												BALANCE AT SEPTEMBER 30, 2021	$	0.4	$	0.7	$	(205.9)	$	(128.3)	$	(333.1)


		Three Months Ended June 30,				Six Months Ended June 30,						Three Months Ended September 30,				Nine Months Ended September 30,
Details about Accumulated Other Comprehensive Loss Components	Details about Accumulated Other Comprehensive Loss Components	2021		2020		2021		2020		Location of Gain (Loss) Reclassified into Income	Details about Accumulated Other Comprehensive Loss Components	2021		2020		2021		2020		Location of Gain (Loss) Reclassified into Income
Cash flow hedges gain (loss):	Cash flow hedges gain (loss):										Cash flow hedges gain (loss):
Forward exchange contracts	Forward exchange contracts	$	0	$	0.2	$	(0.1)	$	0.3	Net sales	Forward exchange contracts	$	—	$	—	$	(0.1)	$	0.3	Net sales
		(0.5)		0.3		(0.8)		0.5		Cost of goods sold		(0.1)		0.2		(0.9)		0.7		Cost of goods sold
		(0.2)		0		(0.2)		0		Other expense, net		—		—		(0.2)		—		Other expense, net
		(0.7)		0.5		(1.1)		0.8		Total before tax		(0.1)		0.2		(1.2)		1.0		Total before tax
		0.2		(0.1)		0.3		(0.2)		Tax benefit (expense)		—		(0.1)		0.3		(0.3)		Tax benefit (expense)
		$	(0.5)	$	0.4	$	(0.8)	$	0.6	Gain (loss) net of tax		$	(0.1)	$	0.1	$	(0.9)	$	0.7	Gain (loss) net of tax
Amortization of defined benefit pension and post retirement benefit items:	Amortization of defined benefit pension and post retirement benefit items:										Amortization of defined benefit pension and post retirement benefit items:
Prior-service costs (a)	Prior-service costs (a)	$	(0.1)	$	0	$	(0.1)	$	0.1		Prior-service costs (a)	$	—	$	0.1	$	(0.1)	$	0.2
Actuarial gains/(losses) (a)	Actuarial gains/(losses) (a)	(2.7)		(2.3)		(5.4)		(4.7)			Actuarial gains/(losses) (a)	(2.7)		(2.4)		(8.1)		(7.1)

Settlement and curtailment losses (a)											Settlement and curtailment losses (a)	—		(6.6)		—		(6.6)
		(2.8)		(2.3)		(5.5)		(4.6)		Total before tax		(2.7)		(8.9)		(8.2)		(13.5)		Total before tax
		0.7		0.5		1.4		1.1		Tax benefit (expense)		0.7		2.3		2.1		3.4		Tax benefit (expense)
		$	(2.1)	$	(1.8)	$	(4.1)	$	(3.5)	Gain (loss) net of tax		$	(2.0)	$	(6.6)	$	(6.1)	$	(10.1)	Gain (loss) net of tax

Gains (losses) reclassified into earnings	Gains (losses) reclassified into earnings	$	(2.6)	$	(1.4)	$	(4.9)	$	(2.9)		Gains (losses) reclassified into earnings	$	(2.1)	$	(6.5)	$	(7.0)	$	(9.4)


		Three Months Ended June 30,				Six Months Ended June 30,					Three Months Ended September 30,				Nine Months Ended September 30,
		2021		2020		2021		2020			2021		2020		2021		2020
Numerator:	Numerator:									Numerator:
Net income attributable to Hubbell Incorporated	Net income attributable to Hubbell Incorporated	$	95.8	$	88.2	$	173.5	$	163.2	Net income attributable to Hubbell Incorporated	$	108.5	$	107.1	$	282.0	$	270.3
Less: Earnings allocated to participating securities	Less: Earnings allocated to participating securities	(0.3)		(0.3)		(0.6)		(0.6)		Less: Earnings allocated to participating securities	(0.3)		(0.4)		(0.9)		(1.0)
Net income available to common shareholders	Net income available to common shareholders	$	95.5	$	87.9	$	172.9	$	162.6	Net income available to common shareholders	$	108.2	$	106.7	$	281.1	$	269.3
Denominator:	Denominator:									Denominator:
Average number of common shares outstanding	Average number of common shares outstanding	54.3		54.1		54.3		54.2		Average number of common shares outstanding	54.3		54.2		54.3		54.1
Potential dilutive common shares	Potential dilutive common shares	0.4		0.2		0.4		0.2		Potential dilutive common shares	0.4		0.3		0.4		0.3
Average number of diluted shares outstanding	Average number of diluted shares outstanding	54.7		54.3		54.7		54.4		Average number of diluted shares outstanding	54.7		54.5		54.7		54.4
Earnings per share:	Earnings per share:									Earnings per share:
Basic	Basic	$	1.76	$	1.62	$	3.19	$	3.00	Basic	$	1.99	$	1.97	$	5.18	$	4.97
Diluted	Diluted	$	1.74	$	1.62	$	3.16	$	2.99	Diluted	$	1.98	$	1.96	$	5.14	$	4.95


		Pension Benefits				Other Benefits					Pension Benefits				Other Benefits
		2021		2020		2021		2020			2021		2020		2021		2020
Three Months Ended June 30,
Three Months Ended September 30,										Three Months Ended September 30,
Service cost	Service cost	$	0.3	$	0.2	$	0	$	0	Service cost	$	0.2	$	0.3	$	—	$	—
Interest cost	Interest cost	6.0		7.2		0.2		0.2		Interest cost	5.9		7.2		0.1		0.2
Expected return on plan assets	Expected return on plan assets	(9.2)		(8.4)		0		0		Expected return on plan assets	(9.1)		(8.5)		—		—
Amortization of prior service cost	Amortization of prior service cost	0.1		0.1		0		(0.1)		Amortization of prior service cost	—		—		—		(0.1)
Amortization of actuarial losses	Amortization of actuarial losses	2.7		2.3		0		0		Amortization of actuarial losses	2.7		2.4		—		—

Settlement and curtailment losses										Settlement and curtailment losses	—		6.6		—		—
NET PERIODIC BENEFIT COST	NET PERIODIC BENEFIT COST	$	(0.1)	$	1.4	$	0.2	$	0.1	NET PERIODIC BENEFIT COST	$	(0.3)	$	8.0	$	0.1	$	0.1
Six Months Ended June 30,
Nine Months Ended September 30,										Nine Months Ended September 30,
Service cost	Service cost	$	0.5	$	0.5	$	0	$	0	Service cost	$	0.7	$	0.8	$	—	$	—
Interest cost	Interest cost	12.0		14.4		0.3		0.4		Interest cost	17.9		21.6		0.4		0.6
Expected return on plan assets	Expected return on plan assets	(18.3)		(16.9)		0		0		Expected return on plan assets	(27.4)		(25.4)		—		—
Amortization of prior service cost	Amortization of prior service cost	0.1		0.1		0		(0.2)		Amortization of prior service cost	0.1		0.1		—		(0.3)
Amortization of actuarial losses	Amortization of actuarial losses	5.4		4.7		0		0		Amortization of actuarial losses	8.1		7.1		—		—

Settlement and curtailment losses										Settlement and curtailment losses	—		6.6		—		—
NET PERIODIC BENEFIT COST	NET PERIODIC BENEFIT COST	$	(0.3)	$	2.8	$	0.3	$	0.2	NET PERIODIC BENEFIT COST	$	(0.6)	$	10.8	$	0.4	$	0.3

The Company has ~~made 0 material required contributions~~contributed $0.1 million to its foreign pension plans during 2021. ~~As of June 30, 2021 the Company has contributed $0.1 million.~~ Although not required by ERISA and the Internal Revenue Code, the Company may elect to make an additional voluntary contribution to its qualified domestic defined benefit pension plan in 2021. Additionally, we anticipate making cash payments of $5.0 million due in 2021, related to the previously disclosed settlement agreement with a multi-employer pension plan.

The Company records a liability equal to the fair value of guarantees in accordance with the accounting guidance for guarantees. When it is probable that a liability has been incurred and the amount can be reasonably estimated, the Company accrues for costs associated with guarantees. The most likely costs to be incurred are accrued based on an evaluation of currently available facts and, where no amount within a range of estimates is more likely, the minimum is accrued. As of ~~June~~September 30, 2021 and December 31, 2020, the fair value and maximum potential payment related to the Company’s guarantees were not material.

The Company offers product warranties that cover defects on most of its products. These warranties primarily apply to products that are properly installed, maintained and used for their intended purpose. The Company accrues estimated warranty costs at the time of sale. Estimated warranty expenses, recorded in cost of goods sold, are based upon historical information such as past experience, product failure rates, or the estimated number of units to be repaired or replaced. Adjustments are made to the product warranty accrual as claims are incurred, additional information becomes known, or as historical experience indicates.


		2021		2020			2021		2020
BALANCE AT JANUARY 1, (a)	BALANCE AT JANUARY 1, (a)	$	80.5	$	82.1	BALANCE AT JANUARY 1, (a)	$	80.5	$	82.1
Provision	Provision	5.8		7.5		Provision	8.2		10.0
Expenditures/payments/other	Expenditures/payments/other	(10.8)		(7.6)		Expenditures/payments/other	(15.0)		(10.2)
BALANCE AT JUNE 30, (a)		$	75.5	$	82.0
BALANCE AT SEPTEMBER 30, (a)						BALANCE AT SEPTEMBER 30, (a)	$	73.7	$	81.9

Financial instruments which potentially subject the Company to significant concentrations of credit loss risk consist of trade receivables, cash equivalents and investments. The Company grants credit terms in the normal course of business to its customers. Due to the diversity of its product lines, the Company has an extensive customer base including electrical distributors and wholesalers, electric utilities, equipment manufacturers, electrical contractors, telecommunication companies and retail and hardware outlets. As part of its ongoing procedures, the Company monitors the credit worthiness of its customers. Bad debt write-offs have historically been minimal. The Company places its cash and cash equivalents with financial institutions and limits the amount of exposure in any one institution.

At ~~June~~September 30, 2021 and December 31, 2020, the Company had ~~$58.5~~$58.1 million and $57.7 million, respectively, of available-for-sale municipal debt securities. These investments had an amortized cost of ~~$57.4~~$57.2 million and $56.4 million, respectively. ~~NaN~~No allowance for credit losses related to our available-for-sale debt securities was recorded for the ~~six~~nine months ended ~~June~~September 30, 2021. As of ~~June~~September 30, 2021 and December 31, 2020 the unrealized losses attributable to our available-for-sale debt securities was $0.1 million. The fair value of available-for-sale debt securities with unrealized losses was ~~$5.8~~$11.4 million at ~~June~~September 30, 2021 and $6.1 million at December 31, 2020.


Asset (Liability)	Asset (Liability)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Quoted Prices in Active Markets for Similar Assets (Level 2)		Unobservable inputs for which little or no market data exists (Level 3)		Total		Asset (Liability)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Quoted Prices in Active Markets for Similar Assets (Level 2)		Unobservable inputs for which little or no market data exists (Level 3)		Total
June 30, 2021
September 30, 2021										September 30, 2021
Money market funds(a)	Money market funds(a)	$	41.5	$	0	$	0	$	41.5	Money market funds(a)	$	50.9	$	—	$	—	$	50.9

Available for sale investments	Available for sale investments	0		58.5		0		58.5		Available for sale investments	—		58.1		—		58.1
Trading securities	Trading securities	23.8		0		0		23.8		Trading securities	23.9		—		—		23.9
Deferred compensation plan liabilities	Deferred compensation plan liabilities	(23.8)		0		0		(23.8)		Deferred compensation plan liabilities	(23.9)		—		—		(23.9)
Derivatives:	Derivatives:									Derivatives:
Forward exchange contracts-Assets(b)	Forward exchange contracts-Assets(b)	0		0.1		0		0.1		Forward exchange contracts-Assets(b)	—		0.5		—		0.5
Forward exchange contracts-(Liabilities)(c)	Forward exchange contracts-(Liabilities)(c)	0		(0.6)		0		(0.6)		Forward exchange contracts-(Liabilities)(c)	—		(0.1)		—		(0.1)
TOTAL	TOTAL	$	41.5	$	58.0	$	0	$	99.5	TOTAL	$	50.9	$	58.5	$	—	$	109.4

Asset (Liability)	Asset (Liability)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Quoted Prices in Active Markets for Similar Assets (Level 2)		Unobservable inputs for which little or no market data exists (Level 3)		Total		Asset (Liability)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Quoted Prices in Active Markets for Similar Assets (Level 2)		Unobservable inputs for which little or no market data exists (Level 3)		Total
December 31, 2020	December 31, 2020									December 31, 2020
Money market funds(a)	Money market funds(a)	$	26.6	$	0	$	0	$	26.6	Money market funds(a)	$	26.6	$	—	$	—	$	26.6

Available for sale investments	Available for sale investments	0		57.7		0		57.7		Available for sale investments	—		57.7		—		57.7
Trading securities	Trading securities	22.7		0		0		22.7		Trading securities	22.7		—		—		22.7
Deferred compensation plan liabilities	Deferred compensation plan liabilities	(22.7)		0		0		(22.7)		Deferred compensation plan liabilities	(22.7)		—		—		(22.7)
Derivatives:	Derivatives:									Derivatives:

Forward exchange contracts-(Liabilities)(c)	Forward exchange contracts-(Liabilities)(c)	0		(0.8)		0		(0.8)		Forward exchange contracts-(Liabilities)(c)	—		(0.8)		—		(0.8)
TOTAL	TOTAL	$	26.6	$	56.9	$	0	$	83.5	TOTAL	$	26.6	$	56.9	$	—	$	83.5

The Company offers certain employees the opportunity to participate in non-qualified deferred compensation plans. A participant’s deferrals are invested in a variety of participant-directed debt and equity mutual funds that are classified as trading securities. The Company purchased ~~$2.3~~$2.5 million and ~~$2.5~~$2.7 million of trading securities related to these deferred compensation plans during the ~~six~~nine months ended ~~June~~September 30, 2021 and 2020, respectively. As a result of participant distributions, the Company sold $3.0 million of these trading securities during the ~~six~~nine months ended ~~June~~September 30, 2021 and ~~$1.6~~$2.0 million during the ~~six~~nine months ended ~~June~~September 30, 2020. The unrealized gains and losses associated with these trading securities are directly offset by the changes in the fair value of the underlying deferred compensation plan obligation.

The Company is subject to various legal proceedings arising in the normal course of its business. These proceedings include claims for damages arising out of use of the Company’s products, intellectual property, workers’ compensation and environmental matters. The Company is self-insured up to specified limits for certain types of claims, including product liability and workers’ compensation, and is fully self-insured for certain other types of claims, including environmental and intellectual property matters. The Company recognizes a liability for any contingency that in management’s judgment is probable of occurrence and can be reasonably estimated. We continually reassess the likelihood of adverse judgments and outcomes in these matters, as well as estimated ranges of possible losses based upon an analysis of each matter which includes advice of outside legal counsel and, if applicable, other experts.

In the three and ~~six~~nine months ended ~~June~~September 30, 2021, we incurred costs for restructuring actions initiated in 2021 as well as costs for restructuring actions initiated in the prior years. Our restructuring actions are associated with cost reduction efforts that include the consolidation of manufacturing and distribution facilities as well as workforce reductions. Restructuring costs include severance and employee benefits, asset impairments, accelerated depreciation, as well as facility closure, contract termination and certain pension costs that are directly related to restructuring actions. These costs are predominantly settled in cash from our operating activities and are generally settled within one year, with the exception of asset impairments, which are non-cash.


		Three Months Ended June 30,													Three Months Ended September 30,
		2021		2020		2021		2020		2021		2020			2021		2020		2021		2020		2021		2020
		Cost of goods sold				Selling & administrative expense				Total					Cost of goods sold				Selling & administrative expense				Total
Electrical Solutions	Electrical Solutions	$	0.8	$	2.6	$	0.3	$	1.5	$	1.1	$	4.1	Electrical Solutions	$	1.0	$	1.7	$	0.2	$	0.1	$	1.2	$	1.8
Utility Solutions	Utility Solutions	0.3		1.4		0.1		0.2		0.4		1.6		Utility Solutions	—		1.5		0.2		—		0.2		1.5
Total Pre-Tax Restructuring Costs	Total Pre-Tax Restructuring Costs	$	1.1	$	4.0	$	0.4	$	1.7	$	1.5	$	5.7	Total Pre-Tax Restructuring Costs	$	1.0	$	3.2	$	0.4	$	0.1	$	1.4	$	3.3


		Six Months Ended June 30,													Nine Months Ended September 30,
		2021		2020		2021		2020		2021		2020			2021		2020		2021		2020		2021		2020
		Cost of goods sold				Selling & administrative expense				Total					Cost of goods sold				Selling & administrative expense				Total
Electrical Solutions	Electrical Solutions	$	1.3	$	2.7	$	0.1	$	1.9	$	1.4	$	4.6	Electrical Solutions	$	2.3	$	4.4	$	0.4	$	2.0	$	2.7	$	6.4
Utility Solutions	Utility Solutions	0.6		4.3		0.1		0.3		0.7		4.6		Utility Solutions	0.6		5.8		0.2		0.3		0.8		6.1
Total Pre-Tax Restructuring Costs	Total Pre-Tax Restructuring Costs	$	1.9	$	7.0	$	0.2	$	2.2	$	2.1	$	9.2	Total Pre-Tax Restructuring Costs	$	2.9	$	10.2	$	0.6	$	2.3	$	3.5	$	12.5


		Beginning Accrued Restructuring Balance 1/1/21		Pre-tax Restructuring Costs		Utilization and Foreign Exchange		Ending Accrued Restructuring Balance 6/30/2021			Beginning Accrued Restructuring Balance 1/1/21		Pre-tax Restructuring Costs		Utilization and Foreign Exchange		Ending Accrued Restructuring Balance 9/30/2021
2021 Restructuring Actions	2021 Restructuring Actions									2021 Restructuring Actions
Severance	Severance	$	0	$	0.3	$	(0.2)	$	0.1	Severance	$	—	$	0.6	$	(0.4)	$	0.2
Asset write-downs	Asset write-downs	0		0		0		0		Asset write-downs	—		—		—		—
Facility closure and other costs	Facility closure and other costs	0		0		0		0		Facility closure and other costs	—		0.1		(0.1)		—
Total 2021 Restructuring Actions	Total 2021 Restructuring Actions	$	0	$	0.3	$	(0.2)	$	0.1	Total 2021 Restructuring Actions	$	—	$	0.7	$	(0.5)	$	0.2
2020 and Prior Restructuring Actions	2020 and Prior Restructuring Actions									2020 and Prior Restructuring Actions
Severance	Severance	$	8.9	$	0.2	$	(3.5)	$	5.6	Severance	$	8.9	$	0.3	$	(5.2)	$	4.0
Asset write-downs	Asset write-downs	0		0		0		0		Asset write-downs	—		—		—		—
Facility closure and other costs	Facility closure and other costs	1.7		1.6		(1.9)		1.4		Facility closure and other costs	1.7		2.5		(2.7)		1.5
Total 2020 and Prior Restructuring Actions	Total 2020 and Prior Restructuring Actions	$	10.6	$	1.8	$	(5.4)	$	7.0	Total 2020 and Prior Restructuring Actions	$	10.6	$	2.8	$	(7.9)	$	5.5
Total Restructuring Actions	Total Restructuring Actions	$	10.6	$	2.1	$	(5.6)	$	7.1	Total Restructuring Actions	$	10.6	$	3.5	$	(8.4)	$	5.7


		Total expected costs		Costs incurred during 2020		Costs incurred in the first six months of 2021		Remaining costs at 6/30/2021			Total expected costs		Costs incurred during 2020		Costs incurred in the first nine months of 2021		Remaining costs at 9/30/2021
2021 Restructuring Actions	2021 Restructuring Actions									2021 Restructuring Actions
Electrical Solutions	Electrical Solutions	$	0.3	$	0	$	0.3	$	0	Electrical Solutions	$	2.5	$	—	$	0.7	$	1.8
Utility Solutions	Utility Solutions	0		0		0		0		Utility Solutions	—		—		—		—
Total 2021 Restructuring Actions	Total 2021 Restructuring Actions	$	0.3	$	0	$	0.3	$	0	Total 2021 Restructuring Actions	$	2.5	$	—	$	0.7	$	1.8
2020 and Prior Restructuring Actions	2020 and Prior Restructuring Actions									2020 and Prior Restructuring Actions
Electrical Solutions	Electrical Solutions	$	21.8	$	16.0	$	1.1	$	4.7	Electrical Solutions	$	20.0	$	16.0	$	2.0	$	2.0
Utility Solutions	Utility Solutions	10.2		8.1		0.7		1.4		Utility Solutions	10.3		8.1		0.8		1.4
Total 2020 and Prior Restructuring Actions	Total 2020 and Prior Restructuring Actions	$	32.0	$	24.1	$	1.8	$	6.1	Total 2020 and Prior Restructuring Actions	$	30.3	$	24.1	$	2.8	$	3.4
Total Restructuring Actions	Total Restructuring Actions	$	32.3	$	24.1	$	2.1	$	6.1	Total Restructuring Actions	$	32.8	$	24.1	$	3.5	$	5.2


		Maturity	June 30, 2021		December 31, 2020			Maturity	September 30, 2021		December 31, 2020
Senior notes at 3.625%	Senior notes at 3.625%	2022	$	0	$	299.2	Senior notes at 3.625%	2022	$	—	$	299.2
Senior notes at 3.35%	Senior notes at 3.35%	2026	396.8		396.5		Senior notes at 3.35%	2026	397.0		396.5
Senior notes at 3.15%	Senior notes at 3.15%	2027	296.7		296.4		Senior notes at 3.15%	2027	296.9		296.4
Senior notes at 3.50%	Senior notes at 3.50%	2028	445.1		444.8		Senior notes at 3.50%	2028	445.3		444.8
Senior notes at 2.300%	Senior notes at 2.300%	2031	295.6		0		Senior notes at 2.300%	2031	295.7		—

TOTAL LONG-TERM DEBT(a)	TOTAL LONG-TERM DEBT(a)		$	1,434.2	$	1,436.9	TOTAL LONG-TERM DEBT(a)		$	1,434.9	$	1,436.9

On March 12, 2021, the Company completed a public offering of $300 million aggregate principal amount of its 2.300% Senior Notes due 2031 (the “2031 Notes”). The net proceeds from the offering were approximately $295.5 million after deducting the underwriting discount and estimated offering expenses payable by the Company. The Company used the net proceeds from the offering of the 2031 Notes, together with cash on hand, to redeem in full all of the Company’s outstanding 3.625% Senior Notes due 2022 in an aggregate principal amount of $300 million, which had a stated maturity date of November 15, 2022 (the “2022 Notes”), and to pay any premium and accrued interest in respect thereof, which redemption was completed on April 2, 2021. The redemption resulted in a $16.8 million loss on extinguishment of indebtedness that was recognized in the second quarter of 2021. The loss on extinguishment includes a cash premium of $16.0 million paid upon redemption in accordance with the terms of the 2022 Notes.

On March 12, 2021, the Company, as borrower, and its subsidiaries Hubbell Power Holdings S.à r.l. and Harvey Hubbell Holdings S.à r.l., each as a subsidiary borrower (collectively, the “Subsidiary Borrowers”), entered into a new five-year credit agreement with a syndicate of lenders and JPMorgan Chase, N.A., as administrative agent, that provides a $750 million committed revolving credit facility (the “2021 Credit Facility"). Commitments under the 2021 Credit Facility may be increased to an aggregate amount not to exceed $1.25 billion. The 2021 Credit Facility includes a $50 million sub-limit for the issuance of letters of credit. The sum of the dollar amount of loans and letters of credits to the Subsidiary Borrowers under the 2021 Credit Facility may not exceed $75 million.

As of ~~June~~September 30, 2021, the Company had various stock-based awards outstanding which were issued to executives and other key employees. The Company recognizes the grant-date fair value of all stock-based awards to employees over their respective requisite service periods (generally equal to an award’s vesting period), net of estimated forfeitures. A stock-based award is considered vested for expense attribution purposes when the employee’s retention of the award is no longer contingent on providing subsequent service. For those awards that vest immediately upon retirement eligibility, the Company recognizes compensation cost immediately for retirement-eligible individuals or over the period from the grant date to the date retirement eligibility is achieved, if less than the stated vesting period.

The Company’s long-term incentive program for awarding stock-based compensation includes a combination of restricted stock, stock appreciation rights (“SARs”), and performance shares of the Company’s common stock pursuant to the Hubbell Incorporated 2005 Incentive Award Plan as amended and restated (the "Award Plan"). Under the Award Plan, the Company may authorize up to 9.7 million shares of common stock to settle awards of restricted stock, performance shares, or SARs. The Company issues new shares to settle stock-based awards. During the three months ended March 31, 2021, the Company's grant of stock-based awards included restricted stock, SARs and performance shares. There were no material awards granted during the three months ended ~~June~~September 30, 2021.

Restricted stock awards that vest based upon a service condition are expensed on a straight-line basis over the requisite service period. These awards generally vest in 3 equal installments on each of the first three anniversaries of the grant date; however starting in December 2018, the Company granted a certain number of these awards that generally vest on the third-year anniversary of the grant date. The fair value of these awards is measured by the average of the high and low trading prices of the Company’s common stock on the most recent trading day immediately preceding the grant date (“measurement date”).

SARs grant the holder the right to receive, once vested, the value in shares of the Company's common stock equal to the positive difference between the grant price, as determined using the mean of the high and low trading prices of the Company’s common stock on the measurement date, and the fair market value of the Company’s common stock on the date of exercise. This amount is payable in shares of the Company’s common stock. SARs vest and become exercisable in 3 equal installments during the first three years following the grant date and expire ten years from the grant date.

In February 2021, the Company granted 15,741 performance shares that will vest subject to a market condition and service condition through the performance period. The market condition associated with the awards is the Company's total shareholder return ("TSR") compared to the TSR generated by the companies that comprise the S&P Capital Goods 900 index over a three year performance period. Performance at target will result in vesting and issuance of the number of performance shares granted, equal to 100% payout. Performance below or above target can result in issuance in the range of 0%-200% of the number of shares granted. Expense is recognized irrespective of the market condition being achieved.

NaN percent of these performance shares granted will vest based on Hubbell’s compounded annual growth rate of Net sales as compared to that of the companies that comprise the S&P Capital Goods 900 index. NaN percent of these performance shares granted will vest based on achieved operating profit margin performance as compared to internal targets. Each of these performance conditions is measured over the same three-year performance period. The cumulative result of these performance conditions can result in a number of shares earned in the range of 0% - 200% of the target number of shares granted.

The fair value of the award is measured based upon the average of the high and low trading prices of the Company's common stock on the measurement date reduced by the present value of dividends expected to be paid during the requisite service period. The Company expenses these awards on a straight-line basis over the requisite service period and including an assessment of the performance achieved to date. The weighted average fair value per share was $151.92 for the awards granted in the first quarter of 2021.

On October 26, 2021, Hubbell entered into a definitive agreement to sell its Commercial and Industrial Lighting business to GE Current, a Daintree company, for a cash purchase price of $350 million, subject to customary adjustments with respect to working capital and net indebtedness. The Commercial and Industrial Lighting business had sales of approximately $515 million in 2020 as part of the Electrical Solutions segment and designs, manufactures, and sells LED lighting and control solutions for commercial and industrial customers. Hubbell expects the Commercial and Industrial Lighting business to be classified as held for sale in the fourth quarter of 2021. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first quarter of 2022.

Hubbell is a global manufacturer of quality electrical products and utility solutions for a broad range of customer and end market applications. The Company's mission is to enable its customers to operate critical infrastructure safely, reliably, and efficiently. Products are either sourced complete, manufactured or assembled by subsidiaries in the United States, Canada, Puerto Rico, Mexico, China, the United Kingdom, Brazil, Australia, Spain and Ireland. The Company also participates in joint ventures in Hong Kong and the Philippines, and maintains offices in Singapore, Italy, China, India, Mexico, South Korea, Chile, and countries in the Middle East. The Company employed approximately ~~19,500~~19,400 individuals worldwide as of ~~June~~September 30, 2021.

Also effective January 1, 2021, the Company moved its Hubbell Gas Connectors and Accessories business, from the Electrical Solutions segment to the Utility Solutions segment to create synergies with the existing gas products offered within the Utility Solutions segment and to better serve its utility customers. The Hubbell Gas Connectors and Accessories business represented approximately $157.1 million of net sales and $19.4 million of operating profit in 2020. The Company began reporting its segment results under this revised reporting structure beginning with the filing of its Quarterly Report on Form 10-Q for the first quarter ended March 31, 2021.

Our strategy to deliver products through a competitive cost structure has resulted in past and ongoing restructuring and related activities. Our restructuring and related efforts include the consolidation of manufacturing and distribution facilities, and workforce actions, as well as streamlining and consolidating our back-office functions. The primary objectives of our restructuring and related activities are to optimize our manufacturing footprint, cost structure, and effectiveness and efficiency of our workforce.

Because material costs are approximately two-thirds of our cost of goods sold, volatility in this area can significantly impact profitability. Our goal is to have pricing and productivity programs that offset material and other inflationary cost increases as well as pay for investments in key growth areas. Productivity improvement also continues to be a key area of focus for the Company and efforts to drive productivity complement our restructuring and related activities to minimize the impact of rising material costs and other administrative cost inflation.

Productivity programs affect virtually all functional areas within the Company by reducing or eliminating waste and improving processes. We continue to expand our efforts surrounding global product and component sourcing and supplier cost reduction programs. Value engineering efforts, product transfers and the use of lean process improvement techniques are expected to continue to increase manufacturing efficiency. In addition, we continue to build upon the benefits of our enterprise resource planning system across all functions.

During March 2020, a global pandemic was declared by the World Health Organization related to the rapidly growing outbreak of a novel strain of coronavirus (COVID-19). U.S. federal, state, local, and foreign governments reacted to the public health crisis with mitigation measures, creating significant uncertainties in the U.S. and global economies, including the shutdown of large portions of, or imposition of restrictions on, the U.S. and global economies. Notwithstanding a general improvement in conditions and reduction of pandemic effects, as of ~~June~~September 30, 2021 there continues to be significant uncertainty around the scope, severity, and duration of the pandemic, as well as the breadth and duration of business disruptions related to it and the overall impact on the U.S., global economies, and our operating results in future periods.

The extent to which the coronavirus pandemic continues to affect our business, operations and financial results will depend on numerous evolving factors that we may not be able to accurately predict including new information that may emerge concerning the severity of the COVID-19 pandemic, additional outbreaks or resurgence of COVID-19, the availability and use of vaccines across different regions and effective treatments and the actions taken to contain it or respond to its health and economic effects.

~~Despite our ongoing efforts to protect the health and safety of our employees, the~~ COVID-19 pandemic continues to pose the risk that our employees, contractors, suppliers, customers and other business partners may be prevented from conducting business activities, partially or completely, for an indefinite period of time, including due to shutdowns that may be requested or mandated by governmental authorities or imposed by our management, or that the pandemic may otherwise interrupt or impair business activities. The Occupational Safety and Health Administration (OSHA) has been directed to develop a rule requiring each employer with 100 or more employees to ensure its workforce is fully vaccinated or require any workers who remain unvaccinated to produce a negative test result on at least a weekly basis before coming to work and President Biden has announced an executive order mandating COVID-19 vaccination of U.S. based employees of companies that work on, or in support for, federal contracts. We cannot currently predict the impact that the OSHA rule, if adopted, and executive order would have on our workforce, our ability to secure skilled labor in the future, or the cost of implementation and compliance with such rule and the executive order.

~~The disruption~~Additionally, as economies have re-opened, global supply chains have struggled to keep up with increasing demand, and the resulting supply chain disruptions have, in ~~economic activity as~~certain cases, affected our ability to ship products in a ~~result~~timely manner. These supply chain disruptions and the increase in demand have also led to increased freight, labor and commodity cost that affected our operating margin in the third quarter of 2021, and those disruptions and increased cost may persist through the fourth quarter of 2021 and into 2022.

Refer to Item 1A, Risk Factors in this Form 10-Q and item 1A, Risk Factors on our 2020 Annual Report on Form 10-K for additional discussion of risks associated with the COVID-19 pandemic also affected customer demand across our end markets in 2020, including temporary stoppage of certain large meter installations and other regulatory restrictions on smart infrastructure projects and deployments. While market conditions have moderated and a strengthening of order rates through the first half of 2021 indicate improving conditions, it continues to be difficult to predict with specificity or quantify the future impact on our business, including our costs, the effect on our suppliers and availability of materials, and the extent and timing of a recovery in end-market demand. In addition, the relatively widespread recovery in economic activity resulting from a reduction in pandemic-related shutdowns has resulted in some shortages, as well as increased costs in certain commodities, transportation and labor, the persistence of which cannot be determined at this time.


		Three Months Ended June 30,									Three Months Ended September 30,
		2021		% of Net sales		2020		% of Net sales			2021		% of Net sales		2020		% of Net sales
Net sales	Net sales	$	1,191.8			$	949.2			Net sales	$	1,213.6			$	1,108.6
Cost of goods sold	Cost of goods sold	861.0		72.2	%	668.7		70.4	%	Cost of goods sold	883.3		72.8	%	779.0		70.3	%
Gross profit	Gross profit	330.8		27.8	%	280.5		29.6	%	Gross profit	330.3		27.2	%	329.6		29.7	%
Selling & administrative ("S&A") expense	Selling & administrative ("S&A") expense	178.1		14.9	%	149.0		15.7	%	Selling & administrative ("S&A") expense	175.0		14.4	%	166.7		15.0	%
Operating income	Operating income	152.7		12.8	%	131.5		13.9	%	Operating income	155.3		12.8	%	162.9		14.7	%
Net income attributable to Hubbell Incorporated	Net income attributable to Hubbell Incorporated	95.8		8.0	%	88.2		9.3	%	Net income attributable to Hubbell Incorporated	108.5		8.9	%	107.1		9.7	%
EARNINGS PER SHARE – DILUTED	EARNINGS PER SHARE – DILUTED	$	1.74			$	1.62			EARNINGS PER SHARE – DILUTED	$	1.98			$	1.96

Adjusted operating measures exclude amortization of all intangible assets associated with our business acquisitions, including inventory step-up amortization associated with those acquisitions. The intangible assets associated with our business acquisitions arise from the allocation of the purchase price using the acquisition method of accounting in accordance with Accounting Standards Codification 805, “Business Combinations.” These assets consist primarily of customer relationships, developed technology, trademarks and tradenames, and patents, as reported in Note 6 – Goodwill and Other Intangible Assets, under the heading “Total Definite-Lived Intangibles,” within the Company’s audited consolidated financial statements set forth in its Annual Report on Form 10-K for Fiscal Year Ended December 31, 2020.

The Company believes that the exclusion of these non-cash expenses (i) enhances management’s and investors’ ability to analyze underlying business performance, (ii) facilitates comparisons of our financial results over multiple periods, and (iii) provides more relevant comparisons of our results with the results of other companies as the amortization expense associated with these assets may fluctuate significantly from period to period based on the timing, size, nature, and number of acquisitions.

Adjusted net income in 2021 also excludes a $16.8 million pre-tax loss on the early extinguishment of long-term debt from the redemption of all of the Company's outstanding 3.625% Senior Notes due 2022 in the aggregate principal amount of $300 million and a ~~$6.8~~$6.9 million loss on the disposal of a business, the sale of which closed during the second quarter of 2021. Adjusted net income in 2020 also excludes a pension settlement charge of $6.6 million that was recorded during the third quarter of 2020. Those items are reported in Total other expense (below Operating income) in the Condensed Consolidated Statement of Income. Refer to the reconciliation of non-GAAP measurers presented below, Note 5 - Goodwill and Other Intangible Assets, net, Note 11 - Pension and Other Benefits, and Note 16 - Debt and Financing Arrangements in the Notes to the Condensed Consolidated Financial Statements, for additional information. The Company excludes these losses because we believe it enhances management's and investors' ability to analyze underlying business performance and facilitates comparisons of our financial results over multiple periods.

Organic net sales, a non-GAAP measure, represent Net sales according to U.S. GAAP, less Net sales from acquisitions and divestitures during the first twelve months of ownership or divestiture, respectively, less the effect of fluctuations in Net sales from foreign currency exchange. The period-over-period effect of fluctuations in Net sales from foreign currency exchange is calculated as the difference between local currency Net sales of the prior period translated at the current period exchange rate as compared to the same local currency Net sales translated at the prior period exchange rate. We believe this measure provides management and investors with a more complete understanding of the underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency as these activities can obscure underlying trends. When comparing Net sales growth between periods excluding the effects of acquisitions, business dispositions and currency exchange rates, those effects are different when comparing results for different periods. For example, because Net sales from acquisitions are considered inorganic from the date we complete an acquisition through the end of the first year following the acquisition, Net sales from such acquisition are reflected as organic net sales thereafter.

There are limitations to the use of non-GAAP measures. Non-GAAP measures do not present complete financial results. We compensate for this limitation by providing a reconciliation between our non-GAAP financial measures and the respective most directly comparable financial measure calculated and presented in accordance with GAAP. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. These financial measures should not be considered in isolation from, as substitutes for, or alternative measures of, reported GAAP financial results, and should be viewed in conjunction with the most comparable GAAP financial measures and the provided reconciliations thereto. We believe, however, that these non-GAAP financial measures, when viewed together with our GAAP results and related reconciliations, provide a more complete understanding of our business. We strongly encourage investors to review our consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure.


		Three Months Ended June 30,									Three Months Ended September 30,
		2021		% of Net sales		2020		% of Net sales			2021		% of Net sales		2020		% of Net sales
Gross profit (GAAP measure)	Gross profit (GAAP measure)	$	330.8	27.8	%	$	280.5	29.6	%	Gross profit (GAAP measure)	$	330.3	27.2	%	$	329.6	29.7	%
Amortization of acquisition-related intangible assets	Amortization of acquisition-related intangible assets	7.0				6.4				Amortization of acquisition-related intangible assets	5.7		0.5	%	6.1		0.6	%

Adjusted gross profit	Adjusted gross profit	$	337.8	28.3	%	$	286.9	30.2	%	Adjusted gross profit	$	336.0	27.7	%	$	335.7	30.3	%

S&A expenses (GAAP measure)	S&A expenses (GAAP measure)	$	178.1	14.9	%	$	149.0	15.7	%	S&A expenses (GAAP measure)	$	175.0	14.4	%	$	166.7	15.0	%
Amortization of acquisition-related intangible assets	Amortization of acquisition-related intangible assets	13.5				12.2				Amortization of acquisition-related intangible assets	13.0		1.1	%	12.4		1.1	%

Adjusted S&A expenses	Adjusted S&A expenses	$	164.6	13.8	%	$	136.8	14.4	%	Adjusted S&A expenses	$	162.0	13.3	%	$	154.3	13.9	%

Operating income (GAAP measure)	Operating income (GAAP measure)	$	152.7	12.8	%	$	131.5	13.9	%	Operating income (GAAP measure)	$	155.3	12.8	%	$	162.9	14.7	%
Amortization of acquisition-related intangible assets	Amortization of acquisition-related intangible assets	20.5				18.6				Amortization of acquisition-related intangible assets	18.7		1.5	%	18.5		1.7	%

Adjusted operating income	Adjusted operating income	$	173.2	14.5	%	$	150.1	15.8	%	Adjusted operating income	$	174.0	14.3	%	$	181.4	16.4	%

Net income attributable to Hubbell Incorporated (GAAP measure)	Net income attributable to Hubbell Incorporated (GAAP measure)	$	95.8			$	88.2			Net income attributable to Hubbell Incorporated (GAAP measure)	$	108.5			$	107.1
Amortization of acquisition-related intangible assets	Amortization of acquisition-related intangible assets	20.5				18.6				Amortization of acquisition-related intangible assets	18.7				18.5
Loss on disposition of business	Loss on disposition of business	6.8				—				Loss on disposition of business	0.1				—
Loss on extinguishment of debt		16.8				—

Pension charge										Pension charge	—				6.6
Subtotal	Subtotal	$	139.9			$	106.8			Subtotal	$	18.8			$	25.1
Income tax effects(1)	Income tax effects(1)	10.5				4.7				Income tax effects(1)	4.6				6.3
Adjusted net income attributable to Hubbell Incorporated	Adjusted net income attributable to Hubbell Incorporated	$	129.4			$	102.1			Adjusted net income attributable to Hubbell Incorporated	$	122.7			$	125.9
Less: Earnings allocated to participating securities	Less: Earnings allocated to participating securities	(0.5)				(0.4)				Less: Earnings allocated to participating securities	(0.4)				(0.5)
Adjusted net income available to common shareholders	Adjusted net income available to common shareholders	$	128.9			$	101.7			Adjusted net income available to common shareholders	$	122.3			$	125.4
Average number of diluted shares outstanding	Average number of diluted shares outstanding	54.7				54.3				Average number of diluted shares outstanding	54.7				54.5
ADJUSTED EARNINGS PER SHARE – DILUTED	ADJUSTED EARNINGS PER SHARE – DILUTED	$	2.36			$	1.87			ADJUSTED EARNINGS PER SHARE – DILUTED	$	2.24			$	2.30


		For the Three Months Ended June 30,							For the Three Months Ended September 30,
		2021		Inc/(Dec) %	2020		Inc/(Dec) %		2021		Inc/(Dec) %	2020		Inc/(Dec) %
Net sales growth (GAAP measure)	Net sales growth (GAAP measure)	$	242.6	25.6	$	(247.2)	(20.7)	Net sales growth (GAAP measure)	$	105.0	9.5	$	(95.4)	(7.9)
Impact of acquisitions	Impact of acquisitions	35.8		3.8	10.9		0.9	Impact of acquisitions	40.7		3.7	11.3		0.9
Impact of divestitures	Impact of divestitures	(0.6)		(0.1)	(6.3)		(0.5)	Impact of divestitures	(2.2)		(0.2)	(4.5)		(0.4)
Foreign currency exchange	Foreign currency exchange	8.1		0.9	(6.9)		(0.6)	Foreign currency exchange	6.2		0.6	(3.4)		(0.2)
Organic net sales growth (non-GAAP measure)	Organic net sales growth (non-GAAP measure)	$	199.3	21.0	$	(244.9)	(20.5)	Organic net sales growth (non-GAAP measure)	$	60.3	5.4	$	(98.8)	(8.2)

Net sales of ~~$1.19~~$1.21 billion in the ~~second~~third quarter of 2021 increased by ~~$242.6~~$105.0 million compared to the ~~second~~third quarter of 2020. Organic net sales increased by ~~21.0%~~5.4% primarily due to ~~higher volume and~~ favorable price realization, partially offset by lower volume, along with an increase in Net Sales of ~~3.8%~~3.5% from acquisitions net of dispositions and a ~~0.9%~~0.6% increase from foreign exchange. ~~Organic net sales in~~Net Sales volume includes the ~~second quarter~~effect of ~~2020 reflect the unfavorable effects of the COVID-19 pandemic on demand, as well as from~~ supply chain disruptions, ~~due~~which limited our ability to ~~the temporary closure~~ship all of ~~manufacturing facilities and restrictions on project installations within~~ our ~~Aclara business associated with the COVID-19 pandemic.~~customer demand.

As a percentage of Net sales, cost of goods sold increased by ~~180~~250 basis points to ~~72.2%~~72.8% in the ~~second~~third quarter of 2021, as compared to ~~70.4%~~70.3% in the ~~second~~third quarter of 2020. The increase was primarily driven by material cost inflation that exceeded favorable price realization, and higher freight, logistics and manufacturing costs, ~~and unfavorable Net sales mix within our Utility Solutions segment,~~ partially offset by savings from our restructuring and related actions and ~~certain cost increases in the second quarter of 2020 due to the COVID-19 pandemic that did not repeat in 2021 as operations normalized.~~productivity initiatives.

The gross profit margin in the ~~second~~third quarter of 2021 decreased by ~~180~~250 basis points to ~~27.8%~~27.2% as compared to ~~29.6%~~29.7% in the ~~second~~third quarter of 2020. Excluding amortization of acquisition-related intangible assets, the adjusted gross profit margin was ~~28.3%~~27.7% in the ~~second~~third quarter of 2021 as compared to ~~30.2%~~30.3% in the same period of the prior year. The decrease in the adjusted gross profit margin primarily reflects material cost inflation that exceeded favorable price realization, and higher freight, logistics and manufacturing costs, ~~and unfavorable Net sales mix within our Utility Solutions segment,~~ partially offset by savings from our restructuring and related actions and ~~certain cost increases in the second quarter of 2020 due to the COVID-19 pandemic that did not repeat in 2021 as operations normalized.~~productivity initiatives.

S&A expense in the ~~second~~third quarter of 2021 was ~~$178.1~~$175.0 million and increased by ~~$29.1~~$8.3 million compared to the prior year period. S&A expense as a percentage of Net sales decreased by 8060 basis points to ~~14.9%~~14.4% in the ~~second~~third quarter of 2021. Excluding amortization of acquisition-related intangible assets, adjusted S&A expense as a percentage of Net sales decreased by 60 basis points to ~~13.8%~~13.3% in the ~~second~~third quarter of 2021. The decrease in adjusted S&A expense as a percentage of Net sales is primarily due to higher sales volume, partially offset by the impact of compensation actions and other cost reductions in the second quarter of 2020 due to the COVID-19 pandemic that did not repeat in 2021 as operations normalized.organic sales.

Total other expense ~~increased~~decreased by ~~$18.8~~$9.1 million in the ~~second~~third quarter of 2021 to ~~$37.3~~$14.8 million, primarily due to a ~~$16.8~~$6.6 million ~~pre-tax loss on the early extinguishment of long-term debt~~charge associated with pension settlement losses recognized in the ~~second~~third quarter of ~~2021 from the redemption~~2020, and $1.5 million of ~~the Company's $300 million long-term notes, which were scheduled to mature in 2022 and a $6.8 million loss on the disposal of a business, partially offset by~~ lower interest expense ~~and non-service pension costs.~~in the third quarter of 2021.

Net income attributable to Hubbell Incorporated was ~~$95.8~~$108.5 million in the ~~second~~third quarter of 2021 and increased ~~8.6%~~1.3% as compared to the same period of the prior year. As a result, earnings per diluted share in the third quarter of 2021 increased 1.0% as compared to the third quarter of 2020. Adjusted net income attributable to Hubbell Incorporated, which excludes amortization of acquisition-related intangibles from both periods, ~~and the~~a loss on ~~extinguishment of debt and loss on the~~ disposition of business in ~~the~~ 2021, ~~period,~~and a pension settlement charge in 2020, was ~~$129.4~~$122.7 million in the ~~second~~third quarter of 2021 and ~~increased~~decreased by ~~26.7%~~2.5% as compared to the ~~second quarter of 2020. As a result, earnings per diluted share in the second quarter of 2021 increased 7.4% as compared to the second~~third quarter of 2020. Adjusted earnings per diluted share in the ~~second~~third quarter of 2021 ~~increased~~decreased by ~~26.2%~~2.6% as compared to the ~~second~~third quarter of 2020.


		Three Months Ended June 30,							Three Months Ended September 30,
(In millions)	(In millions)	2021			2020			(In millions)	2021			2020
Net sales	Net sales	$	602.9		$	469.4		Net sales	$	611.9		$	551.0
Operating income (GAAP measure)	Operating income (GAAP measure)	76.3			52.8			Operating income (GAAP measure)	72.0			65.9
Amortization of acquisition-related intangible assets	Amortization of acquisition-related intangible assets	4.2			4.2			Amortization of acquisition-related intangible assets	4.1			4.2
Adjusted operating income	Adjusted operating income	$	80.5		$	57.0		Adjusted operating income	$	76.1		$	70.1
Operating margin (GAAP measure)	Operating margin (GAAP measure)	12.7		%	11.2		%	Operating margin (GAAP measure)	11.8		%	12.0		%
Adjusted operating margin	Adjusted operating margin	13.4		%	12.1		%	Adjusted operating margin	12.4		%	12.7		%


		For the Three Months Ended June 30,							For the Three Months Ended September 30,
Electrical Solutions	Electrical Solutions	2021		Inc/(Dec) %	2020		Inc/(Dec) %	Electrical Solutions	2021		Inc/(Dec) %	2020		Inc/(Dec) %
Net sales growth (GAAP measure)	Net sales growth (GAAP measure)	$	133.5	28.5	$	(165.5)	(26.1)	Net sales growth (GAAP measure)	$	60.9	11.0	$	(86.0)	(13.5)
Impact of acquisitions	Impact of acquisitions	5.5		1.2	4.5		0.7	Impact of acquisitions	7.4		1.3	4.4		0.7
Impact of divestitures	Impact of divestitures	—		—	(6.3)		(1.0)	Impact of divestitures	—		—	(4.5)		(0.7)
Foreign currency exchange	Foreign currency exchange	6.4		1.4	(3.6)		(0.6)	Foreign currency exchange	4.0		0.7	(0.8)		(0.1)
Organic net sales growth (non-GAAP measure)	Organic net sales growth (non-GAAP measure)	$	121.6	25.9	$	(160.1)	(25.2)	Organic net sales growth (non-GAAP measure)	$	49.5	9.0	$	(85.1)	(13.4)

Net sales in the Electrical Solutions segment in the ~~second~~third quarter of 2021 were ~~$602.9~~$611.9 million and increased by ~~$133.5~~$60.9 million, or ~~28.5%~~11.0%, as compared to the ~~second~~third quarter of 2020. ~~Organic~~The increase resulted from a 9.0% increase in organic net sales in the ~~second~~third quarter of 2021 ~~increased by 25.9%~~ as compared to the same prior year period, primarily due to favorable price realization and higher unit volume, ~~and favorable price realization,~~ a ~~1.2%~~1.3% increase in Net sales from acquisitions, and ~~1.4%~~0.7% increase from foreign exchange. Higher unit volume was primarily driven by strong growth in the industrial markets during 2021 and a recovery from the unfavorable impact of the COVID-19 pandemic on demand and supply chain disruptions caused by the temporary closure of a limited number of manufacturing facilities in the second quarter of 2020.

Operating income in the Electrical Solutions segment for the ~~second~~third quarter of 2021 was ~~$76.3~~$72.0 million and increased approximately ~~45%~~9.3% compared to the ~~second~~third quarter of 2020, while operating margin in the ~~second~~third quarter of 2021 ~~increased~~decreased by ~~150~~20 basis points to ~~12.7%~~11.8%. Excluding amortization of acquisition-related intangibles, adjusted operating margin ~~increased 130~~decreased by 30 basis points to ~~13.4%~~12.4%, as compared to the same prior year period. The ~~increase~~decrease in the adjusted operating margin in the ~~second~~third quarter of 2021 is primarily due to ~~higher net sales volume and savings from our restructuring and related actions. The effect of those items was partially offset by~~ material cost inflation that was greater than ~~favorable~~ price realization and higher freight, logistics and manufacturing costs, ~~as well as prior year temporary cost actions.~~partially offset by higher sales volume, and savings from restructuring and related actions and productivity initiatives. Acquisitions contributed 1030 basis points to adjusted operating margin in the ~~second~~third quarter of 2021 as compared to the same period of the prior year.


		Three Months Ended June 30,							Three Months Ended September 30,
(In millions)	(In millions)	2021			2020			(In millions)	2021			2020
Net sales	Net sales	$	588.9		$	479.8		Net sales	$	601.7		$	557.6
Operating income (GAAP measure)	Operating income (GAAP measure)	76.4			78.7			Operating income (GAAP measure)	83.3			97.0
Amortization of acquisition-related intangible assets	Amortization of acquisition-related intangible assets	16.3			14.4			Amortization of acquisition-related intangible assets	14.6			14.3
Adjusted operating income	Adjusted operating income	$	92.7		$	93.1		Adjusted operating income	$	97.9		$	111.3
Operating margin (GAAP measure)	Operating margin (GAAP measure)	13.0		%	16.4		%	Operating margin (GAAP measure)	13.8		%	17.4		%
Adjusted operating margin	Adjusted operating margin	15.7		%	19.4		%	Adjusted operating margin	16.3		%	20.0		%


		For the Three Months Ended June 30,							For the Three Months Ended September 30,
Utility Solutions	Utility Solutions	2021		Inc/(Dec) %	2020		Inc/(Dec) %	Utility Solutions	2021		Inc/(Dec) %	2020		Inc/(Dec) %
Net sales growth (GAAP measure)	Net sales growth (GAAP measure)	$	109.1	22.8	$	(81.7)	(14.7)	Net sales growth (GAAP measure)	$	44.1	7.9	$	(9.4)	(1.7)
Impact of acquisitions	Impact of acquisitions	30.3		6.3	6.4		1.1	Impact of acquisitions	33.3		6.0	6.9		1.2
Impact of divestitures	Impact of divestitures	(0.6)		(0.1)	—		—	Impact of divestitures	(2.2)		(0.4)	—		—
Foreign currency exchange	Foreign currency exchange	1.7		0.4	(3.3)		(0.6)	Foreign currency exchange	2.2		0.4	(2.6)		(0.4)
Organic net sales growth (non-GAAP measure)	Organic net sales growth (non-GAAP measure)	$	77.7	16.2	$	(84.8)	(15.2)	Organic net sales growth (non-GAAP measure)	$	10.8	1.9	$	(13.7)	(2.5)

Net sales in the Utility Solutions segment in the ~~second~~third quarter of 2021 were ~~$588.9~~$601.7 million, an increase of ~~$109.1~~$44.1 million, or ~~22.8%~~7.9%, as compared to the ~~second~~third quarter of 2020. This increase was due to a ~~16.2%~~1.9% increase in organic net sales driven by ~~higher unit volumes and~~ favorable price realization, partially offset by lower unit volumes, as well as net acquisitions which contributed ~~6.3%~~5.6% to Net sales growth, and a 0.4% increase in Net sales from foreign exchange. Net Sales volume includes the effect of supply chain disruptions, which limited our ability to ship all of our customer demand.

Within the Utility Solutions segment, Net sales of our Utility T&D components businesses increased by ~~24.8%~~9.7% in the ~~second~~third quarter of 2021 as compared to the prior year, primarily driven by ~~19.1%~~4.0% organic net sales growth, a 5.3% increase in Net sales growth from acquisitions and 0.4% favorable impact of foreign exchange. Net sales of our Utility communications and controls businesses increased by ~~17.8%~~3.5% in the ~~second~~third quarter of 2021 as compared to the prior year period, primarily ~~due to a 9.1% increase in organic net sales, largely as a result of an increase in meter installations which were previously affected by the pandemic related project delays, and~~from an increase in Net sales of ~~8.7%~~6.3% due to the ~~net~~ impact of acquisitions net of dispositions, and ~~dispositions.~~an increase of 0.4% from foreign exchange, partially offset by a 3.2% decrease in organic net sales, due to global component constraints that limited our ability to service customer demand.

Operating income in the Utility Solutions segment for the ~~second~~third quarter of 2021 was ~~$76.4~~$83.3 million, down ~~by 2.9%~~14.1% compared to the ~~second~~third quarter of ~~2020 as a result of lower operating~~2020. Operating margin ~~in the second quarter of 2021, which~~ decreased to ~~13.0%~~13.8% as compared to ~~16.4%~~17.4% in the same period of 2020. Excluding amortization of acquisition-related intangibles, the adjusted operating margin decreased to ~~15.7%~~16.3%, primarily driven by increased materials costs in excess of price realization, higher freight, logistics and manufacturing costs, ~~unfavorable Net sales mix,~~ as well as ~~prior year temporary cost actions. The effect of those items was~~lower volumes, partially offset by ~~higher volume.~~savings from restructuring and related actions and productivity initiatives. Adjusted operating income from acquisitions was modest, but contributed 8090 basis points to the decline in adjusted operating margin, ~~also~~ due to higher manufacturing costs.


		Six Months Ended June 30,									Nine Months Ended September 30,
		2021		% of Net sales		2020		% of Net sales			2021		% of Net sales		2020		% of Net sales
Net sales	Net sales	$	2,270.2			$	2,039.5			Net sales	$	3,483.8			$	3,148.1
Cost of goods sold	Cost of goods sold	1,649.6		72.7	%	1,445.5		70.9	%	Cost of goods sold	2,532.9		72.7	%	2,224.5		70.7	%
Gross profit	Gross profit	620.6		27.3	%	594.0		29.1	%	Gross profit	950.9		27.3	%	923.6		29.3	%
Selling & administrative ("S&A") expense	Selling & administrative ("S&A") expense	350.3		15.4	%	343.7		16.9	%	Selling & administrative ("S&A") expense	525.3		15.1	%	510.4		16.2	%
Operating income	Operating income	270.3		11.9	%	250.3		12.3	%	Operating income	425.6		12.2	%	413.2		13.1	%
Net income attributable to Hubbell Incorporated	Net income attributable to Hubbell Incorporated	173.5		7.6	%	163.2		8.0	%	Net income attributable to Hubbell Incorporated	282.0		8.1	%	270.3		8.6	%
EARNINGS PER SHARE – DILUTED	EARNINGS PER SHARE – DILUTED	$	3.16			$	2.99			EARNINGS PER SHARE – DILUTED	$	5.14			$	4.95


		Six Months Ended June 30,									Nine Months Ended September 30,
		2021		% of Net sales		2020		% of Net sales			2021		% of Net sales		2020		% of Net sales
Gross profit (GAAP measure)	Gross profit (GAAP measure)	$	620.6	27.3	%	$	594.0	29.1	%	Gross profit (GAAP measure)	$	950.9	27.3	%	$	923.6	29.3	%
Amortization of acquisition-related intangible assets	Amortization of acquisition-related intangible assets	15.6				13.3				Amortization of acquisition-related intangible assets	21.3		0.6	%	19.4		0.7	%

Adjusted gross profit	Adjusted gross profit	$	636.2	28.0	%	$	607.3	29.8	%	Adjusted gross profit	$	972.2	27.9	%	$	943.0	30.0	%

S&A expenses (GAAP measure)	S&A expenses (GAAP measure)	$	350.3	15.4	%	$	343.7	16.9	%	S&A expenses (GAAP measure)	$	525.3	15.1	%	$	510.4	16.2	%
Amortization of acquisition-related intangible assets	Amortization of acquisition-related intangible assets	27.1				24.8				Amortization of acquisition-related intangible assets	40.1		1.2	%	37.2		1.2	%

Adjusted S&A expenses	Adjusted S&A expenses	$	323.2	14.2	%	$	318.9	15.6	%	Adjusted S&A expenses	$	485.2	13.9	%	$	473.2	15.0	%

Operating income (GAAP measure)	Operating income (GAAP measure)	$	270.3	11.9	%	$	250.3	12.3	%	Operating income (GAAP measure)	$	425.6	12.2	%	$	413.2	13.1	%
Amortization of acquisition-related intangible assets	Amortization of acquisition-related intangible assets	42.7				38.1				Amortization of acquisition-related intangible assets	61.4		1.8	%	56.6		1.8	%

Adjusted operating income	Adjusted operating income	$	313.0	13.8	%	$	288.4	14.1	%	Adjusted operating income	$	487.0	14.0	%	$	469.8	14.9	%

Net income attributable to Hubbell Incorporated (GAAP measure)	Net income attributable to Hubbell Incorporated (GAAP measure)	$	173.5			$	163.2			Net income attributable to Hubbell Incorporated (GAAP measure)	$	282.0			$	270.3
Amortization of acquisition-related intangible assets	Amortization of acquisition-related intangible assets	42.7				38.1				Amortization of acquisition-related intangible assets	61.4				56.6
Loss on disposition of business	Loss on disposition of business	6.8				—				Loss on disposition of business	6.9				—
Loss on extinguishment of debt	Loss on extinguishment of debt	16.8				—				Loss on extinguishment of debt	16.8				—

Pension charge										Pension charge	—				6.6
Subtotal	Subtotal	$	239.8			$	201.3			Subtotal	$	85.1			$	63.2
Income tax effects(1)	Income tax effects(1)	16.0				9.6				Income tax effects(1)	20.6				15.9
Adjusted net income attributable to Hubbell Incorporated	Adjusted net income attributable to Hubbell Incorporated	$	223.8			$	191.7			Adjusted net income attributable to Hubbell Incorporated	$	346.5			$	317.6
Less: Earnings allocated to participating securities	Less: Earnings allocated to participating securities	(0.8)				(0.7)				Less: Earnings allocated to participating securities	(1.1)				(1.1)
Adjusted net income available to common shareholders	Adjusted net income available to common shareholders	$	223.0			$	191.0			Adjusted net income available to common shareholders	$	345.4			$	316.5
Average number of diluted shares outstanding	Average number of diluted shares outstanding	54.7				54.4				Average number of diluted shares outstanding	54.7				54.4
ADJUSTED EARNINGS PER SHARE – DILUTED	ADJUSTED EARNINGS PER SHARE – DILUTED	$	4.08			$	3.51			ADJUSTED EARNINGS PER SHARE – DILUTED	$	6.31			$	5.81


		For the Six Months Ended June 30,							For the Nine Months Ended September 30,
		2021		Inc/(Dec) %	2020		Inc/(Dec) %		2021		Inc/(Dec) %	2020		Inc/(Dec) %
Net sales growth (GAAP measure)	Net sales growth (GAAP measure)	$	230.7	11.3	$	(244.2)	(10.5)	Net sales growth (GAAP measure)	$	335.7	10.7	$	(339.6)	(9.7)
Impact of acquisitions	Impact of acquisitions	68.7		3.4	21.9		1.0	Impact of acquisitions	109.4		3.5	33.2		1.0
Impact of divestitures	Impact of divestitures	(0.6)		—	(15.8)		(0.6)	Impact of divestitures	(2.8)		(0.1)	(20.3)		(0.6)
Foreign currency exchange	Foreign currency exchange	9.1		0.4	(7.9)		(0.3)	Foreign currency exchange	15.3		0.5	(11.3)		(0.3)
Organic net sales growth (non-GAAP measure)	Organic net sales growth (non-GAAP measure)	$	153.5	7.5	$	(242.4)	(10.6)	Organic net sales growth (non-GAAP measure)	$	213.8	6.8	$	(341.2)	(9.8)

Net sales of ~~$2.3~~$3.5 billion in the first ~~six~~nine months of 2021 increased by ~~$230.7~~$335.7 million compared to the first ~~six~~nine months of 2020. Organic net sales increased by ~~7.5%~~6.8% primarily due to ~~higher volume and~~ favorable price realization along with higher volume, an increase in Net sales of ~~3.4%~~3.5% from acquisitions and a ~~0.4%~~0.5% increase from foreign ~~exchange, mostly reflecting the factors discussed in the above discussion of second quarter results.~~exchange.

As a percentage of Net sales, cost of goods sold increased by ~~180~~200 basis points to 72.7% in the first ~~six~~nine months of 2021, as compared to ~~70.9%~~70.7% in the first ~~six~~nine months of 2020. The increase was primarily driven by material cost inflation that exceeded favorable price realization, and higher freight, logistics and manufacturing costs, ~~and unfavorable Net sales mix within our Utility Solutions segment,~~ partially offset by higher volumes, savings from our restructuring and related actions and ~~certain cost increases in the second quarter of 2020 due to the COVID-19 pandemic that did not repeat in 2021 as operations normalized.~~productivity initiatives.

The gross profit margin in the first ~~six~~nine months ~~quarter~~ of 2021 decreased by ~~180~~200 basis points to 27.3% as compared to ~~29.1%~~29.3% in the first ~~six~~nine months of 2020. Excluding amortization of acquisition-related intangible assets, the adjusted gross profit margin was ~~28.0%~~27.9% in the first ~~six~~nine months of 2021 as compared to ~~29.8%~~30.0% in the same period of the prior year. The decrease in the adjusted gross profit margin primarily reflects material cost inflation that exceeded favorable price realization, and higher freight, logistics and manufacturing costs, ~~and unfavorable Net sales mix within our Utility Solutions segment,~~ partially offset by higher volumes, savings from our restructuring and related actions and ~~certain cost increases in the second quarter of 2020 due to the COVID-19 pandemic that did not repeat in 2021 as operations normalized.~~productivity initiatives.

S&A expense in the first ~~six~~nine months of 2021 was ~~$350.3~~$525.3 million and increased by ~~$6.6~~$14.9 million compared to the prior year period. S&A expense as a percentage of Net sales decreased by ~~150~~110 basis points to ~~15.4%~~15.1% in the first ~~six~~nine months of 2021. Excluding amortization of acquisition-related intangible assets, adjusted S&A expense as a percentage of Net sales decreased by ~~140~~110 basis points to ~~14.2%~~13.9% in the first ~~six~~nine months of 2021. The decrease in adjusted S&A expense as a percentage of Net sales is primarily due to higher organic sales ~~volume~~ and a reduction of bad debt expense in the 2021 nine month period compared to the same period in 2020, partially offset by the impact of compensation actions and other cost reductions in the second quarter of 2020 due to the COVID-19 pandemic that did not repeat in 2021 as operations normalized.

Total other expense increased by ~~$16.0~~$6.9 million in the first ~~six~~nine months of 2021 to ~~$53.4~~$68.2 million primarily due to a $16.8 million pre-tax loss on the early extinguishment of long-term debt recognized in the second quarter of 2021 from the redemption of the Company's $300 million long-term notes, which were scheduled to mature in 2022, and a ~~$6.8~~$6.9 million loss on the disposal of a business, partially offset by a ~~$2.9~~$6.6 million charge associated with pension settlement losses recognized in the third quarter of 2020, and $4.4 million decrease in interest expense and lower non-service pension costs.

Net income attributable to Hubbell Incorporated was ~~$173.5~~$282.0 million infor the first ~~six~~nine months of 2021 and increased ~~6.3%~~4.3% as compared to the same period of the prior year. As a result, earnings per diluted share in the first nine months of 2021 increased 3.8% as compared to the first nine months of 2020. Adjusted net income attributable to Hubbell Incorporated, which excludes amortization of acquisition-related intangibles for both periods, ~~and~~ the loss on extinguishment of debt and loss on the disposition of business in the 2021 period, and the loss on a pension charge in 2020, was ~~$223.8~~$346.5 million in the first ~~six~~nine months of 2021 and increased by ~~16.7%~~9.1% as compared to the first ~~six months of 2020. As a result, earnings per diluted share in the first six months of 2021 increased 5.7% as compared to the first six~~nine months of 2020. Adjusted earnings per diluted share in the first ~~six~~nine months of 2021 increased by ~~16.2%~~8.6% as compared to the first ~~six~~nine months of 2020.


		Six Months Ended June 30,							Nine Months Ended September 30,
(In millions)	(In millions)	2021			2020			(In millions)	2021			2020
Net sales	Net sales	$	1,149.1		$	1,033.1		Net sales	$	1,761.0		$	1,584.1
Operating income (GAAP measure)	Operating income (GAAP measure)	129.3			105.2			Operating income (GAAP measure)	201.3			171.1
Amortization of acquisition-related intangible assets	Amortization of acquisition-related intangible assets	8.4			9.0			Amortization of acquisition-related intangible assets	12.5			13.2
Adjusted operating income	Adjusted operating income	$	137.7		$	114.2		Adjusted operating income	$	213.8		$	184.3
Operating margin (GAAP measure)	Operating margin (GAAP measure)	11.3		%	10.2		%	Operating margin (GAAP measure)	11.4		%	10.8		%
Adjusted operating margin	Adjusted operating margin	12.0		%	11.1		%	Adjusted operating margin	12.1		%	11.6		%


		For the Six Months Ended June 30,							For the Nine Months Ended September 30,
Electrical Solutions	Electrical Solutions	2021		Inc/(Dec) %	2020		Inc/(Dec) %	Electrical Solutions	2021		Inc/(Dec) %	2020		Inc/(Dec) %
Net sales growth (GAAP measure)	Net sales growth (GAAP measure)	$	116.0	11.2	$	(181.8)	(14.8)	Net sales growth (GAAP measure)	$	176.9	11.2	$	(267.8)	(14.3)
Impact of acquisitions	Impact of acquisitions	11.2		1.1	8.0		0.7	Impact of acquisitions	18.6		1.2	12.4		0.7
Impact of divestitures	Impact of divestitures	—		—	(15.8)		(1.2)	Impact of divestitures	—		—	(20.3)		(1.0)
Foreign currency exchange	Foreign currency exchange	8.4		0.8	(3.4)		(0.3)	Foreign currency exchange	12.4		0.8	(4.2)		(0.2)
Organic net sales growth (non-GAAP measure)	Organic net sales growth (non-GAAP measure)	$	96.4	9.3	$	(170.6)	(14.0)	Organic net sales growth (non-GAAP measure)	$	145.9	9.2	$	(255.7)	(13.8)

Net sales in the Electrical Solutions segment in the first ~~six~~nine months of 2021 were ~~$1,149.1~~$1,761.0 million and increased by ~~$116.0~~$176.9 million, or 11.2%, as compared to the first ~~six~~nine months of 2020. ~~Organic~~The increase resulted from a 9.2% increase in organic net sales in the first ~~six~~nine months of 2021 ~~increased by 9.3%~~ as compared to the same prior year period, primarily due to higher unit volume, favorable price realization, ~~and~~ a ~~1.1%~~1.2% increase in Net sales from acquisitions and 0.8% increase from foreign exchange. Higher unit volume was primarily driven by strong growth in the industrial markets during the 2021 period and the recovery from the unfavorable impact during the 2020 period of the COVID-19 pandemic on demand and from supply chain disruptions caused by the temporary closure of a limited number of manufacturing facilities.period.

Operating income in the Electrical Solutions segment for the first ~~six~~nine months of 2021 was ~~$129.3~~$201.3 million and increased approximately ~~22.9%~~17.7% compared to the first ~~six~~nine months of 2020, while the segment operating margin in the first ~~six~~nine months of 2021 increased by ~~110~~60 basis points to ~~11.3%~~11.4%. Excluding amortization of acquisition-related intangibles, adjusted operating margin increased 9050 basis points to ~~12.0%~~12.1%, as compared to the same prior year period. The increase in the adjusted operating margin in the first ~~six~~nine months of 2021 is primarily due to higher ~~net~~Net sales volume and higher savings from restructuring and related actions in 2021, including a gain on the sale of a facility, and productivity initiatives, partially offset by material cost inflation that was greater than favorable price realization, and higher freight, logistics and manufacturing costs. Acquisitions contributed 2030 basis points to adjusted operating margin in the first ~~six~~nine months of 2021 as compared to the same period of the prior year.


		Six Months Ended June 30,							Nine Months Ended September 30,
(In millions)	(In millions)	2021			2020			(In millions)	2021			2020
Net sales	Net sales	$	1,121.1		$	1,006.4		Net sales	$	1,722.8		$	1,564.0
Operating income (GAAP measure)	Operating income (GAAP measure)	141.0			145.1			Operating income (GAAP measure)	224.3			242.1
Amortization of acquisition-related intangible assets	Amortization of acquisition-related intangible assets	34.3			29.1			Amortization of acquisition-related intangible assets	48.9			43.4
Adjusted operating income	Adjusted operating income	$	175.3		$	174.2		Adjusted operating income	$	273.2		$	285.5
Operating margin (GAAP measure)	Operating margin (GAAP measure)	12.6		%	14.4		%	Operating margin (GAAP measure)	13.0		%	15.5		%
Adjusted operating margin	Adjusted operating margin	15.6		%	17.3		%	Adjusted operating margin	15.9		%	18.3		%


		For the Six Months Ended June 30,							For the Nine Months Ended September 30,
Utility Solutions	Utility Solutions	2021		Inc/(Dec) %	2020		Inc/(Dec) %	Utility Solutions	2021		Inc/(Dec) %	2020		Inc/(Dec) %
Net sales growth (GAAP measure)	Net sales growth (GAAP measure)	$	114.7	11.5	$	(62.4)	(5.7)	Net sales growth (GAAP measure)	$	158.8	10.1	$	(71.8)	(4.2)
Impact of acquisitions	Impact of acquisitions	57.5		5.7	13.9		1.3	Impact of acquisitions	90.8		5.8	20.8		1.3
Impact of divestitures	Impact of divestitures	(0.6)		—	—		—	Impact of divestitures	(2.8)		(0.2)	—		—
Foreign currency exchange	Foreign currency exchange	0.7		0.1	(4.5)		(0.3)	Foreign currency exchange	2.9		0.2	(7.1)		(0.3)
Organic net sales growth (non-GAAP measure)	Organic net sales growth (non-GAAP measure)	$	57.1	5.7	$	(71.8)	(6.7)	Organic net sales growth (non-GAAP measure)	$	67.9	4.3	$	(85.5)	(5.2)

Net sales in the Utility Solutions segment in the first ~~six~~Nine months of 2021 were ~~$1,121.1~~$1,722.8 million, up ~~$114.7~~$158.8 million, or ~~11.5%~~10.1%, as compared to the first ~~six~~nine months of 2020. The increase was primarily due to acquisitions net of divestitures, which contributed ~~5.7%~~5.6% to Net sales growth, and by a ~~5.7%~~4.3% increase in organic net sales, due to favorable price realization and higher unit ~~volume and favorable price realization.~~volume.

Within the Utility Solutions segment, Net sales of our Utility T&D components businesses increased by ~~15.0%~~13.1% in the first ~~six~~nine months of 2021 as compared to the prior year period, primarily driven by ~~10.0%~~7.8% organic net sales growth, and ~~5.0%~~5.3% Net sales growth from acquisitions. Net sales of our Utility communications and controls businesses increased by 3.5% in the first ~~six~~nine months of 2021 as compared to the prior year period primarily due to ~~a 7.5%~~ Net sales growth from acquisitions net of divestitures of 6.7% and a ~~0.3%~~0.4% increase in Net sales from foreign exchange, partially offset by a ~~4.3%~~3.6% decline in organic net ~~sales as a result of the continued effect of restrictions and delays associated with the pandemic on project installations.~~sales.

Operating income in the Utility Solutions segment for the first ~~six~~nine months of 2021 was ~~$141.0~~$224.3 million and decreased by ~~2.8%~~7.4% compared to the first ~~six~~nine months of 2020. Operating margin in the first ~~six~~nine months of 2021 decreased to ~~12.6%~~13.0% as compared to ~~14.4%~~15.5% in the same period of 2020. Excluding amortization of acquisition-related intangibles, the adjusted operating margin for the 2021 period decreased by ~~170~~240 basis points to ~~15.6%~~15.9%, primarily driven by increased material cost in excess of price realization, higher freight, logistics and manufacturing costs ~~and unfavorable Net sales mix~~, partially offset by ~~higher volume.~~savings from restructuring and related actions and productivity initiatives. Adjusted operating income increased from acquisitions, but contributed 6070 basis points to the decline in adjusted operating margin, ~~also~~ due to higher manufacturing costs.


		Six Months Ended June 30,					Nine Months Ended September 30,
(In millions)	(In millions)	2021		2020		(In millions)	2021		2020
Net cash provided by (used in):	Net cash provided by (used in):					Net cash provided by (used in):
Operating activities	Operating activities	$	209.3	$	303.7	Operating activities	$	306.8	$	455.6
Investing activities	Investing activities	(26.8)		(26.9)		Investing activities	(53.5)		(46.4)
Financing activities	Financing activities	(178.3)		34.6		Financing activities	(252.4)		(316.1)
Effect of foreign currency exchange rate changes on cash and cash equivalents	Effect of foreign currency exchange rate changes on cash and cash equivalents	1.6		(8.4)		Effect of foreign currency exchange rate changes on cash and cash equivalents	(2.6)		(5.9)
NET CHANGE IN CASH AND CASH EQUIVALENTS	NET CHANGE IN CASH AND CASH EQUIVALENTS	$	5.8	$	303.0	NET CHANGE IN CASH AND CASH EQUIVALENTS	$	(1.7)	$	87.2

Cash provided by operating activities for the ~~six~~nine months ended ~~June~~September 30, 2021 was ~~$209.3~~$306.8 million compared to cash provided by operating activities of ~~$303.7~~$455.6 million for the same period in 2020 and decreased primarily due to changes in the components of working capital, including accounts receivable and inventories as we invested in working capital to serve customer demand and growth in our order backlog, partially offset by ~~higher net income and~~ increases in accounts payable and other current liabilities in the first ~~six~~nine months of 2021 as compared to the same prior year period.

Cash used for investing activities was ~~$26.8~~$53.5 million in the ~~six~~nine months ended ~~June~~September 30, 2021 compared to cash used of ~~$26.9~~$46.4 million during the comparable period in 2020 and was ~~flat primarily as~~driven by a ~~result of~~$14.8 million increase in capital expenditures, partially offset by the proceeds received in conjunction with the disposal of the Consumer Analytics Solutions ~~business, partially offset by the net purchases and sales of available for sale securities and increased capital expenditures in the first six months of 2021 as compared to the prior year period.~~business.

Cash used by financing activities was ~~$178.3~~$252.4 million in the ~~six~~nine months ended ~~June~~September 30, 2021 as compared to cash ~~provided~~used of ~~$34.6~~$316.1 million in the comparable period of 2020. The change in cash flows from financing activities primarily reflects a decrease ~~in proceeds~~ from net ~~issuance and borrowings~~repayments of debt in 2021 compared to ~~2020. Additionally~~2020, as well as a lower use of cash ~~flows from financing activities decreased~~in 2021 due to a decrease of $30.1 million in share repurchases compared to the same period in 2020. These factors were partially offset by the $16.0 million make whole premium ~~of $16.0 million~~ incurred in 2021 due to the redemption of the 2022 Notes (as defined below)~~, offset by a decrease of $30.1 million in share repurchases.~~.

In connection with our restructuring and related actions, we have incurred restructuring costs as defined by U.S. GAAP, which are primarily severance and employee benefits, asset impairments, accelerated depreciation, as well as facility closure, contract termination and certain pension costs that are directly related to restructuring actions. We also incurred restructuring-related costs, which are costs associated with our business transformation initiatives, including the consolidation of back-office functions and streamlining of our processes, and certain other costs and gains associated with restructuring actions. We refer to these costs on a combined basis as "restructuring and related costs", which is a non-GAAP measure. We believe this non-GAAP measure provides investors with useful information regarding our underlying performance from period to period. Restructuring costs are predominantly settled in cash from our operating activities and are generally settled within one year, with the exception of asset impairments, which are non-cash.


		Costs incurred in the six months ended June 30, 2021		Additional expected costs		Expected completion date		Costs incurred in the nine months ended September 30, 2021		Additional expected costs		Expected completion date
2021 Restructuring Actions	2021 Restructuring Actions	$	0.3	$	—	2021	2021 Restructuring Actions	$	0.7	$	1.8	2022
2020 and Prior Restructuring Actions	2020 and Prior Restructuring Actions	1.8		6.1		2022	2020 and Prior Restructuring Actions	2.8		3.4		2022
Total Restructuring cost (GAAP measure)	Total Restructuring cost (GAAP measure)	$	2.1	$	6.1		Total Restructuring cost (GAAP measure)	$	3.5	$	5.2
Restructuring-related costs	Restructuring-related costs	1.0		2.2			Restructuring-related costs	3.0		0.7
Restructuring and related costs (Non-GAAP)	Restructuring and related costs (Non-GAAP)	$	3.1	$	8.3		Restructuring and related costs (Non-GAAP)	$	6.5	$	5.9

On October 23, 2020 the Board of Directors approved a new stock repurchase program that authorized the repurchase of up to $300 million of common stock and expires in October 2023 (the "October 2020 program"). In the first ~~six~~nine months of 2021, the Company repurchased $11.2 million of shares of common stock authorized under the October 2020 program. At ~~June~~September 30, 2021, our remaining share repurchase authorization under the October 2020 program is $288.8 million. Subject to numerous factors, including market conditions and alternative uses of cash, we may conduct discretionary repurchases through open market or privately negotiated transactions, which may include repurchases under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended.

On March 12, 2021, the Company, as borrower, and its subsidiaries Hubbell Power Holdings S.à r.l. and Harvey Hubbell Holdings S.à r.l., each as a subsidiary borrower (collectively, the “Subsidiary Borrowers”) entered into a new five-year credit agreement with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent, that provides a $750 million committed revolving credit facility (the “2021 Credit Facility"). Commitments under the 2021 Credit Facility may be increased to an aggregate amount not to exceed $1.25 billion. The 2021 Credit Facility includes a $50 million sub-limit for the issuance of letters of credit. The sum of the dollar amount of loans and letters of credits to the Subsidiary Borrowers under the 2021 Credit Facility may not exceed $75 million. There were no borrowings outstanding under the 2021 Credit Facility at ~~June~~September 30, 2021.

On March 12, 2021, the Company completed a public offering of $300 million aggregate principal amount of its 2.300% Senior Notes due 2031 (the “2031 Notes” and collectively with those described below, the "Notes"). The net proceeds from the offering were approximately $295.5 million after deducting the underwriting discount and estimated offering expenses payable by the Company. The 2031 Notes bear interest at a rate of 2.300% per annum from March 12, 2021. Interest on the 2031 Notes is payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2021. The 2031 Notes will mature on March 15, 2031.

The Company used the net proceeds from the offering of the 2031 Notes, together with cash on hand, on April 2, 2021 to redeem in full all of the Company’s outstanding 3.625% Senior Notes due in 2022 for an aggregate principal amount of $300 million, which had a stated maturity date of November 15, 2022, and to pay the premium and accrued interest in respect thereof. The redemption of the 2022 Notes resulted in a $16.8 million loss on extinguishment that was recognized in the second quarter of 2021.


(In millions)	(In millions)	June 30, 2021			December 31, 2020			(In millions)	September 30, 2021			December 31, 2020
Total Debt	Total Debt	$	1,571.8		$	1,590.0		Total Debt	$	1,563.8		$	1,590.0
Total Hubbell Incorporated Shareholders’ Equity	Total Hubbell Incorporated Shareholders’ Equity	2,125.7			2,070.0			Total Hubbell Incorporated Shareholders’ Equity	2,168.8			2,070.0
TOTAL CAPITAL	TOTAL CAPITAL	$	3,697.5		$	3,660.0		TOTAL CAPITAL	$	3,732.6		$	3,660.0
Total Debt to Total Capital	Total Debt to Total Capital	43		%	43		%	Total Debt to Total Capital	42		%	43		%
Cash and Investments	Cash and Investments	347.7			340.0			Cash and Investments	339.9			340.0
Net Debt	Net Debt	$	1,224.1		$	1,250.0		Net Debt	$	1,223.9		$	1,250.0
Net Debt to Total Capital	Net Debt to Total Capital	33		%	34		%	Net Debt to Total Capital	33		%	34		%

We measure liquidity on the basis of our ability to meet short-term and long-term operational funding needs, to fund additional investments, including acquisitions, and to make dividend payments to shareholders. Significant factors affecting the management of liquidity are cash flows from operating activities, capital expenditures, cash dividend payments, stock repurchases, access to bank lines of credit and our ability to attract long-term capital with satisfactory terms. In the first ~~six~~nine months of 2021, we returned capital to our shareholders by paying ~~$106.5~~$159.8 million of dividends on our common stock and using $11.2 million of cash for share repurchases.

We also require cash outlays to fund our operations, capital expenditures, and working capital requirements to accommodate anticipated levels of business activity, as well as our rate of cash dividends, and potential future acquisitions. We have contractual obligations for long-term debt, operating leases, purchase obligations, and certain other long-term liabilities that are summarized in the table of Contractual Obligations in our Annual Report on Form 10-K for the year ended December 31, 2020. As a result of the Tax Cuts and Jobs Acts of 2017 (the "TCJA"), we also have an obligation to fund, by annual installments through 2025, the Company's liability for the transition tax on the deemed repatriation of foreign earnings.

◦Our 2021 Credit Facility provides a $750.0 million committed revolving credit facility and commitments under the 2021 Credit Facility may be increased (subject to certain conditions) to an aggregate amount not to exceed $1.250 billion. Annual commitment fees to support availability under the 2021 Credit Facility are not material. Although not the principal source of liquidity, we believe our 2021 Credit Facility is capable of providing significant financing flexibility at reasonable rates of interest and is an attractive alternative source of funding in the event that commercial paper markets experience disruption. However, an increase in usage of the 2021 Credit Facility related to growth or a significant deterioration in the results of our operations or cash flows could cause our borrowing costs to increase and/or our ability to borrow could be restricted. We have not entered into any guarantees that could give rise to material unexpected cash requirements. The full $750.0 million of borrowing capacity under the 2021 Credit Facility was available to the Company at ~~June~~September 30, 2021.

A summary of our critical accounting estimates is included in Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2020. We are required to make estimates and judgments in the preparation of our financial statements that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosures. We continually review these estimates and their underlying assumptions to ensure they are appropriate for the circumstances. Changes in the estimates and assumptions we use could have a material impact on our financial results. During the ~~six~~nine months ended ~~June~~September 30, 2021, there were no material changes in our estimates and critical accounting policies.

Some of the information included in this Management’s Discussion and Analysis of Financial Condition and Results of Operations, and elsewhere in this Form 10-Q, contain “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. These include statements about our expectations regarding our financial results, condition and outlook, anticipated end markets, expected capital resources, liquidity, financial performance, pension funding, and results of operations and are based on our reasonable current expectations. In addition, all statements regarding the anticipated effects of the COVID-19 pandemic and the responses thereto, including the pandemic’s impact on general economic and market conditions, as well as on our business, customers, end markets, results of operations and financial condition and anticipated actions to be taken by management in response to the pandemic and related governmental and business actions, as well as other statements that are not strictly historic in nature are forward looking. In addition, all statements regarding anticipated growth, changes in operating results, market conditions and economic conditions, adoption of updated accounting standards and any expected effects of such adoption, restructuring plans and expected associated costs and benefits, intent to repurchase shares of common stock, and changes in operating results, anticipated market conditions and productivity initiatives, including those regarding the adverse impact of the COVID-19 pandemic on the Company's end markets, are forward looking. Forward-looking statements may be identified by the use of words, such as “believe”, “expect”, “anticipate”, “intend”, “depend”, “should”, “plan”, “estimated”, “predict”, “could”, “may”, “subject to”, “continues”, “growing”, “prospective”, “forecast”, “projected”, “purport”, “might”, “if”, “contemplate”, “potential”, “pending,” “target”, “goals”, “scheduled”, “will likely be”, and similar words and phrases. Discussions of strategies, plans or intentions often contain forward-looking statements. Important factors, among others, that could cause our actual results and future actions to differ materially from those described in forward-looking statements include, but are not limited to:

In the operation of its business, the Company has exposures to fluctuating foreign currency exchange rates, availability of purchased finished goods and raw materials, changes in material prices, foreign sourcing issues, and changes in interest rates. There have been no significant changes in our exposure to these market risks during the ~~six~~nine months ended ~~June~~September 30, 2021. For a complete discussion of the Company’s exposure to market risk, refer to Item 7A, “Quantitative and Qualitative Disclosures about Market Risk”, contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.

Our management carried out an evaluation, with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures as defined in Exchange Act Rules 13a-15(e) and 15d-15(e), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based upon that evaluation, each of the Chief Executive Officer and Chief Financial Officer concluded that, as of ~~June~~September 30, 2021, the Company’s disclosure controls and procedures were effective at the reasonable assurance level.

On September 9, 2021, President Biden announced that he has directed the Occupational Safety and Health Administration (OSHA) to develop a rule that will require each employer with 100 or more employees to ensure its workforce is fully vaccinated or require any workers who remain unvaccinated to produce a negative test result on at least a weekly basis before coming to work. OSHA has not yet issued the rule, nor has it provided any additional information on its contents or requirements. On September 9, 2021 President Biden also issued an executive order requiring all employers with U.S. Government contracts to ensure their U.S. based employees, contractors, and subcontractors, that work on U.S. Government contracts, are fully vaccinated by December 8, 2021. We cannot currently predict the impact the OSHA rule, if adopted, and executive order would have on our workforce, and additional vaccine mandates may be announced within the jurisdictions in which our businesses operate. However, the implementation of these requirements may result in an increase in attrition rates or absenteeism within our skilled labor force, challenges securing future labor needs, inefficiencies connected to employee turnover, and costs associated with implementation and on-going compliance, which could have a material adverse effect on our business, financial condition, and results of operations.

On October 23, 2020 the Board of Directors approved a new stock repurchase program that authorized the repurchase of up to $300 million of common stock and expires in October 2023. ~~In the three months ended June 30, 2021, the Company repurchased shares for an aggregate purchase price of $1.2 million.~~ Our remaining share repurchase authorization under the October 2020 program is $288.8 million. Subject to numerous factors, including market conditions and alternative uses of cash, we may conduct discretionary repurchases through open market or privately negotiated transactions, which may include repurchases under plans complying with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended.

Incorporated by Reference

Exhibit
Number

Exhibit Description

Form

File No.

Exhibit

Filing
Date

Filed/
Furnished
Herewith

31.1

Certification of Chief Executive Officer Pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2

Certification of Chief Financial Officer Pursuant to Item 601(b)(31) of Regulation S-K, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1

Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2

Certification of Chief Financial Officer Pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS

Inline XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document

101.SCH

Inline XBRL Taxonomy Extension Schema Document

101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document

104

The cover page of this Quarterly Report on Form 10-Q for the quarter ended ~~June~~September 30, 2021, formatted in Inline XBRL (included within the Exhibit 101 attachments)


Connecticut		06-0397030
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
40 Waterview Drive
Shelton,	CT	06484
(Address of principal executive offices)		(Zip Code)
(475)		882-4000
(Registrant’s telephone number, including area code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock - par value $0.01 per share	HUBB	New York Stock Exchange


Table of contents

PART I		3

ITEM 1	Financial Statements (unaudited)
	Condensed Consolidated Statements of Income	3
	Condensed Consolidated Statements of Comprehensive Income	4
	Condensed Consolidated Balance Sheets	5
	Condensed Consolidated Statements of Cash Flows	6
	Notes to Condensed Consolidated Financial Statements	7
ITEM 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
ITEM 3	Quantitative and Qualitative Disclosures About Market Risk	45
ITEM 4	Controls and Procedures	46

PART II		47

ITEM 1A	Risk Factors	47
ITEM 2	Unregistered Sales of Equity Securities and Use of Proceeds	48
ITEM 6	Exhibits	49
	Signatures	50


Period	Total Number of Shares of Common Stock Purchased(a) (000s)	Average Price Paid per share of Common Stock		Approximate Value of Shares that May Yet be Purchased Under the Programs (in millions)
BALANCE AS OF MARCH 31, 2021				$	290.0
April 2021	—	$	—	$	290.0
May 2021	6	$	194.05	$	288.8
June 2021	—	$	—	$	288.8
TOTAL FOR THE QUARTER ENDED JUNE 30, 2021	6	$	194.05


N/A
(Former name, former address and former fiscal year, if changed since last report.)


PART I			FINANCIAL INFORMATION