filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
The following summary should be read in conjunction with the consolidated financial statements and notes contained herein (dollars and shares in millions, except per share amounts).
| OPERATIONS, years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||
| Net sales | $ | 3,390.4 | $ | 3,359.4 | $ | 3,183.9 | $ | 3,044.4 | $ | 2,871.6 | ||||||
| Gross profit | $ | 1,091.8 | $ | 1,109.0 | $ | 1,070.5 | $ | 1,012.2 | $ | 923.7 | ||||||
| Operating income | $ | 474.6 | $ | 517.4 | $ | 507.6 | $ | 471.8 | $ | 423.8 | ||||||
| Adjusted operating income (1) | $ | 513.5 | $ | 522.5 | $ | 507.6 | $ | 471.8 | $ | 423.8 | ||||||
| Operating income as a % of sales | 14.0 | % | 15.4 | % | 15.9 | % | 15.5 | % | 14.8 | % | ||||||
| Adjusted operating income as a % of sales (1) | 15.1 | % | 15.6 | % | 15.9 | % | 15.5 | % | 14.8 | % | ||||||
| Net income attributable to Hubbell | $ | 277.3 | $ | 325.3 | $ | 326.5 | $ | 299.7 | $ | 267.9 | ||||||
| Net income attributable to Hubbell as a % of net sales | 8.2 | % | 9.7 | % | 10.3 | % | 9.8 | % | 9.3 | % | ||||||
| Net income attributable to Hubbell as a % of Hubbell shareholders’ average equity | 15.1 | % | 17.0 | % | 18.3 | % | 19.2 | % | 18.3 | % | ||||||
| Earnings per share — diluted | $ | 4.77 | $ | 5.48 | $ | 5.47 | $ | 5.00 | $ | 4.42 | ||||||
| Adjusted earnings per share - diluted (1) | $ | 5.52 | $ | 5.54 | $ | 5.47 | $ | 5.00 | $ | 4.42 | ||||||
| Cash dividends declared per common share | $ | 2.31 | $ | 2.06 | $ | 1.85 | $ | 1.68 | $ | 1.52 | ||||||
| Average number of common shares outstanding — diluted | 58.0 | 59.2 | 59.6 | 59.8 | 60.4 | |||||||||||
| Cost of acquisitions, net of cash acquired | $ | 163.4 | $ | 183.8 | $ | 96.5 | $ | 90.7 | $ | 29.6 | ||||||
| FINANCIAL POSITION, AT YEAR-END | ||||||||||||||||
| Working capital (2) | $ | 784.7 | $ | 1,130.3 | $ | 1,165.4 | $ | 1,008.9 | $ | 861.4 | ||||||
| Total assets | $ | 3,208.7 | $ | 3,320.1 | $ | 3,184.0 | $ | 2,943.3 | $ | 2,842.4 | ||||||
| Total debt (3) | $ | 644.1 | $ | 596.3 | $ | 594.3 | $ | 593.0 | $ | 595.1 | ||||||
| Total Hubbell shareholders’ equity | $ | 1,740.6 | $ | 1,927.1 | $ | 1,906.4 | $ | 1,661.2 | $ | 1,467.8 | ||||||
| NUMBER OF EMPLOYEES, AT YEAR-END | 16,200 | 15,400 | 14,300 | 13,600 | 13,500 |
(1) The selected non-GAAP measures of adjusted operating income, adjusted operating income as a percent of sales (adjusted operating margin), and adjusted earnings per share-diluted should be read in conjunction with Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations".
(2) Defined as current assets less current liabilities.
(3) The Company adopted Accounting Standards Update 2015-03 (ASU 2015-03) effective December 31, 2015. ASU 2015-03 requires costs incurred to issue debt to be presented in the balance sheet as a direct deduction from the carrying value of the debt, rather than as a deferred charge and the adoption of ASU 2015-03 must be applied on a retrospective basis. Accordingly, total debt for 2014, 2013, 2012 and 2011 has been reduced from previously reported amounts by $2.7 million, $3.2 million, $3.7 million, and $4.1 million, respectively.
| HUBBELL INCORPORATED - Form 10-K | 17 |
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