Hubbell 10-Q 2022-03-31

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to ______________

Commission File Number 1-2958

HUBBELL INCORPORATED

(Exact name of registrant as specified in its charter)

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)

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

Securities registered pursuant to Section 12(b) of the Act:

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

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			☑			No			☐
•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			☑			No			☐
•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			☐			No			☑

The number of shares outstanding of Hubbell common stock as of April 22, 2022 was 53,661,255.

HUBBELL INCORPORATED-Form 10-Q 1

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Index

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			27
ITEM 3			Quantitative and Qualitative Disclosures About Market Risk			39
ITEM 4			Controls and Procedures			40
PART II						41
ITEM 1A			Risk Factors			41
ITEM 2			Unregistered Sales of Equity Securities and Use of Proceeds			42
ITEM 6			Exhibits			43
			Signatures			44

HUBBELL INCORPORATED-Form 10-Q 2

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PART I			FINANCIAL INFORMATION

Condensed Consolidated Statements of Income (unaudited)

			Three Months Ended March 31,
(in millions, except per share amounts)			2022			2021
Net sales			$	1,156.1		$	956.3
Cost of goods sold			833.0			694.1
Gross profit			323.1			262.2
Selling & administrative expenses			180.2			152.3
Operating income			142.9			109.9
Interest expense, net			(13.1)			(15.2)
Other income, net			3.6			1.2
Total other expense			(9.5)			(14.0)
Income from continuing operations before income taxes			133.4			95.9
Provision for income taxes			29.6			21.2
Net income from continuing operations			103.8			74.7
Less: Net income from continuing operations attributable to noncontrolling interest			(1.3)			(1.4)
Net income from continuing operations attributable to Hubbell Incorporated			102.5			73.3
Income from discontinued operations, net of tax (Note 2)			77.7			4.4
Net Income attributable to Hubbell incorporated			$	180.2		$	77.7
Earnings per share:
Basic earnings per share from continuing operations			$	1.89		$	1.34
Basic earnings per share from discontinued operations			1.43			0.09
Basic earnings per share			$	3.32		$	1.43
Diluted earnings per share from continuing operations			$	1.88		$	1.33
Diluted earnings per share from discontinued operations			1.43			0.09
Diluted earnings per share			$	3.31		$	1.42
Cash dividends per common share			$	1.05		$	0.98

See notes to unaudited Condensed Consolidated Financial Statements.

HUBBELL INCORPORATED-Form 10-Q 3

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Condensed Consolidated Statements of Comprehensive Income (unaudited)

			Three Months Ended March 31,
(in millions)			2022			2021
Net income			$	181.5		$	79.1
Other comprehensive income (loss):
Currency translation adjustments:
Foreign currency translation adjustments			4.6			(6.6)
Reclassification of currency translation losses included in net income			0.5			—
Defined benefit pension and post-retirement plans, net of taxes of $(0.5) and $(0.7)			2.1			2.0
Unrealized losses on investments, net of taxes of $0.4 and $0.0			(1.2)			(0.1)
Unrealized (losses) gains on cash flow hedges, net of taxes of $0.2 and $0.0			(0.6)			0.1
Other comprehensive income (loss)			5.4			(4.6)
Comprehensive income			186.9			74.5
Less: Comprehensive income attributable to noncontrolling interest			1.3			1.4
Comprehensive income attributable to Hubbell Incorporated			$	185.6		$	73.1

See notes to unaudited Condensed Consolidated Financial Statements.

HUBBELL INCORPORATED-Form 10-Q 4

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Condensed Consolidated Balance Sheets (unaudited)

(in millions)			March 31, 2022			December 31, 2021
ASSETS
Current Assets
Cash and cash equivalents			$	359.0		$	286.2
Short-term investments			12.4			9.4
Accounts receivable (net of allowances of $11.5 and $10.6)			777.9			675.3
Inventories, net			708.8			662.1
Other current assets			69.0			66.8
Assets held for sale - current			—			179.5
Total Current Assets			1,927.1			1,879.3
Property, Plant, and Equipment, net			460.4			459.5
Other Assets
Investments			72.9			69.1
Goodwill			1,870.6			1,871.3
Other intangible assets, net			664.2			681.5
Other long-term assets			174.5			143.7
Assets held for sale - non-current			—			177.1
TOTAL ASSETS			$	5,169.7		$	5,281.5
LIABILITIES AND EQUITY
Current Liabilities
Short-term debt			$	7.8		$	9.7
Accounts payable			548.5			532.8
Accrued salaries, wages and employee benefits			62.0			94.7
Accrued insurance			78.2			73.3
Other accrued liabilities			265.6			263.4
Liabilities held for sale - current			—			91.3
Total Current Liabilities			962.1			1,065.2
Long-Term Debt			1,436.1			1,435.5
Other Non-Current Liabilities			547.1			521.3
Liabilities held for sale - non-current			—			18.8
TOTAL LIABILITIES			2,945.3			3,040.8
Hubbell Incorporated Shareholders’ Equity			2,213.3			2,229.8
Noncontrolling interest			11.1			10.9
TOTAL EQUITY			2,224.4			**2,24

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Executive Overview of the Business

Hubbell is a global manufacturer of quality electrical products and utility solutions for a broad range of customer and end market applications. We provide utility and electrical solutions that enable our customers to operate critical infrastructure reliably and efficiently, and we empower and energize communities through innovation solutions supporting energy infrastructure In Front of the Meter, on The Edge, and Behind the Meter. In Front of the Meter is where utilities transmit and distribute energy to their customers. The Edge connects utilities with owner/operators and allows energy and data to be distributed back and forth. Behind the Meter is where owners and operators of building and other critical infrastructure consume energy. Products are either sourced complete, manufactured or assembled by subsidiaries in the United States, Canada, Puerto Rico, Mexico, China, the UK, 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 16,100 individuals worldwide as of March 31, 2022.

The Company’s reporting segments consist of the Electrical Solutions segment and the Utility Solutions segment.

Results for the three months ended March 31, 2022 by segment are included under “Segment Results” within this Management’s Discussion and Analysis.

The Company's long-term strategy is to serve its customers with reliable and innovative electrical and related infrastructure solutions with desired brands and high-quality service, delivered through a competitive cost structure; to complement organic revenue growth with acquisitions that enhance its product offerings; and to allocate capital effectively to create shareholder value.

Our strategy to complement organic revenue growth with acquisitions is focused on acquiring assets that extend our capabilities, expand our product offerings, and present opportunities to compete in core, adjacent or complementary markets. Our acquisition strategy also provides the opportunity to advance our revenue growth objectives during periods of weakness or inconsistency in our end-markets.

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.

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. 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 programs affect virtually all functional areas within the Company by reducing or eliminating waste and improving processes. We continue to expand our efforts related to 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.

HUBBELL INCORPORATED-Form 10-Q 27

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Impact of the COVID-19 Pandemic

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 adverse effects from the pandemic, as of March 31, 2022 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 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 the continued emergence of new strains of COVID-19, such as the Delta and Omicron variants, and resulting shutdowns that may be requested or mandated by governmental authorities or imposed by our management, or the risk that the pandemic may otherwise interrupt or impair business activities. The Occupational Safety and Health Administration (OSHA) issued an emergency testing standard (ETS) in November 2021, which would have required employers with 100 or more employees to enforce a mandatory COVID-19 vaccination policy, unless they adopt a policy requiring employees to choose to either be vaccinated or undergo masking and regular COVID-19 testing. Although the U.S. Supreme Court stayed the ETS on January 13, 2022, and it was withdrawn effective January 26, 2022, OSHA is not withdrawing its proposed vaccination rule. Additionally, President Biden has announced an executive order mandating COVID-19 vaccination of U.S.-based employees of companies that work on, or in support of, federal contracts. On December 7, 2021, a judge in the U.S. District Court for the Southern District of Georgia issued a preliminary injunction, halting the government's enforcement of the federal contractor vaccine mandate nationwide. Other federal courts have also issued injunctions. We cannot currently predict the impact that the contractor vaccine mandate, if the injunctions are lifted, or the OSHA proposed rule, if adopted, or other similar rulemaking 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.

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 certain cases, affected our ability to ship finished products in a timely manner. These supply chain disruptions and the increase in demand have also led to increased freight, labor and commodity cost that may persist through 2022.

Discontinued Operations

On February 1, 2022, the Company completed the sale of the Commercial and Industrial Lighting business (the "C&I Lighting business") to GE Current, a Daintree Company, for total cash consideration of $350 million, subject to customary adjustments with respect to working capital. The sale of this business is reported as a discontinued operation in our Condensed Consolidated Financial Statements. For additional information regarding this transaction and its effect on our financial reporting, see Note 2 – Discontinued Operations, in the accompanying Condensed Consolidated Financial Statements, which note is incorporated herein by reference.

The following is a discussion and analysis of our business, financial condition and results of operations as of and for the three month periods ended March 31, 2022 and 2021. This discussion and analysis should be read in conjunction with our Condensed Consolidated Financial Statements and notes thereto in Item 1 of this Quarterly Report on Form 10-Q, and the audited consolidated financial statements, accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

HUBBELL INCORPORATED-Form 10-Q 28

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Results of Operations – First Quarter of 2022 compared to the First Quarter of 2021

SUMMARY OF CONSOLIDATED RESULTS (IN MILLIONS, EXCEPT PER SHARE DATA):

			Three Months Ended March 31,
			2022			% of Net sales			2021			% of Net sales
Net sales			$	1,156.1					$	956.3
Cost of goods sold			833.0			72.1		%	694.1			72.6		%
Gross profit			323.1			27.9		%	262.2			27.4		%
Selling & administrative ("S&A") expense			180.2			15.6		%	152.3			15.9		%
Operating income			142.9			12.4		%	109.9			11.5		%
Net income from continuing operations			103.8			9.0		%	74.7			7.8		%
Less: Net income from continuing operations attributable to non-controlling interest			(1.3)			(0.1)		%	(1.4)			(0.1)		%
Net income from continuing operations attributable to Hubbell Incorporated			102.5			8.9		%	73.3			7.7		%
Income from discontinued operations, net of tax			77.7						4.4
Net income attributable to Hubbell incorporated			180.2						77.7
Less: Earnings allocated to participating securities			(0.5)						(0.3)
Net income available to common shareholders			$	179.7					$	77.4
Average number of diluted shares outstanding			54.4						54.7
DILUTED EARNINGS PER SHARE - CONTINUING OPERATIONS			$	1.88					$	1.33
DILUTED EARNINGS PER SHARE - DISCONTINUED OPERATIONS			$	1.43					$	0.09

In the following discussion of results of operations, we refer to "adjusted" operating measures. We believe those adjusted measures, which exclude the impact of certain costs, gains and losses, may provide investors with useful information regarding our underlying performance from period to period and allow investors to understand our results of operations without regard to items we do not consider a component of our core operating performance.

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 7 – 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, 2021.

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. Although we exclude amortization of these acquired intangible assets and inventory step-up from our non-GAAP results, we believe that it is important for investors to understand that revenue generated, in part, from such intangibles is included within revenue in determining adjusted net income attributable to Hubbell Incorporated.

Organic net sales (or organic net sales growth), 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.

HUBBELL INCORPORATED-Form 10-Q 29

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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.

The following table reconciles each of our adjusted financial measures to the directly comparable GAAP financial measure (in millions, except per share amounts):

			Three Months Ended March 31,
			2022			% of Net sales			2021			% of Net sales
Gross profit (GAAP measure)			$	323.1		27.9		%	$	262.2		27.4		%
Amortization of acquisition-related intangible assets			5.6			0.5		%	8.6			0.9		%
Adjusted gross profit			$	328.7		28.4		%	$	270.8		28.3		%
S&A expenses (GAAP measure)			$	180.2		15.6		%	$	152.3		15.9		%
Amortization of acquisition-related intangible assets			11.9			1.1		%	12.8			1.3		%
Adjusted S&A expenses			$	168.3		14.6		%	$	139.5		14.6		%
Operating income (GAAP measure)			$	142.9		12.4		%	$	109.9		11.5		%
Amortization of acquisition-related intangible assets			17.5			1.5		%	21.4			2.2		%
Adjusted operating income			$	160.4		13.9		%	$	131.3		13.7		%
Net income from continuing operations attributable to Hubbell Incorporated (GAAP measure)			$	102.5					$	73.3
Amortization of acquisition-related intangible assets			17.5						21.4
Subtotal			$	120.0					$	94.7
Income tax effects(1)			4.3						5.3
Adjusted net income from continuing operations attributable to Hubbell Incorporated			$	115.7					$	89.4
Less: Earnings allocated to participating securities			(0.3)						(0.3)
Adjusted net income from continuing operations available to common shareholders			$	115.4					$	89.1
Average number of diluted shares outstanding			54.4						54.7
ADJUSTED EARNINGS PER SHARE – DILUTED FROM CONTINUING OPERATIONS			$	2.12					$	1.63

(1) The income tax effects are calculated using the statutory tax rate, taking into consideration the nature of the item and the relevant taxing jurisdiction, unless otherwise noted.

The following table reconciles our Organic net sales to the directly comparable GAAP financial measure (in millions and percentage change):

			Three Months Ended March 31,
			2022			Inc/(Dec) %			2021			Inc/(Dec) %
Net sales growth (GAAP measure)			$	199.8		20.9			$	(1.3)		(0.1)
Impact of acquisitions			—			—			32.9			3.5
Impact of divestitures			(2.8)			(0.3)			—			—
Foreign currency exchange			(0.3)			—			1.0			0.1
Organic net sales growth (decline) (non-GAAP measure)			$	202.9		21.2			$	(35.2)		(3.7)

HUBBELL INCORPORATED-Form 10-Q 30

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Net Sales

Net sales of $1,156.1 million in the first quarter of 2022 increased by $199.8 million compared to the first quarter of 2021. Organic net sales increased by 21.2% primarily due to favorable price realization, and higher unit volume, which was partially offset by 0.3% due to the impact of divestitures.

Cost of Goods Sold

As a percentage of Net sales, cost of goods sold decreased by 50 basis points to 72.1% in the first quarter of 2022, as compared to 72.6% in the first quarter of 2021. The decrease was primarily driven by favorable price realization that was in excess of material cost inflation, higher unit volume, and a decrease in amortization of acquisition-related intangibles, partially offset by higher freight, logistics and manufacturing costs.

Gross Profit

The gross profit margin in the first quarter of 2022 increased by 50 basis points to 27.9% as compared to 27.4% in the first quarter of 2021. Excluding amortization of acquisition-related intangible assets, the adjusted gross profit margin was 28.4% in the first quarter of 2022 as compared to 28.3% in the same period of the prior year. The increase in the adjusted gross profit margin primarily reflects favorable price realization that was in excess of material cost inflation, and higher unit volume, partially offset by higher freight, logistics and manufacturing costs.

Selling & Administrative Expenses

S&A expense in the first quarter of 2022 was $180.2 million and increased by $27.9 million compared to the prior year period. S&A expense as a percentage of Net sales decreased by 30 basis points to 15.6% in the first quarter of 2022. Excluding amortization of acquisition-related intangible assets, adjusted S&A expense as a percentage of Net sales was 14.6% in the first quarter of 2022 which was flat compared to the same period of the prior year, as the impact of higher T&E cost and other cost inflation was offset by a benefit from an increase in Net sales volume.

Total Other Expense

Total other expense decreased by $4.5 million in the first quarter of 2022 to $9.5 million, primarily due to $3.2 million of income from transition services related to the C&I Lighting business disposition and $2.1 million of lower interest expense in the first quarter of 2022.

Income Taxes

The effective tax rate in the first quarter of 2022 increased to 22.2% as compared to 22.1% in the first quarter of 2021.

Net Income From Continuing Operations Attributable to Hubbell Incorporated and Earnings Per Diluted Share From Continuing Operations

Net income from continuing operations attributable to Hubbell Incorporated was $102.5 million in the first quarter of 2022 and increased 39.8% as compared to the same period of the prior year. As a result, earnings per diluted share from continuing operations in the first quarter of 2022 increased 41.4% as compared to the first quarter of 2021. Adjusted net income from continuing operations attributable to Hubbell Incorporated, which excludes amortization of acquisition-related intangibles from both periods, was $115.7 million in the first quarter of 2022 and increased by 29.4% as compared to the first quarter of 2021. Adjusted earnings per diluted share from continuing operations in the first quarter of 2022 increased by 30.1% as compared to the first quarter of 2021.

Income From Discontinued Operations, Net of Tax

Income from discontinued operations, net of tax was $77.7 million in the first quarter of 2022 as compared to $4.4 million in the same prior year period. The results in the first quarter of 2022 included a $88.5 million gain on disposal as a result of the disposition of the C&I Lighting business, partially offset by $2.1 million of transaction and separation costs.

HUBBELL INCORPORATED-Form 10-Q 31

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Segment Results

ELECTRICAL SOLUTIONS

			Three Months Ended March 31,
(In millions)			2022			2021
Net sales			$	504.3		$	424.1
Operating income (GAAP measure)			54.8			49.2
Amortization of acquisition-related intangible assets			3.5			3.4
Adjusted operating income			$	58.3		$	52.6
Operating margin (GAAP measure)			10.9		%	11.6		%
Adjusted operating margin			11.6		%	12.4		%

The following table reconciles our Organic net sales to the directly comparable GAAP financial measure (in millions and percentage change):

			Three Months Ended March 31,
Electrical Solutions			2022			Inc/(Dec) %			2021			Inc/(Dec) %
Net sales growth (GAAP measure)			$	80.2		18.9			$	(6.8)		(1.6)
Impact of acquisitions			—			—			5.7			1.3
Impact of divestitures			—			—			—			—
Foreign currency exchange			(0.8)			(0.2)			2.0			0.5
Organic net sales growth (non-GAAP measure)			$	81.0		19.1			$	(14.5)		(3.4)

Net sales in the Electrical Solutions segment in the first quarter of 2022 were $504.3 million and increased by $80.2 million, or 18.9%, as compared to the first quarter of 2021. The increase resulted from a 19.1% increase in organic net sales in the first quarter of 2022 as compared to the same prior year period, primarily due to favorable price realization and higher unit volume, and a 0.2% decrease from foreign exchange.

Operating income in the Electrical Solutions segment for the first quarter of 2022 was $54.8 million and increased approximately 11.4% compared to the first quarter of 2021, while operating margin in the first quarter of 2022 decreased by 70 basis points to 10.9%. Excluding amortization of acquisition-related intangibles, adjusted operating margin decreased by 80 basis points to 11.6%, as compared to the same prior year period. The decrease in the adjusted operating margin in the first quarter of 2022 is primarily due to higher freight, logistics and manufacturing costs and higher restructuring and related cost, partially offset by price realization that exceeded material cost inflation and higher Net sales volume.

HUBBELL INCORPORATED-Form 10-Q 32

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UTILITY SOLUTIONS

			Three Months Ended March 31,
(In millions)			2022			2021
Net sales			$	651.8		$	532.2
Operating income (GAAP measure)			88.1			60.7
Amortization of acquisition-related intangible assets			14.0			18.0
Adjusted operating income			$	102.1		$	78.7
Operating margin (GAAP measure)			13.5		%	11.4		%
Adjusted operating margin			15.7		%	14.8		%

The following table reconciles our Organic net sales to the directly comparable GAAP financial measure (in millions and percentage change):

			Three Months Ended March 31,
Utility Solutions			2022			Inc/(Dec) %			2021			Inc/(Dec) %
Net sales growth (GAAP measure)			$	119.6		22.5			$	5.5		1.0
Impact of acquisitions			—			—			27.2			5.1
Impact of divestitures			(2.8)			(0.5)			—			—
Foreign currency exchange			0.5			0.1			(1.0)			(0.2)
Organic net sales growth (non-GAAP measure)			$	121.9		22.9			$	(20.7)		(3.9)

Net sales in the Utility Solutions segment in the first quarter of 2022 were $651.8 million, an increase of $119.6 million, or 22.5%, as compared to the first quarter of 2021. This increase was due to a 22.9% increase in organic net sales driven by favorable price realization, and higher unit volumes, partially offset by 0.5% due to the impact of divestitures.

Within the Utility Solutions segment, Net sales of our Utility T&D components businesses increased by 31.1% in the first quarter of 2022 as compared to the prior year period, primarily driven by organic net sales growth. Net sales of our Utility communications and controls businesses increased by 2.0% in the first quarter of 2022 as compared to the prior year period, primarily from an increase in organic net sales, partially offset by a decrease in Net sales due to divestitures.

Operating income in the Utility Solutions segment for the first quarter of 2022 was $88.1 million, increasing 45.1% compared to the first quarter of 2021. Operating margin increased to 13.5% as compared to 11.4% in the same period of 2021. Excluding amortization of acquisition-related intangibles, the adjusted operating margin increased to 15.7% in the first quarter of 2022 compared to 14.8% in the prior year period, primarily driven by price realization that exceeded material cost inflation, higher unit volume, and savings from productivity initiatives, partially offset by, higher freight, logistics and manufacturing costs.

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Financial Condition, Liquidity and Capital Resources

Cash Flow

			Three months ended March 31,
(In millions)			2022			2021
Net cash provided by (used in):
Operating activities from continuing operations			$	(14.4)		$	53.1
Investing activities from continuing operations			317.9			(15.0)
Financing activities from continuing operations			(210.4)			132.4
Cash from discontinued operations			(23.8)			5.5
Effect of foreign currency exchange rate changes on cash and cash equivalents			3.2			(1.8)
NET CHANGE IN CASH AND CASH EQUIVALENTS			$	72.5		$	174.2

Cash used in operating activities from continuing operations for the three months ended March 31, 2022 was $14.4 million compared to cash provided by operating activities from continuing operations of $53.1 million for the same period in 2021. The decrease was 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 during the first quarter of 2022 compared to the same period in the prior year.

Cash provided by investing activities from continuing operations was $317.9 million in the three months ended March 31, 2022 compared to cash used of $15.0 million during the comparable period in 2021 and was driven by $348.6 million in net proceeds from the disposal of the C&I Lighting business, partially offset by higher net of purchases of available for sale investments, as well as higher cash used for capital expenditures in the first quarter of 2022.

Cash used in financing activities from continuing operations was $210.4 million in the three months ended March 31, 2022 as compared to cash provided of $132.4 million in the comparable period of 2021. The change in cash flows from financing activities of continuing operations primarily reflects an increase of $134.0 million from the Company's share repurchases in the first quarter of 2022 compared to the same prior year period and net borrowings, including the issuance of the 2031 Notes (as defined below), in the prior year period.

Cash from discontinued operations was a use of cash of $23.8 million in the three months ended March 31, 2022 as compared to cash provided by discontinued operations of $5.5 million in the comparable period of 2021.

The favorable impact of foreign currency exchange rates on cash was $3.2 million for the three months ended March 31, 2022 and is primarily related to strengthening of the Mexican Peso, Canadian dollar and Brazilian Real versus the U.S. Dollar.

Investments in the Business

Investments in our business include cash outlays for the acquisition of businesses as well as expenditures to maintain the operation of our equipment and facilities and invest in restructuring activities.

We continue to invest in restructuring and related programs to maintain a competitive cost structure, to drive operational efficiencies and to mitigate the impact of rising material costs and administrative cost inflation. We expect our investment in restructuring and related activities to continue in 2022 as we continue to invest in previously initiated actions and initiate further footprint consolidation and other cost reduction initiatives.

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.

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The table below presents the restructuring and related costs incurred in the first three months of 2022, additional expected costs, and the expected completion date of restructuring actions that have been initiated as of March 31, 2022 and in prior years (in millions):

			Costs incurred in the three months ended March 31, 2022			Additional expected costs			Expected completion date
2022 Restructuring Actions			$	1.6		$	1.7		2022
2021 and Prior Restructuring Actions			—			6.7			2022
Total Restructuring cost (GAAP measure)			$	1.6		$	8.4
Restructuring-related costs			1.7			0.4
Restructuring and related costs (Non-GAAP)			$	3.3		$	8.8

During the first three months of 2022, we invested $21.4 million in capital expenditures, an increase of $2.1 million from the comparable period of 2021 as we continue to invest in automation and productivity initiatives.

Stock Repurchase Program

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 three months of 2022, the Company repurchased $150.0 million of shares of common stock authorized under the October 2020 program. At March 31, 2022, our remaining share repurchase authorization under the October 2020 program is $138.8 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.

Debt to Capital

At March 31, 2022 and December 31, 2021, the Company had $1,436.1 million and $1,435.5 million, respectively, of long-term debt outstanding, net of the unamortized balance of capitalized debt issuance costs.

Revolving Credit Facility

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 March 31, 2022.

The interest rate applicable to borrowings under the 2021 Credit Facility is (i) either the alternate base rate (as defined in the 2021 Credit Facility) or (ii) the adjusted LIBOR rate (as defined in the 2021 Credit Facility) plus an applicable margin based on the Company’s credit ratings. All revolving loans outstanding under the 2021 Credit Facility will be due and payable on March 12, 2026.

The 2021 Credit Facility contains a financial covenant requiring that, as of the last day of each fiscal quarter, the ratio of total indebtedness to total capitalization shall not be greater than 65%. The Company was in compliance with this covenant as of March 31, 2022. As of March 31, 2022, the 2021 Credit Facility was undrawn.

Unsecured Senior Notes

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.

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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.

At March 31, 2022 and December 31, 2021, the Company had outstanding unsecured, senior notes in principal amounts of $400 million due in 2026, $300 million due in 2027, $450 million due in 2028 and $300 million due in 2031.

The carrying value of the Notes, net of unamortized discount and the unamortized balance of capitalized debt issuance costs, was $1,436.1 million and $1,435.5 million at March 31, 2022 and December 31, 2021, respectively.

The Notes are callable at any time at specified prices and are only subject to accelerated payment prior to maturity upon customary events of default, or upon a change in control triggering event as defined in the indenture governing the Notes, as supplemented. The Company was in compliance with all covenants (none of which are financial) as of March 31, 2022.

Short-term Debt

At March 31, 2022 and December 31, 2021 the Company had $7.8 million and $9.7 million, respectively, of short-term debt outstanding, which consisted primarily of borrowings to support our international operations in China, as well as $5.4 million of other short term debt at March 31, 2022 to support operations.

Net debt, defined as total debt less cash and investments, is a non-GAAP measure that may not be comparable to definitions used by other companies. We consider net debt to be a useful measure of our financial leverage for evaluating the Company’s ability to meet its funding needs.

(In millions)			March 31, 2022			December 31, 2021
Total Debt			$	1,443.9		$	1,445.2
Hubbell Incorporated Shareholders’ Equity			2,213.3			2,229.8
TOTAL CAPITAL			$	3,657.2		$	3,675.0
Total Debt to Total Capital			39		%	39		%
Cash and Investments			444.3			364.7
Net Debt			$	999.6		$	1,080.5
Net Debt to Total Capital			27		%	29		%

Liquidity

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 three months of 2022, we returned capital to our shareholders by paying $56.9 million of dividends on our common stock and using $144.0 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 Financial Condition, Liquidity and Capital Resources section in our Annual Report on Form 10-K for the year ended December 31, 2021. 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.

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Our sources of funds and available resources to meet these funding needs are as follows:

◦Cash flows from operating activities and existing cash resources: In addition to cash flows from operating activities, we also had $359.0 million of cash and cash equivalents at March 31, 2022, of which approximately 16% was held inside the United States and the remainder held internationally.

◦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 March 31, 2022.

◦In addition to our commercial paper program and existing revolving credit facility, we also have the ability to obtain additional financing through the issuance of long-term debt. Considering our current credit rating, historical earnings performance, and financial position, we believe that we would be able to obtain additional long-term debt financing on attractive terms.

Critical Accounting Estimates

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, 2021. 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 three months ended March 31, 2022, there were no material changes in our estimates and critical accounting policies.

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Forward-Looking Statements

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 expected financial impact of the integration of acquisitions and completion of certain divestitutres, 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:

• Availability, costs and quantity of raw materials, purchased components, energy and freight, particularly as global economic activity recovers from the effects of the COVID-19 pandemic.

• The scope, duration, or resurgence of the COVID-19 pandemic and its impact on global economic systems, our employees, sites, operations, customers, and supply chain.

• Changes in demand for our products, market conditions, product quality, or product availability adversely affecting sales levels.

• Ability to effectively develop and introduce new products.

• Changes in markets or competition adversely affecting realization of price increases.

• Failure to achieve projected levels of efficiencies, cost savings and cost reduction measures, including those expected as a result of our lean initiatives and strategic sourcing plans.

• Impacts of trade tariffs, import quotas or other trade restrictions or measures taken by the U.S., U.K. and other countries, including the recent and potential changes in U.S. trade policies.

• Failure to comply with import and export laws.

• Changes relating to impairment of our goodwill and other intangible assets.

• Inability to access capital markets or failure to maintain our credit ratings.

• Changes in expected or future levels of operating cash flow, indebtedness and capital spending.

• General economic and business conditions in particular industries, markets or geographic regions, as well as inflationary trends.

• Regulatory issues, changes in tax laws, including revisions or clarifications of the TCJA, or changes in geographic profit mix affecting tax rates and availability of tax incentives.

• A major disruption in one or more of our manufacturing or distribution facilities or headquarters, including the impact of plant consolidations and relocations.

• Changes in our relationships with, or the financial condition or performance of, key distributors and other customers, agents or business partners which could adversely affect our results of operations.

• Impact of productivity improvements on lead times, quality and delivery of product.

• Anticipated future contributions and assumptions including changes in interest rates and plan assets with respect to pensions and other retirement benefits, as well as pension withdrawal liabilities.

• Adjustments to product warranty accruals in response to claims incurred, historical experiences and known costs.

• Unexpected costs or charges, certain of which might be outside of our control.

• Changes in strategy, economic conditions or other conditions outside of our control affecting anticipated future global product sourcing levels.

• Ability to carry out future acquisitions and strategic investments in our core businesses as well as the acquisition related costs.

• Ability to successfully execute, manage and integrate key acquisitions, mergers, and other transactions, as well as the failure to realize expected synergies and benefits anticipated when we make an acquisition.

• Unanticipated difficulties integrating acquisitions as well as the realization of expected synergies and benefits anticipated when we make an acquisition.

• The impact of certain divestitures, including the benefits and costs of the sale of the C&I Lighting business to GE Current, a Daintree Company.

• The ability to effectively implement Enterprise Resource Planning systems without disrupting operational and financial processes.

• The ability of government customers to meet their financial obligations.

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• Political unrest in foreign countries.

• The impact of Brexit and other world economic and political issues.

• The impact of natural disasters or public health emergencies, such as the COVID-19 global pandemic, on our financial condition and results of operations.

• Failure of information technology systems, security breaches, cyber threats, malware, phishing attacks, break-ins and similar events resulting in unauthorized disclosure of confidential information or disruptions or damage to information technology systems that could cause interruptions to our operations or adversely affect our internal control over financial reporting.

• Incurring significant and/or unexpected costs to avoid, manage, defend and litigate intellectual property matters.

• Future repurchases of common stock under our common stock repurchase program.

• Changes in accounting principles, interpretations, or estimates.

• Failure to comply with any laws and regulations, including those related to data privacy and information security, environmental and conflict-free minerals.

• The outcome of environmental, legal and tax contingencies or costs compared to amounts provided for such contingencies, including contingencies or costs with respect to pension withdrawal liabilities.

• Improper conduct by any of our employees, agents or business partners that damages our reputation or subjects us to civil or criminal liability.

• Our ability to hire, retain and develop qualified personnel.

• Adverse changes in foreign currency exchange rates and the potential use of hedging instruments to hedge the exposure to fluctuating rates of foreign currency exchange on inventory purchases.

• Transitioning from LIBOR to a replacement alternative reference rate.

• Other factors described in our Securities and Exchange Commission filings, including the “Business”, “Risk Factors” and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and in the Company's Quarterly Reports on Form 10-Q.

Any such forward-looking statements are not guarantees of future performances and actual results, developments and business decisions may differ from those contemplated by such forward-looking statements. The Company disclaims any duty to update any forward-looking statement, all of which are expressly qualified by the foregoing, other than as required by law.

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 three months ended March 31, 2022. 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, 2021.

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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 March 31, 2022, the Company’s disclosure controls and procedures were effective at the reasonable assurance level.

There have been no changes in the Company’s internal control over financial reporting that occurred during the Company’s most recently completed quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II			OTHER INFORMATION

There have been no material changes in the Company’s risk factors from those disclosed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

On October 23, 2020 the Board of Directors approved a 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 March 31, 2022, the Company repurchased shares for an aggregate purchase price of approximately $150.0 million. Our remaining share repurchase authorization under the 2020 program is $138.8 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.

The following table summarizes the Company's repurchase activity of common stock during the quarter ended March 31, 2022:

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 DECEMBER 31, 2021									$	288.8
January 2022			—			—			$	288.8
February 2022			329			$	182.55		$	228.8
March 2022			491			$	183.37		$	138.8
TOTAL FOR THE QUARTER ENDED MARCH 31, 2022			820			$	183.04

(a)Purchased under our 2020 share repurchase program authorizing the repurchase of up to $300 million shares of common stock, which was publicly announced in October 2020.

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						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 March 31, 2022, formatted in Inline XBRL (included within the Exhibit 101 attachments)															*

*			Filed herewith
**			Furnished herewith

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: April 27, 2022

HUBBELL INCORPORATED
By			/s/ William R. Sperry			By			/s/ Jonathan M. Del Nero
			William R. Sperry						Jonathan M. Del Nero
			Executive Vice President and Chief Financial Officer						Vice President, Controller (Principal Accounting Officer)

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