filings.toolsItem 1A. Risk Factors
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Item 1A. Risk Factors
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, 2022.
HUBBELL INCORPORATED-Form 10-Q 41
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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 (the "2020 program") that authorized the repurchase of up to $300 million of common stock, which expires in October 2023. As of March 31, 2023 our remaining share repurchase authorization under the 2020 program was $86.7 million. On October 21, 2022, the Board of Directors approved a new stock repurchase program (the "October 2022 program") that authorized the repurchase of up to $300 million of common stock, which expires in October 2025. There have been no repurchases under the October 2022 program. When combined with the $86.7 million of remaining share repurchase authorization under the 2020 program, we have a total share repurchase authorization of approximately $386.7 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, 2023.
| 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 Plans (b) (in millions) | Total number of shares purchased as part of publicly announced plans (000s) | ||||||||||
| January 1, 2023 - January 31, 2023 | — | — | $ | 406.7 | — | |||||||||
| February 1, 2023 - February 28, 2023 | 83 | $ | 240.99 | $ | 386.7 | 83 | ||||||||
| March 1, 2023 - March 31, 2023 | — | — | $ | 386.7 | — | |||||||||
| TOTAL FOR THE QUARTER ENDED MARCH 31, 2023 | 83 | $ | 240.99 | $ | 386.7 | 83 |
(a) Purchased under our 2020 program authorizing the repurchase of up to $300 million shares of common stock, which was publicly announced in October 2020.
(b) As of March 31, 2023, the remaining amount available for share repurchases includes $86.7 million under our 2020 program and the full amount under our October 2022 program authorizing the repurchase of up to $300 million shares of common stock, which was publicly announced on October 21, 2022 and expires in October 2025.
HUBBELL INCORPORATED-Form 10-Q 42
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