Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | ||
Jun. 30, 2014 | Oct. 14, 2013 | Oct. 14, 2013 | |
Class A Common Stock | Class B Common Stock | ||
Class Of Stock [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Registrant Name | 'HUBBELL INCORPORATED | ' | ' |
Entity Central Index Key | '0000048898 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'Yes | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock Shares Outstanding | ' | 7,167,506 | 51,946,375 |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Consolidated Statements of Income [IncomeStatement] | ' | ' | ' | ' |
Net sales | $855.80 | $801.30 | $1,615.30 | $1,541.40 |
Cost of good sold | 563.3 | 529.3 | 1,077.80 | 1,033.10 |
Gross profit | 292.5 | 272 | 537.5 | 508.3 |
Selling & administrative expenses | 148.8 | 139.9 | 289 | 278.5 |
Operating income | 143.7 | 132.1 | 248.5 | 229.8 |
Interest expense, net | -7 | -7.3 | -14.5 | -14.6 |
Other (expense) income, net | -0.3 | -2 | -1.5 | -1.2 |
Total other expense, net | -7.3 | -9.3 | -16 | -15.8 |
Income before income taxes | 136.4 | 122.8 | 232.5 | 214 |
Provision for income taxes | 45.6 | 39.8 | 76.4 | 64.2 |
Net income | 90.8 | 83 | 156.1 | 149.8 |
Less: Net income attributable to noncontrolling interest | 0.6 | 0.9 | 1.7 | 1.8 |
Net income attributable to Hubbell | $90.20 | $82.10 | $154.40 | $148 |
Earnings Per Share Disclosure [Abstract] | ' | ' | ' | ' |
Basic | $1.53 | $1.38 | $2.61 | $2.49 |
Diluted | $1.51 | $1.37 | $2.59 | $2.47 |
Cash dividends per common share | $0.50 | $0.45 | $1 | $0.90 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $90.80 | $83 | $156.10 | $149.80 |
Foreign currency translation adjustments | 10 | -13.3 | 12.7 | -21.8 |
Amortization of pension and post retirement benefit plans' prior service costs and net actuarial losses, net of tax | 0.4 | 2.1 | 0.9 | 4.3 |
Change in unrealized gains on investments, net of tax | 0.1 | -0.3 | 0 | -0.3 |
Change in unrealized (losses) gains on cash flow hedges, net of tax | -0.6 | 0.1 | -0.4 | 0.5 |
Other Comprehensive Income | 9.9 | -11.4 | 13.2 | -17.3 |
Total comprehensive income | 100.7 | 71.6 | 169.3 | 132.5 |
Less: Comprehensive income attributable to noncontrolling interest | 0.6 | 0.9 | 1.7 | 1.8 |
Comprehensive income attributable to Hubbell | $100.10 | $70.70 | $167.60 | $130.70 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Consolidated Statements of Comprehensive Income (parenthetical) [Abstract] | ' | ' | ' | ' |
Adjustment to pension and other benefit plans tax impact | $0.20 | $1.20 | $0.50 | $2.40 |
Unrealized gain or loss on investment tax impact | 0 | 2 | 0 | 0.2 |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax | $0.30 | $0 | $0.20 | $0.20 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current Assets [Abstract] | ' | ' |
Cash and cash equivalents | $597.40 | $740.70 |
Short-term investments | 8.4 | 10.1 |
Accounts receivable, net | 506 | 440.9 |
Inventories, net | 429.8 | 385.7 |
Deferred Taxes and Other | 61.8 | 55 |
Total current assets | 1,603.40 | 1,632.40 |
Property, Plant, and Equipment, net | 400.1 | 377.1 |
Other Assets [Abstract] | ' | ' |
Investments | 39.8 | 35.8 |
Goodwill | 873.2 | 800.4 |
Intangible assets, net | 331.2 | 286.6 |
Other long-term assets | 61.9 | 54.9 |
Total Assets | 3,309.60 | 3,187.20 |
Current Liabilities [Abstract] | ' | ' |
Short-term debt | 1.1 | 0.3 |
Accounts payable | 254.4 | 225.9 |
Accrued salaries, wages and employee benefits | 53.5 | 74.7 |
Accrued insurance | 48.7 | 41.8 |
Other accrued liabilities | 106.8 | 124.3 |
Total current liabilities | 464.5 | 467 |
Long-Term Debt | 597.4 | 597.2 |
Other Non-Current Liabilities | 241.5 | 208.2 |
Total Liabilities | 1,303.40 | 1,272.40 |
Hubbell Shareholders' Equity | 1,997.40 | 1,906.40 |
Noncontrolling interest | 8.8 | 8.4 |
Total Equity | 2,006.20 | 1,914.80 |
Total Liabilities and Equity | $3,309.60 | $3,187.20 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Condensed Consolidated Statements Of Cash Flows [Abstract] | ' | ' |
Net income | $156.10 | $149.80 |
Adjustments to reconcile net income to net cash provided by operating activities:[Abstract] | ' | ' |
Depreciation and amortization | 38.9 | 34.4 |
Deferred income taxes | 6.1 | 7.8 |
Stock-based compensation | 6.7 | 5.7 |
Tax benefit on stock-based awards | -6.2 | -5.6 |
Changes in assets and liabilities, excluding effects of acquisitions:[Abstract] | ' | ' |
Increase in accounts receivable, net | -47.1 | -59.4 |
Increase in inventories, net | -31.2 | -30.4 |
(Decrease) increase in current liabilities | -9.4 | -0.4 |
Changes in other assets and liabilities, net | -8.6 | 5.9 |
Pension contributions | -2.8 | -1.9 |
Other, net | -1.3 | 2.6 |
Net cash provided by operating activities | 101.2 | 108.5 |
Cash Flows from Investing Activities [Abstract] | ' | ' |
Capital expenditures | -27.1 | -26 |
Acquisition of businesses, net of cash acquired | -147.3 | -81.7 |
Purchases of available-for-sale investments | -6 | -7.3 |
Proceeds from available-for-sale investments | 4.7 | 6.2 |
Other, net | 1.4 | 4 |
Net cash used in investing activities | -174.3 | -104.8 |
Cash Flows from Financing Activities [Abstract] | ' | ' |
Short-term debt borrowings (repayments), net | 0.7 | 0 |
Payment of dividends | -59.1 | -53.3 |
Payment of dividends to noncontrolling interest | -1.3 | -0.7 |
Repurchase of common shares | -23.3 | -6.5 |
Proceeds from exercise of stock options | 0.7 | 1.1 |
Tax benefit on stock-based awards | 6.2 | 5.6 |
Other, net | 0.1 | 0.1 |
Net cash used in financing activities | -76 | -53.7 |
Effect of foreign currency exchange rate changes on cash and cash equivalents | 5.8 | -8.4 |
(Decrease) increase in cash and cash equivalents | -143.3 | -58.4 |
Cash and cash equivalents [Abstract] | ' | ' |
Beginning of period | 740.7 | 645 |
End of period | $597.40 | $586.60 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Basis of Presentation And Accounting Pronouncements Disclosure [Abstract] | ' |
Basis of Presentation And Accounting Pronouncement [Text Block] | ' |
Note 1 — Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of Hubbell Incorporated (“Hubbell”, the “Company”, “registrant”, “we”, “our” or “us”, which references shall 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 accounting principles generally accepted in the United States of America (“U.S.”) for complete 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 three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | |
The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the U.S. for complete financial statements. | |
For further information, refer to the consolidated financial statements and footnotes thereto included in the Hubbell Incorporated Annual Report on Form 10-K for the year ended December 31, 2013. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued new revenue recognition guidance that supersedes the existing revenue recognition guidance and most industry-specific guidance applicable to revenue recognition. According to the new guidance an entity will apply a principles-based five step model to recognize revenue upon the transfer of promised goods or services to customers and in an amount that reflects the consideration for which the entity expects to be entitled in exchange for those goods or services. The guidance is effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period and early application is not permitted. The Company is currently assessing the impact of adopting this guidance on its financial statements. | |
In April 2014, the FASB issued new guidance changing the criteria for determining which disposals of components of an entity can be presented as discontinued operations and modifying the related disclosure requirements. The guidance applies prospectively to new disposals and new classifications of assets as held for sale after the effective date and is effective for annual and interim periods beginning after December 15, 2014, with early adoption permitted. The Company does not expect that adoption of this standard to have a material impact on its financial statements. | |
In July 2013, the FASB amended its guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carry-forward, similar tax loss, or a tax credit carry-forward exists. This amendment was adopted by the Company effective January 1, 2014 and did not have a material impact on its financial statements. | |
Business_Acquisitions
Business Acquisitions | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Business Acquisitions [Abstract] | ' | ||||
Business Acquisitions Disclosure [Text Block] | ' | ||||
During the second quarter of 2014, the Company purchased all of the outstanding common stock of Reuel, Inc. ("Reuel"), an industry leader in the manufacture of durable and weather resistant epoxy molded electrical products. Reuel was purchased for $11.5 million, net of cash received, and has been added to the Power segment, resulting in the recognition of intangible assets of $5.8 million and goodwill of $2.7 million. The $5.8 million of intangible assets consists primarily of customer relationships and tradenames that will be amortized over a weighted average period of approximately 11 years. None of the goodwill associated with the Reuel acquisition is expected to be deductible for tax purposes. | |||||
During the second quarter of 2014, the Company purchased all of the outstanding common stock of Litecontrol Corporation ("Litecontrol"), a manufacturer of linear architectural lighting products with significant custom capabilities. Litecontrol was purchased for $44.9 million, net of cash received, and has been added to the Electrical segment, resulting in the recognition of intangible assets of $18.4 million and goodwill of $18.3 million. The $18.4 million of intangible assets consists primarily of customer relationships and tradenames that will be amortized over a weighted average period of approximately 13 years. Currently, none of the goodwill associated with the Litecontrol acquisition is expected to be deductible for tax purposes. | |||||
During the first quarter of 2014, the Company purchased all of the outstanding common stock of Powerohm Resistors, Inc. ("Powerohm"), which manufactures and sells power and braking resistors. Powerohm was purchased for $51.7 million, net of cash received, and has been added to the Electrical segment, resulting in the recognition of intangible assets of $22.3 million and goodwill of $33.8 million. The $22.3 million of intangible assets consists primarily of customer relationships and tradenames that will be amortized over a weighted average period of approximately 19 years. None of the goodwill associated with the Powerohm acquisition is expected to be deductible for tax purposes. | |||||
During the first quarter of 2014, the Company purchased all of the outstanding common stock of Pen-Cell Plastics, Inc. and all of the membership interests of English Road Holdings, LLC, collectively referred to as "Pen-Cell", for $30.9 million, resulting in the recognition of intangible assets of $5.2 million and goodwill of $12.1 million. Pen-Cell manufactures and sells plastic enclosure boxes and has been added to the Power segment. The $5.2 million of intangible assets consists primarily of customer relationships and tradenames that will be amortized over a weighted average period of approximately 22 years. All of the goodwill associated with the Pen-Cell acquisition is expected to be deductible for tax purposes. | |||||
During the first quarter of 2014, the Company purchased all of the outstanding common stock of Fiber and Cable Accessories, Inc. ("FCA"), a manufacturer of aerial slack storage devices for outside plant optical networks. FCA was purchased for $8.3 million and has been added to the Power segment, resulting in the recognition of intangible assets of $4.3 million and goodwill of $3.0 million. The $4.3 million of intangible assets consists primarily of customer relationships and tradenames that will be amortized over a weighted average period of approximately 19 years. All of the goodwill associated with the FCA acquisition is expected to be deductible for tax purposes. | |||||
All of these business acquisitions have been accounted for as business combinations and have resulted in the recognition of goodwill. The goodwill relates to a number of factors built into the purchase price, including the future earnings and cash flow potential of the businesses as well as the complementary strategic fit and resulting synergies they bring to the Company's existing operations. | |||||
The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed at the date of acquisition related to these transactions: | |||||
Tangible assets acquired | $ | 58.7 | |||
Intangible assets | 56 | ||||
Goodwill | 69.9 | ||||
Net deferred tax liabilities | -17.8 | ||||
Other liabilities assumed | -19.5 | ||||
Total cash consideration, net | $ | 147.3 | |||
The Condensed Consolidated Financial Statements include the results of operations of Reuel, Litecontrol, Powerohm, Pen-Cell and FCA from the date of acquisition. Net sales and earnings related to these acquisitions for the three and six months ended June 30, 2014 were not significant to the consolidated results. Pro forma information related to these acquisitions has not been included because the impact to the Company's consolidated results of operations was not material. | |||||
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||||||||
Note 3 — Segment Information | ||||||||||||||||||||
The Company's reporting segments consist of the Electrical segment and the Power segment. The following table sets forth financial information by business segment (in millions): | ||||||||||||||||||||
Operating Income | ||||||||||||||||||||
Net Sales | Operating Income | as a % of Net Sales | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Three Months Ended June 30 | ||||||||||||||||||||
Electrical | $ | 612.4 | $ | 564.5 | $ | 95.5 | $ | 88.9 | 15.60% | 15.70% | ||||||||||
Power | 243.4 | 236.8 | 48.2 | 43.2 | 19.80% | 18.20% | ||||||||||||||
Total | $ | 855.8 | $ | 801.3 | $ | 143.7 | $ | 132.1 | 16.80% | 16.50% | ||||||||||
Six Months Ended June 30 | ||||||||||||||||||||
Electrical | $ | 1,151.20 | $ | 1,079.80 | $ | 163.6 | $ | 150.5 | 14.20% | 13.90% | ||||||||||
Power | 464.1 | 461.6 | 84.9 | 79.3 | 18.30% | 17.20% | ||||||||||||||
Total | $ | 1,615.30 | $ | 1,541.40 | $ | 248.5 | $ | 229.8 | 15.40% | 14.90% |
Inventories_Net
Inventories, Net | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Inventory, Net Disclosure [Abstract] | ' | ||||||
Inventory Disclosure [Text Block] | ' | ||||||
Note 4 — Inventories, net | |||||||
Inventories, net are comprised of the following (in millions): | |||||||
30-Jun-14 | 31-Dec-13 | ||||||
Raw material | $ | 144.7 | $ | 122.3 | |||
Work-in-process | 100.5 | 87.2 | |||||
Finished goods | 267.8 | 259.4 | |||||
513 | 468.9 | ||||||
Excess of FIFO over LIFO cost basis | -83.2 | -83.2 | |||||
Total | $ | 429.8 | $ | 385.7 |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Goodwill And Intangible Assets Disclosure [Text Block] | ' | |||||||||||
Note 5 — Goodwill and Intangible Assets, net | ||||||||||||
Changes in the carrying values of goodwill for the six months ended June 30, 2014, by segment, were as follows (in millions): | ||||||||||||
Segment | ||||||||||||
Electrical | Power | Total | ||||||||||
Balance December 31, 2013 | $ | 520.9 | $ | 279.5 | $ | 800.4 | ||||||
Acquisitions | 52.1 | 17.8 | 69.9 | |||||||||
Translation/other | 2.2 | 0.7 | 2.9 | |||||||||
Balance June 30, 2014 | $ | 575.2 | $ | 298 | $ | 873.2 | ||||||
In 2014, the Company completed the acquisitions of Reuel, Litecontrol, Powerohm, Pen-Cell and FCA. The Litecontrol and Powerohm acquisitions were added to the Electrical segment, while the Reuel, Pen-Cell and FCA acquisitions were added to the Power segment. These acquisitions have been accounted for as business combinations and have resulted in the recognition of $69.9 million of goodwill. See also Note 2 – Business Acquisitions. | ||||||||||||
The Company performs its goodwill impairment testing as of April 1st of each year, unless circumstances dictate the need for more frequent assessments. The Company has elected to utilize the two step goodwill impairment testing process as prescribed in the accounting guidance. Step 1 compares the fair value of the Company's reporting units to their carrying values. If the fair value of the reporting unit exceeds its carrying value, no further analysis is necessary. If the carrying value of the reporting unit exceeds its fair value, Step 2 must be completed to quantify the amount of impairment. | ||||||||||||
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 judgments required to estimate the fair value of reporting units include estimating future cash flows, determining appropriate discount rates and other assumptions. The Company uses internal discounted cash flow estimates to determine fair value. These cash flow estimates are derived from historical experience and future long-term business plans and the application of an appropriate discount rate. Changes in these estimates and assumptions could affect the determination of fair value and/or goodwill impairment for each reporting unit. The Company's estimated aggregate fair value of its reporting units are reasonable when compared to the Company's market capitalization on the valuation date. | ||||||||||||
As of April 1, 2014, the impairment testing resulted in implied fair values for each reporting unit that exceeded the reporting unit's carrying value, including goodwill. The Company did not have any reporting units at risk of failing Step 1 of the impairment test as the excess of the estimated fair value over carrying value (expressed as a percentage of carrying value) ranged from approximately 100% to approximately 400% for the respective reporting units. Additionally, the Company did not have any reporting units with zero or negative carrying amounts. | ||||||||||||
The carrying value of other intangible assets included in Intangible assets, net in the Condensed Consolidated Balance Sheet is as follows (in millions): | ||||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||
Accumulated | Accumulated | |||||||||||
Gross Amount | Amortization | Gross Amount | Amortization | |||||||||
Definite-lived: | ||||||||||||
Patents, tradenames and trademarks | $ | 125.5 | $ | -30.2 | $ | 111.2 | $ | -27.7 | ||||
Customer/agent relationships and other | 261.9 | -81.9 | 222.2 | -75 | ||||||||
Total | 387.4 | -112.1 | 333.4 | -102.7 | ||||||||
Indefinite-lived: | ||||||||||||
Tradenames and other | 55.9 | - | 55.9 | - | ||||||||
Total | $ | 443.3 | $ | -112.1 | $ | 389.3 | $ | -102.7 | ||||
Amortization expense associated with these definite-lived intangible assets was $11.7 million and $9.6 million for the six months ended June 30, 2014 and 2013, respectively. Future amortization expense associated with these intangible assets is expected to be $11.5 million for the remainder of 2014, $21.5 million in 2015, $20.6 million in 2016, $19.4 million in 2017, $17.7 million in 2018, and $16.3 million in 2019. | ||||||||||||
Other_Accrued_Liabilities
Other Accrued Liabilities | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Other Accrued Liabilities [Abstract] | ' | |||||||
Other Accrued Liabilities [Text Block] | ' | |||||||
Note 6 — Other Accrued Liabilities | ||||||||
Other accrued liabilities are comprised of the following (in millions): | ||||||||
30-Jun-14 | 31-Dec-13 | |||||||
Customer program incentives | $ | 25.4 | $ | 39.1 | ||||
Accrued income taxes | 4.9 | 11.8 | ||||||
Deferred revenue | 17.7 | 15.8 | ||||||
Other | 58.8 | 57.6 | ||||||
Total | $ | 106.8 | $ | 124.3 |
Other_Noncurrent_Liab
Other Noncurrent Liab | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Other Non-Current Liabilities [Abstract] | ' | |||||||
Other Non-Current Liabilities [Text Block] | ' | |||||||
Note 7 — Other Non-Current Liabilities | ||||||||
Other non-current liabilities are comprised of the following (in millions): | ||||||||
30-Jun-14 | 31-Dec-13 | |||||||
Pensions | $ | 79.6 | $ | 78.9 | ||||
Other postretirement benefits | 25.5 | 25.6 | ||||||
Deferred tax liabilities | 85.1 | 66.7 | ||||||
Other | 51.3 | 37 | ||||||
Total | $ | 241.5 | $ | 208.2 |
Total_Equity
Total Equity | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Stockholders Equity Disclosure [Abstract] | ' | ||||||||||||||||||
Stockholders Equity Note Disclosure [Text Block] | ' | ||||||||||||||||||
Note 8 — Total Equity | |||||||||||||||||||
Total equity is comprised of the following (in millions, except per share amounts): | |||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Common stock, $.01 par value: | |||||||||||||||||||
Class A - authorized 50.0 shares; issued and outstanding 7.2 and 7.2 shares | $ | 0.1 | $ | 0.1 | |||||||||||||||
Class B - authorized 150.0 shares; issued and outstanding 51.9 and 52.0 shares | 0.5 | 0.5 | |||||||||||||||||
Additional paid-in-capital | 26.8 | 44.2 | |||||||||||||||||
Retained earnings | 2,027.80 | 1,932.60 | |||||||||||||||||
Accumulated other comprehensive loss: | |||||||||||||||||||
Pension and post retirement benefit plan adjustment, net of tax | -66.1 | -67 | |||||||||||||||||
Cumulative translation adjustment | 8.5 | -4.2 | |||||||||||||||||
Unrealized gain on investment, net of tax | 0.4 | 0.4 | |||||||||||||||||
Cash flow hedge loss, net of tax | -0.6 | -0.2 | |||||||||||||||||
Total Accumulated other comprehensive loss | -57.8 | -71 | |||||||||||||||||
Hubbell shareholders' equity | 1,997.40 | 1,906.40 | |||||||||||||||||
Noncontrolling interest | 8.8 | 8.4 | |||||||||||||||||
Total equity | $ | 2,006.20 | $ | 1,914.80 | |||||||||||||||
A summary of the changes in equity for the six months ended June 30, 2014 and 2013 is provided below (in millions): | |||||||||||||||||||
Six Months Ended June 30 | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Hubbell Shareholders' Equity | Noncontrolling interest | Total Equity | Hubbell Shareholders' Equity | Noncontrolling interest | Total Equity | ||||||||||||||
Equity, January 1, | $ | 1,906.40 | $ | 8.4 | $ | 1,914.80 | $ | 1,661.20 | $ | 6.7 | $ | 1,667.90 | |||||||
Total comprehensive income | 167.6 | 1.7 | 169.3 | 130.7 | 1.8 | 132.5 | |||||||||||||
Stock-based compensation | 6.3 | - | 6.3 | 5.4 | - | 5.4 | |||||||||||||
Exercise of stock options | 0.7 | - | 0.7 | 1.1 | - | 1.1 | |||||||||||||
Income tax windfall from stock-based awards, net | 6.2 | - | 6.2 | 5.6 | - | 5.6 | |||||||||||||
Repurchase/surrender of common shares | -31.1 | - | -31.1 | -15 | - | -15 | |||||||||||||
Issuance of shares related to directors' deferred compensation | 0.5 | - | 0.5 | 0.1 | - | 0.1 | |||||||||||||
Dividends to noncontrolling interest | - | -1.3 | -1.3 | - | -0.7 | -0.7 | |||||||||||||
Cash dividends declared | -59.2 | - | -59.2 | -53.4 | - | -53.4 | |||||||||||||
Equity, June 30, | $ | 1,997.40 | $ | 8.8 | $ | 2,006.20 | $ | 1,735.70 | $ | 7.8 | $ | 1,743.50 | |||||||
The detailed components of total comprehensive income are presented in the Condensed Consolidated Statement of Comprehensive Income. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Loss [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Loss Note Disclosure [TextBlock] | ' | ||||||||||||||||
Note 9 — Accumulated Other Comprehensive Loss | |||||||||||||||||
A summary of the changes in Accumulated other comprehensive loss (net of tax) for the six months ended June 30, 2014 is provided below (in millions): | |||||||||||||||||
(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, 2013 | $ | -0.2 | $ | 0.4 | $ | -67 | $ | -4.2 | $ | -71 | |||||||
Other comprehensive income (loss) before | |||||||||||||||||
reclassifications | - | - | - | 12.7 | 12.7 | ||||||||||||
Amounts reclassified from accumulated | |||||||||||||||||
other comprehensive loss | -0.4 | - | 0.9 | - | 0.5 | ||||||||||||
Current period other comprehensive income (loss) | -0.4 | - | 0.9 | 12.7 | 13.2 | ||||||||||||
Balance at June 30, 2014 | $ | -0.6 | $ | 0.4 | $ | -66.1 | $ | 8.5 | $ | -57.8 | |||||||
A summary of the gain (loss) reclassifications out of Accumulated other comprehensive loss for the three months ended June 30, 2014 and 2013 is provided below (in millions): | |||||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | Location of Gain (Loss) Reclassified into Income | ||||||||||||||
Cash flow hedges gain (loss): | |||||||||||||||||
Forward exchange contracts | $ | 0.2 | $ | - | Cost of goods sold | ||||||||||||
0.2 | - | Total before tax | |||||||||||||||
-0.1 | - | Tax (expense) benefit | |||||||||||||||
$ | 0.1 | $ | - | Gain (loss) net of tax | |||||||||||||
Amortization of defined benefit pension and post retirement benefit items: | |||||||||||||||||
Prior-service costs | $ | 0.2 | $ | 0.2 | (a) | ||||||||||||
Actuarial gains/(losses) | -0.8 | -3.5 | (a) | ||||||||||||||
-0.6 | -3.3 | Total before tax | |||||||||||||||
0.2 | 1.2 | Tax benefit (expense) | |||||||||||||||
$ | -0.4 | $ | -2.1 | (Loss) gain net of tax | |||||||||||||
Losses reclassified into earnings | $ | -0.3 | $ | -2.1 | (Loss) gain net of tax | ||||||||||||
(a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 11 - Pension and Other Benefits for additional details). | |||||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Six Months Ended June 30, 2014 | Six Months Ended June 30, 2013 | Location of Gain (Loss) Reclassified into Income | ||||||||||||||
Cash flow hedges gain (loss): | |||||||||||||||||
Forward exchange contracts | $ | 0.6 | $ | 0.1 | Cost of goods sold | ||||||||||||
0.6 | 0.1 | Total before tax | |||||||||||||||
-0.2 | - | Tax (expense) benefit | |||||||||||||||
$ | 0.4 | $ | 0.1 | Gain (loss) net of tax | |||||||||||||
Amortization of defined benefit pension and post retirement benefit items: | |||||||||||||||||
Prior-service costs | $ | 0.3 | $ | 0.4 | (a) | ||||||||||||
Actuarial gains/(losses) | -1.7 | -7.1 | (a) | ||||||||||||||
-1.4 | -6.7 | Total before tax | |||||||||||||||
0.5 | 2.4 | Tax benefit (expense) | |||||||||||||||
$ | -0.9 | $ | -4.3 | (Loss) gain net of tax | |||||||||||||
Losses reclassified into earnings | $ | -0.5 | $ | -4.2 | (Loss) gain net of tax | ||||||||||||
(a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 11 - Pension and Other Benefits for additional details). |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Earnings Per Share Disclosure [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
Note 10 — Earnings Per Share | |||||||||||||
The Company computes earnings per share using the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities. Service-based and performance-based restricted stock granted by the Company is considered a participating security as these awards contain a non-forfeitable right to dividends. | |||||||||||||
The following table sets forth the computation of earnings per share for the three and six months ended June 30, 2014 and 2013 (in millions, except per share amounts): | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
30-Jun | 30-Jun | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Numerator: | |||||||||||||
Net income attributable to Hubbell | $ | 90.2 | $ | 82.1 | $ | 154.4 | $ | 148 | |||||
Less: Earnings allocated to participating securities | 0.3 | 0.3 | 0.5 | 0.5 | |||||||||
Net income available to common shareholders | $ | 89.9 | $ | 81.8 | $ | 153.9 | $ | 147.5 | |||||
Denominator: | |||||||||||||
Average number of common shares outstanding | 59 | 59.1 | 59 | 59.1 | |||||||||
Potential dilutive shares | 0.4 | 0.5 | 0.5 | 0.5 | |||||||||
Average number of diluted shares outstanding | 59.4 | 59.6 | 59.5 | 59.6 | |||||||||
Earnings per share: | |||||||||||||
Basic | $ | 1.53 | $ | 1.38 | $ | 2.61 | $ | 2.49 | |||||
Diluted | $ | 1.51 | $ | 1.37 | $ | 2.59 | $ | 2.47 | |||||
The Company did not have any significant anti-dilutive securities during the three and six months ended June 30, 2014 and 2013. | |||||||||||||
Pension_and_Other_Benefits
Pension and Other Benefits | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Pension And Other Postretirement Benefit Disclosure [Abstract] | ' | ||||||||||||
Pension And Other Postretirement Benefits Disclosure [Text Block] | ' | ||||||||||||
Note 11 — Pension and Other Benefits | |||||||||||||
The following table sets forth the components of net pension and other benefit costs for the three and six months ended June 30, 2014 and 2013 (in millions): | |||||||||||||
Pension Benefits | Other Benefits | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Three Months Ended June 30 | |||||||||||||
Service cost | $ | 3.8 | $ | 4 | $ | - | $ | - | |||||
Interest cost | 10.2 | 9.1 | 0.4 | 0.4 | |||||||||
Expected return on plan assets | -11.3 | -11.6 | - | - | |||||||||
Amortization of prior service cost | - | 0.1 | -0.2 | -0.3 | |||||||||
Amortization of actuarial losses/(gains) | 0.9 | 3.5 | -0.1 | - | |||||||||
Net periodic benefit cost | $ | 3.6 | $ | 5.1 | $ | 0.1 | $ | 0.1 | |||||
Six Months Ended June 30 | |||||||||||||
Service cost | $ | 7.5 | $ | 8 | $ | - | $ | - | |||||
Interest cost | 20.4 | 18.2 | 0.6 | 0.6 | |||||||||
Expected return on plan assets | -22.6 | -23.3 | - | - | |||||||||
Amortization of prior service cost | 0.1 | 0.1 | -0.4 | -0.5 | |||||||||
Amortization of actuarial losses/(gains) | 1.8 | 7.1 | -0.1 | - | |||||||||
Net periodic benefit cost | $ | 7.2 | $ | 10.1 | $ | 0.1 | $ | 0.1 | |||||
Employer Contributions | |||||||||||||
The Company anticipates making required contributions of approximately $4.9 million to its foreign pension plans during 2014, of which $2.8 million has been contributed through June 30, 2014. The Company is not required under the Pension Protection Act of 2006 to make any contributions to its qualified domestic benefit pension plans during 2014. | |||||||||||||
Guarantees
Guarantees | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Standard Product Warranty Disclosure [Abstract] | ' | |||
Product Warranty Disclosure [Text Block] | ' | |||
Note 12 — Guarantees | ||||
The Company accrues for costs associated with guarantees when it is probable that a liability has been incurred and the amount can be reasonably estimated. 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 30, 2014 and December 31, 2013, the fair value and maximum potential payment related to the Company's guarantees were not material. | ||||
The Company offers product defect warranties 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. | ||||
Changes in the accrual for product warranties during the six months ended June 30, 2014 are set forth below (in millions): | ||||
Balance at December 31, 2013 | $ | 6.6 | ||
Provision | 5.5 | |||
Expenditures/other | -5.4 | |||
Balance at June 30, 2014 | $ | 6.7 |
Fair_Value_Measurement
Fair Value Measurement | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Fair Value Financial Instruments Disclosure [Abstract] | ' | ||||||||||||||
Fair Value Financial Instruments Disclosures [Text Block] | ' | ||||||||||||||
Note 13 — Fair Value Measurement | |||||||||||||||
Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The FASB fair value measurement guidance established a fair value hierarchy that prioritizes the inputs used to measure fair value. The three broad levels of the fair value hierarchy are as follows: | |||||||||||||||
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities | |||||||||||||||
Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly | |||||||||||||||
Level 3 – Unobservable inputs for which little or no market data exists, therefore requiring a company to develop its own assumptions | |||||||||||||||
The following table shows, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis at June 30, 2014 and December 31, 2013 (in millions): | |||||||||||||||
Asset (Liability) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Similar Assets (Level 2) | Total | ||||||||||||
30-Jun-14 | |||||||||||||||
Money market funds (a) | $ | 334.9 | $ | - | $ | 334.9 | |||||||||
Available for sale investments | 39.5 | - | 39.5 | ||||||||||||
Trading securities | 8.7 | - | 8.7 | ||||||||||||
Deferred compensation plan liabilities | -8.7 | - | -8.7 | ||||||||||||
Derivatives: | |||||||||||||||
Forward exchange contracts | - | -0.3 | -0.3 | ||||||||||||
$ | 374.4 | $ | -0.3 | $ | 374.1 | ||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Similar Assets (Level 2) | Total | |||||||||||||
31-Dec-13 | |||||||||||||||
Money market funds (a) | $ | 482.2 | $ | - | $ | 482.2 | |||||||||
Available for sale investments | 38.6 | - | 38.6 | ||||||||||||
Trading securities | 7.3 | - | 7.3 | ||||||||||||
Deferred compensation plan liabilities | -7.3 | - | -7.3 | ||||||||||||
Derivatives: | |||||||||||||||
Forward exchange contracts | - | 0.4 | 0.4 | ||||||||||||
$ | 520.8 | $ | 0.4 | $ | 521.2 | ||||||||||
(a) Money market funds are reflected in Cash and cash equivalents in the Condensed Consolidated Balance Sheet. | |||||||||||||||
The methods and assumptions used to estimate the Level 2 fair values were as follows: | |||||||||||||||
Forward exchange contracts – The fair value of forward exchange contracts were based on quoted forward foreign exchange prices at the reporting date. | |||||||||||||||
During the three and six months ended June 30, 2014 there were no transfers of financial assets or liabilities in or out of Level 1 or Level 2 of the fair value hierarchy. During the six months ended June 30, 2014 and as of December 31, 2013, the Company did not have any financial assets or liabilities that fell within the Level 3 hierarchy. | |||||||||||||||
Investments | |||||||||||||||
At June 30, 2014 and December 31, 2013, the Company had $39.5 million and $38.6 million, respectively, of municipal bonds classified as available-for-sale securities. The Company also had $8.7 million and $7.3 million of trading securities at June 30, 2014 and December 31, 2013, respectively. These investments are carried on the balance sheet at fair value. Unrealized gains and losses associated with available-for-sale securities are reflected in Accumulated other comprehensive loss, net of tax, while unrealized gains and losses associated with trading securities are reflected in the results of operations. | |||||||||||||||
Deferred compensation plans | |||||||||||||||
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. During the six months ended June 30, 2014 and 2013, the Company purchased $1.2 million and $0.9 million, respectively, of trading securities related to these deferred compensation plans. As a result of participant distributions, the Company sold $0.2 million of these trading securities during the six months ended June 30, 2014. There were no participant distributions during the six months ended June 30, 2013. 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. | |||||||||||||||
Derivatives | |||||||||||||||
In order to limit financial risk in the management of its assets, liabilities and debt, the Company may use derivative financial instruments such as foreign currency hedges, commodity hedges, interest rate hedges and interest rate swaps. All derivative financial instruments are matched with an existing Company asset, liability or forecasted transaction. Market value gains or losses on the derivative financial instrument are recognized in income when the effects of the related price changes of the underlying asset, liability or forecasted transaction are recognized in income. Derivative assets and derivative liabilities are not offset in the Condensed Consolidated Balance Sheet. | |||||||||||||||
The fair values of derivative instruments in the Condensed Consolidated Balance Sheet are as follows (in millions): | |||||||||||||||
Asset/(Liability) Derivatives | |||||||||||||||
Fair Value | |||||||||||||||
Derivatives designated as hedges | Balance Sheet Location | 30-Jun-14 | 31-Dec-13 | ||||||||||||
Forward exchange contracts designated as cash flow hedges | Other accrued liabilities | $ | -0.4 | $ | - | ||||||||||
Forward exchange contracts designated as cash flow hedges | Deferred taxes and other | 0.1 | 0.4 | ||||||||||||
$ | -0.3 | $ | 0.4 | ||||||||||||
Forward exchange contracts | |||||||||||||||
In 2014 and 2013, the Company entered into a series of forward exchange contracts to purchase U.S. dollars in order to hedge its exposure to fluctuating rates of exchange on anticipated inventory purchases by one of its Canadian subsidiaries. As of June 30, 2014, the Company had 18 individual forward exchange contracts for a notional $1.0 million each, which have various expiration dates through June 2015. These contracts have been designated as cash flow hedges in accordance with the accounting guidance for derivatives. | |||||||||||||||
Interest rate locks | |||||||||||||||
Prior to the issuance of long-term notes in 2010 and 2008, the Company entered into forward interest rate locks to hedge its exposure to fluctuations in treasury rates. The 2010 interest rate lock resulted in a pretax $1.6 million loss while the 2008 interest rate lock resulted in a pretax $1.2 million gain. These amounts were recorded in Accumulated other comprehensive loss, net of tax, and are being amortized over the life of the respective notes. The amortization associated with these interest rate locks is reclassified from Accumulated other comprehensive loss to Interest expense, net in the Condensed Consolidated Statement of Income. The amortization reclassification for the three and six months ended June 30, 2014 and 2013 was not material. As of both June 30, 2014 and December 31, 2013 there was $0.4 million of net unamortized losses reflected in Accumulated other comprehensive loss. | |||||||||||||||
The following table summarizes the results of cash flow hedging relationships for the three months ended June 30, 2014 and 2013 (in millions): | |||||||||||||||
Derivative Gain/(Loss) Recognized in Accumulated Other Comprehensive Loss (net of tax) | Gain/(Loss) Reclassified into Earnings (Effective Portion) | ||||||||||||||
Derivative Instrument | 2014 | 2013 | Location of Gain/(Loss) Reclassified into Income (Effective Portion) | 2014 | 2013 | ||||||||||
Forward exchange contract | $ | -0.5 | $ | 0.1 | Cost of goods sold | $ | 0.2 | $ | - | ||||||
The following table summarizes the results of cash flow hedging relationships for the six months ended June 30, 2014 and 2013 (in millions): | |||||||||||||||
Derivative Gain/(Loss) Recognized in Accumulated Other Comprehensive Loss (net of tax) | Gain/(Loss) Reclassified into Earnings (Effective Portion) | ||||||||||||||
Derivative Instrument | 2014 | 2013 | Location of Gain/(Loss) Reclassified into Income (Effective Portion) | 2014 | 2013 | ||||||||||
Forward exchange contract | $ | - | $ | 0.6 | Cost of goods sold | $ | 0.6 | $ | 0.1 | ||||||
There was no hedge ineffectiveness with respect to the forward exchange cash flow hedges during the three and six months ended June 30, 2014 and 2013. | |||||||||||||||
Long-term Debt | |||||||||||||||
The total carrying value of long-term debt as of June 30, 2014 and December 31, 2013 was $597.4 million and $597.2 million, respectively, net of unamortized discount. As of June 30, 2014 and December 31, 2013, the estimated fair value of the long-term debt was $639.5 million and $631.0 million, respectively, using quoted market prices in active markets for similar liabilities (Level 2). | |||||||||||||||
Commitment_and_Contigencies
Commitment and Contigencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies [TextBlock] | ' |
Note 14 — Commitments and Contingencies | |
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 consideration of outside legal counsel and, if applicable, other experts. | |
The Company is currently involved in litigation with Powerweb Energy, Inc. The lawsuit alleges breach of contract, breach of the duty of good faith and fair dealing, unjust enrichment, misappropriation of trade secrets, misappropriation of idea, conversion, breach of fiduciary duty, and unfair trade practices as a result of actions including the Company's development and sale of wiHUBB wireless lighting technology. The lawsuit seeks damages, court costs, interest, attorney's fees, a constructive trust, and an injunction prohibiting the Company and its two subsidiaries from using Powerweb's claimed technology or disclosing the claimed Powerweb technology to any third parties. The Company's motion to dismiss the case was denied by the District Court in November 2012. The Company moved for summary judgment on all of Powerweb's claims. Since the beginning of the second quarter of 2014, the Court granted the Company's summary judgment motions in part, entering judgment in the Company's favor as to Powerweb's claims for unjust enrichment, conversion, and on Powerweb's claim for lost profits. Summary judgments relating to all other claims were denied. Discovery is now complete and no trial date has been set. The Company believes it has meritorious defenses against all of the remaining claims and will continue to vigorously defend this matter. During 2013, the Company recorded an accrual equal to the low end of its estimated range of outcome. In addition, the Company does not believe the outcome will result in a material amount in excess of the existing accrual. Given the inherent uncertainty of litigation, however, the ultimate resolution of this matter remains unclear and could have a material adverse effect on the Company's financial position, liquidity and results of operations. | |
Business_Acquisition_Tables
Business Acquisition (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Business Acquisitions [Abstract] | ' | ||||
ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock | ' | ||||
Tangible assets acquired | $ | 58.7 | |||
Intangible assets | 56 | ||||
Goodwill | 69.9 | ||||
Net deferred tax liabilities | -17.8 | ||||
Other liabilities assumed | -19.5 | ||||
Total cash consideration, net | $ | 147.3 |
Segment_Tables
Segment (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment [Table Text Block] | ' | |||||||||||||||||||
Operating Income | ||||||||||||||||||||
Net Sales | Operating Income | as a % of Net Sales | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Three Months Ended June 30 | ||||||||||||||||||||
Electrical | $ | 612.4 | $ | 564.5 | $ | 95.5 | $ | 88.9 | 15.60% | 15.70% | ||||||||||
Power | 243.4 | 236.8 | 48.2 | 43.2 | 19.80% | 18.20% | ||||||||||||||
Total | $ | 855.8 | $ | 801.3 | $ | 143.7 | $ | 132.1 | 16.80% | 16.50% | ||||||||||
Six Months Ended June 30 | ||||||||||||||||||||
Electrical | $ | 1,151.20 | $ | 1,079.80 | $ | 163.6 | $ | 150.5 | 14.20% | 13.90% | ||||||||||
Power | 464.1 | 461.6 | 84.9 | 79.3 | 18.30% | 17.20% | ||||||||||||||
Total | $ | 1,615.30 | $ | 1,541.40 | $ | 248.5 | $ | 229.8 | 15.40% | 14.90% |
Inventory_Tables
Inventory (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Table Text Block [Abstract] | ' | ||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||
30-Jun-14 | 31-Dec-13 | ||||||
Raw material | $ | 144.7 | $ | 122.3 | |||
Work-in-process | 100.5 | 87.2 | |||||
Finished goods | 267.8 | 259.4 | |||||
513 | 468.9 | ||||||
Excess of FIFO over LIFO cost basis | -83.2 | -83.2 | |||||
Total | $ | 429.8 | $ | 385.7 |
Goodwill_and_Intangible_Tables
Goodwill and Intangible (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Table Text Block [Abstract] | ' | |||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||
Segment | ||||||||||||
Electrical | Power | Total | ||||||||||
Balance December 31, 2013 | $ | 520.9 | $ | 279.5 | $ | 800.4 | ||||||
Acquisitions | 52.1 | 17.8 | 69.9 | |||||||||
Translation/other | 2.2 | 0.7 | 2.9 | |||||||||
Balance June 30, 2014 | $ | 575.2 | $ | 298 | $ | 873.2 | ||||||
Schedule of Intangible Assets [Table Text Block] | ' | |||||||||||
30-Jun-14 | 31-Dec-13 | |||||||||||
Accumulated | Accumulated | |||||||||||
Gross Amount | Amortization | Gross Amount | Amortization | |||||||||
Definite-lived: | ||||||||||||
Patents, tradenames and trademarks | $ | 125.5 | $ | -30.2 | $ | 111.2 | $ | -27.7 | ||||
Customer/agent relationships and other | 261.9 | -81.9 | 222.2 | -75 | ||||||||
Total | 387.4 | -112.1 | 333.4 | -102.7 | ||||||||
Indefinite-lived: | ||||||||||||
Tradenames and other | 55.9 | - | 55.9 | - | ||||||||
Total | $ | 443.3 | $ | -112.1 | $ | 389.3 | $ | -102.7 |
Other_Accrued_Liabilities_Tabl
Other Accrued Liabilities (Table) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Table Text Block [Abstract] | ' | |||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | |||||||
30-Jun-14 | 31-Dec-13 | |||||||
Customer program incentives | $ | 25.4 | $ | 39.1 | ||||
Accrued income taxes | 4.9 | 11.8 | ||||||
Deferred revenue | 17.7 | 15.8 | ||||||
Other | 58.8 | 57.6 | ||||||
Total | $ | 106.8 | $ | 124.3 |
Other_Noncurrent_Liab_Table
Other Noncurrent Liab (Table) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Table Text Block [Abstract] | ' | |||||||
Other Noncurrent Liabilities [TableTextBlock] | ' | |||||||
30-Jun-14 | 31-Dec-13 | |||||||
Pensions | $ | 79.6 | $ | 78.9 | ||||
Other postretirement benefits | 25.5 | 25.6 | ||||||
Deferred tax liabilities | 85.1 | 66.7 | ||||||
Other | 51.3 | 37 | ||||||
Total | $ | 241.5 | $ | 208.2 |
Equity_Tables
Equity (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Table Text Block [Abstract] | ' | ||||||||||||||||||
Schedule Of Total Equity [TableTextBlock] | ' | ||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Common stock, $.01 par value: | |||||||||||||||||||
Class A - authorized 50.0 shares; issued and outstanding 7.2 and 7.2 shares | $ | 0.1 | $ | 0.1 | |||||||||||||||
Class B - authorized 150.0 shares; issued and outstanding 51.9 and 52.0 shares | 0.5 | 0.5 | |||||||||||||||||
Additional paid-in-capital | 26.8 | 44.2 | |||||||||||||||||
Retained earnings | 2,027.80 | 1,932.60 | |||||||||||||||||
Accumulated other comprehensive loss: | |||||||||||||||||||
Pension and post retirement benefit plan adjustment, net of tax | -66.1 | -67 | |||||||||||||||||
Cumulative translation adjustment | 8.5 | -4.2 | |||||||||||||||||
Unrealized gain on investment, net of tax | 0.4 | 0.4 | |||||||||||||||||
Cash flow hedge loss, net of tax | -0.6 | -0.2 | |||||||||||||||||
Total Accumulated other comprehensive loss | -57.8 | -71 | |||||||||||||||||
Hubbell shareholders' equity | 1,997.40 | 1,906.40 | |||||||||||||||||
Noncontrolling interest | 8.8 | 8.4 | |||||||||||||||||
Total equity | $ | 2,006.20 | $ | 1,914.80 | |||||||||||||||
Schedule of Changes in Total Equity [TableTextBlock] | ' | ||||||||||||||||||
Six Months Ended June 30 | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Hubbell Shareholders' Equity | Noncontrolling interest | Total Equity | Hubbell Shareholders' Equity | Noncontrolling interest | Total Equity | ||||||||||||||
Equity, January 1, | $ | 1,906.40 | $ | 8.4 | $ | 1,914.80 | $ | 1,661.20 | $ | 6.7 | $ | 1,667.90 | |||||||
Total comprehensive income | 167.6 | 1.7 | 169.3 | 130.7 | 1.8 | 132.5 | |||||||||||||
Stock-based compensation | 6.3 | - | 6.3 | 5.4 | - | 5.4 | |||||||||||||
Exercise of stock options | 0.7 | - | 0.7 | 1.1 | - | 1.1 | |||||||||||||
Income tax windfall from stock-based awards, net | 6.2 | - | 6.2 | 5.6 | - | 5.6 | |||||||||||||
Repurchase/surrender of common shares | -31.1 | - | -31.1 | -15 | - | -15 | |||||||||||||
Issuance of shares related to directors' deferred compensation | 0.5 | - | 0.5 | 0.1 | - | 0.1 | |||||||||||||
Dividends to noncontrolling interest | - | -1.3 | -1.3 | - | -0.7 | -0.7 | |||||||||||||
Cash dividends declared | -59.2 | - | -59.2 | -53.4 | - | -53.4 | |||||||||||||
Equity, June 30, | $ | 1,997.40 | $ | 8.8 | $ | 2,006.20 | $ | 1,735.70 | $ | 7.8 | $ | 1,743.50 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Income Loss [Abstract] | ' | ||||||||||||||||
Schedule Of Accumulated Other Comprehensive Income Loss [TableTextBlock] | ' | ||||||||||||||||
(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, 2013 | $ | -0.2 | $ | 0.4 | $ | -67 | $ | -4.2 | $ | -71 | |||||||
Other comprehensive income (loss) before | |||||||||||||||||
reclassifications | - | - | - | 12.7 | 12.7 | ||||||||||||
Amounts reclassified from accumulated | |||||||||||||||||
other comprehensive loss | -0.4 | - | 0.9 | - | 0.5 | ||||||||||||
Current period other comprehensive income (loss) | -0.4 | - | 0.9 | 12.7 | 13.2 | ||||||||||||
Balance at June 30, 2014 | $ | -0.6 | $ | 0.4 | $ | -66.1 | $ | 8.5 | $ | -57.8 | |||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Three Months Ended June 30, 2014 | Three Months Ended June 30, 2013 | Location of Gain (Loss) Reclassified into Income | ||||||||||||||
Cash flow hedges gain (loss): | |||||||||||||||||
Forward exchange contracts | $ | 0.2 | $ | - | Cost of goods sold | ||||||||||||
0.2 | - | Total before tax | |||||||||||||||
-0.1 | - | Tax (expense) benefit | |||||||||||||||
$ | 0.1 | $ | - | Gain (loss) net of tax | |||||||||||||
Amortization of defined benefit pension and post retirement benefit items: | |||||||||||||||||
Prior-service costs | $ | 0.2 | $ | 0.2 | (a) | ||||||||||||
Actuarial gains/(losses) | -0.8 | -3.5 | (a) | ||||||||||||||
-0.6 | -3.3 | Total before tax | |||||||||||||||
0.2 | 1.2 | Tax benefit (expense) | |||||||||||||||
$ | -0.4 | $ | -2.1 | (Loss) gain net of tax | |||||||||||||
Losses reclassified into earnings | $ | -0.3 | $ | -2.1 | (Loss) gain net of tax | ||||||||||||
(a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 11 - Pension and Other Benefits for additional details). | |||||||||||||||||
Details about Accumulated Other Comprehensive Loss Components | Six Months Ended June 30, 2014 | Six Months Ended June 30, 2013 | Location of Gain (Loss) Reclassified into Income | ||||||||||||||
Cash flow hedges gain (loss): | |||||||||||||||||
Forward exchange contracts | $ | 0.6 | $ | 0.1 | Cost of goods sold | ||||||||||||
0.6 | 0.1 | Total before tax | |||||||||||||||
-0.2 | - | Tax (expense) benefit | |||||||||||||||
$ | 0.4 | $ | 0.1 | Gain (loss) net of tax | |||||||||||||
Amortization of defined benefit pension and post retirement benefit items: | |||||||||||||||||
Prior-service costs | $ | 0.3 | $ | 0.4 | (a) | ||||||||||||
Actuarial gains/(losses) | -1.7 | -7.1 | (a) | ||||||||||||||
-1.4 | -6.7 | Total before tax | |||||||||||||||
0.5 | 2.4 | Tax benefit (expense) | |||||||||||||||
$ | -0.9 | $ | -4.3 | (Loss) gain net of tax | |||||||||||||
Losses reclassified into earnings | $ | -0.5 | $ | -4.2 | (Loss) gain net of tax | ||||||||||||
(a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 11 - Pension and Other Benefits for additional details). |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Table Text Block [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
30-Jun | 30-Jun | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Numerator: | |||||||||||||
Net income attributable to Hubbell | $ | 90.2 | $ | 82.1 | $ | 154.4 | $ | 148 | |||||
Less: Earnings allocated to participating securities | 0.3 | 0.3 | 0.5 | 0.5 | |||||||||
Net income available to common shareholders | $ | 89.9 | $ | 81.8 | $ | 153.9 | $ | 147.5 | |||||
Denominator: | |||||||||||||
Average number of common shares outstanding | 59 | 59.1 | 59 | 59.1 | |||||||||
Potential dilutive shares | 0.4 | 0.5 | 0.5 | 0.5 | |||||||||
Average number of diluted shares outstanding | 59.4 | 59.6 | 59.5 | 59.6 | |||||||||
Earnings per share: | |||||||||||||
Basic | $ | 1.53 | $ | 1.38 | $ | 2.61 | $ | 2.49 | |||||
Diluted | $ | 1.51 | $ | 1.37 | $ | 2.59 | $ | 2.47 |
Pension_Tables
Pension (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Table Text Block [Abstract] | ' | ||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | ' | ||||||||||||
Pension Benefits | Other Benefits | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Three Months Ended June 30 | |||||||||||||
Service cost | $ | 3.8 | $ | 4 | $ | - | $ | - | |||||
Interest cost | 10.2 | 9.1 | 0.4 | 0.4 | |||||||||
Expected return on plan assets | -11.3 | -11.6 | - | - | |||||||||
Amortization of prior service cost | - | 0.1 | -0.2 | -0.3 | |||||||||
Amortization of actuarial losses/(gains) | 0.9 | 3.5 | -0.1 | - | |||||||||
Net periodic benefit cost | $ | 3.6 | $ | 5.1 | $ | 0.1 | $ | 0.1 | |||||
Six Months Ended June 30 | |||||||||||||
Service cost | $ | 7.5 | $ | 8 | $ | - | $ | - | |||||
Interest cost | 20.4 | 18.2 | 0.6 | 0.6 | |||||||||
Expected return on plan assets | -22.6 | -23.3 | - | - | |||||||||
Amortization of prior service cost | 0.1 | 0.1 | -0.4 | -0.5 | |||||||||
Amortization of actuarial losses/(gains) | 1.8 | 7.1 | -0.1 | - | |||||||||
Net periodic benefit cost | $ | 7.2 | $ | 10.1 | $ | 0.1 | $ | 0.1 |
Guarantees_Tables
Guarantees (Tables) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Table Text Block [Abstract] | ' | |||
Schedule of Product Warranty Liability [Table Text Block] | ' | |||
Balance at December 31, 2013 | $ | 6.6 | ||
Provision | 5.5 | |||
Expenditures/other | -5.4 | |||
Balance at June 30, 2014 | $ | 6.7 |
Fair_Value_Tables
Fair Value (Tables) | 6 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
Table Text Block [Abstract] | ' | ||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||
Asset (Liability) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Similar Assets (Level 2) | Total | ||||||||||||
30-Jun-14 | |||||||||||||||
Money market funds (a) | $ | 334.9 | $ | - | $ | 334.9 | |||||||||
Available for sale investments | 39.5 | - | 39.5 | ||||||||||||
Trading securities | 8.7 | - | 8.7 | ||||||||||||
Deferred compensation plan liabilities | -8.7 | - | -8.7 | ||||||||||||
Derivatives: | |||||||||||||||
Forward exchange contracts | - | -0.3 | -0.3 | ||||||||||||
$ | 374.4 | $ | -0.3 | $ | 374.1 | ||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Quoted Prices in Active Markets for Similar Assets (Level 2) | Total | |||||||||||||
31-Dec-13 | |||||||||||||||
Money market funds (a) | $ | 482.2 | $ | - | $ | 482.2 | |||||||||
Available for sale investments | 38.6 | - | 38.6 | ||||||||||||
Trading securities | 7.3 | - | 7.3 | ||||||||||||
Deferred compensation plan liabilities | -7.3 | - | -7.3 | ||||||||||||
Derivatives: | |||||||||||||||
Forward exchange contracts | - | 0.4 | 0.4 | ||||||||||||
$ | 520.8 | $ | 0.4 | $ | 521.2 | ||||||||||
(a) Money market funds are reflected in Cash and cash equivalents in the Condensed Consolidated Balance Sheet. | |||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||||||
Asset/(Liability) Derivatives | |||||||||||||||
Fair Value | |||||||||||||||
Derivatives designated as hedges | Balance Sheet Location | 30-Jun-14 | 31-Dec-13 | ||||||||||||
Forward exchange contracts designated as cash flow hedges | Other accrued liabilities | $ | -0.4 | $ | - | ||||||||||
Forward exchange contracts designated as cash flow hedges | Deferred taxes and other | 0.1 | 0.4 | ||||||||||||
$ | -0.3 | $ | 0.4 | ||||||||||||
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | ||||||||||||||
Derivative Gain/(Loss) Recognized in Accumulated Other Comprehensive Loss (net of tax) | Gain/(Loss) Reclassified into Earnings (Effective Portion) | ||||||||||||||
Derivative Instrument | 2014 | 2013 | Location of Gain/(Loss) Reclassified into Income (Effective Portion) | 2014 | 2013 | ||||||||||
Forward exchange contract | $ | -0.5 | $ | 0.1 | Cost of goods sold | $ | 0.2 | $ | - | ||||||
Derivative Gain/(Loss) Recognized in Accumulated Other Comprehensive Loss (net of tax) | Gain/(Loss) Reclassified into Earnings (Effective Portion) | ||||||||||||||
Derivative Instrument | 2014 | 2013 | Location of Gain/(Loss) Reclassified into Income (Effective Portion) | 2014 | 2013 | ||||||||||
Forward exchange contract | $ | - | $ | 0.6 | Cost of goods sold | $ | 0.6 | $ | 0.1 |
Business_Acquisitions_Details
Business Acquisitions (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Business Acquisition [Line Items] | ' | ' |
Tangible assets acquired | $58.70 | ' |
Intangible assets | 56 | ' |
Goodwill | 69.9 | ' |
Net Deferred Tax Liabilities | -17.8 | ' |
Liabilities Assumed | -19.5 | ' |
Payments To Acquire Businesses Net Of Cash Acquired | 147.3 | 81.7 |
Powerohm [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Intangible assets | 22.3 | ' |
Goodwill | 33.8 | ' |
Payments To Acquire Businesses Net Of Cash Acquired | 51.7 | ' |
Finite-Lived Intangible Assets, Useful Life | '19 years | ' |
Fiber Cable [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Intangible assets | 4.3 | ' |
Goodwill | 3 | ' |
Payments To Acquire Businesses Net Of Cash Acquired | 8.3 | ' |
Finite-Lived Intangible Assets, Useful Life | '19 years | ' |
Pencell [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Intangible assets | 5.2 | ' |
Goodwill | 12.1 | ' |
Payments To Acquire Businesses Net Of Cash Acquired | 30.9 | ' |
Finite-Lived Intangible Assets, Useful Life | '22 years | ' |
Reuel [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Intangible assets | 5.8 | ' |
Goodwill | 2.7 | ' |
Payments To Acquire Businesses Net Of Cash Acquired | 11.5 | ' |
Finite-Lived Intangible Assets, Useful Life | '11 years | ' |
Litecontrol [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Intangible assets | 18.4 | ' |
Goodwill | 18.3 | ' |
Payments To Acquire Businesses Net Of Cash Acquired | $44.90 | ' |
Finite-Lived Intangible Assets, Useful Life | '13 years | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $855.80 | $801.30 | $1,615.30 | $1,541.40 |
Operating Income | 143.7 | 132.1 | 248.5 | 229.8 |
Operating Income as a % of Net Sales | 16.80% | 16.50% | 15.40% | 14.90% |
Electrical [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 612.4 | 564.5 | 1,151.20 | 1,079.80 |
Operating Income | 95.5 | 88.9 | 163.6 | 150.5 |
Operating Income as a % of Net Sales | 15.60% | 15.70% | 14.20% | 13.90% |
Power [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 243.4 | 236.8 | 464.1 | 461.6 |
Operating Income | $48.20 | $43.20 | $84.90 | $79.30 |
Operating Income as a % of Net Sales | 19.80% | 18.20% | 18.30% | 17.20% |
Inventory_Details
Inventory (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory, Net Disclosure [Abstract] | ' | ' |
Raw Materials | $144.70 | $122.30 |
Work in Process | 100.5 | 87.2 |
Finished Goods | 267.8 | 259.4 |
Inventory Subtotal | 513 | 468.9 |
Excess of FIFO over LIFO cost basis | -83.2 | -83.2 |
Inventories, Net | $429.80 | $385.70 |
Goodwill_and_Intangible_Detail
Goodwill and Intangible (Details) (USD $) | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Goodwill Roll Forward | ' | ' | ' |
Goodwill, Beginning Balance | $800.40 | ' | ' |
Goodwill Acquired | 69.9 | ' | ' |
Translation adjustments | 2.9 | ' | ' |
Goodwill, Ending Balance | 873.2 | ' | ' |
Payments To Acquire Businesses Net Of Cash Acquired | 147.3 | 81.7 | ' |
Goodwill, Acquired During Period | 69.9 | ' | ' |
Other Intangible Assets [Line Items] | ' | ' | ' |
Gross Amount Finite Intangible | 387.4 | ' | 333.4 |
Gross Amount Indefinite Lived Intangible | 55.9 | ' | 55.9 |
Total Gross Other Intangible Assets | 443.3 | ' | 389.3 |
Accumulated Amortization Intangible | -112.1 | ' | -102.7 |
Finite-Lived Intangible Assets, Future Amortization Expense, Current and Five Succeeding Fiscal Years [Abstract] | ' | ' | ' |
Year to date amortization expense | 11.7 | 9.6 | ' |
Future Amortization Expense, Remainder of Fiscal Year | 11.5 | ' | ' |
Future Amort Yr1 | 21.5 | ' | ' |
Future Amort Yr2 | 20.6 | ' | ' |
Future Amort Yr3 | 19.4 | ' | ' |
Future Amort Yr4 | 17.7 | ' | ' |
Future Amort Yr5 | 16.3 | ' | ' |
Goodwill Annual Impairment Test [Abstract] | ' | ' | ' |
Excess Of Goodwill Implied Fair Value Over Carrying Value Beginning Range | 100.00% | ' | ' |
Excess Of Goodwill Implied Fair Value Over Carrying Value End Of Range | 400.00% | ' | ' |
Disclosure Of Date Of Annual Goodwill Impairment Test | 1-Apr-14 | ' | ' |
Tradenames Other [Member] | ' | ' | ' |
Other Intangible Assets [Line Items] | ' | ' | ' |
Gross Amount Indefinite Lived Intangible | 55.9 | ' | 55.9 |
Patents Tradenames Trademarks [Member] | ' | ' | ' |
Other Intangible Assets [Line Items] | ' | ' | ' |
Gross Amount Finite Intangible | 125.5 | ' | 111.2 |
Accumulated Amortization Intangible | -30.2 | ' | -27.7 |
Customer Relationships [Member] | ' | ' | ' |
Other Intangible Assets [Line Items] | ' | ' | ' |
Gross Amount Finite Intangible | 261.9 | ' | 222.2 |
Accumulated Amortization Intangible | -81.9 | ' | -75 |
Electrical [Member] | ' | ' | ' |
Goodwill Roll Forward | ' | ' | ' |
Goodwill, Beginning Balance | 520.9 | ' | ' |
Goodwill Acquired | 52.1 | ' | ' |
Translation adjustments | 2.2 | ' | ' |
Goodwill, Ending Balance | 575.2 | ' | ' |
Power [Member] | ' | ' | ' |
Goodwill Roll Forward | ' | ' | ' |
Goodwill, Beginning Balance | 279.5 | ' | ' |
Goodwill Acquired | 17.8 | ' | ' |
Translation adjustments | 0.7 | ' | ' |
Goodwill, Ending Balance | $298 | ' | ' |
Other_Accrued_Liabilities_Deta
Other Accrued Liabilities (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Accrued Liabilities Current [Abstract] | ' | ' |
Deferred revenue | $17.70 | $15.80 |
Customer incentive programs | 25.4 | 39.1 |
Accrued Income Taxes Current | 4.9 | 11.8 |
Other | 58.8 | 57.6 |
Accrued Liabilities Current | $106.80 | $124.30 |
Other_Noncurrent_Liab_Details
Other Noncurrent Liab (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Non-Current Liabilities [Abstract] | ' | ' |
Pensions | $79.60 | $78.90 |
Other Postretirement Benefits | 25.5 | 25.6 |
Deferred Tax Liabilities | 85.1 | 66.7 |
Other Liabilities Noncurrent | 51.3 | 37 |
Other Noncurrent Liab | $241.50 | $208.20 |
Equity_I_Details
Equity I (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
Equity [Line Items] | ' | ' | ' | ' |
Common stock par value | $0.60 | $0.60 | ' | ' |
Additional Paid In Capital | 26.8 | 44.2 | ' | ' |
Retained Earnings | 2,027.80 | 1,932.60 | ' | ' |
Accumulated Other Comprehensive Loss [Abstract] | ' | ' | ' | ' |
Pension and post retirement benefit plan adjustment, net of tax | -66.1 | -67 | ' | ' |
Cumulative translation adjustment | 8.5 | -4.2 | ' | ' |
Unrealized gain on investment, net of tax | 0.4 | 0.4 | ' | ' |
Cash flow hedge loss, net of tax | -0.6 | -0.2 | ' | ' |
Total Accumulated Other Comprehensive Loss | -57.8 | -71 | ' | ' |
Hubbell Shareholders' Equity | 1,997.40 | 1,906.40 | ' | ' |
Noncontrolling interest | 8.8 | 8.4 | ' | ' |
Total Equity | 2,006.20 | 1,914.80 | 1,743.50 | 1,667.90 |
Class A Common Stock | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' |
Common stock par value | 0.1 | 0.1 | ' | ' |
Class B Common Stock | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' |
Common stock par value | $0.50 | $0.50 | ' | ' |
Equity_II_Details
Equity II (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Equity, beginning of period | ' | ' | $1,914.80 | $1,667.90 |
Total comprehensive income | 100.7 | 71.6 | 169.3 | 132.5 |
Stock-based compensation | ' | ' | 6.3 | 5.4 |
Stock Options Exercised | ' | ' | 0.7 | 1.1 |
Income tax windfall from stock-based awards, net | ' | ' | 6.2 | 5.6 |
Acquisition and surrender of common shares | ' | ' | -31.1 | -15 |
Issuance of shares related to director's deferred compensation | ' | ' | 0.5 | 0.1 |
Dividends to noncontrolling interest | ' | ' | -1.3 | -0.7 |
Cash dividends declared | ' | ' | -59.2 | -53.4 |
Equity, end of period | 2,006.20 | 1,743.50 | 2,006.20 | 1,743.50 |
Hubbell Shareholders Equity [Member] | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Equity, beginning of period | ' | ' | 1,906.40 | 1,661.20 |
Total comprehensive income | ' | ' | 167.6 | 130.7 |
Stock-based compensation | ' | ' | 6.3 | 5.4 |
Stock Options Exercised | ' | ' | 0.7 | 1.1 |
Income tax windfall from stock-based awards, net | ' | ' | 6.2 | 5.6 |
Acquisition and surrender of common shares | ' | ' | -31.1 | -15 |
Issuance of shares related to director's deferred compensation | ' | ' | 0.5 | 0.1 |
Dividends to noncontrolling interest | ' | ' | 0 | 0 |
Cash dividends declared | ' | ' | -59.2 | -53.4 |
Equity, end of period | 1,997.40 | 1,735.70 | 1,997.40 | 1,735.70 |
Noncontrolling Interest [Member] | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Equity, beginning of period | ' | ' | 8.4 | 6.7 |
Total comprehensive income | ' | ' | 1.7 | 1.8 |
Stock-based compensation | ' | ' | 0 | 0 |
Stock Options Exercised | ' | ' | 0 | 0 |
Income tax windfall from stock-based awards, net | ' | ' | 0 | 0 |
Acquisition and surrender of common shares | ' | ' | 0 | 0 |
Issuance of shares related to director's deferred compensation | ' | ' | 0 | 0 |
Dividends to noncontrolling interest | ' | ' | -1.3 | -0.7 |
Cash dividends declared | ' | ' | 0 | 0 |
Equity, end of period | $8.80 | $7.80 | $8.80 | $7.80 |
Equity_parenthetical
Equity (parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Common Stock Number Of Shares Par Value And Other Disclosures Abstract | ' | ' |
Common Stock Par Value Per Share | $0.01 | $0.01 |
Class A Common Stock | ' | ' |
Class Of Stock [Line Items] | ' | ' |
Common Stock Shares Authorized | 50 | 50 |
Common Stock Shares Outstanding | 7.2 | 7.2 |
Class B Common Stock | ' | ' |
Class Of Stock [Line Items] | ' | ' |
Common Stock Shares Authorized | 150 | 150 |
Common Stock Shares Outstanding | 51.9 | 52 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' |
Beginning Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ' | ($71) | ' | ' |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | ' | ' | 12.7 | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ' | ' | 0.5 | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | 13.2 | ' | ' |
Ending Accumulated Other Comprehensive Income (Loss), Net of Tax | -57.8 | ' | -57.8 | ' | ' |
Cash flow hedge before reclassification | ' | ' | 0 | ' | ' |
Cash flow hedge reclassification, net of tax | ' | ' | -0.4 | ' | ' |
Change in unrealized (losses) gains on cash flow hedges, net of tax | -0.6 | 0.1 | -0.4 | 0.5 | ' |
Cash flow hedge loss, net of tax | -0.6 | ' | -0.6 | ' | -0.2 |
Pension before reclassification | ' | ' | 0 | ' | ' |
Pension OPEB Reclassification, Net of Tax | ' | ' | 0.9 | ' | ' |
Amortization of pension and post retirement benefit plans' prior service costs and net actuarial losses, net of tax | -0.4 | -2.1 | -0.9 | -4.3 | ' |
Pension and post retirement benefit plan adjustment, net of tax | -66.1 | ' | -66.1 | ' | -67 |
Available For Sale OCI Before Reclassification | ' | ' | 0 | ' | ' |
Available For Sale Reclassification, Net of Tax | ' | ' | 0 | ' | ' |
Change in unrealized gains on investments, net of tax | 0.1 | -0.3 | 0 | -0.3 | ' |
Unrealized gain on investment, net of tax | 0.4 | ' | 0.4 | ' | 0.4 |
Foreign currency translation adjustments | 10 | -13.3 | 12.7 | -21.8 | ' |
CTA Period OCI | ' | ' | 12.7 | ' | ' |
Cumulative translation adjustment | 8.5 | ' | 8.5 | ' | -4.2 |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax [Abstract] | ' | ' | ' | ' | ' |
Cost of good sold | -563.3 | -529.3 | -1,077.80 | -1,033.10 | ' |
Interest expense, net | -7 | -7.3 | -14.5 | -14.6 | ' |
Other (expense) income, net | -0.3 | -2 | -1.5 | -1.2 | ' |
Income before income taxes | 136.4 | 122.8 | 232.5 | 214 | ' |
Provision for income taxes | -45.6 | -39.8 | -76.4 | -64.2 | ' |
Total (losses) gains reclassified into earnings | ' | ' | 0.5 | ' | ' |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -0.3 | -2.1 | -0.5 | -4.2 | ' |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax [Abstract] | ' | ' | ' | ' | ' |
Total (losses) gains reclassified into earnings | -0.3 | -2.1 | -0.5 | -4.2 | ' |
Accumulated Net Gain Loss From Designated Or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.1 | 0 | 0.4 | 0.1 | ' |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax [Abstract] | ' | ' | ' | ' | ' |
Cost of good sold | 0.2 | 0 | 0.6 | 0.1 | ' |
Interest expense, net | ' | ' | 0 | 0 | ' |
Income before income taxes | 0.2 | 0 | 0.6 | 0.1 | ' |
Provision for income taxes | -0.1 | 0 | -0.2 | 0 | ' |
Total (losses) gains reclassified into earnings | 0.1 | 0 | 0.4 | 0.1 | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -0.4 | -2.1 | -0.9 | -4.3 | ' |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax [Abstract] | ' | ' | ' | ' | ' |
Pension Gain Loss Amort Before Tax | -0.8 | -3.5 | -1.7 | -7.1 | ' |
Pension Service Cost Amort Before Tax | 0.2 | 0.2 | 0.3 | 0.4 | ' |
Income before income taxes | -0.6 | -3.3 | -1.4 | -6.7 | ' |
Provision for income taxes | 0.2 | 1.2 | 0.5 | 2.4 | ' |
Total (losses) gains reclassified into earnings | ($0.40) | ($2.10) | ($0.90) | ($4.30) | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Numerator [Abstract] | ' | ' | ' | ' |
Net income attributable to Hubbell | $90.20 | $82.10 | $154.40 | $148 |
Undistributed Earnings Allocated to Participating Securities | 0.3 | 0.3 | 0.5 | 0.5 |
Net income available to common shareholders | $89.90 | $81.80 | $153.90 | $147.50 |
Denominator [Abstract] | ' | ' | ' | ' |
Weighted Average Number Of Shares Outstanding Basic | 59 | 59.1 | 59 | 59.1 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 0.4 | 0.5 | 0.5 | 0.5 |
Weighted Average Number Of Diluted Shares Outstanding | 59.4 | 59.6 | 59.5 | 59.6 |
Earnings Per Share Disclosure [Abstract] | ' | ' | ' | ' |
Earnings Per Share Basic | $1.53 | $1.38 | $2.61 | $2.49 |
Earnings Per Share Diluted | $1.51 | $1.37 | $2.59 | $2.47 |
Stock Option And Performance Shares Antidilutive Securities [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | 0 | 0 | 0 | 0 |
Stock Appreciation Rights Antidilutive Securities [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | 0 | 0 | 0 | 0 |
Pension_Details
Pension (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pension Benefits [Member] | ' | ' | ' | ' |
Components of net periodic benefit cost [Line Items] | ' | ' | ' | ' |
Service cost | $3.80 | $4 | $7.50 | $8 |
Interest cost | 10.2 | 9.1 | 20.4 | 18.2 |
Expected return on plan assets | -11.3 | -11.6 | -22.6 | -23.3 |
Amortization of prior service cost | 0 | 0.1 | 0.1 | 0.1 |
Amortization of actuarial losses/(gains) | 0.9 | 3.5 | 1.8 | 7.1 |
Net periodic benefit cost | 3.6 | 5.1 | 7.2 | 10.1 |
Other Benefits [Member] | ' | ' | ' | ' |
Components of net periodic benefit cost [Line Items] | ' | ' | ' | ' |
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 0.4 | 0.4 | 0.6 | 0.6 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | -0.2 | -0.3 | -0.4 | -0.5 |
Amortization of actuarial losses/(gains) | -0.1 | 0 | -0.1 | 0 |
Net periodic benefit cost | 0.1 | 0.1 | 0.1 | 0.1 |
Foreign Plan [Member] | ' | ' | ' | ' |
Components of net periodic benefit cost [Line Items] | ' | ' | ' | ' |
Contribution to defined benefit pension plans | ' | ' | 2.8 | ' |
Defined Benefit Plan Estimated Total Employer Contributions In Current Fiscal Year | ' | ' | 4.9 | ' |
Domestic Plan [Member] | ' | ' | ' | ' |
Components of net periodic benefit cost [Line Items] | ' | ' | ' | ' |
Contribution to defined benefit pension plans | ' | ' | $0 | ' |
Guarantees_Details
Guarantees (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Guarantees [Abstract] | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | ' |
Guarantor Obligations, Current Carrying Value | 0 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ' |
Beginning Balance Warranty Accrual | 6.6 |
Provision | 5.5 |
Standard Product Warranty Expenditures And Other | -5.4 |
Ending Balance Warranty Accrual | $6.70 |
Fair_Value_Details
Fair Value (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Nov. 30, 2010 | 31-May-08 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||
Deferred Compensation Plans [Abstract] | ' | ' | ' | ' | ' | ' | ' | |||
Payments to Acquire Trading Securities Held-for-investment | ' | ' | ' | ' | $1.20 | $0.90 | ' | |||
Proceeds From Sale Of Trading Securities Held for investment | ' | ' | 0.2 | ' | ' | ' | 0 | |||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||
Forward exchange contracts designated as cash flow hedges gain (loss) recognized in Accumulated Other Comprehensive Loss, Effective Portion, Net | ' | ' | -0.5 | 0.1 | 0 | 0.6 | ' | |||
Number of Forward Exchange contracts held | ' | ' | 18 | ' | 18 | ' | ' | |||
Maximum Remaining Maturity of forward exchange contracts | ' | ' | '12 months | ' | ' | ' | ' | |||
Notional Amount of Forward Exchange Contracts | ' | ' | 1 | ' | 1 | ' | ' | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net [Abstract] | ' | ' | ' | ' | ' | ' | ' | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | ' | ' | ' | ' | 0 | 0 | ' | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | ' | ' | ' | ' | 0 | 0 | ' | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | ' | ' | ' | ' | 0 | 0 | ' | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers out of Level 3 | ' | ' | ' | ' | 0 | 0 | ' | |||
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||
Money Market Funds, at Carrying Value | ' | ' | 334.9 | [1] | ' | 334.9 | [1] | ' | 482.2 | [1] |
Available-for-sale Investments | ' | ' | 39.5 | ' | 39.5 | ' | 38.6 | |||
Trading Securities | ' | ' | 8.7 | ' | 8.7 | ' | 7.3 | |||
Deferred Compensation Plan Liabilities | ' | ' | -8.7 | ' | -8.7 | ' | -7.3 | |||
Assets, Net Fair Value Disclosure | ' | ' | 374.1 | ' | 374.1 | ' | 521.2 | |||
Derivatives: [Abstract] | ' | ' | ' | ' | ' | ' | ' | |||
Forward Exchange contracts | ' | ' | -0.3 | ' | -0.3 | ' | 0.4 | |||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net, Total [Abstract] | ' | ' | ' | ' | ' | ' | ' | |||
Gain (Loss) on Foreign Currency Cash Flow Hedge Ineffectiveness | ' | ' | 0 | ' | ' | ' | ' | |||
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness | ' | ' | 0 | ' | ' | ' | ' | |||
Interest Rate Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | -1.6 | 1.2 | ' | ' | 0.4 | ' | 0.4 | |||
Long-term Debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | |||
Long-term Debt, Fair Value | ' | ' | 639.5 | ' | 639.5 | ' | 631 | |||
Long-Term Debt carrying value | ' | ' | 597.4 | ' | 597.4 | ' | 597.2 | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||
Cost of good sold | ' | ' | -563.3 | -529.3 | -1,077.80 | -1,033.10 | ' | |||
Interest Income Expense Net | ' | ' | -7 | -7.3 | -14.5 | -14.6 | ' | |||
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' | ' | ' | ' | |||
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||
Money Market Funds, at Carrying Value | ' | ' | 334.9 | [1] | ' | 334.9 | [1] | ' | 482.2 | [1] |
Available-for-sale Investments | ' | ' | 39.5 | ' | 39.5 | ' | 38.6 | |||
Trading Securities | ' | ' | 8.7 | ' | 8.7 | ' | 7.3 | |||
Deferred Compensation Plan Liabilities | ' | ' | -8.7 | ' | -8.7 | ' | -7.3 | |||
Assets, Net Fair Value Disclosure | ' | ' | 374.4 | ' | 374.4 | ' | 520.8 | |||
Derivatives: [Abstract] | ' | ' | ' | ' | ' | ' | ' | |||
Forward Exchange contracts | ' | ' | 0 | ' | 0 | ' | 0 | |||
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' | ' | ' | ' | |||
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||
Money Market Funds, at Carrying Value | ' | ' | 0 | ' | 0 | ' | 0 | |||
Available-for-sale Investments | ' | ' | 0 | ' | 0 | ' | 0 | |||
Trading Securities | ' | ' | 0 | ' | 0 | ' | 0 | |||
Deferred Compensation Plan Liabilities | ' | ' | 0 | ' | 0 | ' | 0 | |||
Assets, Net Fair Value Disclosure | ' | ' | -0.3 | ' | -0.3 | ' | 0.4 | |||
Derivatives: [Abstract] | ' | ' | ' | ' | ' | ' | ' | |||
Forward Exchange contracts | ' | ' | -0.3 | ' | -0.3 | ' | 0.4 | |||
Other accrued liabilities | ' | ' | ' | ' | ' | ' | ' | |||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||
Forward exchange contracts designated as cash flow hedges liabilities | ' | ' | -0.4 | ' | -0.4 | ' | 0 | |||
Deferred taxes and other | ' | ' | ' | ' | ' | ' | ' | |||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||
Forward exchange contracts designated as cash flow hedges assets | ' | ' | $0.10 | ' | $0.10 | ' | $0.40 | |||
[1] | (a) Money market funds are reflected in Cash and cash equivalents in the Condensed Consolidated Balance Sheet. |