Hubbell Inc. (NYSE:HUBB)

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Hubbell Inc., adjusted total assets

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Total assets	5,402,600)	5,281,500)	5,085,100)	4,903,000)	4,872,100)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	98,835)
Add: Allowance for doubtful accounts	14,300)	10,600)	12,500)	7,700)	4,800)
Add: Excess of FIFO over LIFO cost basis²	187,000)	136,900)	87,300)	89,800)	81,800)
Less: Non-current tax assets (included in Other long-term assets)³	5,500)	5,200)	5,100)	6,200)	6,400)
After Adjustment
Adjusted total assets	5,598,400)	5,423,800)	5,179,800)	4,994,300)	5,051,135)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Excess of FIFO over LIFO cost basis. See details »

³ Non-current tax assets (included in Other long-term assets). See details »

The financial data reveals a consistent growth trajectory in the asset base from 2018 through 2022. Both reported total assets and adjusted total assets exhibit an overall upward trend, indicating a steady expansion of the balance sheet over the five-year period.

Total Asset Growth Trends: Total assets increased steadily from 4,872,100 thousand USD in 2018 to 5,402,600 thousand USD in 2022. The growth was characterized by a consistent year-over-year increase, with the most pronounced gains occurring between 2020 and 2021, reflecting a period of asset base expansion.
Adjusted Total Asset Performance: Adjusted total assets began at 5,051,135 thousand USD in 2018 and ended at 5,598,400 thousand USD in 2022. Unlike the reported total assets, the adjusted figure experienced a slight contraction in 2019, falling to 4,994,300 thousand USD. This was followed by a recovery and accelerated growth from 2020 onward.
Analysis of Asset Adjustments: A consistent positive variance is observed between total assets and adjusted total assets across all reported years. The magnitude of this adjustment fluctuated, reaching a minimum of 91,300 thousand USD in 2019 before expanding significantly to 195,800 thousand USD by 2022. This widening gap suggests that the adjustments applied to the total assets became more substantial toward the end of the analyzed period.

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Hubbell Inc., adjusted current liabilities

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Current liabilities	1,088,500)	1,065,200)	948,200)	844,900)	839,300)
Adjustments
Less: Current contract liabilities, deferred revenue	45,800)	16,700)	30,900)	31,000)	27,700)
Less: Accrued warranties current	20,200)	36,700)	28,700)	24,000)	33,500)
After Adjustment
Adjusted current liabilities	1,022,500)	1,011,800)	888,600)	789,900)	778,100)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

A consistent upward trend in both current and adjusted current liabilities is observed from 2018 through 2022. The growth in short-term obligations was most pronounced between 2019 and 2021, followed by a period of relative stabilization in 2022.

Trend in Current Liabilities: Current liabilities grew from 839,300 thousand US dollars in 2018 to 1,088,500 thousand US dollars in 2022, representing a total increase of approximately 29.7%. The most significant year-over-year expansions occurred in 2020 and 2021, with growth rates of 12.2% and 12.3%, respectively.
Trend in Adjusted Current Liabilities: Adjusted current liabilities exhibited a similar trajectory, rising from 778,100 thousand US dollars in 2018 to 1,022,500 thousand US dollars in 2022. This constitutes an overall increase of 31.3% over the five-year period, mirroring the growth pattern of the unadjusted figures.
Analysis of Liability Adjustments: The variance between current liabilities and adjusted current liabilities remained relatively stable in absolute terms, ranging from a low of 53,400 thousand US dollars in 2021 to a high of 66,000 thousand US dollars in 2022. As a percentage of total current liabilities, the adjustment fluctuated between 5.0% and 7.3%, suggesting that the items being adjusted do not scale proportionally with the overall increase in short-term obligations.

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Hubbell Inc., adjusted total liabilities

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Total liabilities	3,032,000)	3,040,800)	2,999,700)	2,942,500)	3,073,200)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	98,835)
Less: Non-current tax liabilities²	113,800)	114,700)	135,300)	126,800)	120,000)
Less: Contract liabilities, deferred revenue	45,800)	16,700)	30,900)	31,000)	27,700)
Less: Accrued warranties	46,200)	66,100)	80,500)	82,100)	92,700)
Less: Accrued liabilities for restructuring actions	7,900)	4,200)	10,600)	17,400)	21,000)
After Adjustment
Adjusted total liabilities	2,818,300)	2,839,100)	2,742,400)	2,685,200)	2,910,635)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Non-current tax liabilities. See details »

The financial trajectory of liabilities from 2018 to 2022 demonstrates a period of relative stability, characterized by minor fluctuations around a consistent baseline. Total liabilities experienced an initial decrease in 2019, followed by a gradual recovery through 2021, and a marginal decline in 2022.

Total Liabilities Trend: Reported total liabilities began at 3,073,200 thousand US$ in 2018 and declined to 2,942,500 thousand US$ by 2019. A subsequent upward trend was observed over the following two years, reaching a peak of 3,040,800 thousand US$ in 2021, before ending the period at 3,032,000 thousand US$ in 2022.
Adjusted Total Liabilities Pattern: Adjusted total liabilities mirror the movement of the reported liabilities but remain consistently lower. This figure dropped from 2,910,635 thousand US$ in 2018 to a period low of 2,685,200 thousand US$ in 2019. Similar to the reported totals, these figures rose through 2021 to 2,839,100 thousand US$ and slightly decreased to 2,818,300 thousand US$ in 2022.
Analysis of Liability Adjustments: A consistent downward adjustment is applied to the total liabilities across the entire five-year period. The variance between total and adjusted liabilities was most pronounced in 2019 and 2020, with an adjustment of 257,300 thousand US$ in both years. By 2022, the adjustment amount was 213,700 thousand US$, indicating that the adjusted liabilities consistently represent approximately 5% to 9% less than the reported total liabilities.

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Hubbell Inc., adjusted total Hubbell Incorporated shareholders’ equity

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Total Hubbell Incorporated shareholders’ equity	2,360,900)	2,229,800)	2,070,000)	1,947,100)	1,780,600)
Adjustments
Less: Net deferred tax asset (liability)¹	(108,300)	(109,500)	(130,200)	(120,600)	(113,600)
Add: Allowance for doubtful accounts	14,300)	10,600)	12,500)	7,700)	4,800)
Add: Excess of FIFO over LIFO cost basis²	187,000)	136,900)	87,300)	89,800)	81,800)
Add: Contract liabilities, deferred revenue	45,800)	16,700)	30,900)	31,000)	27,700)
Add: Accrued warranties	46,200)	66,100)	80,500)	82,100)	92,700)
Add: Accrued liabilities for restructuring actions	7,900)	4,200)	10,600)	17,400)	21,000)
Add: Noncontrolling interest	9,700)	10,900)	15,400)	13,400)	18,300)
After Adjustment
Adjusted total equity	2,780,100)	2,584,700)	2,437,400)	2,309,100)	2,140,500)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Net deferred tax asset (liability). See details »

² Excess of FIFO over LIFO cost basis. See details »

A consistent upward trajectory is observed in both total shareholders' equity and adjusted total equity over the five-year period ending December 31, 2022. The steady increase in these figures indicates a sustained growth in the company's net asset value and overall capital position.

Total Shareholders' Equity Trend: Total shareholders' equity grew from 1,780,600 thousand US$ in 2018 to 2,360,900 thousand US$ by the end of 2022. This represents a cumulative increase of approximately 32.6%, with annual growth remaining positive across each reported period.
Adjusted Total Equity Trend: Adjusted total equity exhibited a parallel growth pattern, increasing from 2,140,500 thousand US$ in 2018 to 2,780,100 thousand US$ in 2022. The total growth over this period is approximately 29.9%, reflecting a consistent expansion of the adjusted capital base.
Analysis of Equity Adjustments: The adjusted total equity remained consistently higher than the reported shareholders' equity throughout the analyzed timeframe. While the variance between the two metrics remained relatively stable between 2018 and 2021, a notable increase in the gap occurred in 2022, where the difference rose to 419,200 thousand US$, compared to 354,900 thousand US$ in 2021.

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Hubbell Inc., adjusted capitalization table

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Short-term debt and current portion of long-term debt	4,700)	9,700)	153,100)	65,400)	56,100)
Long-term debt, excluding current portion	1,437,900)	1,435,500)	1,436,900)	1,506,000)	1,737,100)
Total reported debt	1,442,600)	1,445,200)	1,590,000)	1,571,400)	1,793,200)
Total Hubbell Incorporated shareholders’ equity	2,360,900)	2,229,800)	2,070,000)	1,947,100)	1,780,600)
Total reported capital	3,803,500)	3,675,000)	3,660,000)	3,518,500)	3,573,800)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	98,835)
Add: Current operating lease liabilities²	30,500)	27,100)	32,100)	29,600)	—)
Add: Non-current operating lease liabilities³	84,900)	58,300)	74,900)	71,700)	—)
Adjusted total debt	1,558,000)	1,530,600)	1,697,000)	1,672,700)	1,892,035)
Adjustments to Equity
Less: Net deferred tax asset (liability)⁴	(108,300)	(109,500)	(130,200)	(120,600)	(113,600)
Add: Allowance for doubtful accounts	14,300)	10,600)	12,500)	7,700)	4,800)
Add: Excess of FIFO over LIFO cost basis⁵	187,000)	136,900)	87,300)	89,800)	81,800)
Add: Contract liabilities, deferred revenue	45,800)	16,700)	30,900)	31,000)	27,700)
Add: Accrued warranties	46,200)	66,100)	80,500)	82,100)	92,700)
Add: Accrued liabilities for restructuring actions	7,900)	4,200)	10,600)	17,400)	21,000)
Add: Noncontrolling interest	9,700)	10,900)	15,400)	13,400)	18,300)
Adjusted total equity	2,780,100)	2,584,700)	2,437,400)	2,309,100)	2,140,500)
After Adjustment
Adjusted total capital	4,338,100)	4,115,300)	4,134,400)	3,981,800)	4,032,535)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current operating lease liabilities. See details »

³ Non-current operating lease liabilities. See details »

⁴ Net deferred tax asset (liability). See details »

⁵ Excess of FIFO over LIFO cost basis. See details »

A comprehensive review of the capitalization structure between 2018 and 2022 reveals a strategic shift toward a lower-leverage profile, characterized by a steady reduction in debt and a consistent increase in equity.

Debt Obligations Trends: Total reported debt exhibited a general downward trajectory, decreasing from 1,793,200 thousand dollars in 2018 to 1,442,600 thousand dollars by 2022. This represents a reduction of approximately 19.6% over the five-year period. Adjusted total debt mirrored this trend, declining from 1,892,035 thousand dollars in 2018 to 1,558,000 thousand dollars in 2022, although it consistently remained higher than the reported figures, indicating the presence of additional debt-like obligations in the adjusted calculations.
Equity Growth Patterns: Total shareholders' equity demonstrated sustained growth, rising from 1,780,600 thousand dollars in 2018 to 2,360,900 thousand dollars in 2022. This upward trend is further emphasized in the adjusted total equity figures, which grew from 2,140,500 thousand dollars to 2,780,100 thousand dollars over the same period. The adjusted equity consistently maintained a significant premium over reported equity, suggesting a substantial valuation of adjusted components within the capital base.
Total Capitalization and Adjustments: Total reported capital increased modestly from 3,573,800 thousand dollars in 2018 to 3,803,500 thousand dollars in 2022. However, the adjusted total capital reflects a more pronounced increase, moving from 4,032,535 thousand dollars to 4,338,100 thousand dollars. The divergence between reported and adjusted capital highlights a systematic adjustment process where both debt and equity are revised upward, though the growth in adjusted equity has been the primary driver of the overall increase in adjusted total capital.

The overall financial position indicates an improving solvency profile, as the growth in equity has outpaced the movement in debt, leading to a stronger capital base through 2022.

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Hubbell Inc., adjusted net sales

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Net sales	4,947,900)	4,194,100)	4,186,000)	4,591,000)	4,481,700)
Adjustment
Add: Increase (decrease) in contract liabilities, deferred revenue	29,100)	(13,100)	(100)	3,300)	17,500)
After Adjustment
Adjusted net sales	4,977,000)	4,181,000)	4,185,900)	4,594,300)	4,499,200)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

An analysis of revenue figures from 2018 to 2022 reveals a period of volatility followed by significant growth. Net sales experienced a steady increase between 2018 and 2019, followed by a notable contraction in 2020. A period of stagnation occurred in 2021, which was subsequently followed by a sharp recovery in 2022, where net sales reached their highest point in the five-year period at 4,947,900 thousand US dollars.

Revenue Growth Patterns: The data indicates a cyclical trend with a trough in 2020 and 2021. The transition from 2021 to 2022 represents the most substantial growth phase, with net sales increasing by approximately 17.9% in a single fiscal year.
Materiality of Adjustments: The variance between net sales and adjusted net sales remains minimal across the entire reporting period. The adjustments are immaterial relative to the total revenue volume, suggesting that the factors necessitating adjustments do not significantly alter the overall financial performance profile.
Adjustment Directionality: Adjustments to net sales exhibit bidirectional movement. In 2018, 2019, and 2022, adjusted net sales were higher than reported net sales, with the largest positive adjustment occurring in 2022 at 29,100 thousand US dollars. Conversely, in 2020 and 2021, adjusted net sales were slightly lower than reported net sales, indicating a shift in the nature of the underlying adjustments during those years.
Correlation of Metrics: There is a near-perfect positive correlation between net sales and adjusted net sales. Both metrics mirror the same trajectory of growth, decline, and recovery, confirming that adjusted figures provide a consistent representation of the company's primary revenue trends.

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Hubbell Inc., adjusted net income attributable to Hubbell Incorporated

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Net income attributable to Hubbell Incorporated	545,900)	399,500)	351,200)	400,900)	360,200)
Adjustments
Add: Deferred income tax expense (benefit)¹	(27,800)	9,200)	3,300)	6,100)	49,000)
Add: Increase (decrease) in allowance for doubtful accounts	3,700)	—)	4,800)	2,900)	200)
Add: Increase (decrease) in LIFO reserve²	50,100)	56,800)	(2,500)	8,000)	20,200)
Add: Increase (decrease) in contract liabilities, deferred revenue	29,100)	(13,100)	(100)	3,300)	17,500)
Add: Increase (decrease) in accrued warranties	(19,900)	(6,600)	(1,600)	(10,600)	78,700)
Add: Increase (decrease) in accrued liabilities for restructuring actions	3,700)	(4,000)	(6,800)	(3,600)	100)
Less: Income from discontinued operations, net of tax	34,600)	34,500)	—)	—)	—)
Add: Other comprehensive income (loss)	(14,400)	(1,600)	3,700)	(17,200)	(15,900)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	5,500)	6,100)	4,800)	6,500)	5,900)
After Adjustment
Adjusted net income	541,300)	411,800)	356,800)	396,300)	515,900)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

¹ Deferred income tax expense (benefit). See details »

² Increase (decrease) in LIFO reserve. See details »

An analysis of the income figures from 2018 to 2022 reveals a general upward trajectory in profitability, characterized by a significant surge in the final year and a period of convergence between reported and adjusted net income.

Reported Net Income Trends: Net income attributable to the company exhibited moderate volatility between 2018 and 2021, fluctuating between a low of 351.2 million US dollars in 2020 and a high of 400.9 million US dollars in 2019. However, a substantial increase is observed in 2022, with net income rising to 545.9 million US dollars, representing a growth of approximately 36.6% over the previous year.
Adjusted Net Income Trends: Adjusted net income began at a peak of 515.9 million US dollars in 2018 before experiencing a downward trend that bottomed out at 356.8 million US dollars in 2020. Following this decline, a recovery phase occurred, with figures climbing to 411.8 million US dollars in 2021 and reaching 541.3 million US dollars by the end of 2022.
Variance and Adjustment Analysis: A significant divergence between reported and adjusted net income is noted in 2018, where adjusted net income exceeded reported net income by 155.7 million US dollars, indicating the presence of substantial non-recurring negative items affecting the reported results. From 2019 through 2022, this variance diminished considerably, suggesting that the adjustments became less material to the overall financial outcome. By 2022, the two metrics aligned closely, with reported net income slightly exceeding adjusted net income by 4.6 million US dollars.
Overall Performance Correlation: The correlation between reported and adjusted net income strengthened over the five-year period. While 2018 was an outlier due to heavy adjustments, the subsequent years show that both metrics moved in tandem, particularly during the growth phase of 2021 and 2022, culminating in record highs for both figures in the final year of the period.

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