2024 Q1 Form 10-K Financial Statement

#000162828024003792 Filed on February 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.399B $1.346B $5.373B
YoY Change 8.85% 10.35% 8.59%
Cost Of Revenue $946.3M $872.8M $3.466B
YoY Change 13.05% 2.61% -0.31%
Gross Profit $452.8M $473.0M $1.907B
YoY Change 1.0% 28.18% 29.61%
Gross Profit Margin 32.36% 35.15% 35.5%
Selling, General & Admin $217.8M $229.6M $848.2M
YoY Change 9.17% 16.9% 11.24%
% of Gross Profit 48.1% 48.54% 44.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $59.90M $39.60M $149.7M
YoY Change 68.26% -3.18% 0.81%
% of Gross Profit 13.23% 8.37% 7.85%
Operating Expenses $217.8M $229.6M $848.2M
YoY Change 9.17% 16.9% 11.24%
Operating Profit $235.0M $243.4M $1.059B
YoY Change -5.55% 41.02% 49.37%
Interest Expense -$21.10M -$10.00M -$36.70M
YoY Change 117.53% -14.53% -26.01%
% of Operating Profit -8.98% -4.11% -3.46%
Other Income/Expense, Net -$700.0K -$6.100M -$18.50M
YoY Change -82.93% 154.17% -511.11%
Pretax Income $201.4M $209.5M $983.3M
YoY Change -14.3% 33.61% 49.67%
Income Tax $52.30M $37.10M $217.3M
% Of Pretax Income 25.97% 17.71% 22.1%
Net Earnings $147.5M $170.6M $758.0M
YoY Change -18.91% 63.57% 38.85%
Net Earnings / Revenue 10.54% 12.68% 14.11%
Basic Earnings Per Share $2.75 $14.14
Diluted Earnings Per Share $2.73 $3.16 $14.04
COMMON SHARES
Basic Shares Outstanding 53.63M shares 53.62M shares 53.60M shares
Diluted Shares Outstanding 54.00M shares 54.00M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $400.3M $348.7M $348.7M
YoY Change -10.41% -23.33% -23.33%
Cash & Equivalents $388.2M $336.1M $336.1M
Short-Term Investments $12.10M $12.60M $12.60M
Other Short-Term Assets $124.2M $200.2M $200.2M
YoY Change 32.13% 137.49% 137.49%
Inventory $842.4M $832.9M $832.9M
Prepaid Expenses
Receivables $865.6M $785.4M $785.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.233B $2.167B $2.167B
YoY Change 6.38% 7.21% 7.21%
LONG-TERM ASSETS
Property, Plant & Equipment $662.2M $652.6M $652.6M
YoY Change 22.86% 23.6% 2.61%
Goodwill $2.533B $2.533B
YoY Change 28.17% 28.57%
Intangibles $1.165B $1.196B
YoY Change 78.45% 78.53%
Long-Term Investments $75.30M $75.80M $75.80M
YoY Change 13.92% 15.02% 15.02%
Other Assets $194.3M $289.0M $289.0M
YoY Change 31.28% 96.73% 642.93%
Total Long-Term Assets $4.630B $4.747B $4.747B
YoY Change 36.89% 40.39% 40.39%
TOTAL ASSETS
Total Short-Term Assets $2.233B $2.167B $2.167B
Total Long-Term Assets $4.630B $4.747B $4.747B
Total Assets $6.862B $6.914B $6.914B
YoY Change 25.2% 27.98% 27.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $598.5M $563.5M $563.5M
YoY Change 9.76% 6.34% 6.34%
Accrued Expenses $530.5M $617.9M $617.9M
YoY Change 52.31% 84.94% 26.41%
Deferred Revenue $134.0M $111.5M
YoY Change 143.45%
Short-Term Debt $201.0M $0.00 $102.4M
YoY Change 4176.6% -100.0% 2078.72%
Long-Term Debt Due $219.7M $117.4M $117.4M
YoY Change
Total Short-Term Liabilities $1.349B $1.323B $1.323B
YoY Change 28.19% 21.58% 21.58%
LONG-TERM LIABILITIES
Long-Term Debt $1.896B $2.023B $2.023B
YoY Change 31.78% 40.71% 40.71%
Other Long-Term Liabilities $674.6M $678.1M $678.1M
YoY Change 33.03% 34.12% 73.07%
Total Long-Term Liabilities $2.570B $2.701B $2.701B
YoY Change 32.11% 38.99% 47.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.349B $1.323B $1.323B
Total Long-Term Liabilities $2.570B $2.701B $2.701B
Total Liabilities $3.932B $4.037B $4.037B
YoY Change 31.16% 33.15% 32.72%
SHAREHOLDERS EQUITY
Retained Earnings $3.183B
YoY Change 17.64%
Common Stock $6.100M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.930B $2.877B $2.877B
YoY Change
Total Liabilities & Shareholders Equity $6.862B $6.914B $6.914B
YoY Change 25.2% 27.98% 27.98%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $147.5M $170.6M $758.0M
YoY Change -18.91% 63.57% 38.85%
Depreciation, Depletion And Amortization $59.90M $39.60M $149.7M
YoY Change 68.26% -3.18% 0.81%
Cash From Operating Activities $92.20M $345.5M $880.8M
YoY Change -18.91% 44.26% 51.03%
INVESTING ACTIVITIES
Capital Expenditures $40.30M $61.90M $165.7M
YoY Change 20.66% -0.32% 28.15%
Acquisitions $0.00 $1.212B
YoY Change 584.19%
Other Investing Activities $128.9M -$1.157B -$1.215B
YoY Change 9229.84% 50504.17%
Cash From Investing Activities $88.60M -$1.219B -$1.380B
YoY Change -352.42% 1535.97% -8515.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$30.00M
YoY Change -116.48%
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -125.3M 630.2M 388.5M
YoY Change 36.49% -751.03% -188.88%
NET CHANGE
Cash From Operating Activities 92.20M 345.5M 880.8M
Cash From Investing Activities 88.60M -1.219B -1.380B
Cash From Financing Activities -125.3M 630.2M 388.5M
Net Change In Cash 55.50M -243.1M -110.9M
YoY Change -628.57% -456.45% -172.15%
FREE CASH FLOW
Cash From Operating Activities $92.20M $345.5M $880.8M
Capital Expenditures $40.30M $61.90M $165.7M
Free Cash Flow $51.90M $283.6M $715.1M
YoY Change -35.37% 59.86% 57.55%

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<div style="text-align:justify"><span style="color:#003768;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts in the Consolidated Financial Statements and accompanying Notes to Consolidated Financial Statements. Actual results could differ from the estimates that are used.</span></div>
CY2023 hubb Disposal Of Recognition Sale Within Term
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CY2022Q4 us-gaap Capitalized Computer Software Net
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CY2023 hubb Research And Development Expense As Percentage Of Cost Of Goods Sold
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CY2022 hubb Research And Development Expense As Percentage Of Cost Of Goods Sold
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CY2021 hubb Research And Development Expense As Percentage Of Cost Of Goods Sold
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CY2023Q4 us-gaap Contract With Customer Liability
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CY2023 us-gaap Contract With Customer Liability Revenue Recognized
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CY2023Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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604200000 usd
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CY2022Q4 us-gaap Nontrade Receivables Current
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CY2023Q4 hubb Receivables Gross Current
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CY2022Q4 hubb Receivables Gross Current
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CY2023Q4 hubb Allowance For Credit Memos Returns And Cash Discounts
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38200000 usd
CY2022Q4 hubb Allowance For Credit Memos Returns And Cash Discounts
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CY2023Q4 hubb Total Allowances
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CY2022Q4 hubb Total Allowances
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CY2023Q4 us-gaap Receivables Net Current
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CY2022Q4 us-gaap Receivables Net Current
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CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2023Q4 us-gaap Fifo Inventory Amount
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CY2022Q4 us-gaap Fifo Inventory Amount
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CY2023Q4 us-gaap Inventory Lifo Reserve
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CY2022Q4 us-gaap Inventory Lifo Reserve
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CY2023Q4 us-gaap Inventory Net
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CY2022Q4 us-gaap Inventory Net
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CY2022 us-gaap Goodwill Acquired During Period
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CY2022Q4 us-gaap Goodwill
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CY2023 us-gaap Goodwill Purchase Accounting Adjustments
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CY2023 us-gaap Goodwill Written Off Related To Sale Of Business Unit
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CY2023 us-gaap Goodwill Foreign Currency Translation Gain Loss
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CY2023Q4 us-gaap Goodwill
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CY2023 us-gaap Goodwill Acquired During Period
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584900000 usd
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CY2023Q4 us-gaap Intangible Assets Gross Excluding Goodwill
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CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2023 us-gaap Amortization Of Intangible Assets
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CY2021 us-gaap Amortization Of Intangible Assets
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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85700000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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CY2023Q4 hubb Finite Lived Intangible Assets Percent Of Gross Value Under Amortization Method
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CY2023Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
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CY2023Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
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CY2023Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
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40900000 usd
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
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CY2023Q4 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Amortized Cost
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CY2023Q4 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
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CY2023Q4 us-gaap Available For Sale Securities Debt Maturities After Ten Years Amortized Cost
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CY2023Q4 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
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10700000 usd
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
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CY2023Q4 us-gaap Available For Sale Securities Debt Securities
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CY2022Q4 us-gaap Available For Sale Securities Debt Securities
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CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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62600000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
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CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2023Q4 us-gaap Property Plant And Equipment Gross
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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756100000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q4 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
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528000000.0 usd
CY2023 us-gaap Depreciation
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CY2022 us-gaap Depreciation
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CY2021 us-gaap Depreciation
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CY2023Q4 hubb Accrued Customer Incentives Current
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CY2023Q4 us-gaap Accrued Income Taxes Current
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CY2022Q4 us-gaap Accrued Income Taxes Current
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CY2023Q4 us-gaap Contract With Customer Liability Current
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CY2023Q4 us-gaap Customer Refund Liability Current
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CY2022Q4 us-gaap Customer Refund Liability Current
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14800000 usd
CY2023Q4 us-gaap Product Warranty Accrual Classified Current
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15600000 usd
CY2022Q4 us-gaap Product Warranty Accrual Classified Current
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20200000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
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CY2022Q4 us-gaap Operating Lease Liability Current
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CY2022Q4 us-gaap Other Liabilities Current
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CY2023Q4 us-gaap Accrued Liabilities Current
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CY2022Q4 us-gaap Accrued Liabilities Current
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334100000 usd
CY2023Q4 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
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CY2022Q4 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
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CY2023Q4 us-gaap Deferred Income Tax Liabilities Net
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CY2023Q4 us-gaap Product Warranty Accrual Noncurrent
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CY2022Q4 us-gaap Product Warranty Accrual Noncurrent
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CY2023Q4 us-gaap Operating Lease Liability Noncurrent
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CY2022 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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325900000 usd
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305800000 usd
CY2023Q4 hubb Defined Contribution Plan Number Of Plans
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CY2023 us-gaap Defined Contribution Plan Cost Recognized
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CY2022 us-gaap Defined Contribution Plan Cost Recognized
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25800000 usd
CY2021 us-gaap Defined Contribution Plan Cost Recognized
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23300000 usd
CY2022Q4 hubb Multiemployer Number Of Plans
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CY2021Q4 hubb Multiemployer Number Of Plans
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CY2023Q4 us-gaap Defined Benefit Plan Weighted Average Asset Allocations
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CY2022Q4 us-gaap Defined Benefit Plan Weighted Average Asset Allocations
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CY2023Q4 hubb Defined Benefit Plan Plan Assets Derivative Supported By Cash Or Cash Equivalents Percentage
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CY2022Q4 us-gaap Long Term Debt Noncurrent
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CY2022Q4 us-gaap Debt Current
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CY2023Q4 us-gaap Commercial Paper
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CY2022Q4 us-gaap Commercial Paper
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CY2023Q4 hubb Short Term Debt Supporting International Operations China
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CY2022Q4 hubb Short Term Debt Supporting International Operations China
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4700000 usd
CY2023Q4 us-gaap Short Term Debt Weighted Average Interest Rate
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CY2022Q4 us-gaap Short Term Debt Weighted Average Interest Rate
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CY2023 hubb Interest And Fees Paid
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CY2022 hubb Interest And Fees Paid
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CY2021 hubb Interest And Fees Paid
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CY2021 hubb Interest And Fees Paid
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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657000000.0 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023 us-gaap Current Federal Tax Expense Benefit
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CY2022 us-gaap Current Federal Tax Expense Benefit
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CY2021 us-gaap Current Federal Tax Expense Benefit
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CY2023 us-gaap Current State And Local Tax Expense Benefit
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CY2022 us-gaap Current State And Local Tax Expense Benefit
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CY2021 us-gaap Current State And Local Tax Expense Benefit
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CY2023 us-gaap Current Foreign Tax Expense Benefit
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CY2022 us-gaap Current Foreign Tax Expense Benefit
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CY2021 us-gaap Current Foreign Tax Expense Benefit
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CY2023 us-gaap Current Income Tax Expense Benefit
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CY2022 us-gaap Current Income Tax Expense Benefit
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CY2021 us-gaap Current Income Tax Expense Benefit
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CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
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