| Total Equity A summary of changes in total equity for the three and nine months ended September 30, 2024 and the three and nine months ended September 30, 2023 is provided below (in millions, except per share amounts): | | | | | | | | | | | | | | | | | | | | | | Common Stock | Additional
Paid-in
Capital | Retained
Earnings | Accumulated
Other
Comprehensive
Income (Loss) | Total Hubbell
Shareholders'
Equity | Non-
controlling
interest | | BALANCE AT DECEMBER 31, 2023 | $ | 0.6 | | $ | 6.1 | | $ | 3,182.7 | | $ | (312.4) | | $ | 2,877.0 | | $ | 12.3 | | | Net income | — | | — | | 361.4 | | — | | 361.4 | | 2.9 | | | Other comprehensive (loss) income | — | | — | | — | | (26.6) | | (26.6) | | — | | | Stock-based compensation | — | | 18.9 | | — | | — | | 18.9 | | — | | Acquisition/surrender of common shares(1) | — | | (23.1) | | (23.9) | | — | | (47.0) | | — | | Cash dividends declared ($2.44 per share) | — | | — | | (131.3) | | — | | (131.3) | | — | | | Dividends to noncontrolling interest | — | | — | | — | | — | | — | | (1.5) | | | Directors deferred compensation | — | | 0.2 | | — | | — | | 0.2 | | — | | | BALANCE AT JUNE 30, 2024 | $ | 0.6 | | $ | 2.1 | | $ | 3,388.9 | | $ | (339.0) | | $ | 3,052.6 | | $ | 13.7 | | | Net income | — | | — | | 219.4 | | — | | 219.4 | | 1.6 | | | Other comprehensive (loss) income | — | | — | | — | | 20.0 | | 20.0 | | — | | | Stock-based compensation | — | | 5.3 | | — | | — | | 5.3 | | — | | Acquisition/surrender of common shares(1) | — | | (6.4) | | (10.6) | | — | | (17.0) | | — | | Cash dividends declared ($1.22 per share) | — | | — | | (65.5) | | — | | (65.5) | | — | | | Dividends to noncontrolling interest | — | | — | | — | | — | | — | | (1.5) | | | Directors deferred compensation | — | | 0.2 | | — | | — | | 0.2 | | — | | | BALANCE AT SEPTEMBER 30, 2024 | $ | 0.6 | | $ | 1.2 | | $ | 3,532.2 | | $ | (319.0) | | $ | 3,215.0 | | $ | 13.8 | |
| | | | | | | | | | | | | | | | | | | | | | Common Stock | Additional
Paid-in
Capital | Retained
Earnings | Accumulated
Other
Comprehensive
Income (Loss) | Total Hubbell
Shareholders'
Equity | Non-
controlling
interest | | BALANCE AT DECEMBER 31, 2022 | $ | 0.6 | | $ | — | | $ | 2,705.5 | | $ | (345.2) | | $ | 2,360.9 | | $ | 9.7 | | | Net income | — | | — | | 388.7 | | — | | 388.7 | | 2.9 | | | Other comprehensive (loss) income | — | | — | | — | | 15.8 | | 15.8 | | — | | | Stock-based compensation | — | | 16.1 | | — | | — | | 16.1 | | — | | Acquisition/surrender of common shares(1) | — | | (16.3) | | (24.5) | | — | | (40.8) | | — | | Cash dividends declared ($2.24 per share) | — | | — | | (120.2) | | — | | (120.2) | | — | | | Dividends to noncontrolling interest | — | | — | | — | | — | | — | | (2.2) | | | Directors deferred compensation | — | | 0.2 | | — | | — | | 0.2 | | — | | | BALANCE AT JUNE 30, 2023 | $ | 0.6 | | $ | — | | $ | 2,949.5 | | $ | (329.4) | | $ | 2,620.7 | | $ | 10.4 | | | Net income | — | | — | | 200.1 | | — | | 200.1 | | 1.9 | | | Other comprehensive (loss) income | — | | — | | — | | (10.8) | | (10.8) | | — | | | Stock-based compensation | — | | 5.5 | | — | | — | | 5.5 | | — | | Acquisition/surrender of common shares(1) | — | | (4.3) | | (12.1) | | — | | (16.4) | | — | | Cash dividends declared ($1.12 per share) | — | | — | | (60.2) | | — | | (60.2) | | — | | | Dividends to noncontrolling interest | — | | — | | — | | — | | — | | (0.9) | | | Directors deferred compensation | — | | 0.2 | | — | | — | | 0.2 | | — | | | BALANCE AT SEPTEMBER 30, 2023 | $ | 0.6 | | $ | 1.4 | | $ | 3,077.3 | | $ | (340.2) | | $ | 2,739.1 | | $ | 11.4 | |
(1) For accounting purposes, the Company treats repurchased shares as constructively retired when acquired and accordingly charges the purchase price against common stock par value, Additional paid-in capital, to the extent available, and Retained earnings. The change in Retained earnings of $34.5 million and $36.6 million in the first nine months of 2024 and 2023, respectively, reflects this accounting treatment.
The detailed components of total comprehensive income are presented in the Condensed Consolidated Statements of Comprehensive Income.
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