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v3.26.1

Debt and Financing Arrangements | 6 Months Ended
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Jun. 30, 2026
Debt Disclosure [Abstract] |
Debt and Financing Arrangements | Debt and Financing Arrangements
Long-term debt consists of the following (in millions):
| Maturity | June 30, 2026 | December 31, 2025
Senior notes at 3.15% | 2027 | $ | 299.4 |  | $ | 299.1 |
Senior notes at 3.50% | 2028 | 448.8 |  | 448.5 |
Senior notes at 2.300% | 2031 | 297.9 |  | 297.7 |
Senior notes at 4.650% | 2031 | 492.5 |  | — |
Senior notes at 4.900% | 2033 | 688.9 |  | — |
Senior notes at 4.800% | 2035 | 392.6 |  | 392.1 |
Senior notes at 5.150% | 2036 | 687.6 |  | — |
Term Loan 2025 | 2028 | 599.1 |  | 598.9 |
Term Loan 2026 | 2029 | 897.1 |  | — |
TOTAL LONG-TERM DEBT(a) |  | $ | 4,803.9 |  | $ | 2,036.3 |
(a)Long-term debt is presented net of debt issuance costs and unamortized discounts. 2026 Term Loan On May 15, 2026, the Company entered into a Term Loan Agreement (the "2026 Term Loan Agreement") with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent. On June 8, 2026, the Company borrowed $900 million under the 2026 Term Loan Agreement (the "2026 Term Loan") on an unsecured basis to finance a portion of the purchase price of the NSI Industries acquisition. The 2026 Term Loan was made in a single borrowing and will be due and payable on June 8, 2029. The 2026 Term Loan bears interest based on the Term SOFR Rate (as defined in the 2026 Term Loan Agreement), plus an applicable interest addition based on Hubbell's credit ratings. The interest rate on the 2026 Term Loan as of June 30, 2026 was 4.65%. Hubbell also paid to the lenders certain customary fees in connection with the 2026 Term Loan Agreement. The 2026 Term Loan Agreement contains representations and warranties and affirmative and negative covenants customary for an unsecured financing of this type, as well as a financial covenant requiring that, as of the last day of each fiscal quarter, the ratio of total indebtedness to total capitalization shall not be greater than 65%. The Company was in compliance with this covenant as of June 30, 2026. 2025 Term Loan On September 29, 2025, the Company entered into a Term Loan Agreement (the "2025 Term Loan Agreement") with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent. On October 1, 2025, the Company borrowed $600 million under the 2025 Term Loan Agreement (the "2025 Term Loan") on an unsecured basis to finance the majority of the purchase price of the DMC Power acquisition. The 2025 Term Loan was made in a single borrowing and will be due and payable on September 29, 2028. The 2025 Term Loan bears interest based on the Term SOFR Rate (as defined in the 2025 Term Loan Agreement), plus an applicable interest addition based on Hubbell's credit ratings. The interest rate on the 2025 Term Loan as of June 30, 2026 was 4.68%. Hubbell also paid to the lenders certain customary fees in connection with the 2025 Term Loan Agreement. The 2025 Term Loan Agreement contains representations and warranties and affirmative and negative covenants customary for an unsecured financing of this type, as well as a financial covenant requiring that, as of the last day of each fiscal quarter, the ratio of total indebtedness to total capitalization shall not be greater than 65%. The Company was in compliance with this covenant as of June 30, 2026. 2025 Credit Facility On March 25, 2025, the Company, as borrower, and each foreign subsidiary borrower from time to time party thereto (collectively, the “Foreign Subsidiary Borrowers”) entered into a five-year credit agreement with a syndicate of lenders and JPMorgan Chase Bank, N.A., as administrative agent, that provides for a $1.0 billion committed unsecured revolving credit facility (the “Revolving Credit Agreement”). The obligations of the Foreign Subsidiary Borrowers (if any) under the Revolving Credit Agreement are guaranteed by the Company. Commitments under the Revolving Credit Agreement may be conditionally increased to an aggregate amount not to exceed $1.5 billion. The Revolving Credit Agreement includes a $50.0 million sub-limit for the issuance of letters of credit. The sum of the dollar amount of loans and letters of credit to the Foreign Subsidiary Borrowers under the Revolving Credit Agreement may not exceed $100.0 million. The interest rate applicable to borrowings under the Revolving Credit Agreement is either (i) the alternate base rate (as defined in the Revolving Credit Agreement) or (ii) the term SOFR rate (as defined in the Revolving Credit Agreement) plus an applicable margin based on the Company's credit ratings. All revolving loans outstanding under the Revolving Credit Agreement will be due and payable on March 25, 2030. The Revolving Credit Agreement provides for up to two one-year maturity extensions. As of June 30, 2026, the credit facility was undrawn. The Revolving Credit Agreement contains a sole financial covenant requiring that, as of the last day of each fiscal quarter, the ratio of total indebtedness to total capitalization shall not be greater than 65%. The Company was in compliance with this covenant as of June 30, 2026. Unsecured Senior Notes On June 8, 2026, the Company completed a public offering of $500 million aggregate principal amount of its 4.650% Senior Notes due 2031 (the "2031 Notes"), $700 million aggregate principal amount of its 4.900% Senior Notes due 2033 (the "2033 Notes"), and $700 million aggregate principal amount of its 5.150% Senior Notes due 2036 (the "2036 Notes"). The net proceeds from the offering of the Notes were approximately $1,868.9 million, after deducting the underwriting discount and estimated offering expenses payable by the Company. The 2031 Notes will mature on June 15, 2031, the 2033 Notes will mature on June 15, 2033 and the 2036 Notes will mature on June 15, 2036. Interest on the Notes will be payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2026. The Company used the net proceeds from the offerings, along with the proceeds from the 2026 Term Loan and issuance of commercial paper to fund purchase of NSI Industries. On November 14, 2025, the Company completed a public offering of $400 million aggregate principal amount of its 4.800% Senior Notes due 2035 (the “2035 Notes” and collectively with those described below, the "Notes"). The net proceeds from the offering were approximately $392.7 million after deducting the underwriting discount and estimated offering expenses payable by the Company. The 2035 Notes bear interest at a rate of 4.800% per annum from November 14, 2025. Interest on the 2035 Notes is payable semi-annually in arrears on May 15 and November 15 of each year, beginning on May 15, 2026. The 2035 Notes will mature on November 15, 2035. The Company used the net proceeds from the offering of the 2035 Notes, together with cash on hand, on December 1, 2025, to redeem in full all of the Company’s outstanding 3.350% Senior Notes due in 2026 for an aggregate principal amount of $400 million, which had a stated maturity date of March 1, 2026 (the "2026 Notes"), and to pay the accrued interest in respect thereof. Short-Term Debt The Company had $568.7 million and $289.1 million of short-term debt outstanding at June 30, 2026 and December 31, 2025, respectively, composed of the following: •$567.0 million of commercial paper borrowings outstanding at June 30, 2026, and $287.0 million of commercial paper borrowings outstanding at December 31, 2025. •$1.7 million and $2.1 million of other short-term debt outstanding at June 30, 2026 and December 31, 2025, respectively, which consisted of amounts outstanding under our commercial card program.

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