Hubbell Policies

POST INVENTORY REVIEW

As soon as possible after the completion of the-physical inventory, a post inventory meeting should be held to discuss and evaluate the performance in taking the inventory. Ideas presented for improvements and economies should become a matter of record to assure consideration in future physical inventories.

ADMINISTRATION

Roles and Responsibilities. Business unit controllers have responsibility in overseeing compliance with this procedure.

Monitoring, Evaluation and Review. All business units are required to document the date of their most recent annual physical inventory observation for each of their locations, the results of the observation including the amount of the loss or gain, and the estimated date of their next annual physical observation as part of their month-end Balance Sheet account reconciliation for the physical inventory reserve even if the balance the general ledger balance is zero.

Exceptions. None

ACCOUNTING AND DISCLOSURE

None

REPORTING

None

DEFINITIONS Cycle Count Certified shall mean inventory that qualifies as cycle count certified according to the Cycle Count Procedure.

In-transit shall mean inventory that Hubbell holds title to, but is located with a freight carrier.

Business Unit Controller shall mean individual(s) responsible for ensuring the accuracy of the month-end financial statements submitted to Corporate.

Productive Material shall mean raw materials, purchased parts that become part of a finished good, work – in process, and finished goods.

Inventory Auditor shall mean individuals responsible for ensuring the accuracy of the inventory counts while the count is in process.

RELATED DOCUMENTS (Policies, Guidelines, Standards)

• Physical Inventory Observation Results Form • FIN-19 Cycle Count Policy

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