Hubbell Policies

PROPERTY, PLANT AND EQUIPMENT POLICY

English

Owner : Vice President, Controller

Last Review: 2014.09.05

FIN – 36

Department: Finance

POLICY

This policy requires all property, plant and equipment ("PPE") to be reported in accordance with established procedures and guidelines.

SCOPE

This policy applies to all Hubbell business units.

PURPOSE

The purpose of this policy is to ensure compliance with United States Generally Accepted Accounting Principles ("GAAP") and to ensure consistency in the application of these principles across all Hubbell business units in accounting for PPE.

PROCEDURE

Please see the following related procedures:

• FIN-07 Capitalization of Property, Plant and Equipment Policy • FIN-03 Asset Impairment Policy • FIN-20 Depreciation of Property, Plant and Equipment Policy • FIN-11 Construction in Progress Policy

ADMINISTRATION

Roles and Responsibilities. None

Monitoring, Evaluation and Review. None

Exceptions. None

ACCOUNTING AND DISCLOSURE

Not applicable

REPORTING

Not applicable

DEFINITIONS

Property, Plant and Equipment - consists of long-lived tangible assets used to create and distribute an entity's products and services and includes capitalized costs related to land, land improvements, machinery, equipment, molds, tools, dies, buildings, building improvements, leasehold improvements, automobiles, furniture, office equipment.

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