Hubbell Policies

Remeasurement of transactions recorded in monetary account(s) that are not denominated in the entity's functional currency shall mean the process of measuring in the functional currency those financial statement amounts that are denominated or stated in another currency outside of the entity's functional currency. Translation of U.S. GAAP financial statements shall mean after the remeasurement process is complete, the functional currency financial statements must be translated into the reporting currency (i.e. USD) unless the entity's functional currency is the reporting currency. Monetary account shall mean an asset or liability that represents a claim to receive or pay a specified amount. This includes: • Cash • Receivables • Payables • Loans Non-monetary account shall mean Any account not meeting the definition of a monetary account. This includes: • Fixed assets (including construction in progress) and related depreciation

• Prepaids • Inventory • Goodwill • Intangible assets and related amortization

• Investment in affiliates • Deferred charges/income • Equity accounts RELATED DOCUMENTS (Policies, Guidelines, Standards) • FIN-24 Financial Statement Translation Policy • FIN-41 Remeasurement of FX Translation Policy VERSION Version Approval

Effective 2014.08.01 2019.08.15

Changes

1 2

J. Capozzoli, A. Hsieh, S. Mais J. Capozzoli, K. Lane, S. Mais

Original Issue

Conformed to new template

92