Shareholders' Equity

9 Months Ended

Mar. 31, 2016

Equity [Abstract]

Shareholders' Equity

Note 11 – Shareholders’ Equity

Preferred Stock

As of March 31, 2016 and June 30, 2015, we had no shares of preferred stock outstanding. We are authorized to issue 5 million shares of preferred stock, $0.01 par value.

Common Stock

We have 200 million authorized shares of common stock, $0.01 par value. At March 31, 2016 and June 30, 2015, we had 101,135,877 and 100,699,641 shares issued; 30,283,842 and 29,480,498 shares in treasury stock; and 70,852,035 and 71,219,143 shares outstanding (net of treasury stock), respectively.

Share Buyback Program

On October 28, 2014, our Board of Directors authorized the repurchase of up to $500.0 million of our common stock over a three year period (the “2014 Buyback Program”). The 2014 Buyback Program allows us to purchase shares of our common stock in accordance with applicable securities laws on the open market or through privately negotiated transactions during the authorized three year period. The 2014 Buyback Program may be suspended or discontinued at any time. We will determine the timing and the amount of any repurchases based on an evaluation of market conditions, share price, other growth opportunities and other factors. We have and may repurchase shares on the open market or, from time to time, through repurchase plans with one or more external brokers that provide a structure for execution of share repurchases under the 2014 Buyback Program. During the three and nine months ended March 31, 2016, we repurchased 308,794shares and 803,344 shares at a cost of $24.7 million and $74.7 million, respectively, for a total cumulative buyback of 803,344 shares at a cost of $74.7million under the 2014 Buyback Program.

Changes in Equity:

The following is a summary of the changes in Accumulated Other Comprehensive Income (“AOCI”) and changes in equity for the nine months ended March 31, 2016 and 2015:

($ in thousands, except per share data)	Preferred Stock		Common Stock		Additional Paid-in Capital			AOCI			Retained Earnings			Treasury Stock			Total Harman International Industries, Incorporated Shareholders’ Equity			Non Controlling Interest			Total Equity
Balance, June 30, 2015	$	-	$	1,007	$	1,365,257		$	11,434		$	2,229,517		$	(1,232,602	)	$	2,374,613		$	18,213		$	2,392,826
Net income		-		-		-			-			288,820			-			288,820			702			289,522
Other comprehensive    income, net of tax		-		-		-			(70,758	)		-			-			(70,758	)		-			(70,758	)
Exercise of stock options		-		4		6,098			-			-			-			6,102			-			6,102
Repurchases related to    share-based    compensation    arrangements		-		-		(11,932	)		-			-			-			(11,932	)		-			(11,932	)
Share-based    compensation, net		-		-		32,908			-			-			-			32,908			-			32,908
Excess tax benefit from    share-based    compensation		-		-		3,693			-			-			-			3,693			-			3,693
Treasury stock    repurchases		-		-		-			-			-			(74,717	)		(74,717	)		-			(74,717	)
Dividends    ($0.35 per share)		-		-		-			-			(75,624	)		-			(75,624	)		-			(75,624	)
Non-controlling interest		-		-		1,468			-			-			-			1,468			(18,897	)		(17,429	)
Balance, March 31, 2016	$	-	$	1,011	$	1,397,492		$	(59,324	)	$	2,442,713		$	(1,307,319	)	$	2,474,573		$	18		$	2,474,591

($ in thousands, except per share data)	Preferred Stock		Common Stock		Additional Paid-in Capital			AOCI		Retained Earnings			Treasury Stock			Total Harman International Industries, Incorporated Shareholders’ Equity			Non Controlling Interest			Total Equity
Balance, June 30, 2014	$	-	$	984	$	1,040,254		$	39,799	$	1,979,234		$	(1,267,693	)	$	1,792,578		$	443		$	1,793,021
Net income		-		-		-			-		269,503			-			269,503			(156	)		269,347
Other comprehensive    income, net of tax									15,013								15,013			-			15,013
Exercise of stock options		-		8		23,058			-		-			-			23,066			-			23,066
Repurchases related to    share-based    compensation    arrangements		-		-		(22,272	)		-		-			-			(22,272	)		-			(22,272	)
Share-based    compensation, net		-		-		27,707			-		-			-			27,707			-			27,707
Excess tax benefit from    share-based    compensation		-		-		3,204			-		-			-			3,204			-			3,204
Acquisition of    Redbend(1)		-		-		89,162			-		-			35,091			124,253			-			124,253
Dividends    ($0.33 per share)		-		-		-			-		(68,634	)		-			(68,634	)		-			(68,634	)
Balance, March 31, 2015	$	-	$	992	$	1,161,113		$	54,812	$	2,180,103		$	(1,232,602	)	$	2,164,418		$	287		$	2,164,705

⁽¹⁾ Refer to Note 22 – Acquisitions for more information.