Harman Kardon 2011 Annual Report Download - page 69

Download and view the complete annual report

Please find page 69 of the 2011 Harman Kardon annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 128

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128

HARMAN INTERNATIONAL INDUSTRIES, INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY AND COMPREHENSIVE INCOME (LOSS)
Years Ended June 30, 2011, 2010 and 2009
Common Stock
Additional
Paid-in
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Retained
Earnings
Treasury
Stock
Harman
Shareholders’
Equity
Non-
controlling
Interest
Total
Equity($ in thousands)
Number of
Shares
$.01
Par
Value
Balance, June 30, 2008 ............... 58,518,066 $841 $676,648 $ 191,531 $1,560,657 $(1,047,570) $1,382,107 34 $1,382,141
Comprehensive loss:
Net income attributable to Harman
International Industries, Incorporated . . 0 0 0 0 (431,504) 0 (431,504) 0 (431,504)
Foreign currency translation adjustment . . 0 0 0 (120,251) 0 0 (120,251) 0 (120,251)
Unrealized loss on hedging derivatives . . . 0 0 0 (7,713) 0 0 (7,713) 0 (7,713)
Pension liability adjustment ............ 0 0 0 (1,874) 0 0 (1,874) 0 (1,874)
Unrealized loss on available-for-sale
securities ......................... 0 0 0 (4,495) 0 0 (4,495) 0 (4,495)
Total comprehensive loss .............. 0 0 0 (134,333) (431,504) 0 (565,837) 0 (565,837)
Issuance of common stock ............. 10,667,000 107 189,723 0 0 0 189,830 0 189,830
Exercise of stock options, net of shares
received ......................... 144,712 1 142 0 0 0 143 0 143
Excess tax benefit from stock option
exercise .......................... 0 0 126 0 0 0 126 0 126
Share-based compensation, net ......... 0 0 2,970 0 0 0 2,970 0 2,970
Dividends ($0.05 per share)(1) .......... 0 0 0 0 (2,207) 0 (2,207) 0 (2,207)
Noncontrolling interest ................ 0 0 0 0 0 0 — 752 752
Balance, June 30, 2009 ............... 69,329,778 $949 $869,609 $ 57,198 $1,126,946 $(1,047,570) $1,007,132 786 $1,007,918
Comprehensive (loss) income:
Net income attributable to Harman
International Industries, Incorporated . . 0 0 0 0 158,769 0 158,769 0 158,769
Foreign currency translation adjustment . . 0 0 0 (66,500) 0 0 (66,500) 0 (66,500)
Unrealized gain on hedging derivatives . . . 0 0 0 27,749 0 0 27,749 0 27,749
Pension liability adjustment ............ 0 0 0 (13,599) 0 0 (13,599) 0 (13,599)
Unrealized loss on available-for-sale
securities ......................... 0 0 0 (1,182) 0 0 (1,182) 0 (1,182)
Total comprehensive (loss) income ...... 0 0 0 (53,532) 158,769 0 105,237 0 105,237
Restricted stock unit vesting ........... 68,699 0 0 0 0 0 0 0 0
Exercise of stock options, net of shares
received ......................... 131,542 3 2,584 0 0 0 2,587 0 2,587
Share-based compensation, net ......... 0 0 19,936 0 0 0 19,936 0 19,936
Noncontrolling interest ................ 0 0 0 0 0 0 0 (786) (786)
Balance, June 30, 2010 ............... 69,530,019 $952 $892,129 $ 3,666 $1,285,715 $(1,047,570) $1,134,892 0 $1,134,892
Comprehensive income:
Net income attributable to Harman
International Industries, Incorporated . . 0 0 0 0 135,916 0 135,916 0 135,916
Foreign currency translation adjustment . . 0 0 0 164,079 0 0 164,079 0 164,079
Unrealized loss on hedging derivatives . . . 0 0 0 (41,892) 0 0 (41,892) 0 (41,892)
Pension liability adjustment ............ 0 0 0 9,117 0 0 9,117 0 9,117
Unrealized gain on available-for-sale
securities ......................... 0 0 0 1,763 0 0 1,763 0 1,763
Total comprehensive income ........... 0 0 0 133,067 135,916 0 268,983 0 268,983
Restricted stock unit vesting ........... 44,948 0 0 0 0 0 0 0 0
Exercise of stock options, net of shares
received ......................... 345,284 4 9,544 0 0 0 9,548 0 9,548
Share-based compensation, net ......... 0 0 13,760 0 0 0 13,760 0 13,760
Dividends ($0.10 per share)(1) .......... 0 0 0 0 (3,525) 0 (3,525) 0 (3,525)
Balance, June 30, 2011 ............... 69,920,251 $956 $915,433 $ 136,733 $1,418,106 $(1,047,570) $1,423,658 0 $1,423,658
(1) Cash dividends declared on common stock were $0.0125 in each of the first and second quarter of fiscal year 2009 and were $0.025 in each of the third and
fourth quarters of fiscal year 2011.
See accompanying Notes to the Consolidated Financial Statements.
51