Harbinger Group Inc.
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SEC Filings

10-K
HRG GROUP, INC. filed this Form 10-K on 11/23/2016
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(16) Shareholders’ Equity
Accumulated Other Comprehensive Income
The cumulative amounts of the components of accumulated other comprehensive income reflected in the accompanying Consolidated Statements of Shareholders’ Equity, as of September 30, 2016, 2015 and 2014, were as follows:
 
 
Unrealized
Investment
Gains, net
 
Non-credit
Related
Other-than-
temporary
Impairments
 
Other
Unrealized
Gains (Losses)
— Cash Flow
Hedges
 
Actuarial
Adjustments
to Pension
Plans
 
Cumulative
Translation
Adjustments
 
Total
Cumulative components at September 30, 2016:
 
 
 
 
 
 
 
 
 
 
 
 
Gross amounts (after reclassification adjustments)
 
$
940.5

 
$
(2.4
)
 
$
7.0

 
$
(87.7
)
 
$
(164.2
)
 
$
693.2

Intangible assets adjustments
 
(258.6
)
 
0.4

 
—

 
—

 
—

 
(258.2
)
Tax effects
 
(237.1
)
 
0.2

 
(3.8
)
 
12.1

 
3.5

 
(225.1
)
Noncontrolling interest
 
(86.0
)
 
—

 
(1.7
)
 
30.4

 
68.3

 
11.0

 
 
$
358.8

 
$
(1.8
)
 
$
1.5

 
$
(45.2
)
 
$
(92.4
)
 
$
220.9

Cumulative components at September 30, 2015:
 
 
 
 
 
 
 
 
 
 
 
 
Gross amounts (after reclassification adjustments)
 
$
147.2

 
$
(1.0
)
 
$
(3.0
)
 
$
(48.4
)
 
$
(155.7
)
 
$
(60.9
)
Intangible assets adjustments
 
(0.3
)
 
0.4

 
—

 
—

 
—

 
0.1

Tax effects
 
(51.4
)
 
0.2

 
(0.9
)
 
1.3

 
3.5

 
(47.3
)
Noncontrolling interest
 
(17.4
)
 
—

 
1.3

 
18.6

 
64.9

 
67.4

 
 
$
78.1

 
$
(0.4
)
 
$
(2.6
)
 
$
(28.5
)
 
$
(87.3
)
 
$
(40.7
)
Cumulative components at September 30, 2014:
 
 
 
 
 
 
 
 
 
 
 
 
Gross amounts (after reclassification adjustments)
 
$
762.2

 
$
(1.0
)
 
$
13.1

 
$
(36.2
)
 
$
(42.8
)
 
$
695.3

Intangible assets adjustments
 
(220.0
)
 
0.4

 
—

 
—

 
—

 
(219.6
)
Tax effects
 
(190.1
)
 
0.2

 
(3.9
)
 
0.8

 
3.5

 
(189.5
)
Noncontrolling interest
 
(68.5
)
 
—

 
(3.8
)
 
13.6

 
16.1

 
(42.6
)
 
 
$
283.6

 
$
(0.4
)
 
$
5.4

 
$
(21.8
)
 
$
(23.2
)
 
$
243.6

Restricted Net Assets of Subsidiaries
HRG’s equity in restricted net assets of consolidated subsidiaries was approximately $2,656.4 as of September 30, 2016, representing 416.3% of HRG’s consolidated shareholders’ equity as of September 30, 2016 and consisted of net assets of FS Holdco II Ltd., Spectrum Brands and HGI Energy (inclusive of assets held for sale), less noncontrolling interest, which were restricted as to transfer to HRG in the form of cash dividends, loans or advances under regulatory or debt covenant restrictions.
Stock Repurchase Program
In May 2014, the Company’s Board of Directors authorized a stock repurchase program for an aggregate of up to $100.0 of common stock. The repurchase program authorizes purchases to be made from time to time in one or more open market or private transactions. The manner of purchase, the number of shares to be purchased and the timing of purchases are be based on the price of HRG’s common stock, general business and market conditions and applicable legal requirements, and is subject to the discretion of HRG’s management. The program does not require HRG to purchase any specific number of shares or any shares at all, and may be suspended, discontinued or re-instituted at any time without prior notice.
A summary of the stock repurchase activity under a $100.0 stock repurchase program authorized by HRG's Board of Directors in Fiscal 2016, 2015 and 2014 is summarized as follows (share amounts in thousands):
 
 
Shares repurchased
 
Weighted-Average Price per Share
 
Amount Repurchased
Cumulative balance at September 30, 2016
 
6,900

 
$
12.71

 
$
87.7

Cumulative balance at September 30, 2015
 
6,900

 
$
12.71

 
$
87.7

Cumulative balance at September 30, 2014
 
5,197

 
$
12.62

 
$
65.5

The purchase price for the shares of the Company’s stock repurchased is reflected as a reduction to shareholders’ equity. Upon repurchase, the Company retires the stock and records the excess of the cost of the treasury stock over its par value entirely to additional paid-in capital.

F-58
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