Quarterly report pursuant to Section 13 or 15(d)

Note 8 - Supplemental Equity and Accumulated Other Comprehensive Income (Loss)

Note 8 - Supplemental Equity and Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Dec. 31, 2020

Comprehensive Income (Loss) Note [Text Block]

Note 8. Supplemental Equity and Accumulated Other Comprehensive Income (Loss):

Supplemental Equity

The Company has declared cash dividends per share of $0.32 and $ 0.64 in both the three and six months ended December 31, 2020 and 2019, respectively.

Consolidated Changes in Equity (amounts in thousands)

	Bio-Techne Shareholders
											Accumulated
					Additional						Other
	Common Stock				Paid-in			Retained			Comprehensive			Noncontrolling
	Shares		Amount		Capital			Earnings			Income(Loss)			Interest			Total
Balances at June 30, 2020		38,453	$	385	$	420,536		$	1,057,470		$	(97,199	)	$	-		$	1,381,192
Cumulative effect adjustments due to adoption of new accounting standards									(276	)								(276	)
Net earnings									33,395									33,395
Other comprehensive income												14,057						14,057
Common stock issued for exercise of options		117		1		13,727												13,728
Common stock issued for restricted stock awards		25		0		(0	)		(4,890	)								(4,890	)
Cash dividends									(12,336	)								(12,336	)
Stock-based compensation expense						12,667												12,667
Common stock issued to employee stock purchase plan		6		0		1,463												1,463
Employee stock purchase plan expense						286												286
Balances at September 30, 2020		38,601	$	386	$	448,679		$	1,073,362		$	(83,142	)	$	-		$	1,439,285
Non-controlling interest in Eminence															8,985			8,985
Net earnings									46,274						(130	)		46,144
Other comprehensive income												18,904			83			18,987
Common stock issued for exercise of options		161		2		16,748			(2,482	)								14,268
Common stock issued for restricted stock awards		3		0		(0	)		0									0
Cash dividends									(12,392	)								(12,392	)
Stock-based compensation expense						15,471												15,471
Employee stock purchase plan expense						106												106
Balances at December 31, 2020		38,765	$	388	$	481,004		$	1,104,762		$	(64,238	)	$	8,938		$	1,530,854

											Accumulated
					Additional						Other
	Common Stock				Paid-in			Retained			Comprehensive
	Shares		Amount		Capital			Earnings			Income(Loss)			Total
Balances at June 30, 2019		37,934	$	379	$	316,797		$	931,934		$	(83,521	)	$	1,165,589
Cumulative effect adjustments due to adoption of new accounting standards and other									(879	)					(879	)
Net earnings									14,398						14,398
Other comprehensive loss												(8,106	)		(8,106	)
Common stock issued for exercise of options		94		1		7,854									7,855
Common stock issued for restricted stock awards		50		0		(0	)		(1,926	)					(1,926	)
Cash dividends									(12,169	)					(12,169	)
Stock-based compensation expense						8,267									8,267
Common stock issued to employee stock purchase plan		6		0		1,096									1,096
Employee stock purchase plan expense						99									99
Balances at September 30, 2019		38,084	$	381	$	334,112		$	931,358		$	(91,627	)	$	1,174,224
Net earnings									119,622						119,622
Other comprehensive loss												13,275			13,275
Common stock issued for exercise of options		195		2		18,293									18,295
Common stock issued for restricted stock awards		4		0		(0	)								0
Cash dividends									(12,197	)					(12,197	)
Stock-based compensation expense						10,017									10,017
Common stock issued to employee stock purchase plan															0
Employee stock purchase plan expense						112									112
Balances at December 31, 2019		38,283	$	383	$	362,534		$	1,038,783		$	(78,352	)	$	1,323,348

Accumulated Other Comprehensive Income

The components of other comprehensive income (loss) consist of changes in foreign currency translation adjustments and changes in net unrealized gains (losses) on derivative instruments designated as cash flow hedges. The Company reclassified $4.2 million, net of taxes, from accumulated other comprehensive income (loss) to earnings during the six months ended December 31, 2020. The Company reclassified $0.6 million, net of taxes, from accumulated other comprehensive income (loss) to earnings during the six months ended December 31, 2019.

The accumulated balances related to each component of other comprehensive income (loss) attributable to Bio-Techne, net of tax, are summarized as follows:

	Unrealized Gains (Losses) on Derivative Instruments			Foreign Currency Translation Adjustments			Total
Balance as of June 30, 2020 attributable to Bio-Techne	$	(13,253	)	$	(83,946	)	$	(97,199	)
Other comprehensive income (loss) before reclassifications, net of taxes, attributable to Bio-Techne		(47)			28,759			28,712
Reclassification from loss on derivatives to interest expense, net of taxes, attributable to Bio-Techne⁽¹⁾		4,249			-			4,249
Balance as of December 31, 2020 attributable to Bio-Techne⁽³⁾	$	(9,051	)	$	(55,187	)	$	(64,238	)

	Unrealized Gains (Losses) on Derivative Instruments			Foreign Currency Translation Adjustments			Total
Balance as of June 30, 2019 attributable to Bio-Techne	$	(9,537	)	$	(73,983	)	$	(83,521	)
Other comprehensive income (loss), net of tax before reclassifications, attributable to Bio-Techne		275			4,264			4,539
Reclassification from loss on derivatives to interest expense, net of taxes, attributable to Bio-Techne⁽²⁾		629			-			629
Balance as of December 31, 2019 attributable to Bio-Techne⁽³⁾	$	(8,633	)	$	(69,719	)	$	(78,352	)

(1) Gains (losses) on the interest swap are reclassified into interest expense as payments on the derivative agreement are made. The Company reclassified $5,026 to interest expense and $512 to non-operating income relating to variable interest payments that were probable not to occur as further discussed in Note 6 in the six months ended December 31, 2020. The Company also recorded a related tax benefit of $1,289 during the six months ended December 31, 2020.

(2) The Company reclassified ($821) to interest expense and a related tax benefit tax of $192 during the six months ended December 31, 2019.

(3) The Company had deferred tax benefits of $2,886 and $4,058 included in the accumulated other comprehensive income loss as of December 31, 2020 and June 30, 2020, respectively.