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, 2021

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, 2021 and 2020, 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, 2021		38,955		$	390		$	534,411	$	1,085,461		$	(57,291	)	$	8,263		$	1,571,234
Net earnings										69,615						(634	)		68,981
Other comprehensive income (loss)													(6,925	)		(39	)		(6,964	)
Share repurchases
Common stock issued for exercise of options		295			3			36,345		(13,481	)								22,867
Common stock issued for restricted stock awards		20			0			0		(9,765	)								(9,765	)
Cash dividends										(12,493	)								(12,493	)
Stock-based compensation expense								11,396											11,396
Common stock issued to employee stock purchase plan		3			0			1,358											1,358
Employee stock purchase plan expense								341											341
Balances at September 30, 2021		39,273		$	393		$	583,851	$	1,119,337		$	(64,216	)	$	7,590		$	1,646,955
Net earnings										80,173						(8,114	)		72,059
Other comprehensive income (loss)													4,742			66			4,808
Share repurchases		(89	)		(1	)				(41,293	)								(41,294	)
Common stock issued for exercise of options		134			1			18,604											18,605
Common stock issued for restricted stock awards		1
Cash dividends										(12,576	)								(12,576	)
Stock-based compensation expense								13,701											13,701
Common stock issued to employee stock purchase plan								6											6
Employee stock purchase plan expense								267											267
Balances at December 31, 2021		39,319			393			616,429		1,145,641			(59,474	)		(458	)		1,702,531

	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 (loss)												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 (loss)												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 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 $2.9 million, net of taxes, from accumulated other comprehensive income (loss) to earnings during the six months ended December 31, 2021. 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 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, 2021	$	(6,193	)	$	(51,098	)	$	(57,291	)
Other comprehensive income (loss) before reclassifications, net of taxes, attributable to Bio-Techne		1,682			(6,750	)		(5,068	)
Reclassification from loss on derivatives to interest expense, net of taxes, attributable to Bio-Techne⁽¹⁾		2,884		$	-		$	2,884
Balance as of December 31, 2021⁽²⁾	$	(1,626	)		(57,848	)		(59,474	)

	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), net of tax before reclassifications, attributable to Bio-Techne		(47	)		28,759			28,712
Reclassification from loss on derivatives to interest expense, net of taxes, attributable to Bio-Techne ⁽³⁾		4,249			-			4,249
Balance as of December 31, 2020⁽²⁾	$	(9,051	)	$	(55,187	)	$	(64,238	)

(1)

Gains (losses) on the interest swap are reclassified into interest expense as payments on the derivative agreement are made. The Company reclassified $3,777 to interest expense and a related tax benefit of $892 during the six months ended December 31, 2021.

(2)

The Company had net deferred tax benefits of $502 and $2,886 included in the accumulated other comprehensive income loss as of December 31, 2021 and 2020, respectively.

(3)

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 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.