Quarterly report pursuant to Section 13 or 15(d)

Supplemental Equity and Accumulated Other Comprehensive Income (Loss)

v3.22.2.2
Supplemental Equity and Accumulated Other Comprehensive Income (Loss)
3 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Supplemental Equity and Accumulated Other Comprehensive Income (Loss)

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

Supplemental Equity

The Company has declared cash dividends per share of $0.32 in the three months ended September 30, 2022 and 2021.

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, 2022

 

39,160

392

653,657

1,122,921

(75,200)

(759)

1,701,011

Net earnings

 

-

-

 

-

 

89,555

 

-

 

179

 

89,734

Other comprehensive loss

 

-

-

 

-

 

-

 

(16,762)

 

0

 

(16,762)

Reclassification of cumulative translation adjustment for Eminence to non-operating income

-

-

-

-

152

(33)

119

Elimination of noncontrolling equity interest from sale of Eminence

 

-

 

-

 

-

 

-

 

-

 

613

 

613

Share repurchases

 

(55)

 

(1)

 

-

 

(19,561)

 

-

 

-

 

(19,562)

Common stock issued for exercise of options

 

107

 

1

 

9,422

 

(11,428)

 

-

 

-

 

(2,005)

Common stock issued for restricted stock awards

 

11

-

 

-

 

(6,427)

 

-

 

-

 

(6,427)

Cash dividends

 

-

-

 

-

 

(12,545)

 

-

 

-

 

(12,545)

Stock-based compensation expense

 

-

 

-

 

14,364

 

-

 

-

 

-

 

14,364

Common stock issued to employee stock purchase plan

 

9

-

 

2,517

 

-

 

-

 

-

 

2,517

Employee stock purchase plan expense

-

-

97

-

-

-

97

Balances at September 30, 2022

 

39,232

$

392

$

680,057

$

1,162,515

$

(91,810)

$

-

$

1,751,154

    

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)

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

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 $0.5 million, net of taxes, from accumulated other comprehensive income (loss) to earnings during the three months ended September 30, 2022.

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

Foreign 

(Losses) on

Currency

Derivative

Translation 

    

Instruments

    

Adjustments

    

Total

Balance as of June 30, 2022

$

8,069

$

(83,269)

$

(75,200)

Other comprehensive income (loss) before reclassifications, net of taxes, attributable to Bio-Techne

 

4,376

 

(21,457)

 

(17,081)

Reclassification from loss on derivatives to interest expense, net of taxes, attributable to Bio-Techne(1)

 

319

319

Reclassification of cumulative translation adjustment for Eminence to non-operating income, net of taxes, attributable to Bio-Techne

152

152

Balance as of September 30, 2022(2)

$

12,764

$

(104,574)

$

(91,810)

Unrealized

Gains

Foreign 

(Losses) on

Currency

Derivative

Translation 

    

Instruments

    

Adjustments

    

Total

Balance as of June 30, 2021 attributable to Bio-Techne

$

(6,193)

$

(51,098)

$

(57,291)

Other comprehensive income (loss), net of tax before reclassifications, attributable to Bio-Techne

 

84

 

(8,607)

 

(8,523)

Reclassification from loss on derivatives to interest expense, net of taxes, attributable to Bio-Techne(1)

 

1,598

 

 

1,598

Balance as of September 30, 2021 (2)

$

(4,511)

$

(59,705)

$

(64,216)

(1)

Gains (losses) on the interest swap are reclassified into interest expense as payments on the derivative agreement are made. The Company reclassified ($417) to interest expense and recorded a related tax benefit of $98 during the quarter ended September 30, 2022. The Company reclassified ($2,091) to interest expense and a related tax benefit of $493 during the quarter ended September 30, 2021.

(2)

The Company had a net deferred tax liability of $3,921 and a net deferred tax benefit of $1,391 included in the accumulated other comprehensive income loss as of September 30,  2022 and 2021, respectively.