Quarterly report pursuant to Section 13 or 15(d)

Supplemental Equity and Accumulated Other Comprehensive Income (Loss)

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.