| Supplemental Equity and Accumulated Other Comprehensive Income (loss) Information |
Note 8. Supplemental Equity and Accumulated Other Comprehensive Income (loss) Information:
Equity
The Company has declared cash dividends per share of $0.32 in each of the full fiscal years ended June 30, 2023, June 30, 2022, and June 30, 2021. During the years ended June 30, 2023, June 30, 2022 and June 30, 2021, the Company repurchased 222,000 shares at an average share price of $88.12, 1,576,952 shares at an average share price of $102.06, and 480,000 shares at an average share price of $89.95, respectively. The Company’s accounting policy is to record the portion of share repurchases in excess of the par value entirely in retained earnings. During fiscal year 2023, 2022 and 2021, the amounts within the Consolidated Statements of Shareholders’ Equity for the surrender and retirement of stock to exercise options due to net settlement stock options exercises were $28.9 million, $23.5 million, and $19.3 million, respectively.
Accumulated Other Comprehensive Income (loss)
Changes in accumulated other comprehensive income (loss) attributable to Bio-Techne, net of tax, are summarized as follows (in thousands):
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Unrealized |
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Gains |
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Foreign |
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(Losses) on |
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Currency |
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Derivative |
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Translation |
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Instruments |
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Adjustments |
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Total |
Balance June 30, 2020(3) |
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$ |
(13,253) |
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$ |
(83,946) |
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$ |
(97,199) |
Other comprehensive income (loss) before reclassifications |
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|
100 |
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32,848 |
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32,948 |
Reclassification from loss on derivatives to interest expense, net of taxes(1) |
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6,960 |
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— |
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6,960 |
Balance June 30, 2021(3) |
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$ |
(6,193) |
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$ |
(51,098) |
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$ |
(57,291) |
Other comprehensive income (loss) before reclassifications, net of taxes, attributable to Bio-Techne(2) |
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9,403 |
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(32,171) |
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(22,768) |
Reclassification from loss on derivatives to interest expense, net of taxes, attributable to Bio-Techne(1) |
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4,859 |
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— |
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4,859 |
Balance as of June 30, 2022 |
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$ |
8,069 |
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$ |
(83,269) |
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$ |
(75,200) |
Other comprehensive income (loss) before reclassifications, net of taxes, attributable to Bio-Techne(2) |
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8,246 |
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4,191 |
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12,437 |
Reclassification from (gain) loss on derivatives to interest expense, net of taxes, attributable to Bio-Techne(1) |
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(3,453) |
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— |
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(3,453) |
Reclassification of cumulative translation adjustment for Eminence to non-operating income, net of taxes, attributable to Bio-Techne |
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— |
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|
152 |
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|
152 |
Balance as of June 30, 2023(2) |
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$ |
12,862 |
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$ |
(78,926) |
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$ |
(66,064) |
| (1) |
Gains (losses) on the interest swap will be reclassified into interest expense as payments on the derivative agreement are made. The Company reclassified $4,526 to interest income and recorded a related tax expense of $1,073 during fiscal 2023. The Company reclassified $6,352 to interest expense and recorded a related tax benefit of $1,493 during fiscal 2022. The Company reclassified $8,598 to interest expense and $512 to non-operating income relating to variable interest payments that were probable not to occur for the fiscal year ended June 30, 2021. The Company also recorded a related tax benefit of $2,150 during fiscal 2021.
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| (2) |
Other comprehensive income related to foreign currency translation adjustments in the table above includes the amount attributable to Bio-Techne and excludes the $33 and $70 attributable to the non-controlling interest in Eminence as of June 30, 2023, and June 30, 2022, respectively.
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| (3) |
The Company had a net deferred tax liability of $3,995 and $2,480 as of June 30, 2023, and June 30, 2022, respectively, and a net deferred tax benefit of $1,908 as of June 30, 2021.
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