| Schedule of each component of 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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|
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|
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|
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Unrealized |
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|
|
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|
|
|
|
Gains |
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Foreign |
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|
|
|
|
(Losses) on |
|
Currency |
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|
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Derivative |
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Translation |
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|
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Instruments |
|
Adjustments |
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Total |
Balance June 30, 2020(3) |
|
$ |
(13,253) |
|
$ |
(83,946) |
|
$ |
(97,199) |
Other comprehensive income (loss) before reclassifications |
|
|
100 |
|
|
32,848 |
|
|
32,948 |
Reclassification from loss on derivatives to interest expense, net of taxes(1) |
|
|
6,960 |
|
|
— |
|
|
6,960 |
Balance June 30, 2021(3) |
|
$ |
(6,193) |
|
$ |
(51,098) |
|
$ |
(57,291) |
Other comprehensive income (loss) before reclassifications, net of taxes, attributable to Bio-Techne(2) |
|
|
9,403 |
|
|
(32,171) |
|
|
(22,768) |
Reclassification from loss on derivatives to interest expense, net of taxes, attributable to Bio-Techne(1) |
|
|
4,859 |
|
|
— |
|
|
4,859 |
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(2) |
|
|
8,246 |
|
|
4,191 |
|
|
12,437 |
Reclassification from (gain) loss on derivatives to interest expense, net of taxes, attributable to Bio-Techne(1) |
|
|
(3,453) |
|
|
— |
|
|
(3,453) |
Reclassification of cumulative translation adjustment for Eminence to non-operating income, net of taxes, attributable to Bio-Techne |
|
|
— |
|
|
152 |
|
|
152 |
Balance as of June 30, 2023(2) |
|
$ |
12,862 |
|
$ |
(78,926) |
|
$ |
(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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