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 $0.08 and $0.16 in the three and six months ended December 31, 2023 and 2022, respectively.
Consolidated Changes in Equity (amounts in thousands):
|
|
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|
|
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|
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Bio-Techne Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
Other |
|
|
|
|
|
Common Stock |
|
Paid-in |
|
Retained |
|
Comprehensive |
|
|
|
|
Shares |
|
Amount |
|
Capital |
|
Earnings |
|
Income(Loss) |
|
Total |
Balances at June 30, 2023 |
|
157,642 |
|
$ |
1,576 |
|
$ |
721,543 |
|
$ |
1,309,461 |
|
$ |
(66,064) |
|
$ |
1,966,516 |
Net earnings |
|
|
|
|
|
|
|
|
|
|
50,993 |
|
|
|
|
|
50,993 |
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,952) |
|
|
(11,952) |
Common stock issued for exercise of options |
|
633 |
|
|
6 |
|
|
12,877 |
|
|
(15,460) |
|
|
|
|
|
(2,577) |
Common stock issued for restricted stock awards |
|
47 |
|
|
1 |
|
|
0 |
|
|
(4,768) |
|
|
|
|
|
(4,767) |
Cash dividends |
|
|
|
|
|
|
|
|
|
|
(12,654) |
|
|
|
|
|
(12,654) |
Stock-based compensation expense |
|
|
|
|
|
|
|
9,981 |
|
|
|
|
|
|
|
|
9,981 |
Common stock issued to employee stock purchase plan |
|
33 |
|
|
1 |
|
|
2,093 |
|
|
|
|
|
|
|
|
2,094 |
Employee stock purchase plan expense |
|
|
|
|
|
|
|
112 |
|
|
|
|
|
|
|
|
112 |
Balances at September 30, 2023 |
|
158,355 |
|
$ |
1,584 |
|
$ |
746,606 |
|
$ |
1,327,572 |
|
$ |
(78,016) |
|
$ |
1,997,746 |
Net earnings |
|
|
|
|
|
|
|
|
|
|
27,465 |
|
|
|
|
|
27,465 |
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
14,355 |
|
|
14,355 |
Share repurchases |
|
(1,397) |
|
|
(14) |
|
|
|
|
|
(80,028) |
|
|
|
|
|
(80,042) |
Common stock issued for exercise of options |
|
157 |
|
|
1 |
|
|
4,914 |
|
|
(1,074) |
|
|
|
|
|
3,841 |
Common stock issued for restricted stock awards |
|
27 |
|
|
0 |
|
|
0 |
|
|
|
|
|
|
|
|
0 |
Cash dividends |
|
|
|
|
|
|
|
|
|
|
(12,559) |
|
|
|
|
|
(12,559) |
Stock-based compensation expense |
|
|
|
|
|
|
|
12,413 |
|
|
|
|
|
|
|
|
12,413 |
Employee stock purchase plan expense |
|
|
|
|
|
|
|
340 |
|
|
|
|
|
|
|
|
340 |
Balances at December 31, 2023 |
|
157,142 |
|
$ |
1,571 |
|
$ |
764,273 |
|
$ |
1,261,376 |
|
$ |
(63,661) |
|
$ |
1,963,559 |
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|
|
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|
|
|
|
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|
|
Bio-Techne Shareholders |
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|
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|
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Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
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Additional |
|
|
|
|
Other |
|
|
|
|
|
|
|
|
Common Stock |
|
Paid-in |
|
Retained |
|
Comprehensive |
|
Noncontrolling |
|
|
|
|
|
Shares |
|
Amount |
|
Capital |
|
Earnings |
|
Income(Loss) |
|
Interest |
|
Total |
Balances at June 30, 2022 |
|
156,644 |
|
$ |
1,566 |
|
$ |
652,467 |
|
$ |
1,122,937 |
|
$ |
(75,200) |
|
$ |
(759) |
|
$ |
1,701,011 |
Net earnings |
|
|
|
|
|
|
|
|
|
|
89,555 |
|
|
|
|
|
179 |
|
|
89,734 |
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(16,762) |
|
|
|
|
|
(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 |
|
(222) |
|
|
(2) |
|
|
|
|
|
(19,560) |
|
|
|
|
|
|
|
|
(19,562) |
Common stock issued for exercise of options |
|
425 |
|
|
5 |
|
|
9,418 |
|
|
(11,428) |
|
|
|
|
|
|
|
|
(2,005) |
Common stock issued for restricted stock awards |
|
45 |
|
|
0 |
|
|
0 |
|
|
(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 |
|
36 |
|
|
0 |
|
|
2,517 |
|
|
|
|
|
|
|
|
|
|
|
2,517 |
Employee stock purchase plan expense |
|
|
|
|
|
|
|
97 |
|
|
|
|
|
|
|
|
|
|
|
97 |
Balances at September 30, 2022 |
|
156,928 |
|
$ |
1,569 |
|
$ |
678,863 |
|
$ |
1,162,532 |
|
$ |
(91,810) |
|
$ |
— |
|
$ |
1,751,154 |
Net earnings |
|
|
|
|
|
|
|
|
|
|
50,005 |
|
|
|
|
|
|
|
|
50,005 |
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
16,685 |
|
|
|
|
|
16,685 |
Common stock issued for exercise of options |
|
155 |
|
|
1 |
|
|
5,074 |
|
|
|
|
|
|
|
|
|
|
|
5,075 |
Common stock issued for restricted stock awards |
|
11 |
|
|
1 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
2 |
Cash dividends |
|
|
|
|
|
|
|
|
|
|
(12,561) |
|
|
|
|
|
|
|
|
(12,561) |
Stock-based compensation expense |
|
|
|
|
|
|
|
16,413 |
|
|
|
|
|
|
|
|
|
|
|
16,413 |
Employee stock purchase plan expense |
|
|
|
|
|
|
|
333 |
|
|
|
|
|
|
|
|
|
|
|
333 |
Balances at December 31, 2022 |
|
157,094 |
|
$ |
1,571 |
|
$ |
700,684 |
|
$ |
1,199,976 |
|
$ |
(75,125) |
|
$ |
— |
|
$ |
1,827,106 |
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 a $2.6 million and a $0.8 million gain, net of taxes, from accumulated other comprehensive income (loss) to earnings during the three months ended December 31, 2023 and 2022, respectively. The Company reclassified a $5.1 million and a $0.3 million gain, net of taxes, from accumulated other comprehensive income (loss) to earnings during the six months ended December 31, 2023 and 2022, respectively.
Changes in Accumulated Other Comprehensive Income (Loss) attributable to Bio-Techne by component:
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, 2023 (in thousands): |
|
Unrealized |
|
|
|
|
|
|
|
|
Gains |
|
Foreign |
|
|
|
|
|
(Losses) on |
|
Currency |
|
|
|
|
|
Derivative |
|
Translation |
|
|
|
|
|
Instruments |
|
Adjustments |
|
Total |
Balance as of September 30, 2023, net of tax: |
|
$ |
12,512 |
|
$ |
(90,528) |
|
$ |
(78,016) |
Other comprehensive income (loss), before tax: |
|
|
|
|
|
|
|
|
|
Amounts before reclassifications |
|
|
(5,669) |
|
|
17,387 |
|
|
11,718 |
Amounts reclassified out |
|
|
2,620 |
|
|
837 |
|
|
3,457 |
Total other comprehensive income (loss), before tax |
|
|
(3,049) |
|
|
18,224 |
|
|
15,175 |
Tax (expense)/benefit |
|
|
(621) |
|
|
(199) |
|
|
(820) |
Total other comprehensive income (loss), net of tax |
|
|
(3,670) |
|
|
18,025 |
|
|
14,355 |
Balance as of December 31, 2023, net of tax |
|
$ |
8,842 |
|
$ |
(72,503) |
|
$ |
(63,661) |
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, 2022 (in thousands): |
|
Unrealized |
|
|
|
|
|
|
|
|
Gains |
|
Foreign |
|
|
|
|
|
(Losses) on |
|
Currency |
|
|
|
|
|
Derivative |
|
Translation |
|
|
|
|
|
Instruments |
|
Adjustments |
|
Total |
Balance as of September 30, 2022, attributable to Bio-Techne, net of tax: |
|
$ |
12,764 |
|
$ |
(104,574) |
|
$ |
(91,810) |
Other comprehensive income (loss), before tax: |
|
|
|
|
|
|
|
|
|
Amounts before reclassifications, attributable to Bio-Techne |
|
|
(1,477) |
|
|
17,370 |
|
|
15,893 |
Amounts reclassified out |
|
|
1,036 |
|
|
— |
|
|
1,036 |
Total other comprehensive income (loss), before tax |
|
|
(441) |
|
|
17,370 |
|
|
16,929 |
Tax (expense)/benefit |
|
|
(244) |
|
|
— |
|
|
(244) |
Total other comprehensive income (loss), net of tax |
|
|
(685) |
|
|
17,370 |
|
|
16,685 |
Balance as of December 31, 2022, net of tax |
|
$ |
12,079 |
|
$ |
(87,204) |
|
$ |
(75,125) |
|
|
|
|
|
|
|
|
|
|
Six months ended December 31, 2023 (in thousands): |
|
Unrealized |
|
|
|
|
|
|
|
|
Gains |
|
Foreign |
|
|
|
|
|
(Losses) on |
|
Currency |
|
|
|
|
|
Derivative |
|
Translation |
|
|
|
|
|
Instruments |
|
Adjustments |
|
Total |
Balance as of June 30, 2023, net of tax: |
|
$ |
12,862 |
|
$ |
(78,926) |
|
$ |
(66,064) |
Other comprehensive income (loss), before tax: |
|
|
|
|
|
|
|
|
|
Amounts before reclassifications |
|
|
(7,956) |
|
|
5,252 |
|
|
(2,704) |
Amounts reclassified out |
|
|
5,159 |
|
|
1,535 |
|
|
6,694 |
Total other comprehensive income (loss), before tax |
|
|
(2,797) |
|
|
6,787 |
|
|
3,990 |
Tax (expense)/benefit |
|
|
(1,223) |
|
|
(364) |
|
|
(1,587) |
Total other comprehensive income (loss), net of tax |
|
|
(4,020) |
|
|
6,423 |
|
|
2,403 |
Balance as of December 31, 2023, net of tax(1) |
|
$ |
8,842 |
|
$ |
(72,503) |
|
$ |
(63,661) |
|
|
|
|
|
|
|
|
|
|
Six months ended December 31, 2022 (in thousands): |
|
Unrealized |
|
|
|
|
|
|
|
|
Gains |
|
Foreign |
|
|
|
|
|
(Losses) on |
|
Currency |
|
|
|
|
|
Derivative |
|
Translation |
|
|
|
|
|
Instruments |
|
Adjustments |
|
Total |
Balance as of June 30, 2022, attributable to Bio-Techne, net of tax: |
|
$ |
8,069 |
|
$ |
(83,269) |
|
$ |
(75,200) |
Other comprehensive income (loss), before tax: |
|
|
|
|
|
|
|
|
|
Amounts before reclassifications, attributable to Bio-Techne |
|
|
3,536 |
|
|
(4,087) |
|
|
(551) |
Amounts reclassified out |
|
|
619 |
|
|
152 |
|
|
771 |
Total other comprehensive income (loss), before tax |
|
|
4,155 |
|
|
(3,935) |
|
|
220 |
Tax (expense)/benefit |
|
|
(145) |
|
|
— |
|
|
(145) |
Total other comprehensive income (loss), net of tax |
|
|
4,010 |
|
|
(3,935) |
|
|
75 |
Balance as of December 31, 2022, net of tax(1) |
|
$ |
12,079 |
|
$ |
(87,204) |
|
$ |
(75,125) |
(1) The Company had a net deferred tax liability for its cash flow hedge of $2.7 million and $3.7 million for the six months ended December 31, 2023 and 2022, respectively,
Income taxes are not provided for foreign translation relating to permanent investments in international subsidiaries, but tax effects within foreign currency translation adjustments do include impacts from the net investment hedge.
|