Quarterly report pursuant to Section 13 or 15(d)

Supplemental Equity and Accumulated Other Comprehensive Income (Loss)

v3.24.0.1
Supplemental Equity and Accumulated Other Comprehensive Income (Loss)
6 Months Ended
Dec. 31, 2023
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 $0.08 and $0.16 in the three and six months ended December 31, 2023 and 2022, respectively.

Consolidated Changes in Equity (amounts in thousands):

    

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

    

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

 

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.