Quarterly report pursuant to Section 13 or 15(d)

Supplemental Equity and Accumulated Other Comprehensive Income (Loss)

v3.24.1.u1
Supplemental Equity and Accumulated Other Comprehensive Income (Loss)
9 Months Ended
Mar. 31, 2024
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 $0.24 in the three and nine months ended March 31, 2024 and 2023, 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

Net earnings

49,059

49,059

Other comprehensive income (loss)

(11,646)

(11,646)

Common stock issued for exercise of options

372

4

15,761

15,765

Common stock issued for restricted stock awards

4

0

0

(168)

(168)

Cash dividends

(12,579)

(12,579)

Stock-based compensation expense

8,053

8,053

Common stock issued to employee stock purchase plan

36

1

2,251

2,252

Employee stock purchase plan expense

80

80

Balances at March 31, 2024

 

157,554

$

1,576

$

790,418

$

1,297,688

$

(75,307)

$

2,014,375

    

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

Net earnings

 

70,218

 

 

 

70,218

Other comprehensive income (loss)

 

 

1,574

 

 

1,574

Share repurchases

Common stock issued for exercise of options

 

201

 

2

 

1,871

 

(10,733)

 

 

(8,860)

Common stock issued for restricted stock awards

 

6

 

0

 

0

 

(267)

 

 

(267)

Cash dividends

 

 

 

(12,582)

 

 

(12,582)

Stock-based compensation expense

 

 

9,995

 

 

 

9,995

Common stock issued to employee stock purchase plan

38

0

2,389

2,389

Employee stock purchase plan expense

 

 

113

 

 

 

113

Balances at March 31, 2023

 

157,339

$

1,573

$

715,052

$

1,246,612

$

(73,551)

$

$

1,889,686

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 $1.4 million gain, net of taxes, from accumulated other comprehensive income (loss) to earnings during the three months ended March 31, 2024 and 2023, respectively. The Company reclassified a $7.7 million and a $1.7 million gain, net of taxes, from accumulated other comprehensive income (loss) to earnings during the nine months ended March 31, 2024 and 2023, respectively.

Changes in Accumulated Other Comprehensive Income (Loss) attributable to Bio-Techne by component:

Three months ended March 31, 2024 (in thousands):

Unrealized

Gains

Foreign 

(Losses) on

Currency

Derivative

Translation 

    

Instruments

    

Adjustments

    

Total

Balance as of December 31, 2023, net of tax:

$

8,842

$

(72,503)

$

(63,661)

Other comprehensive income (loss), before tax:

Amounts before reclassifications

(1,626)

(12,620)

(14,246)

Amounts reclassified out

2,570

837

3,407

Total other comprehensive income (loss), before tax

944

(11,783)

(10,839)

Tax (expense)/benefit

(609)

(198)

(807)

Total other comprehensive income (loss), net of tax

 

335

(11,981)

(11,646)

Balance as of March 31, 2024, net of tax

$

9,177

$

(84,484)

$

(75,307)

Three months ended March 31, 2023 (in thousands):

Unrealized

Gains

Foreign 

(Losses) on

Currency

Derivative

Translation 

    

Instruments

    

Adjustments

    

Total

Balance as of December 31, 2022, attributable to Bio-Techne, net of tax:

$

12,079

$

(87,204)

$

(75,125)

Other comprehensive income (loss), before tax:

Amounts before reclassifications, attributable to Bio-Techne

(3,105)

3,282

177

Amounts reclassified out

1,826

1,826

Total other comprehensive income (loss), before tax

(1,279)

3,282

2,003

Tax (expense)/benefit

(429)

(429)

Total other comprehensive income (loss), net of tax

 

(1,708)

3,282

1,574

Balance as of March 31, 2023, net of tax

$

10,371

$

(83,922)

$

(73,551)

Nine months ended March 31, 2024 (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

(9,582)

(7,368)

(16,950)

Amounts reclassified out

7,729

2,372

10,101

Total other comprehensive income (loss), before tax

(1,853)

(4,996)

(6,849)

Tax (expense)/benefit

(1,832)

(562)

(2,394)

Total other comprehensive income (loss), net of tax

 

(3,685)

(5,558)

(9,243)

Balance as of March 31, 2024, net of tax(1)

$

9,177

$

(84,484)

$

(75,307)

Nine months ended March 31, 2023 (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

431

(805)

(374)

Amounts reclassified out

2,445

152

2,597

Total other comprehensive income (loss), before tax

2,876

(653)

2,223

Tax (expense)/benefit

(574)

(574)

Total other comprehensive income (loss), net of tax

 

2,302

(653)

1,649

Balance as of March 31, 2023, net of tax(1)

$

10,371

$

(83,922)

$

(73,551)

(1) The Company had a net deferred tax liability for its cash flow hedge of $2.9 million and $3.2 million for the nine months ended March 31, 2024 and 2023, 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.