| 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, 2024, June 30, 2023, and June 30, 2022. During the years ended June 30, 2024, June 30, 2023, and June 30, 2022, the Company repurchased 1,397,471 shares at an average share price of $57.28, 222,000 shares at an average share price of $88.12, and 1,576,952 shares at an average share price of $102.06, 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 2024, 2023 and 2022, 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 and restricted stock units vesting were $21.9 million, $28.9 million, and $23.5 million, respectively.
Accumulated Other Comprehensive Income (loss)
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.
Changes in Accumulated Other Comprehensive Income (Loss) attributable to Bio-Techne by component (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
|
|
|
|
|
|
Gains |
|
Foreign |
|
|
|
|
|
(Losses) on |
|
Currency |
|
|
|
|
|
Derivative |
|
Translation |
|
|
|
|
|
Instruments |
|
Adjustments |
|
Total |
Balance as of June 30, 2021, net of tax: |
|
$ |
(6,193) |
|
$ |
(51,098) |
|
$ |
(57,291) |
Other comprehensive income (loss), before tax, attributable to Bio-Techne: |
|
|
|
|
|
|
|
|
|
Amounts before reclassifications (1) |
|
|
19,121 |
|
|
(32,171) |
|
|
(13,050) |
Amounts reclassified out |
|
|
(6,352) |
|
|
— |
|
|
(6,352) |
Total other comprehensive income (loss), before tax, attributable to Bio-Techne: |
|
|
12,769 |
|
|
(32,171) |
|
|
(19,402) |
Tax benefit |
|
|
1,493 |
|
|
— |
|
|
1,493 |
Total other comprehensive income (loss), net of tax, attributable to Bio-Techne: |
|
|
14,262 |
|
|
(32,171) |
|
|
(17,909) |
Balance as of June 30, 2022, net of tax(2) |
|
$ |
8,069 |
|
$ |
(83,269) |
|
$ |
(75,200) |
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), before tax, attributable to Bio-Techne: : |
|
|
|
|
|
|
|
|
|
Amounts before reclassifications (1) |
|
|
1,340 |
|
|
4,191 |
|
|
5,531 |
Amounts reclassified out |
|
|
4,526 |
|
|
152 |
|
|
4,678 |
Total other comprehensive income (loss), before tax, attributable to Bio-Techne: |
|
|
5,866 |
|
|
4,343 |
|
|
10,209 |
Tax expense |
|
|
(1,073) |
|
|
— |
|
|
(1,073) |
Total other comprehensive income (loss), net of tax, attributable to Bio-Techne: |
|
|
4,793 |
|
|
4,343 |
|
|
9,136 |
Balance as of June 30, 2023, net of tax(2) |
|
$ |
12,862 |
|
$ |
(78,926) |
|
$ |
(66,064) |
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss), before tax: |
|
|
|
|
|
|
|
|
|
Amounts before reclassifications |
|
|
(12,632) |
|
|
(9,941) |
|
|
(22,573) |
Amounts reclassified out |
|
|
10,317 |
|
|
3,210 |
|
|
13,527 |
Total other comprehensive income (loss), before tax |
|
|
(2,315) |
|
|
(6,731) |
|
|
(9,046) |
Tax expense |
|
|
(2,445) |
|
|
(761) |
|
|
(3,206) |
Total other comprehensive income (loss), net of tax |
|
|
(4,760) |
|
|
(7,492) |
|
|
(12,252) |
Balance as of June 30, 2024, net of tax(2) |
|
$ |
8,102 |
|
$ |
(86,418) |
|
$ |
(78,316) |
| (1) |
Amounts before reclassifications related to foreign currency translation adjustments in the table above includes the amount attributable to Bio-Techne and excludes the $33 thousand and $70 thousand attributable to the non-controlling interest in Eminence as of June 30, 2023, and June 30, 2022, respectively.
|
| (2) |
The Company had a net deferred tax liability for its cash flow hedge of $2.5 million, $4.0 million, and $2.5 million as of June 30, 2024, June 30, 2023 and June 30, 2022.
|
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.
|