| Supplemental Equity and Accumulated Other Comprehensive Income (loss) Information |
Note 8. Supplemental Equity and Accumulated Other Comprehensive Income (Loss):
Supplemental Equity
The Company has declared cash dividends per share of $0.08 in the three months ended September 30, 2024 and 2023.
Consolidated Changes in Equity (amounts in thousands)
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Bio-Techne Shareholders |
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Accumulated |
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Additional |
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Other |
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Common Stock |
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Paid-in |
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Retained |
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Comprehensive |
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Shares |
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Amount |
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Capital |
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Earnings |
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Income(Loss) |
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Total |
Balances at June 30, 2024 |
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158,216 |
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$ |
1,582 |
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$ |
820,337 |
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$ |
1,325,247 |
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$ |
(78,316) |
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$ |
2,068,850 |
Net earnings |
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33,600 |
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33,600 |
Other comprehensive income (loss) |
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18,229 |
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18,229 |
Common stock issued for exercise of options |
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577 |
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6 |
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23,224 |
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(2,338) |
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20,892 |
Common stock issued for restricted stock awards |
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50 |
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1 |
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1 |
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(2,646) |
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(2,644) |
Cash dividends |
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(12,688) |
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(12,688) |
Stock-based compensation expense |
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10,146 |
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10,146 |
Common stock issued to employee stock purchase plan |
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35 |
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0 |
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2,227 |
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2,227 |
Employee stock purchase plan expense |
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38 |
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38 |
Balances at September 30, 2024 |
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158,878 |
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$ |
1,589 |
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$ |
855,973 |
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$ |
1,341,175 |
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$ |
(60,087) |
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$ |
2,138,650 |
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Bio-Techne Shareholders |
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Accumulated |
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Additional |
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Other |
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Common Stock |
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Paid-in |
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Retained |
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Comprehensive |
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Shares |
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Amount |
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Capital |
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Earnings |
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Income(Loss) |
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Total |
Balances at June 30, 2023 |
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157,642 |
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$ |
1,576 |
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$ |
721,543 |
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$ |
1,309,461 |
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$ |
(66,064) |
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$ |
1,966,516 |
Net earnings |
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50,993 |
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50,993 |
Other comprehensive income (loss) |
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(11,952) |
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(11,952) |
Common stock issued for exercise of options |
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633 |
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6 |
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12,877 |
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(15,460) |
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(2,577) |
Common stock issued for restricted stock awards |
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47 |
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1 |
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0 |
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(4,768) |
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(4,767) |
Cash dividends |
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(12,654) |
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(12,654) |
Stock-based compensation expense |
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9,981 |
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9,981 |
Common stock issued to employee stock purchase plan |
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33 |
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1 |
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2,093 |
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2,094 |
Employee stock purchase plan expense |
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112 |
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112 |
Balances at September 30, 2023 |
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158,355 |
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$ |
1,584 |
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$ |
746,606 |
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$ |
1,327,572 |
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$ |
(78,016) |
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$ |
1,997,746 |
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 accumulated balances related to each component of other comprehensive income (loss) are summarized as follows (in thousands):
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Three months ended September 30, 2024 (in thousands): |
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Unrealized |
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Gains |
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Foreign |
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(Losses) on |
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Currency |
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Derivative |
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Translation |
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Instruments |
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Adjustments |
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Total |
Balance as of June 30, 2024, net of tax |
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$ |
8,102 |
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$ |
(86,418) |
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$ |
(78,316) |
Other comprehensive income (loss), before tax: |
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Amounts before reclassifications |
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(5,010) |
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20,659 |
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15,649 |
Amounts reclassified out |
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2,599 |
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|
782 |
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3,381 |
Total other comprehensive income (loss), before tax |
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(2,411) |
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21,441 |
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19,030 |
Tax (expense)/benefit |
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(616) |
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(185) |
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(801) |
Total other comprehensive income (loss), net of tax |
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(3,027) |
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21,256 |
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18,229 |
Balance as of September 30, 2024, net of tax |
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$ |
5,075 |
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$ |
(65,162) |
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$ |
(60,087) |
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Three months ended September 30, 2023 (in thousands): |
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Unrealized |
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Gains |
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Foreign |
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(Losses) on |
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Currency |
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Derivative |
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Translation |
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Instruments |
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Adjustments |
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Total |
Balance as of June 30, 2023 net of tax: |
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$ |
12,862 |
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$ |
(78,926) |
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$ |
(66,064) |
Other comprehensive income (loss), before tax: |
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Amounts before reclassifications |
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1,587 |
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(11,069) |
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(9,482) |
Amounts reclassified out |
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(2,539) |
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(698) |
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(3,237) |
Total other comprehensive income (loss), before tax |
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(952) |
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(11,767) |
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(12,719) |
Tax (expense)/benefit |
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(602) |
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(165) |
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(767) |
Total other comprehensive income (loss), net of tax |
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(350) |
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(11,602) |
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(11,952) |
Balance as of September 30, 2023, net of tax |
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$ |
12,512 |
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$ |
(90,528) |
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$ |
(78,016) |
The Company had a net deferred tax liability for its cash flow hedges of $1.6 million and $4.1 million as of September 30, 2024 and September 30, 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.
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