Quarterly report pursuant to Section 13 or 15(d)

Supplemental Equity and Accumulated Other Comprehensive Income (Loss)

Supplemental Equity and Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Sep. 30, 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 in the three months ended September 30, 2023 and 2022.

Consolidated Changes in Equity (amounts in thousands)


	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, 2023	157,642	$	1,576	$	721,543	$	1,309,461	$	(66,064)	$	—	$	1,966,516
Net earnings							50,993						50,993
Other comprehensive 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


	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 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

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 $2.5 million, net of taxes, from accumulated other comprehensive income (loss) to earnings during the three months ended September 30, 2023.

The accumulated balances related to each component of other comprehensive income (loss) attributable to Bio-Techne are summarized as follows (in thousands):


	Unrealized
	Gains		Foreign
	(Losses) on		Currency
	Derivative		Translation
	Instruments		Adjustments		Total
Balance as of June 30, 2023	$	12,862	$	(78,926)	$	(66,064)
Other comprehensive income (loss), before tax:
Amounts before reclassifications, attributable to Bio-Techne		1,587		(11,069)		(9,482)
Amounts reclassified out		(2,539)		(698)		(3,237)
Total other comprehensive income (loss), before tax		(952)		(11,767)		(12,719)
Tax (expense)/benefit		(602)		(165)		(767)
Total other comprehensive income (loss), net of tax		(350)		(11,602)		(11,952)
Balance as of September 30, 2023⁽¹⁾	$	12,512	$	(90,528)	$	(78,016)


	Unrealized
	Gains		Foreign
	(Losses) on		Currency
	Derivative		Translation
	Instruments		Adjustments		Total
Balance as of June 30, 2022 attributable to Bio-Techne	$	8,069	$	(83,269)	$	(75,200)
Other comprehensive income (loss), before tax:
Amounts before reclassifications, attributable to Bio-Techne		4,376		(21,457)		(17,081)
Amounts reclassified out		417		152		569
Total other comprehensive income (loss), before tax		4,793		(21,305)		(16,512)
Tax (expense)/benefit		98		—		98
Total other comprehensive income (loss), net of tax		4,695		(21,305)		(16,610)
Balance as of September 30, 2022⁽¹⁾	$	12,764	$	(104,574)	$	(91,810)

⁽¹⁾The Company had a net deferred tax liability of $4,145 and $3,921 as of September 30, 2023 and September 30, 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.