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)

9 Months Ended

Mar. 31, 2024

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.