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Note 8 - Supplemental Equity and Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

Note 8. Supplemental Equity and Accumulated Other Comprehensive Income (Loss):

Supplemental Equity

The Company has declared cash dividends per share of $0.32 and $0.64 in both the three and six months ended December 31, 2021 and 2020, respectively.

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, 2021			38,955			$	390			$	534,411			$	1,085,461			$	(57,291	)		$	8,263			$	1,571,234
Net earnings															69,615								(634	)			68,981
Other comprehensive income (loss)																			(6,925	)			(39	)			(6,964	)
Share repurchases
Common stock issued for exercise of options			295				3				36,345				(13,481	)											22,867
Common stock issued for restricted stock awards			20				0				0				(9,765	)											(9,765	)
Cash dividends															(12,493	)											(12,493	)
Stock-based compensation expense											11,396																11,396
Common stock issued to employee stock purchase plan			3				0				1,358																1,358
Employee stock purchase plan expense											341																341
Balances at September 30, 2021			39,273			$	393			$	583,851			$	1,119,337			$	(64,216	)		$	7,590			$	1,646,955
Net earnings															80,173								(8,114	)			72,059
Other comprehensive income (loss)																			4,742				66				4,808
Share repurchases			(89	)			(1	)							(41,293	)											(41,294	)
Common stock issued for exercise of options			134				1				18,604																18,605
Common stock issued for restricted stock awards			1
Cash dividends															(12,576	)											(12,576	)
Stock-based compensation expense											13,701																13,701
Common stock issued to employee stock purchase plan											6																6
Employee stock purchase plan expense											267																267
Balances at December 31, 2021			39,319				393				616,429				1,145,641				(59,474	)			(458	)			1,702,531

		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, 2020			38,453			$	385			$	420,536			$	1,057,470			$	(97,199	)		$	-			$	1,381,192
Cumulative effect adjustments due to adoption of new accounting standards															(276	)											(276	)
Net earnings															33,395												33,395
Other comprehensive income (loss)																			14,057								14,057
Common stock issued for exercise of options			117				1				13,727																13,728
Common stock issued for restricted stock awards			25				0				(0	)			(4,890	)											(4,890	)
Cash dividends															(12,336	)											(12,336	)
Stock-based compensation expense											12,667																12,667
Common stock issued to employee stock purchase plan			6				0				1,463																1,463
Employee stock purchase plan expense											286																286
Balances at September 30, 2020			38,601			$	386			$	448,679			$	1,073,362			$	(83,142	)		$	-			$	1,439,285
Non-controlling interest in Eminence																							8,985				8,985
Net earnings															46,274								(130	)			46,144
Other comprehensive income (loss)																			18,904				83				18,987
Common stock issued for exercise of options			161				2				16,748				(2,482	)											14,268
Common stock issued for restricted stock awards			3				0				(0	)			0												0
Cash dividends															(12,392	)											(12,392	)
Stock-based compensation expense											15,471																15,471
Employee stock purchase plan expense											106																106
Balances at December 31, 2020			38,765			$	388			$	481,004			$	1,104,762			$	(64,238	)		$	8,938			$	1,530,854

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 $2.9 million, net of taxes, from accumulated other comprehensive income (loss) to earnings during the six months ended December 31, 2021. The Company reclassified $4.2 million, net of taxes, from accumulated other comprehensive income (loss) to earnings during the six months ended December 31, 2020.

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

		Unrealized Gains (Losses) on Derivative Instruments				Foreign Currency Translation Adjustments				Total
Balance as of June 30, 2021		$	(6,193	)		$	(51,098	)		$	(57,291	)
Other comprehensive income (loss) before reclassifications, net of taxes, attributable to Bio-Techne			1,682				(6,750	)			(5,068	)
Reclassification from loss on derivatives to interest expense, net of taxes, attributable to Bio-Techne⁽¹⁾			2,884			$	-			$	2,884
Balance as of December 31, 2021⁽²⁾		$	(1,626	)			(57,848	)			(59,474	)

		Unrealized Gains (Losses) on Derivative Instruments				Foreign Currency Translation Adjustments				Total
Balance as of June 30, 2020 attributable to Bio-Techne		$	(13,253	)		$	(83,946	)		$	(97,199	)
Other comprehensive income (loss), net of tax before reclassifications, attributable to Bio-Techne			(47	)			28,759				28,712
Reclassification from loss on derivatives to interest expense, net of taxes, attributable to Bio-Techne ⁽³⁾			4,249				-				4,249
Balance as of December 31, 2020⁽²⁾		$	(9,051	)		$	(55,187	)		$	(64,238	)

(1)

Gains (losses) on the interest swap are reclassified into interest expense as payments on the derivative agreement are made. The Company reclassified $3,777 to interest expense and a related tax benefit of $892 during the six months ended December 31, 2021.

(2)

The Company had net deferred tax benefits of $502 and $2,886 included in the accumulated other comprehensive income loss as of December 31, 2021 and 2020, respectively.

(3)

Gains (losses) on the interest swap are reclassified into interest expense as payments on the derivative agreement are made. The Company reclassified $5,026 to interest expense and $512 to non-operating income relating to variable interest payments that were probable not to occur in the six months ended December 31, 2020. The Company also recorded a related tax benefit of $1,289 during the six months ended December 31, 2020.