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

9 Months Ended

Mar. 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 $ 0.96 in both the three and nine months ended March 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, 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														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														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
Net earnings											45,782						(380	)		45,402
Other comprehensive income														215			(69	)		146
Share repurchases		(120	)		(1	)					(43,177	)								(43,178	)
Common stock issued for exercise of options		195			2			21,324			(4,332	)								16,994
Common stock issued for restricted stock awards		10			0			(0	)		(1,801	)								(1,801	)
Cash dividends											(12,446	)								(12,446	)
Stock-based compensation expense								10,232												10,232
Common Stock issued to employee stock purchase plan		4			0			1,328												1,328
Employee stock purchase plan expense								411												411
Balances at March 31, 2021		38,854		$	389		$	514,299		$	1,088,788		$	(64,023	)	$	8,489		$	1,547,942

												Accumulated
						Additional						Other
	Common Stock					Paid-in			Retained			Comprehensive
	Shares			Amount		Capital			Earnings			Income(Loss)			Total
Balances at June 30, 2019		37,934		$	379	$	316,797		$	931,934		$	(83,521	)	$	1,165,589
Cumulative effect adjustments due to adoption of new accounting standards and other										(879	)					(879	)
Net earnings										14,398						14,398
Other comprehensive loss													(8,106	)		(8,106	)
Common stock issued for exercise of options		94			1		7,854									7,855
Common stock issued for restricted stock awards		50			0		(0	)		(1,926	)					(1,926	)
Cash dividends										(12,169	)					(12,169	)
Stock-based compensation expense							8,267									8,267
Common stock issued to employee stock purchase plan		6			0		1,096									1,096
Employee stock purchase plan expense							99									99
Balances at September 30, 2019		38,084		$	381	$	334,112		$	931,358		$	(91,627	)	$	1,174,224
Net earnings										119,622						119,622
Other comprehensive loss													13,275			13,275
Common stock issued for exercise of options		195			2		18,293									18,295
Common stock issued for restricted stock awards		4			0		(0	)								0
Cash dividends										(12,197	)					(12,197	)
Stock-based compensation expense							10,017									10,017
Common stock issued to employee stock purchase plan
Employee stock purchase plan expense							112									112
Balances at December 31, 2019		38,283		$	383	$	362,534		$	1,038,783		$	(78,352	)	$	1,323,348
Net earnings										36,432						36,432
Other comprehensive income (loss)													(25,105	)		(25,105	)
Share Repurchases		(279	)		(3)		0			(50,109	)					(50,112	)
Common stock issued for exercise of options		100			1		10,026									10,027
Common stock issued for restricted stock awards		1			0		(0	)		(114	)					(114	)
Cash dividends										(12,279	)					(12,279	)
Stock-based compensation expense							7,745									7,745
Common stock issued to employee stock purchase plan		8			0		1,216									1,216
Employee stock purchase plan expense							110									110
Balances at March 31, 2020		38,112		$	381	$	381,632		$	1,012,713		$	(103,458	)	$	1,291,268

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 $5.5 million, net of taxes, from accumulated other comprehensive income (loss) to earnings during the nine months ended March 31, 2021. The Company reclassified $1.6 million, net of taxes, from accumulated other comprehensive income (loss) to earnings during the nine months ended March 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, 2020 attributable to Bio-Techne	$	(13,253	)	$	(83,946	)	$	(97,199	)
Other comprehensive income (loss) before reclassifications, net of taxes, attributable to Bio-Techne		(13	)		27,686			27,673
Reclassification from loss on derivatives to earnings, net of taxes, attributable to Bio-Techne(1)		5,503			-			5,503
Balance as of March 31, 2021 attributable to Bio-Techne(3)	$	(7,763	)	$	(56,260	)	$	(64,023	)

	Unrealized Gains (Losses) on Derivative Instruments			Foreign Currency Translation Adjustments			Total
Balance as of June 30, 2019 attributable to Bio-Techne	$	(9,537	)	$	(73,983	)	$	(83,521	)
Other comprehensive income (loss), net of tax before reclassifications, attributable to Bio-Techne		(6,413	)		(15,138	)		(21,551	)
Reclassification from loss on derivatives to interest expense, net of taxes, attributable to Bio-Techne(2)		1,614			-			1,614
Balance as of March 31, 2020 attributable to Bio-Techne(3)	$	(14,336	)	$	(89,121	)	$	(103,458	)

(1) Gains (losses) on the interest swap are reclassified into interest expense as payments on the derivative agreement are made. The Company reclassified $6,662 to interest expense and $512 to non-operating income relating to variable interest payments that were probable not to occur as further discussed in Note 5 in the nine months ended March 31, 2021. The Company also recorded a related tax benefit of $1,670 during the nine months ended March 31, 2021.

(2) The Company reclassified ($2,102) to interest expense and a related tax benefit tax of $488 during the nine months ended  March 31, 2020.

(3) The Company had deferred tax benefits of $2,394 and $4,390 included in the accumulated other comprehensive income loss as of March 31, 2021 and  March 31, 2020, respectively.