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Supplemental Equity and Accumulated Other Comprehensive Income (Loss) | 9 Months Ended
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Mar. 31, 2024
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 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.

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