Shareholders' Equity

3 Months Ended

Mar. 31, 2022

Shareholders' Equity

Shareholders' Equity

12.Shareholders’ Equity

Share Repurchase Program

In May 2019, the Company’s Board of Directors approved a share repurchase plan (the “2019 Repurchase Program”) authorizing the purchase of common stock in the amount of up to $300.0 million from time to time, in amounts, at prices, and at such times as management deems appropriate, subject to market conditions, legal requirements and other considerations. During the three months ended March 31, 2021, the Company repurchased a total of 530,729 shares at an aggregate cost of $32.8 million under the 2019 Repurchase Program. We completed the 2019 Repurchase Program in April 2021, after reaching the maximum cumulative spend.

In May 2021, the Company’s Board of Directors approved a share repurchase plan (the “2021 Repurchase Program”) authorizing the purchase of common stock in the amount of up to $500.0 million from time to time over a two-year period, in amounts, at prices, and at such times as management deems appropriate, subject to market conditions, legal requirements and other considerations. The Company purchased a total of 1,603,055 shares at an aggregate cost of $105.6 million under the share repurchase plan during the three months ended March 31, 2022. At March 31, 2022, $275.5 million remained available for future purchases under the 2021 Repurchase Program.

Accumulated Other Comprehensive Income, net of tax

The following is a summary of comprehensive income (in millions):

	Three Months Ended March 31,
	2022			2021
Consolidated net income	$	62.1		$	57.8
Foreign currency translation adjustments		(30.5	)		(68.0	)
Derivatives designated as hedging instruments, net of tax		21.1			48.5
Pension liability adjustments, net of tax		0.5			3.3
Net comprehensive income		53.2			41.6
Less: Comprehensive income attributable to noncontrolling interests		0.2			0.9
Less: Comprehensive loss attributable to redeemable noncontrolling interests		(0.2	)		—
Comprehensive income attributable to Bruker Corporation	$	53.2		$	40.7

The following is a summary of the components of accumulated other comprehensive income, net of tax (in millions):

	Foreign Currency Translation			Derivatives Designated as Hedging Instruments			Pension Liability Adjustment			Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2021	$	63.1		$	(40.1	)	$	(31.2	)	$	(8.2	)
Other comprehensive (loss) income before    reclassifications, net of tax		(30.5	)		21.1			0.2			(9.2	)
Realized gain on amounts reclassified from other    comprehensive income, net of tax		—			—			0.3			0.3
Net current period other comprehensive (loss) income		(30.5	)		21.1			0.5			(8.9	)
Balance at March 31, 2022	$	32.6		$	(19.0	)	$	(30.7	)	$	(17.1	)

Stock-Based Compensation

The Company recorded stock-based compensation expense as follows in the unaudited condensed consolidated statements of income and comprehensive income (in millions):

	Three Months Ended March 31,
	2022		2021
Costs of product revenue	$	0.6	$	0.5
Selling, general and administrative		2.6		2.4
Research and development		0.6		0.5
Total stock-based compensation expense	$	3.8	$	3.4

In addition to the awards above, the Company recorded stock-based compensation expense within other charges, net of $4.2 million and $0.4 million in the three months ended March 31, 2022 and 2021, respectively, related to the Mestrelab acquisition.

At March 31, 2022, the Company expected to recognize pre-tax stock-based compensation expense of $2.7 million associated with outstanding stock option awards granted under the Company's stock plans over the weighted average remaining service period of 2.2 years. The Company also expects to recognize additional pre-tax stock-based compensation expense of $25.5 million associated with outstanding restricted stock units granted under the Company's 2016 Incentive Compensation Plan over the weighted average remaining service period of 2.2 years.