Shareholders' Equity

3 Months Ended

Mar. 31, 2016

Shareholders' Equity

Shareholders' Equity

11.Shareholder’s Equity

Share Repurchase Program

In November 2015, the Company’s Board of Directors suspended the Company’s previously announced Anti-Dilutive Repurchase Program until January 1, 2017 and approved an additional share repurchase program (the “Repurchase Program”) under which repurchases of common stock up to $225.0 million may occur from time to time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions, legal requirements and other considerations. A total of 3,377,858 shares were repurchased at an aggregate cost of $83.1 million in the three months ended March 31, 2016 and 6,214,900 shares were repurchased at an aggregate cost of $148.1 million from the inception of the Repurchase Program through March 31, 2016. The Repurchase Program will continue in 2016 and the Company intends to fund any additional repurchases from cash on hand, future cash flows from operations and available borrowings under the revolving credit facility. As of May 2, 2016, 7,314,900 shares have been repurchased from the inception of the Repurchase Program at an aggregate cost of $179.9 million.

The repurchased shares are reflected within Treasury stock in the accompanying unaudited condensed consolidated balance sheet at March 31, 2016 and December 31, 2015.

Cash Dividends on Shares of Common Stock

On February 22, 2016, the Company announced the establishment of a dividend policy and the declaration by its Board of Directors of an initial quarterly cash dividend in the amount of $0.04 per share of the Company’s issued and outstanding common stock. The dividend was paid on March 24, 2016 to shareholders of record as of March 4, 2016 for an aggregate cost of $6.5 million.  Under the dividend policy, the Company will target a cash dividend to the Company’s shareholders in the amount of $0.16 per share per annum, payable in equal quarterly installments. Subsequent dividend declarations and the establishment of record and payment dates for such future dividend payments, if any, are subject to the Board of Directors’ continuing determination that the dividend policy is in the best interests of the Company’s shareholders. The dividend policy may be suspended or cancelled at the discretion of the Board of Directors at any time.

Accumulated Other Comprehensive Income (Loss)

Comprehensive income (loss) refers to revenues, expenses, gains and losses that under U.S. GAAP are included in other comprehensive income (loss), but excluded from net income as these amounts are recorded directly as an adjustment to shareholders’ equity, net of tax. The Company’s other comprehensive income (loss) is composed primarily of foreign currency translation adjustments and changes in the funded status of defined benefit pension plans. The following is a summary of comprehensive income (loss) (in millions):

	Three Months Ended March 31,
	2016			2015
Consolidated net income	$	23.6		$	6.9
Foreign currency translation adjustments	33.6			(72.9		)
Pension liability adjustments	(1.0		)	8.3
Other	—			—
Net comprehensive income (loss)	56.2			(57.7		)
Less: Comprehensive income attributable to noncontrolling interests	0.2			0.4
Comprehensive income (loss) attributable to Bruker Corporation	$	56.0		$	(58.1	)

The following is a summary of the components of accumulated other comprehensive income (loss), net of tax, at March 31, 2016 (in millions):

	Foreign Currency Translation		Pension Liability Adjustment			Accumulated Other Comprehensive Income
Balance at December 31, 2015	$	3.2	$	(47.4	)	$	(44.2	)
Other comprehensive loss before reclassifications	31.4		2.0			33.4
Realized loss on reclassification	—		(1.0		)	(1.0		)
Net current period other comprehensive income (loss)	31.4		1.0			32.4
Balance at March 31, 2016	$	34.6	$	(46.4	)	$	(11.8	)