14.Shareholders’ Equity

Share Repurchase Program

In May 2017, the Company’s Board of Directors approved a share 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. No repurchases occurred in the three months ended March 31, 2018. Any future repurchases will be funded from cash on hand, future cash flows from operations and available borrowings under the revolving credit facility.

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. 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. Dividends were paid on March 23, 2018 to shareholders of record as of March 6, 2018 an aggregate cost of $6.3 million. 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

Comprehensive income refers to revenues, expenses, gains and losses that under U.S. GAAP are included in other comprehensive income, 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 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 (in millions):

	Three Months Ended March 31,
	2018			2017
Consolidated net income	$	27.4		$	21.7
Foreign currency translation adjustments	24.8			15.6
Pension liability adjustments, net of tax	(0.4		)	0.2

Net comprehensive income	51.8			37.5
Less: Comprehensive income attributable to noncontrolling interests	0.6			0.2

Comprehensive income attributable to Bruker Corporation	$	51.2		$	37.3

The following is a summary of the components of accumulated other comprehensive income (loss), net of tax, at March 31, 2018 (in millions):

	Foreign Currency Translation		Pension Liability Adjustment			Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2017	$	72.2	$	(45.2	)	$	27.0
Other comprehensive income (loss) before reclassifications	24.7		(1.0		)	23.7
Amounts reclassified from other comprehensive income (loss), net of tax of $0.0 million	—		0.5			0.5

Net current period other comprehensive income	24.7		(0.5		)	24.2

Balance at March 31, 2018	$	96.9	$	(45.7	)	$	51.2