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 and nine months ended September 30, 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. The following is a summary of the dividends paid in the periods ended September 30, 2018 and 2017 (dollars in millions):


	2018
Dividends Paid on		March 23		June 22		September 21
Shareholders of Record as of		March 6		June 4		September 4
Aggregate Cost	$	6.3	$	6.2	$	6.3


	2017
Dividends Paid on		March 24		June 23		September 22
Shareholders of Record as of		March 8		June 5		September 5
Aggregate Cost	$	6.4	$	6.4	$	6.3

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 (dollars in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Consolidated net income	$	44.2	$	37.6	$	103.1	$	83.3
Foreign currency translation adjustments		(2.5)		21.9		(17.1)		87.0
Pension liability adjustments, net of tax		0.2		1.7		2.3		—
Net comprehensive income		41.9		61.2		88.3		170.3
Less: Comprehensive income attributable to noncontrolling interests		0.5		0.7		0.9		1.9
Comprehensive income attributable to Bruker Corporation	$	41.4	$	60.5	$	87.4	$	168.4

The following is a summary of the components of accumulated other comprehensive income, net of tax, at September 30, 2018 (dollars in millions):


					Accumulated
	Foreign		Pension		Other
	Currency		Liability		Comprehensive
	Translation		Adjustment		Income
Balance at December 31, 2017	$	72.2	$	(45.2)	$	27.0
Other comprehensive income (loss) before reclassifications		(16.6)		0.4		(16.2)
Amounts reclassified from other comprehensive income (loss), net of tax of $0.3 million		—		1.9		1.9
Net current period other comprehensive income (loss)		(16.6)		2.3		(14.3)
Balance at September 30, 2018	$	55.6	$	(42.9)	$	12.7