Shareholders' Equity

3 Months Ended

Mar. 31, 2020

Shareholders' Equity

Shareholders' Equity

14.  Shareholders’ Equity

Share Repurchase Program

In May 2019, the Company’s Board of Directors approved a stock repurchase plan (the Repurchase Program) authorizing repurchases 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. The Company has repurchased a total of 3,323,104 shares at an aggregate cost of $142.3 million under the Repurchase Program. No repurchases occurred in the three months ended March 31, 2020. Any future repurchases will be funded from cash on hand, future cash flows from operations and available borrowings under the revolving credit facility. The remaining authorization as of May 4, 2020 is $157.7 million and this Repurchase Program expires on May 13, 2021.

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.

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 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 (dollars in millions):

	Three Months Ended March 31,
	2020		2019
Consolidated net income	$	10.6	$	30.7
Foreign currency translation adjustments		(13.0)		(14.5)
Pension liability adjustments, net of tax		14.5		0.8
Net comprehensive income		12.1		17.0
Less: Comprehensive loss attributable to noncontrolling interests		(0.1)		(0.1)
Less: Comprehensive loss attributable to redeemable noncontrolling interest		(0.5)		—
Comprehensive income attributable to Bruker Corporation	$	12.7	$	17.1

The following is a summary of the components of accumulated other comprehensive income, net of tax, at March 31, 2020 (dollars in millions):

					Accumulated
	Foreign		Pension		Other
	Currency		Liability		Comprehensive
	Translation		Adjustment		Loss
Balance at December 31, 2019	$	27.4	$	(52.9)	$	(25.5)
Other comprehensive income (loss) before reclassifications		(12.3)		13.5		1.2
Amounts reclassified from other comprehensive income (loss), net of tax		—		1.0		1.0
Net current period other comprehensive income (loss)		(12.3)		14.5		2.2
Balance at March 31, 2020	$	15.1	$	(38.4)	$	(23.3)