Shareholders' Equity

3 Months Ended

Mar. 31, 2021

12.	Shareholders’ Equity

Share Repurchase Program

In May 2019, the Company’s Board of Directors approved a stock repurchase plan 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 quarter ended March 31, 2021, the Company purchased a total of 530,729 shares at an aggregate cost of $32.8 million under the share repurchase plan. There were no purchases under the plan in the three months ended March 31, 2020. At March 31, 2021, $1.7

million remained available for future purchases under the plan. We completed the share purchase program in April 2021, after reaching the maximum cumulative spend. This share repurchase plan was set to expire on May 13, 2021.

Accumulated Other Comprehensive Income (Loss)

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


	Three Months Ended March 31,
	2021			2020
Consolidated net income	$	57.8		$	10.6
Foreign currency translation adjustments		(19.5	)		(13.0	)
Pension liability adjustments, net of tax		3.3			14.5

Net comprehensive income		41.6			12.1
Less: Comprehensive income (loss) attributable to noncontrolling interests		0.9			(0.1	)
Less: Comprehensive income (loss) attributable to redeemable noncontrolling interest		—			(0.5	)

Comprehensive income attributable to Bruker Corporation	$	40.7		$	12.7

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


	Foreign Currency Translation			Pension Liability Adjustment			Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2020	$	49.4		$	(45.7	)	$	3.7
Other comprehensive income (loss) before reclassifications		(19.1	)		2.6			(16.5	)
Realized loss on amounts reclassified from other comprehensive income (loss), net of tax		—			0.7			0.7

Net current period other comprehensive income (loss)		(19.1	)		3.3			(15.8	)

Balance at March 31, 2021	$	30.3		$	(42.4	)	$	(12.1	)

Stock-Based Compensation

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


	Three Months Ended March 31,
	2021		2020
Costs of product revenue	$	0.5	$	0.5
Selling, general and administrative		2.4		2.0
Research and development		0.5		0.5

Total stock-based compensation	$	3.4	$	3.0

In addition to the awards above, the Company recorded stock-based compensation expense within other charges, net of $0.4 million and $0.3 million in the three months ended March 31, 2021 and 2020, respectively, related to the 2018 acquisition of Mestrelab Research, S.L. (Mestrelab).

At March 31, 2021, the Company had $23.4 million of unrecognized compensation expense related to employees and directors’ unvested stock units and stock options that are expected to be recognized over a weighted average period of 2.3 years.