Share Repurchase Program

In May 2019, the Company’s Board of Directors approved a stock repurchase plan (the “2019 Repurchase Program”) 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 three months ended June 30, 2021, the Company purchased a total of 24,873 shares at an aggregate cost of $1.7 million under the 2019 Repurchase Program. During the six months ended June 30, 2021, the Company repurchased a total of 555,602 shares at an aggregate cost of $34.5 million under the 2019 Repurchase Program. We completed the 2019 Repurchase Program in April 2021, after reaching the maximum cumulative spend.

In May 2021, the Company’s Board of Directors approved a stock repurchase plan (the “2021 Repurchase Program”) authorizing the purchase of common stock in the amount of up to $500.0 million from time to time over a

two-year

period, in amounts, at prices, and at such times as management deems appropriate, subject to market conditions, legal requirements and other considerations. During the three months ended June 30, 2021, the Company purchased a total of 530,703 shares at an aggregate cost of $36.6 million under the 2021 Repurchase Program. At June 30, 2021, $463.4 million remained available for future purchases under the 2021 Repurchase Program.

Accumulated Other Comprehensive Income (Loss)

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


	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Consolidated net income	$	58.7		$	24.2		$	116.5		$	34.8
Foreign currency translation adjustments		14.3			27.1			(53.6	)		3.9
Derivatives designated as hedging instruments, net of tax		0.4			(17.4	)		48.8			(7.3	)
Pension liability adjustments, net of tax		—			0.3			3.3			14.8

Net comprehensive income		73.4			34.2			115.0			46.2
Less: Comprehensive income attributable to noncontrolling interests		(0.7	)		0.3			0.2			0.2
Less: Comprehensive income (loss) attributable to redeemable noncontrolling interest		—			—			—			(0.5	)

Comprehensive income attributable to Bruker Corporation	$	74.1		$	33.9		$	114.8		$	46.5

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


	Foreign Currency Translation			Derivatives Designated as Hedging Instruments			Pension Liability Adjustment			Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2020	$	140.9		$	(91.5	)	$	(45.7	)	$	3.7
Other comprehensive (loss) income before reclassifications, net of tax		(51.5	)		48.8			1.7			(1.0	)
Realized loss on amounts reclassified from other comprehensive income (loss), net of tax		—			—			1.6			1.6

Net current period other comprehensive (loss) income		(51.5	)		48.8			3.3			0.6

Balance at June 30, 2021	$	89.4		$	(42.7	)	$	(42.4	)	$	4.3

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 June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Costs of product revenue	$	0.5	$	0.4	$	1.0	$	0.9
Selling, general and administrative		2.6		2.0		5.0		4.0
Research and development		0.5		0.4		1.0		0.9

Total stock-based compensation	$	3.6	$	2.8	$	7.0	$	5.8

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 June 30, 2021 and 2020, respectively, and $0.8 million and $0.6 million in the six months ended June 30, 2021 and 2020, respectively, related to the 2018 acquisition of Mestrelab.

At June 30, 2021, the Company had $20.3 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 remaining service period of 2.1 years.