Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2021

Shareholders' Equity

Summary of comprehensive income (loss)

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Consolidated net income	$	88.1		$	55.3		$	204.6		$	90.1
Foreign currency translation adjustments		(26.6	)		38.9			(80.2	)		42.8
Derivatives designated as hedging instruments, net of tax		10.5			(30.3	)		59.3			(37.7	)
Pension liability adjustments, net of tax		1.1			0.1			4.4			14.9
Net comprehensive income		73.1			64.0			188.1			110.1
Less: Comprehensive income attributable to noncontrolling interests		0.7			1.4			0.9			1.5
Less: Comprehensive loss attributable to redeemable noncontrolling interest		—			—			—			(0.5	)
Comprehensive income attributable to Bruker Corporation	$	72.4		$	62.6		$	187.2		$	109.1

Summary of the components of accumulated other comprehensive income (loss), net of tax

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		(78.1	)		59.3			2.2			(16.6	)
Realized loss on amounts reclassified from other comprehensive income, net of tax		—			—			2.2			2.2
Net current period other comprehensive (loss) income		(78.1	)		59.3			4.4			(14.4	)
Balance at September 30, 2021	$	62.8		$	(32.2	)	$	(41.3	)	$	(10.7	)

Schedule of the impact of stock-based compensation expense

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 September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Costs of product revenue	$	0.6	$	0.6	$	1.6	$	1.5
Selling, general and administrative		2.6		2.9		7.6		6.9
Research and development		0.6		0.6		1.6		1.5
Total stock-based compensation	$	3.8	$	4.1	$	10.8	$	9.9

Schedule of stock option activity

Stock option activity was as follows:

	Shares Subject to Options			Weighted Average Option Price		Weighted Average Remaining Contractual Term (Yrs)		Aggregate Intrinsic Value (in millions) (b)
Outstanding at December 31, 2020		1,856,176		$	25.32
Granted		79,632		$	85.10
Exercised		(515,692	)	$	20.40
Forfeited/Expired		—		$	—
Outstanding at September 30, 2021		1,420,116		$	30.45		4.3	$	68.2
Exercisable at September 30, 2021		1,158,452		$	24.66		3.8	$	61.9
Exercisable and expected to vest at September 30, 2021 (a)		1,384,099		$	29.68		4.2	$	67.5

(a) Represents the number of vested options at September 30, 2021, plus the number of unvested options at September 30, 2021 that are ultimately expected to vest based on our estimated forfeiture rate.

(b) The aggregate intrinsic value is based on the positive difference between the exercise price of the underlying options and the quoted price of our common stock on September 30, 2021.

The total intrinsic value of options exercised was $31.8 million and $2.2 million for the nine months ended September 30, 2021 and 2020, respectively.

Schedule of Unvested restricted stock unit activity

Restricted stock unit activity was as follows:

	Shares Subject to Restriction			Weighted Average Grant Date Value
Outstanding at December 31, 2020		805,052		$	39.63
Granted		216,692		$	78.01
Vested		(329,840	)	$	37.07
Forfeited		(19,043	)	$	43.52
Outstanding at September 30, 2021		672,861		$	53.14

Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

	Nine months ended
	September 30,
	2021			2020
Risk-free interest rates		0.62	%		0.23	%
Expected life		4.43 years			5.14 years
Volatility		34	%		34	%
Expected dividend yield		0.20	%		0.37	%