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Shareholders' Equity | 9 Months Ended
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Sep. 30, 2016
Shareholders' Equity |
Shareholders' Equity | 11.Shareholders’ Equity Share Repurchase Program In November 2015, the Company’s Board of Directors suspended the Company’s previously announced Anti-Dilutive Repurchase Program until January 1, 2017 and approved an additional share repurchase program (the “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. A total of 1,163,751 shares were repurchased at an aggregate cost of $25.9 million in the three months ended September 30, 2016 and 5,741,609 shares were repurchased at an aggregate cost of $143.5 million in the nine months ended September 30, 2016. Since inception of the Repurchase Program through September 30, 2016, 8,578,651 shares were repurchased at an aggregate cost of $208.5 million. The remaining authorization under the Repurchase Program is $16.5 million. Any future repurchases will be funded from cash on hand, future cash flows from operations and available borrowings under the revolving credit facility. The repurchased shares are reflected within Treasury stock in the accompanying unaudited condensed consolidated balance sheets at September 30, 2016 and December 31, 2015. 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. Dividends were paid on March 24, 2016 to shareholders of record as of March 4, 2016 for an aggregate cost of $6.5 million, on June 24, 2016 to shareholders of record as of June 6, 2016 for an aggregate cost of $6.5 million and on September 23, 2016 to shareholders of record as of September 6, 2016 for an aggregate cost of $6.4 million. 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 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 (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 (in millions):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2016 |  | 2015 |  | 2016 |  | 2015 |
Consolidated net income |  | $ | 47.0 |  | $ | 12.9 |  | $ | 85.4 |  | $ | 42.9 |
Foreign currency translation adjustments |  | 12.7 |  | (10.2 | ) | 27.7 |  | (47.3 | )
Pension liability adjustments |  | 0.6 |  | 2.3 |  | 1.2 |  | 11.1 |
Net comprehensive income |  | 60.3 |  | 5.0 |  | 114.3 |  | 6.7 |
Less: Comprehensive income attributable to noncontrolling interests |  | 0.6 |  | 1.2 |  | 0.9 |  | 2.4 |
Comprehensive income attributable to Bruker Corporation |  | $ | 59.7 |  | $ | 3.8 |  | $ | 113.4 |  | $ | 4.3 |
The following is a summary of the components of accumulated other comprehensive income (loss), net of tax, at September 30, 2016 (in millions):
|  | Foreign Currency Translation |  | Pension Liability Adjustment |  | Accumulated Other Comprehensive Income (Loss) |
Balance at December 31, 2015 |  | $ | 3.2 |  | $ | (47.4 | ) | $ | (44.2 | )
Other comprehensive income (loss) before reclassifications |  | 27.6 |  | (1.4 | ) | 26.2 |
Realized gain on reclassification, net of tax of $0.3 million |  | — |  | 2.6 |  | 2.6 |
Net current period other comprehensive income |  | 27.6 |  | 1.2 |  | 28.8 |
Balance at September 30, 2016 |  | $ | 30.8 |  | $ | (46.2 | ) | $ | (15.4 | )

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