XML 31 R22.htm IDEA: XBRL DOCUMENT
v3.23.2

Shareholders' Equity | 6 Months Ended
--- | ---
Jun. 30, 2023
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | 13. Shareholders’ Equity Share Repurchase Program In May 2021, the Company’s Board of Directors approved a share repurchase program (the “2021 Repurchase Program”) authorizing the purchase of up to $500.0 million of the Company’s common stock over a two-year period 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. No shares were purchased during the three months ended June 30, 2023. During the six months ended June 30, 2023, the Company purchased a total of 315,318 shares at an aggregate cost of $22.2 million under the 2021 Repurchase Program. During the three months ended June 30, 2022, the Company purchased a total of 983,741 shares at an aggregate cost of $60.3 million under the 2021 Repurchase Program. During the six months ended June 30, 2022, the Company purchased a total of 2,586,796 shares at an aggregate cost of $165.9 million under the 2021 Repurchase Program. At June 30, 2023, authorization for the remaining $94.4 million on the 2021 Repurchase Program expired in May 2023. In May 2023, the Company’s Board of Directors approved a share repurchase program (the “2023 Repurchase Program”) authorizing the purchase of up to $500.0 million of the Company’s common stock over a two-year period 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. No shares were purchased during the three and six months ended June 30, 2023 under the 2023 Repurchase Program. At June 30, 2023, $500.0 million remains available for future purchase under the 2023 Repurchase Program. On June 2, 2023, the Company filed a Form S-3ASR with the SEC (“2023 Shelf Registration”) for the issuance of common stock, preferred stock, debt securities, warrants, units, subscription rights and purchase contracts, which became effective immediately upon filing. At the time any of the securities covered by the 2023 Shelf Registration Statement are offered for sale, a prospectus supplement will be prepared and filed with the SEC containing specific information about the terms of any such offering. In August 2022, the Inflation Reduction Act (“IRA”) was signed into law in the United States. The IRA introduced new tax provisions, including a 1.0% excise tax on stock repurchases. The Company expects additional guidance and regulations to be issued in future periods and will continue to assess its potential impact on its business as further information becomes available. The estimated excise tax on our stock repurchases was not material and was recorded in accrued expenses and additional paid in capital for the three and six months ended June 30, 2023. Accumulated Other Comprehensive Income, net of tax The following is a summary of comprehensive income (in millions):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Consolidated net income |  | $ | 57.8 |  |  | $ | 49.7 |  |  | $ | 135.2 |  |  | $ | 111.8 |
Foreign currency translation adjustments |  |  | 10.3 |  |  |  | (76.9 | ) |  |  | 36.1 |  |  |  | (107.4 | )
Derivatives designated as hedging instruments, net of tax |  |  | (15.9 | ) |  |  | 41.5 |  |  |  | (26.6 | ) |  |  | 62.6 |
Pension liability adjustments, net of tax |  |  | 0.7 |  |  |  | 1.6 |  |  |  | 0.8 |  |  |  | 2.1 |
Comprehensive income |  |  | 52.9 |  |  |  | 15.9 |  |  |  | 145.5 |  |  |  | 69.1 |
Less: Comprehensive income (loss) attributable to noncontrolling interests |  |  | 1.3 |  |  |  | (0.4 | ) |  |  | 2.6 |  |  |  | (0.2 | )
Less: Comprehensive loss attributable to redeemable noncontrolling interests |  |  | (0.3 | ) |  |  | (0.5 | ) |  |  | (0.3 | ) |  |  | (0.7 | )
Comprehensive income attributable to Bruker Corporation |  | $ | 51.9 |  |  | $ | 16.8 |  |  | $ | 143.2 |  |  | $ | 70.0 |
The following is a summary of the components of accumulated other comprehensive income (loss) attributable to Bruker Corporation, net of tax (in millions):
|  | Foreign Currency Translation |  |  | Derivatives Designated as Hedging Instruments |  |  | Pension Liability Adjustment |  |  | Accumulated Other Comprehensive Income |
Balance at December 31, 2022 |  | $ | (3.1 | ) |  | $ | 4.1 |  |  | $ | 13.8 |  |  | $ | 14.8 |
Other comprehensive income (loss) before reclassifications |  |  | 35.4 |  |  |  | (26.6 | ) |  |  | 0.3 |  |  |  | 9.1 |
Realized gain on amounts reclassified from other comprehensive income |  |  | — |  |  |  | — |  |  |  | 0.5 |  |  |  | 0.5 |
Net current period other comprehensive income (loss) |  |  | 35.4 |  |  |  | (26.6 | ) |  |  | 0.8 |  |  |  | 9.6 |
Balance at June 30, 2023 |  | $ | 32.3 |  |  | $ | (22.5 | ) |  | $ | 14.6 |  |  | $ | 24.4 |
Stock-Based Compensation The Company recorded stock-based compensation expense as follows in the unaudited condensed consolidated statements of income and comprehensive income (in millions):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Stock options |  | $ | 0.4 |  |  | $ | 0.4 |  |  | $ | 0.8 |  |  | $ | 0.8 |
Restricted stock units |  |  | 3.8 |  |  |  | 3.4 |  |  |  | 7.5 |  |  |  | 6.8 |
Employee Stock Purchase Plan |  |  | 0.2 |  |  |  | — |  |  |  | 0.4 |  |  |  | — |
Total stock-based compensation expense |  | $ | 4.4 |  |  | $ | 3.8 |  |  | $ | 8.7 |  |  | $ | 7.6 |
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Cost of product revenue |  | $ | 0.4 |  |  | $ | 0.3 |  |  | $ | 0.7 |  |  | $ | 0.8 |
Selling, general and administrative |  |  | 3.5 |  |  |  | 3.2 |  |  |  | 7.1 |  |  |  | 5.9 |
Research and development |  |  | 0.5 |  |  |  | 0.3 |  |  |  | 0.9 |  |  |  | 0.9 |
Total stock-based compensation expense |  | $ | 4.4 |  |  | $ | 3.8 |  |  | $ | 8.7 |  |  | $ | 7.6 |
In addition to the awards above, the Company recorded stock-based compensation expense within other charges, net of $1.2 million and $5.9 million in the three months ended June 30, 2023 and 2022, respectively, and $3.4 million and $10.1 million in the six months ended June 30, 2023 and 2022, respectively, related to the Mestrelab, PreOmics, Biognosys, Zontal acquisitions and a majority owned acquisition. At June 30, 2023, the Company expected to recognize pre-tax stock-based compensation expense of $2.4 million associated with outstanding stock option awards granted under the Company's stock plans over the weighted average remaining service period of 1.9 years. The Company also expects to recognize additional pre-tax stock-based compensation expense of $25.8 million associated with outstanding restricted stock units granted under the Company's 2016 Incentive Compensation Plan over the weighted average remaining service period of 2.1 yea rs.

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityNoteAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-6 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration