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Post Retirement Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of amounts recognized in consolidated balance sheets | The following amounts were recognized in the accompanying consolidated balance sheets for the Company’s defined benefit plans (in millions):
|  | 2024 |  |  | 2023 |
Current liabilities |  | $ | (2.5 | ) |  | $ | (2.1 | )
Non-current liabilities |  |  | (103.0 | ) |  |  | (76.6 | )
Net benefit obligation |  | $ | (105.5 | ) |  | $ | (78.7 | )
Schedule of changes in benefit obligations and plan assets, projected benefit obligation and funded status, for defined benefit pension plans | The changes in benefit obligations and plan assets under the defined benefit pension plans, projected benefit obligation and funded status of the plans were as follows (in millions):
|  | 2024 |  |  | 2023 |
Change in benefit obligation: |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 256.1 |  |  | $ | 197.8 |
Service cost |  |  | 7.1 |  |  |  | 5.5 |
Interest cost |  |  | 4.4 |  |  |  | 5.2 |
Plan participant contributions |  |  | 7.5 |  |  |  | 6.4 |
Plan amendments |  |  | 12.6 |  |  |  | (2.4 | )
Plan settlements |  |  | (1.3 | ) |  |  | — |
Benefits paid |  |  | (5.0 | ) |  |  | (6.8 | )
Actuarial gain |  |  | 11.6 |  |  |  | 27.5 |
Premiums paid |  |  | (2.5 | ) |  |  | (2.3 | )
Plan combinations / acquisitions |  |  | 24.1 |  |  |  | 6.1 |
Impact of foreign currency exchange rates |  |  | (20.0 | ) |  |  | 19.1 |
Benefit obligation at end of year |  |  | 294.6 |  |  |  | 256.1 |
Change in plan assets: |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 177.4 |  |  | $ | 150.3 |
Return on plan assets |  |  | 2.6 |  |  |  | 1.5 |
Plan participant and employer contributions |  |  | 17.3 |  |  |  | 14.4 |
Benefits paid |  |  | (5.0 | ) |  |  | (6.8 | )
Plan settlements |  |  | (1.3 | ) |  |  | — |
Premiums paid |  |  | (2.5 | ) |  |  | (2.3 | )
Plan combinations / acquisitions |  |  | 14.4 |  |  |  | 4.8 |
Impact of foreign currency exchange rates |  |  | (13.8 | ) |  |  | 15.5 |
Fair value of plan assets at end of year |  |  | 189.1 |  |  |  | 177.4 |
Net under-funded status |  | $ | (105.5 | ) |  | $ | (78.7 | )
Schedule of pre-tax amounts recognized in accumulated other comprehensive income (loss) | The following pre-tax amounts were recognized in accumulated other comprehensive income for the Company’s defined benefit plans (in millions):
|  | 2024 |  |  | 2023 |  |  | 2022 |
Reconciliation of amounts recognized in the consolidated balance sheets: |  |  |  |  |  |  |  |  |
Prior service cost |  | $ | 0.2 |  |  | $ | 14.6 |  |  | $ | 12.0 |
Net actuarial gain (loss) |  |  | (38.9 | ) |  |  | (27.4 | ) |  |  | 4.2 |
Accumulated other comprehensive gain (loss) |  |  | (38.7 | ) |  |  | (12.8 | ) |  |  | 16.2 |
Accumulated contributions in excess of net periodic benefit cost |  |  | (66.8 | ) |  |  | (65.9 | ) |  |  | (63.7 | )
Net amount recognized |  | $ | (105.5 | ) |  | $ | (78.7 | ) |  | $ | (47.5 | )
Schedule of components of net periodic benefit costs | The components of net periodic benefit costs included in the accompanying consolidated statements of income were as follows (in millions):
|  | 2024 |  |  | 2023 |  |  | 2022 |
Components of net periodic benefit costs: |  |  |  |  |  |  |  |  |
Service cost |  | $ | 7.1 |  |  | $ | 5.5 |  |  | $ | 6.5 |
Interest cost |  |  | 4.4 |  |  |  | 5.2 |  |  |  | 1.0 |
Expected return on plan assets |  |  | (5.2 | ) |  |  | (4.4 | ) |  |  | (1.7 | )
Settlement (gain) recognized |  |  | — |  |  |  | — |  |  |  | (0.3 | )
Amortization of prior service (credit) |  |  | (0.8 | ) |  |  | (0.8 | ) |  |  | (0.2 | )
Amortization of actuarial losses |  |  | 0.3 |  |  |  | 0.1 |  |  |  | 2.2 |
Net periodic benefit costs |  | $ | 5.8 |  |  | $ | 5.6 |  |  | $ | 7.5 |
Schedule of the range of assumptions used to determine the net periodic benefit costs and the projected benefit obligations | The assumptions used to determine the net periodic benefit costs and the projected benefit obligations are as follows:
2024 |  | Japan |  |  | France |  |  | Switzerland |  |  | Germany |  |  | Italy |
Annual discount rate—defined benefit obligation |  |  | 1.4 | % |  |  | 3.3 | % |  |  | 1.0 | % |  |  | 3.1 | % |  |  | 3.4 | %
Annual discount rate—defined benefit cost |  |  | 1.1 | % |  |  | 3.2 | % |  |  | 1.4 | % |  |  | 3.6 | % |  |  | 3.6 | %
Expected return on plan assets |  |  | — | % |  |  | 3.0 | % |  |  | 2.8 | % |  |  | — | % |  |  | — | %
Expected rate of compensation increase |  |  | 3.0 | % |  |  | 3.0 | % |  |  | 2.0 | % |  |  | 2.6 | % |  |  | 3.0 | %
2023 |  | Japan |  |  | France |  |  | Switzerland |  |  | Germany |  |  | Italy |
Annual discount rate—defined benefit obligation |  |  | 1.1 | % |  |  | 3.2 | % |  |  | 1.4 | % |  |  | 3.6 | % |  | n/a |
Annual discount rate—defined benefit cost |  |  | 0.9 | % |  |  | 3.8 | % |  |  | 2.4 | % |  |  | 3.9 | % |  | n/a |
Expected return on plan assets |  |  | — | % |  |  | 3.0 | % |  |  | 2.7 | % |  |  | — | % |  | n/a |
Expected rate of compensation increase |  |  | 3.0 | % |  |  | 3.0 | % |  |  | 2.2 | % |  |  | 2.6 | % |  | n/a |
2022 |  | Japan |  |  | France |  |  | Switzerland |  |  | Germany |  |  | Italy |
Annual discount rate—defined benefit obligation |  |  | 0.9 | % |  |  | 3.8 | % |  |  | 2.4 | % |  |  | 3.9 | % |  | n/a |
Annual discount rate—defined benefit cost |  |  | 0.4 | % |  |  | 1.0 | % |  |  | 0.4 | % |  |  | 0.8 | % |  | n/a |
Expected return on plan assets |  |  | — | % |  |  | 3.0 | % |  |  | 1.2 | % |  |  | — | % |  | n/a |
Expected rate of compensation increase |  |  | 3.0 | % |  |  | 3.0 | % |  |  | 2.3 | % |  |  | 2.6 | % |  | n/a |
Schedule of the fair value of the Company's pension plan assets, by asset category and by level in the fair value hierarchy | The fair value of the Company’s pension plan assets by asset category and by level in the fair value hierarchy, is as follows (in millions):
December 31, 2024 |  | Total |  |  | Quoted Prices in Active Markets Available (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |
Swiss Pension Plan assets (a) |  | $ | 189.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 189.1 |
Total plan assets |  | $ | 189.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 189.1 |
December 31, 2023 |  | Total |  |  | Quoted Prices in Active Markets Available (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Plan Assets: |  |  |  |  |  |  |  |  |  |  |  |
Swiss Pension Plan assets (a) |  | $ | 177.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 177.4 |
Total plan assets |  | $ | 177.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 177.4 |
(a) The Company’s pension plan in Switzerland is outsourced to Swiss Life AG for Bruker Switzerland AG and PMOD under a fully insured plan, Profond for Biognosys under a partially insured plan and Axa Stiftung Berufliche Vorsorge for Chemspeed under a partially insured plan. Starting January 1, 2025 the pension plan for Bruker Switzerland AG is outsourced to Profond under a partially insured plan. Members for the Bruker Switzerland AG and PMOD Plans are guaranteed an interest of 1.25% on mandatory retirement withdrawals and another 0.50% on the non-mandatory portion of the withdrawal benefit for the year 2024. Members for the Chemspeed Plan are guaranteed an interest of 1.75% on mandatory retirement withdrawals and another 3.50% on the non-mandatory portion of the withdrawal benefit for the year 2024. Members for the Biognosys plan are guaranteed an 8% interest for the overall account balance. The insurers utilize plan administrators and investment managers to oversee the investment allocation process, set long-term strategic targets and monitor asset allocations. Should the return be greater than the guaranteed amounts, the Company, according to Swiss law, shall receive 90% of the additional return with the insurers retaining 10%.
Schedule of estimated future benefit payments | The following benefit payments reflect future employee service as appropriate (in millions):
2025 |  | $ | 12.9 |
2026 |  |  | 11.7 |
2027 |  |  | 13.5 |
2028 |  |  | 15.8 |
2029 |  |  | 16.3 |
2030-2034 |  | $ | 83.5 |

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