Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 07, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Securities Act File Number | 000-30833 | |
Entity Registrant Name | BRUKER CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-3110160 | |
Entity Address, Address Line One | 40 Manning Road | |
Entity Address, City or Town | Billerica | |
Entity Address, Postal Zip Code | 01821 | |
Entity Address, State or Province | MA | |
City Area Code | 978 | |
Local Phone Number | 663-3660 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Trading Symbol | BRKR | |
Security Exchange Name | NASDAQ | |
Title of 12(b) Security | Common Stock | |
Entity Common Stock, Shares Outstanding | 138,411,212 | |
Entity Central Index Key | 0001109354 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 363.6 | $ 645.5 |
Accounts receivable, net | 485.4 | 472.7 |
Inventories | 916 | 800.1 |
Assets held for sale | 0 | 1.4 |
Other current assets | 264.4 | 193.5 |
Total current assets | 2,029.4 | 2,113.2 |
Property, plant and equipment, net | 527 | 487 |
Goodwill | 561.1 | 457.6 |
Intangible assets, net | 291.9 | 270.9 |
Other long-term assets | 410.2 | 283.1 |
Total assets | 3,819.6 | 3,611.8 |
Current liabilities: | ||
Current portion of long-term debt | 121 | 18.7 |
Accounts payable | 181.5 | 178.4 |
Deferred revenue and customer advances | 381.2 | 370.2 |
Other current liabilities | 388.6 | 347 |
Total current liabilities | 1,072.3 | 914.3 |
Long-term debt | 1,098.6 | 1,200.5 |
Other long-term liabilities | 404.5 | 365.2 |
Commitments and contingencies (Note 16) | ||
Redeemable noncontrolling interests | 17.1 | 6.1 |
Shareholders' equity: | ||
Preferred stock, $0.01 par value 5,000,000 shares authorized, none issued or outstanding | 0 | 0 |
Common stock, $0.01 par value 260,000,000 shares authorized, 175,826,534 and 175,389,586 shares issued and 145,901,313 and 147,023,144 shares outstanding at September 30, 2023 and December 31, 2022, respectively. | 1.7 | 1.7 |
Treasury stock, at cost, 29,925,221 and 28,366,442 shares at September 30, 2023 and December 31, 2022, respectively | (1,186.9) | (1,085) |
Accumulated other comprehensive income (loss), net of tax | (5.2) | 14.8 |
Other shareholders' equity | 2,399.2 | 2,182.3 |
Total shareholders' equity attributable to Bruker Corporation | 1,208.8 | 1,113.8 |
Noncontrolling interests in consolidated subsidiaries | 18.3 | 11.9 |
Total shareholders' equity | 1,227.1 | 1,125.7 |
Total liabilities, redeemable noncontrolling interests and shareholders' equity | $ 3,819.6 | $ 3,611.8 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 260,000,000 | 260,000,000 |
Common stock, shares issued | 175,826,534 | 175,389,586 |
Common stock, shares outstanding | 145,901,313 | 147,023,144 |
Treasury stock, shares | 29,925,221 | 28,366,442 |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Total revenue | $ 742.8 | $ 638.9 | $ 2,110 | $ 1,822.3 |
Total cost of revenue | 360 | 303.6 | 1,027 | 882.5 |
Gross profit | 382.8 | 335.3 | 1,083 | 939.8 |
Operating expenses: | ||||
Selling, general and administrative | 177.6 | 144.8 | 518.2 | 442.7 |
Research and development | 71.3 | 56.2 | 211.3 | 172.4 |
Other charges, net | 9.4 | 3 | 20.1 | 23 |
Total operating expenses | 258.3 | 204 | 749.6 | 638.1 |
Operating income | 124.5 | 131.3 | 333.4 | 301.7 |
Interest and other income (expense), net | (5.3) | (2) | (30.1) | (8.8) |
Income before income taxes, equity in income of unconsolidated investees, net of tax, and noncontrolling interests in consolidated subsidiaries | 119.2 | 129.3 | 303.3 | 292.9 |
Income tax provision | 30.8 | 41.2 | 80.6 | 93 |
Equity in income of unconsolidated investees, net of tax | 0.3 | 0.3 | 1.2 | 0.3 |
Consolidated net income | 88.7 | 88.4 | 223.9 | 200.2 |
Net income attributable to noncontrolling interests in consolidated subsidiaries | 0.6 | 0.3 | 2.2 | 1 |
Net income attributable to Bruker Corporation | $ 88.1 | $ 88.1 | $ 221.7 | $ 199.2 |
Net income per common share attributable to Bruker Corporation shareholders: | ||||
Basic | $ 0.6 | $ 0.6 | $ 1.51 | $ 1.34 |
Diluted | $ 0.6 | $ 0.59 | $ 1.5 | $ 1.33 |
Weighted average common shares outstanding: | ||||
Basic | 146.6 | 147.8 | 146.7 | 149.1 |
Diluted | 147.3 | 148.6 | 147.5 | 149.9 |
Comprehensive income | $ 58 | $ 44.6 | $ 203.5 | $ 113.7 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 0.3 | (0.3) | 2.9 | (0.5) |
Less: Comprehensive loss attributable to redeemable noncontrolling interest | (0.8) | (0.6) | (1.1) | (1.3) |
Comprehensive income attributable to Bruker Corporation | 58.5 | 45.5 | 201.7 | 115.5 |
Product | ||||
Total revenue | 615.1 | 536.6 | 1,741.8 | 1,512.8 |
Total cost of revenue | 293 | 240.5 | 823 | 699.6 |
Other | ||||
Total revenue | 127.7 | 102.3 | 368.2 | 309.5 |
Total cost of revenue | $ 67 | $ 63.1 | $ 204 | $ 182.9 |
UNAUDITED CONDENSED CONSOLIDA_4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY - USD ($) $ in Millions | Total | Total Shareholders' Equity Attributable to Bruker Corporation | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests in Consolidated Subsidiaries | Redeemable Noncontrolling Interests |
Balance at beginning of period at Dec. 31, 2021 | $ 1,084.6 | $ 1,070.5 | $ 1.7 | $ (820.3) | $ 237.8 | $ 1,659.5 | $ (8.2) | $ 14.1 | $ 0.2 |
Balance (in shares) at Dec. 31, 2021 | 150,753,687 | 24,151,348 | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Stock options exercised | 3.1 | 3.1 | 3.1 | ||||||
Stock options exercised (in shares) | 118,630 | ||||||||
Restricted Stock units vested (in shares) | 22,440 | ||||||||
Stock based compensation | 3.8 | 3.8 | 3.8 | ||||||
Shares Repurchased | (105.6) | (105.6) | $ (105.6) | ||||||
Shares Repurchased (in shares) | (1,603,055) | 1,603,055 | |||||||
Cash dividends paid to common shareholders | (7.5) | (7.5) | (7.5) | ||||||
Formation of Acuity Spatial Genomics Inc. | 6.8 | ||||||||
Consolidated net (loss) income | 62.1 | 61.6 | 61.6 | 0.5 | |||||
Other comprehensive income (loss) | (9.2) | (8.9) | (8.9) | (0.3) | (0.2) | ||||
Balance at end of period at Mar. 31, 2022 | 1,031.3 | 1,017 | $ 1.7 | $ (925.9) | 244.7 | 1,713.6 | (17.1) | 14.3 | 6.8 |
Balance (in shares) at Mar. 31, 2022 | 149,291,702 | 25,754,403 | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Stock options exercised | 0.2 | 0.2 | 0.2 | ||||||
Stock options exercised (in shares) | 14,110 | ||||||||
Restricted Stock units vested (in shares) | 1,811 | ||||||||
Stock based compensation | 3.8 | 3.8 | 3.8 | ||||||
Shares Repurchased | (60.3) | (60.3) | $ (60.3) | ||||||
Shares Repurchased (in shares) | (983,741) | 983,741 | |||||||
Cash dividends paid to common shareholders | (7.5) | (7.5) | (7.5) | ||||||
Consolidated net (loss) income | 49.9 | 49.5 | 49.5 | 0.4 | (0.2) | ||||
Other comprehensive income (loss) | (33) | (32.2) | (32.2) | (0.8) | (0.3) | ||||
Balance at end of period at Jun. 30, 2022 | 984.4 | 970.5 | $ 1.7 | $ (986.2) | 248.7 | 1,755.6 | (49.3) | 13.9 | 6.3 |
Balance (in shares) at Jun. 30, 2022 | 148,323,882 | 26,738,144 | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Stock options exercised | 0.6 | 0.6 | 0.6 | ||||||
Stock options exercised (in shares) | 30,699 | ||||||||
Restricted Stock units vested | (3.1) | (3.1) | (3.1) | ||||||
Restricted Stock units vested (in shares) | 204,951 | ||||||||
Stock based compensation | 3.9 | 3.9 | 3.9 | ||||||
Shares Repurchased | (72.4) | (72.4) | $ (72.4) | ||||||
Shares Repurchased (in shares) | (1,192,898) | 1,192,898 | |||||||
Cash dividends paid to common shareholders | (7.4) | (7.4) | (7.4) | ||||||
Consolidated net (loss) income | 88.6 | 88.1 | 88.1 | 0.5 | (0.2) | ||||
Acquisition of minority interest | (3.2) | (0.6) | (0.4) | (0.2) | (2.6) | ||||
Other comprehensive income (loss) | (43.4) | (42.6) | (42.6) | (0.8) | (0.4) | ||||
Balance at end of period at Sep. 30, 2022 | 948 | 937 | $ 1.7 | $ (1,058.6) | 250.1 | 1,835.9 | (92.1) | 11 | 5.7 |
Balance (in shares) at Sep. 30, 2022 | 147,366,634 | 27,931,042 | |||||||
Balance at beginning of period at Dec. 31, 2022 | 1,125.7 | 1,113.8 | $ 1.7 | $ (1,085) | 256.3 | 1,926 | 14.8 | 11.9 | 6.1 |
Balance (in shares) at Dec. 31, 2022 | 147,023,144 | 28,366,442 | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Stock options exercised | 0.7 | 0.7 | 0.7 | ||||||
Stock options exercised (in shares) | 34,957 | ||||||||
Restricted Stock units vested | (0.1) | (0.1) | (0.1) | ||||||
Restricted Stock units vested (in shares) | 18,463 | ||||||||
Stock based compensation | 4.1 | 4.1 | 4.1 | ||||||
Employee stock purchase plan | 0.2 | 0.2 | 0.2 | ||||||
Shares Repurchased | (22.3) | (22.3) | $ 22.2 | (0.1) | |||||
Shares Repurchased (in shares) | (315,318) | 315,318 | |||||||
Cash dividends paid to common shareholders | (7.4) | (7.4) | (7.4) | ||||||
Biognosys acquisition - other shareholders | 2.3 | ||||||||
Other shareholders of majority-owned acquisitions | 3.6 | ||||||||
Proceeds from the sale of noncontrolling interests | 5.3 | 5.3 | |||||||
Consolidated net (loss) income | 77.5 | 76.5 | 76.5 | 1 | (0.1) | ||||
Other comprehensive income (loss) | 15.1 | 14.8 | 14.8 | 0.3 | 0.1 | ||||
Balance at end of period at Mar. 31, 2023 | 1,198.8 | 1,180.3 | $ 1.7 | $ (1,107.2) | 261.1 | 1,995.1 | 29.6 | 18.5 | 12 |
Balance (in shares) at Mar. 31, 2023 | 146,761,246 | 28,681,760 | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Stock options exercised | 0.5 | 0.5 | 0.5 | ||||||
Stock options exercised (in shares) | 26,265 | ||||||||
Restricted Stock units vested (in shares) | 2,897 | ||||||||
Stock based compensation | 4.1 | 4.1 | 4.1 | ||||||
Employee stock purchase plan | 1.8 | 1.8 | 1.8 | ||||||
Employee Stock Purchase Plan (in shares) | 26,667 | ||||||||
Cash dividends paid to common shareholders | (7.4) | (7.4) | (7.4) | ||||||
Biognosys acquisition - other shareholders | 0.2 | ||||||||
Loan to noncontrolling interest | (0.3) | (0.3) | |||||||
Consolidated net (loss) income | 58.2 | 57.1 | 57.1 | 1.1 | (0.4) | ||||
Other comprehensive income (loss) | (5) | (5.2) | (5.2) | 0.2 | 0.1 | ||||
Balance at end of period at Jun. 30, 2023 | 1,250.7 | 1,231.2 | $ 1.7 | $ (1,107.2) | 267.5 | 2,044.8 | 24.4 | 19.5 | 11.9 |
Balance (in shares) at Jun. 30, 2023 | 146,817,075 | 28,681,760 | |||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Stock options exercised | 5.2 | 5.2 | 5.2 | ||||||
Stock options exercised (in shares) | 137,291 | ||||||||
Restricted Stock units vested | (3.2) | (3.2) | (3.2) | ||||||
Restricted Stock units vested (in shares) | 190,408 | ||||||||
Stock based compensation | 4.6 | 4.6 | 4.6 | ||||||
Employee stock purchase plan | 0.2 | 0.2 | 0.2 | ||||||
Shares Repurchased | (80.3) | 80.3 | $ 79.7 | (0.6) | |||||
Shares Repurchased (in shares) | (1,243,461) | 1,243,461 | |||||||
Cash dividends paid to common shareholders | (7.4) | (7.4) | (7.4) | ||||||
Other shareholders of majority-owned acquisitions | 6 | ||||||||
Distributions to noncontrolling interest | (1.5) | (1.5) | |||||||
Consolidated net (loss) income | 89.1 | 88.1 | 88.1 | 1 | (0.4) | ||||
Other comprehensive income (loss) | (30.3) | (29.6) | (29.6) | (0.7) | (0.4) | ||||
Balance at end of period at Sep. 30, 2023 | $ 1,227.1 | $ 1,208.8 | $ 1.7 | $ (1,186.9) | $ 273.7 | $ 2,125.5 | $ (5.2) | $ 18.3 | $ 17.1 |
Balance (in shares) at Sep. 30, 2023 | 145,901,313 | 29,925,221 |
UNAUDITED CONDENSED CONSOLIDA_5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Dividends declared (per share) | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 |
UNAUDITED CONDENSED CONSOLIDA_6
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Consolidated net income | $ 223.9 | $ 200.2 |
Adjustments to reconcile consolidated net income to cash flows from operating activities: | ||
Depreciation and amortization | 77.6 | 64.3 |
Stock-based compensation expense | 17.8 | 23 |
Deferred income taxes | 12.8 | (25.7) |
Impairment of strategic investments and other long-lived assets | 19.5 | 0 |
Gain on sale of strategic investment | (6.8) | 0 |
Gain on sale of property, plant and equipment | (9.4) | 0 |
Other non-cash expenses, net | 18.3 | 11.8 |
Changes in operating assets and liabilities, net of acquisitions and divestitures: | ||
Accounts receivable | (12.4) | (39.7) |
Inventories | (147.3) | (139.1) |
Accounts payable and accrued expenses | 11.1 | 0.3 |
Income taxes payable, net | (13.5) | 10.6 |
Deferred revenue and customer advances | 6.5 | 10.5 |
Other changes in operating assets and liabilities, net | (53.5) | (13.3) |
Net cash provided by operating activities | 144.6 | 102.9 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (75.4) | (94.6) |
Maturity of short-term investments | 100 | |
Proceeds from sale of strategic investment | 11.8 | 0 |
Cash paid for strategic investments | (19.3) | (40.8) |
Cash paid for acquisitions, net of cash acquired | (222.3) | (85.5) |
Proceeds from sales of property, plant and equipment | 10.9 | 13.8 |
Net proceeds from cross-currency swap agreements | 5.1 | 4.8 |
Net cash used in investing activities | (289.2) | (102.3) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 3.2 | 0 |
Repayment of other debt, net | (7) | (1.2) |
Repayment of 2012 Note Purchase Agreement | 0 | (105) |
Repayment of 2019 Note Purchase Agreement | (11.3) | (2.3) |
Proceeds from issuance of common stock, net | 4.8 | 0.8 |
Payment of contingent consideration | (2.7) | (1.7) |
Payment of dividends to common shareholders | (22.1) | (22.4) |
Repurchase of common stock | (101.9) | (236.8) |
Proceeds from (payment for) the sale (purchase) of noncontrolling interests | 3.5 | (10.6) |
Net cash used in financing activities | (133.5) | (379.2) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (3.7) | (63.8) |
Net change in cash, cash equivalents and restricted cash | (281.8) | (442.4) |
Cash, cash equivalents and restricted cash at beginning of period | 648.7 | 1,071.7 |
Cash, cash equivalents and restricted cash at end of period | 366.9 | 629.3 |
Supplemental disclosure of cash flow information: | ||
Restricted cash period beginning balance | 3.2 | 3.5 |
Restricted cash period ending balance | $ 3.3 | $ 3.1 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 88.1 | $ 88.1 | $ 221.7 | $ 199.2 |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business Bruker Corporation, together with its consolidated subsidiaries (Bruker or the Company), develops, manufactures and distributes high-performance scientific instruments and analytical and diagnostic solutions that enable its customers to explore life and materials at microscopic, molecular and cellular levels. Many of the Company’s products are used to detect, measure and visualize structural characteristics of chemical, biological and industrial material samples. The Company’s products address the rapidly evolving needs of a diverse array of customers in life science research, pharmaceuticals, biotechnology, applied markets, cell biology, clinical research, microbiology, in-vitro diagnostics, nanotechnology and materials science research. The Company has four reportable segments, Bruker Scientific Instruments (BSI) BioSpin, BSI CALID, BSI NANO and Bruker Energy & Supercon Technologies (BEST). BSI BioSpin Segment designs, manufactures and distributes enabling life science tools based on magnetic resonance technology. BSI BioSpin Segment’s revenues are generated by academic and government research customers, pharmaceutical and biotechnology companies and nonprofit laboratories, as well as chemical, food and beverage, clinical and other industrial companies. BSI CALID (Chemicals, Applied Markets, Life Science, In Vitro Diagnostics, Detection) Segment designs, manufactures and distributes life science mass spectrometry and ion mobility spectrometry solutions, analytical and process analysis instruments and solutions based on infrared and Raman molecular spectroscopy technologies and radiological/nuclear detectors for Chemical, Biological, Radiological, Nuclear and Explosive (CBRNE) detection. Customers of the BSI CALID Segment include academic institutions and medical schools; pharmaceutical, biotechnology and diagnostics companies; contract research organizations; nonprofit and for-profit forensics laboratories; agriculture, food and beverage safety laboratories; environmental and clinical microbiology laboratories; hospitals and government departments and agencies. BSI NANO Segment designs, manufactures and distributes advanced X-ray instruments; atomic force microscopy instrumentation; advanced fluorescence optical microscopy instruments; analytical tools for electron microscopes and X-ray metrology; defect-detection equipment for semiconductor process control; handheld, portable and mobile X-ray fluorescence spectrometry instruments; spark optical emission spectroscopy systems; chip cytometry products and services for targeted spatial proteomics, multi-omic services; and products and services for spatial genomics research. Customers of the BSI NANO Segment include academic institutions, governmental customers, nanotechnology companies, semiconductor companies, raw material manufacturers, industrial companies, biotechnology and pharmaceutical companies and other businesses involved in materials research and life science research analysis. BEST Segment develops and manufactures superconducting and non-superconducting materials and devices for use in renewable energy, energy infrastructure, healthcare and “big science” research. The segment focuses on metallic low temperature superconductors for use in magnetic resonance imaging, nuclear magnetic resonance, fusion energy research and other applications. The unaudited condensed consolidated financial statements represent the consolidated accounts of the Company. All intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements as of September 30, 2023 and December 31, 2022, and for the three and nine months ended September 30, 2023 and 2022, have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, the financial information presented herein does not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement have been included. The results for interim periods are not necessarily indicative of the results expected for any other interim period or the full year. At September 30, 2023, the Company’s significant accounting policies, which are detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, have not changed. Risks and Uncertainties The Company is subject to risks common to its industry including, but not limited to, global economic conditions, such as increasing inflation, uncertainties caused by recent banking industry volatility, rapid technological change, government and academic funding levels, geopolitical uncertainties, changes in commodity prices, spending patterns of its customers, protection of its intellectual property, availability of key raw materials and components and other supply chain challenges, compliance with existing and future regulation by government agencies and fluctuations in foreign currency exchange rates and interest rates. The Company has experienced supply chain interruptions as a result of general global economic conditions, including inflation and the threat of a potential recession, a tighter labor market and other factors including natural events and disasters. Various factors, including increased demand for certain components and production delays, are contributing to shortages of certain components used in the Company’s products and increased difficulties in the Company’s ability to obtain a consistent supply of materials at stable pricing levels. Supply shortages and longer lead times for components used in the Company’s products, including limited source components, has resulted and may continue to cause disruptions to the Company’s production activities, which has had and may continue to have an adverse effect on the Company’s financial condition or result of operations. These factors have impacted and may continue to impact the timing of the Company’s revenue, and have also resulted, and may in the future result in a delay of revenue, and an increase in manufacturing costs, all of which have adversely impacted and may continue to adversely impact the Company’s operating results. Additionally, world events, such as the Russia-Ukraine conflict and related economic sanctions, the conflict in Israel, Palestine and surrounding areas, the possible expansion of such conflicts and potential geopolitical consequences, the ongoing tensions between the United States and China, tariff and trade policy changes, and increasing potential of conflict involving countries in Asia that are significant to the Company's supply chain operations, such as Taiwan and China, have resulted in increasing global instability and have created uncertainty for global commerce. As a result of the adverse economic impacts resulting from the Russia-Ukraine conflict, such as increased prices for and a reduced supply of key metals used in our products, the Company has ceased its Russian operations. Sustained or worsening global economic conditions and increasing inflation and geopolitical tensions have increased the Company's cost of doing business, impacted the Company's supply chain operations, caused some of the Company's customers to reduce or delay spending and further intensified pricing pressures. Combined with increased inflation, potential energy shortages in Europe where we have significant operations, and overall higher energy and transportation costs, these factors have affected and may continue to affect the Company's financial condition and results of operations. The preparation of the unaudited condensed consolidated financial statements requires the Company to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis the Company evaluates estimates, judgments and methodologies. Changes in estimates are recorded in the period in which they become known. The Company bases its estimates on historical experience and on various other assumptions that it believes are reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of revenues and expenses. The full extent to which the global supply chain interruptions, higher energy costs and shortages, the global economy, including inflation and the threat of recession, and geopolitical instability will directly or indirectly impact future business, results of operations and financial condition, including sales, expenses, reserves and allowances, manufacturing, research and development costs and employee cost related amounts, will depend on future developments that are highly uncertain, including as a result of new developments concerning global supply chain and various global conflicts. The Company has made estimates of the impact of these disruptions within the financial statements and there may be changes to those estimates in future periods. Actual results may differ from management’s estimates if these results differ from historical experience. Deferred revenue previously included in other current liabilities on the consolidated balance sheets is currently presented together with customer advances. The change in the prior period was made to conform to the current period presentation. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-01, Leases (Topic 842): Common Control Arrangements (“ASU 2023-01”), which provides additional guidance concerning related party leasing arrangements between entities under common control. Specifically, ASU 2023-01 provides a practical expedient for private companies in determining whether a related party arrangement qualifies as a lease, and provides new guidance for all entities on the amortization period of leasehold improvements for common control arrangements. This guidance is effective for annual and interim reporting periods beginning after December 15, 2023. The Company is evaluating the potential impact of this adoption on the consolidated financial statements and related disclosures. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 3. Revenue The following tables present the Company’s revenues by Segment and End Customer Geography (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Revenue by Segment: BSI BioSpin $ 198.3 $ 175.7 $ 540.6 $ 493.3 BSI CALID 239.3 207.5 703.2 601.0 BSI NANO 238.7 199.1 673.4 559.8 BEST 70.6 59.3 205.5 178.2 Eliminations (a) ( 4.1 ) ( 2.7 ) ( 12.7 ) ( 10.0 ) Total revenue $ 742.8 $ 638.9 $ 2,110.0 $ 1,822.3 (a) Represents corporate costs and eliminations not allocated to the reportable segments. Three Months Ended Nine Months Ended 2023 2022 2023 2022 Revenue by End Customer Geography: United States $ 211.1 $ 191.8 $ 565.5 $ 518.3 Germany 78.0 51.9 202.1 177.7 Rest of Europe 174.0 151.7 495.0 425.4 China 136.7 111.6 360.8 291.0 Rest of Asia Pacific 92.6 85.1 332.0 271.1 Other 50.4 46.8 154.6 138.8 Total revenue $ 742.8 $ 638.9 $ 2,110.0 $ 1,822.3 Revenue for the Company recognized at a point in time versus over time is as follows (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Revenue recognized at a point in time $ 643.1 $ 557.0 $ 1,828.5 $ 1,580.2 Revenue recognized over time 99.7 81.9 281.5 242.1 Total revenue $ 742.8 $ 638.9 $ 2,110.0 $ 1,822.3 Remaining Performance Obligations Remaining performance obligations represent the aggregate transaction price allocated to a promise to transfer a good or service that is fully or partially unsatisfied at the end of the period. As of September 30, 2023, remaining performance obligations were approximately $ 2,189.4 million. Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, note receivables and unbilled receivables (contract assets) and deferred revenue, customer deposits and billings in excess of revenue recognized (contract liabilities) on the Company’s unaudited condensed consolidated balance sheets. Contract assets— Most of the Company’s long-term contracts are billed as work progresses in accordance with the contract terms and conditions, either at periodic intervals or upon achievement of certain milestones. Billing often occurs subsequent to revenue recognition, resulting in contract assets. Contract assets are classified as either other current assets or other long-term assets in the unaudited condensed consolidated balance sheets. The balance of contract assets as of September 30, 2023 and December 31, 2022 was $ 90.0 million and $ 61.3 million, respectively. Contract liabilities— The Company often receives cash payments from customers in advance of the Company’s performance, resulting in contract liabilities. These contract liabilities are classified as either current or long-term in the unaudited condensed consolidated balance sheets based on the timing of when revenue recognition is expected. As of September 30, 2023 and December 31, 2022, the contract liabilities were $ 475.4 million and $ 471.7 million, respectively. Approximately $ 304.9 million of the contract liability balance on December 31, 2022 was recognized as revenue during the nine months ended September 30, 2023. |
Other Current Assets
Other Current Assets | 9 Months Ended |
Sep. 30, 2023 | |
Other Assets [Abstract] | |
Other Current Assets | 4. Other Current Assets Other current assets consisted of the following (in millions): September 30, December 31, Unbilled and notes receivable $ 88.5 $ 60.8 Income and other taxes receivable 82.3 61.8 Prepaid expenses 26.7 24.3 Deposits with vendors 30.5 19.0 Other assets 36.4 27.6 Other current assets $ 264.4 $ 193.5 |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2023 | |
Business Combinations [Abstract] | |
Acquisitions | 5. Acquisitions The Company has not presented pro forma financial information reflecting all acquisitions because the impact, individually and collectively, on revenues and net income is not material. The Company does not expect the amounts allocated to goodwill that are attributable to expected synergies to be deductible for tax purposes. 2023 Biognosys, AG On January 3, 2023, the Company acquired 97.15 % of the outstanding stock of Biognosys, AG (“Biognosys”), a privately held company, for a purchase price of CHF 75 million (approximately $ 80.1 million) less assumed liability for employee awards of CHF 5.9 million (approximately $ 6.3 million). Biognosys offers mass spectrometry based next-generation proteomics contract research services as well as proprietary proteomics software and laboratory consumables to support academic, pharma and biotech research and clinical development. Biognosys is domiciled in Zurich, Switzerland, and was integrated into the BSI CALID Segment. Concurrent with the acquisition, the Company entered into an agreement with the noncontrolling interest holders that provides the Company with the right to purchase, and the noncontrolling interest holders with the right to sell, the remaining 2.85 % of Biognosys for cash to the founders at a contractually defined redemption value exercisable beginning in 2028. The option price to acquire the remaining 2.85 % equity interest will have a minimum redemption, or floor, value at each purchase or sell date, subject to post combination employment. The fair value at acquisition date of these put option rights has been bifurcated into two financial instruments to separately account for the amounts attributable to the put option rights to sell the non-controlling interests on exercise dates at (1) above the minimum redemption value and (2) the minimum redemption value or floor value that is subject to post combination employment (the hybrid instrument) services. The rights (embedded derivative) to the option shares can be sold at a minimum redemption value provided certain post combination employment services are met or at fair value, if above the floor, on the purchase or sell date. Therefore, the portion assigned to the minimum redemption value of option value of the hybrid instrument, which is tied to continued employment of the noncontrolling interest holders, was classified as a long-term liability on the consolidated balance sheet. The hybrid instrument was initially measured at fair value on the acquisition date and shall be accreted over the post combination service period. The acquisition date fair value of the hybrid instrument which is an embedded derivative was not material. The rights associated with the portion of the noncontrolling interest above the minimum redemption value are contingently redeemable at the option of the Company or the noncontrolling interest holders. As redemption of the rights is contingently redeemable at the option of the noncontrolling interest shareholders, the Company classifies the carrying amount of these rights in the mezzanine section on the consolidated balance sheet, which is presented above the equity section and below liabilities. The redeemable noncontrolling interest is initially measured at fair value on acquisition date and subsequently at the greater of the amount that would be paid if settlement occurred as of the balance sheet date based on fair value as defined in the purchase agreement and its carrying amount adjusted for net income (loss) attributable to the noncontrolling interest. Adjustments to the carrying value of the redeemable noncontrolling interest are recorded through retained earnings. The amortization period for the intangible assets acquired is seven years for the technology and nine years for the customer relationships. The trade name was determined to have an indefinite life. The Company expects to amortize backlog through the end of 2025. The components and fair value allocation of the consideration transferred in connection with the acquisition are as follows (in millions): Consideration Transferred: Cash paid $ 73.6 Cash acquired ( 9.5 ) Holdback 0.2 Fair value of redeemable noncontrolling interest 2.5 Total consideration transferred $ 66.8 Allocation of Consideration Transferred: Accounts receivable $ 3.6 Inventories 0.4 Other current assets 0.9 Property, plant and equipment 8.0 Other assets 4.3 Intangible assets: Technology 10.2 Customer relationships 13.8 Trade name 2.7 Backlog 0.8 Goodwill 47.5 Liabilities assumed (a) ( 25.4 ) Total consideration allocated $ 66.8 (a) This amount includes assumed liability for vested employee awards of $ 6.3 million on acquisition date and was settled in the post-closing period ended March 31, 2023. Zontal, Inc. On May 4, 2023, the Company acquired 60 % of the outstanding share capital of OSTHUS Beteiligungs GmbH and its wholly owned subsidiaries: OSTHUS Group GmbH, Zontal Inc., Zontal GmbH, and Zontal Data Information Technology (Dalian) co., Ltd, (hereinafter, the “Zontal Companies”) for EUR 13.4 million (approximately $ 14.8 million) with the potential for additional consideration of up to $ 14.4 million if certain revenue and EBITDA targets are met through 2025. Zontal, Inc, is the main operating company. The Zontal Companies offer various software applications and integrations including data management (Informatics and SDMS), which enables customers to harmonize, preserve and reuse their data to generate efficiencies and automate workflows. The Zontal Companies are domiciled in Aachen, Germany, and are integrated into the BSI BioSpin Segment. Concurrent with the acquisition, the Company entered into an agreement with the noncontrolling interest holders that provides the Company with the right to purchase, and the noncontrolling interest holders with the right to sell, the remaining 40 % of the Zontal Companies at a contractually defined redemption value exercisable beginning in 2027 and in 2031. The rights (embedded derivative) to the option shares can be exercised at a discounted redemption value upon certain events related to post combination employment services. As the options are tied to continued employment, the Company classified the hybrid instrument (noncontrolling interest with an embedded derivative) as a long-term liability on the consolidated balance sheet. The hybrid instrument associated with the options is initially measured at fair value on the acquisition date. Subsequent to the acquisition, the carrying value of the hybrid instrument is remeasured to fair value with changes recorded to stock-based compensation expense in proportion to the requisite service period vested. The amortization period for the intangible assets acquired is eight years for technology, ten years for the trade name, and thirteen years for the customer relationships. The Company expects to amortize backlog through 2023. The components and fair value allocation of the consideration transferred in connection with the acquisition are as follows (in millions): Consideration Transferred: Cash paid $ 14.8 Cash acquired ( 0.2 ) Fair value of contingent consideration 0.5 Fair value of hybrid liability 18.5 Total consideration transferred $ 33.6 Allocation of Consideration Transferred: Accounts receivable $ 0.7 Other current assets 0.3 Other assets 1.2 Intangible assets: Technology 5.8 Customer relationships 4.0 Trade name 1.1 Backlog 0.2 Goodwill 27.4 Liabilities assumed ( 7.1 ) Total consideration allocated $ 33.6 In the nine months ended September 30, 2023, the Company acquired various other businesses which were accounted for under the acquisition method that complemented the Company’s existing product offerings. The following table reflects the consideration transferred and the respective reporting segment for the acquisitions (in millions): Name of Acquisition Date Acquired Segment Total Cash Goodwill Acquifer Imaging GmbH and Deltabyte GmbH January 4, 2023 BSI NANO $ 7.6 $ 7.6 $ 4.5 Pinpoint Testing LLC March 28, 2023 BSI CALID 8.6 3.6 4.8 Fasmatech Science SA March 3, 2023 BSI CALID 10.3 8.4 8.0 Interherence GmbH July 3, 2023 BSI CALID 17.3 3.9 12.8 $ 43.8 $ 23.5 $ 30.1 In the nine months ended September 30, 2023, the Company also made several strategic investments. The following table reflects the consideration transferred and the respective reporting segment for the investments (in millions): Name Financial Date Acquired Segment Total Cash Tome Biosciences Other long-term assets July 26, 2023 Corporate $ 10.0 $ 10.0 Other Investments Other long-term assets Various Various 9.2 9.2 $ 19.2 $ 19.2 Equity-method investments The Company's investments in Tofwerk, AG and Eliptica Limited amount to an equity investment in common stock of 40 % and 20 %, respectively, and are accounted for using the equity-method of accounting. The Company accounts for the investments under the equity method if the Company has the ability to exercise significant influence, but not control, over an investee. Investments in equity-method investees are included within “Other long-term assets” in the consolidated balance sheets. The Company's proportional share of the earnings or losses as reported by equity-method investees are classified as “Equity in income of unconsolidated investees, net of tax” in the consolidated statements of income and comprehensive income. The Company regularly evaluates these investments, which are not carried at fair value, for other-than-temporary impairment. The Company records investments, including incremental investments, of shares in equity-method investees at cost. In the event the Company no longer has the ability to exercise significant influence over an equity-method investee, the Company would discontinue accounting for the investment under the equity method. In the three months ended September 30, 2023, and September 30, 2022, the Company did no t record any realized gains or unrealized gains related to its strategic investments. In the nine months ended September 30, 2023, the Company recorded a realized gain of $ 6.8 million from the sale of a strategic investment. In the nine months ended September 30, 2022, the Company recorded an unrealized gain of $ 1.7 million from the remeasurement of a strategic investment upon the occurrence of an observable transaction. The realized and unrealized gain is included in “Interest and other income (expense), net” in the Consolidated Statements of Income and Comprehensive Income. On a quarterly basis, the Company reviews its strategic investments and equity method investments to determine if there have been any events and conditions that could indicate an impairment or other-than temporary impairment. For the three months ended September 30, 2023, the Company did no t recognize any impairment charges related to its strategic investments. For the nine months ended September 30, 2023, the Company recognized $ 18.3 million in impairment charges to write down the carrying value of certain strategic investments. The Company did no t recognize any impairment charges related to its strategic investments for the nine months ended September 30, 2022.The impairment charges are included in “Interest and other income (expense), net” in the Consolidated Statements of Income and Comprehensive Income. Subsequent Events - Acquisitions On October 2, 2023, the Company completed the acquisition of PhenomeX, Inc. (“PhenomeX”), a functional cell biology company that provides single-cell biology research tools to deliver deep insights into cellular function and new perspectives on phenomes and genotype-to-phenotype linkages. PhenomeX’s product platforms are highly complementary to the Company's existing spatial biology and single-cell research tools. The transaction was accounted for as a business combination. The acquisition was completed through a tender offer for all outstanding shares of common stock as of the date of acquisition. The acquisition consideration consisted of an advance payment, an assumption of liability paid on acquisition date, and an offer of $ 1.00 per share, net to the holders of PhenomeX outstanding common shares and rights to receive PhenomeX common shares, in cash, without interest, for a total of approximately $ 121 million. The purchase consideration of $ 1.00 per share was funded into escrow as of September 30, 2023, and along with the advance payment, is included in other long-term assets of the Company's unaudited consolidated financial statements. Following the acquisition date, the Company announced a restructuring plan for PhenomeX and anticipates it will substantially complete this undertaking by the end of 2024. As a result of the acquisition, PhenomeX common stock is no longer listed for trading on the Nasdaq Global Market and is deregistered under the Exchange Act. The Company renamed PhenomeX to Bruker Cellular Analytics following acquisition. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. Inventories Inventories consisted of the following (in millions): September 30, December 31, Raw materials $ 339.6 $ 300.9 Work-in-process 315.6 278.7 Finished goods 160.6 128.2 Demonstration units 100.2 92.3 Total Inventories $ 916.0 $ 800.1 Finished goods include in-transit systems shipped to the Company’s customers for which control has not passed to the customers. As of September 30, 2023, and December 31, 2022, the value of finished goods inventory-in-transit was $ 47.5 million and $ 41.1 million, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 7. Goodwill and Intangible Assets Goodwill The following table sets forth the changes in the carrying amount of goodwill (in millions): Balance at December 31, 2022 $ 457.6 Current period additions/adjustments 105.0 Foreign currency effect ( 1.5 ) Balance at September 30, 2023 $ 561.1 Intangible Assets The following is a summary of intangible assets (in millions): September 30, 2023 December 31, 2022 Gross Accumulated Net Carrying Gross Accumulated Net Carrying Existing technology and related patents $ 381.7 $ ( 235.5 ) $ 146.2 $ 354.7 $ ( 219.0 ) $ 135.7 Customer relationships 212.6 ( 85.8 ) 126.8 192.3 ( 72.1 ) 120.2 Trade names 27.4 ( 9.0 ) 18.4 22.3 ( 7.4 ) 14.9 Other 2.0 ( 1.5 ) 0.5 1.0 ( 0.9 ) 0.1 Intangible assets $ 623.7 $ ( 331.8 ) $ 291.9 $ 570.3 $ ( 299.4 ) $ 270.9 For the three months ended September 30, 2023, and 2022, the Company recorded amortization expense of $ 11.5 million and $ 8.9 million, respectively, related to intangible assets subject to amortization. For the nine months ended September 30, 2023, and 2022, the Company recorded amortization expense of $ 33.4 million and $ 27.5 million, respectively, related to intangible assets subject to amortization. On a quarterly basis, the Company reviews its goodwill and intangible assets to determine if there have been any triggering events that could indicate an impairment. In connection with certain restructuring activities in the third quarter of 2023, the Company performed impairment assessments of its long-lived assets comparing the carrying values to the sum of their undiscounted future cash flows. The Company also performed an impairment test of the goodwill related to the Software Reporting Unit. Based on the results of these analyses, the Company determined there were no impairments to its long-lived assets, including its intangibles assets and goodwill. There were no events noted for the nine months ended September 30, 2022 that could indicate an impairment of goodwill and intangible assets. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 8. Debt The Company’s debt obligations consist of the following (in millions): September 30, December 31, EUR notes (in U.S. Dollars) under the 2021 Note Purchase Agreement due 2031 $ 158.6 $ 160.6 CHF notes (in U.S. Dollars) under the 2021 Note Purchase Agreement due 2031 327.8 325.1 CHF notes (in U.S. Dollars) under the 2019 Note Purchase Agreement due 2029 324.5 321.9 U.S. Dollar notes under the 2019 Term Loan Agreement annual payments of $ 15.0 282.0 293.3 U.S. Dollar notes under the 2012 Note Purchase Agreement due 2024 100.0 100.0 Unamortized debt issuance costs ( 1.4 ) ( 1.7 ) Other loans 8.0 5.9 Total notes and loans outstanding 1,199.5 1,205.1 Finance lease obligations 20.1 14.1 Total debt 1,219.6 1,219.2 Current portion of long-term debt and finance lease obligations ( 121.0 ) ( 18.7 ) Total long-term debt, less current portion $ 1,098.6 $ 1,200.5 The following is a summary of the maximum commitments and the net amounts available to the Company under the 2019 Revolving Credit Agreement and other lines of credit with various financial institutions located primarily in Germany and Switzerland that are unsecured and typically due upon demand with interest payable monthly, at September 30, 2023 (in millions): Weighted Total Amount Outstanding Outstanding Total 2019 Credit Agreement 0.15 % $ 600.0 $ — $ 0.4 $ 599.6 Bank guarantees and working capital line varies 143.7 — 143.7 — Total revolving lines of credit $ 743.7 $ — $ 144.1 $ 599.6 As of September 30, 2023, the Company was in compliance with the financial covenants of all debt agreements. As of September 30, 2023, the Company had several cross-currency and interest rate swap agreements with a notional value of $ 141.0 million of U.S. dollar to Swiss Franc and a notional value o f $ 241.0 million of U.S. dollar to Euro to hedge the variability in the movement of foreign currency exchange rates on portions of our Euro and Swiss Franc denominated net asset investments. These agreements qualify for hedge accounting and accordingly the changes in fair value of the derivative are recorded in other comprehensive income and remain in accumulated comprehensive income (loss) attributable to Bruker Corporation in shareholders’ equity until the sale or substantial liquidation of the foreign operation. The difference between the interest rate received and paid under the interest rate and cross-currency swap agreements is recorded in interest and other income (expense), net in the consolidated statements of income and comprehensive income. The Company presents the cross-currency swap periodic settlements in investing activities and the interest rate swap periodic settlements in operating activities in the statement of cash flows. On September 30, 2022, the Company entered into the Second Amendment to the 2019 Term Loan Agreement and the Second Amendment to the 2019 Credit Agreement (collectively, the “Amendments”), to modify certain aspects of the 2019 Term Loan Agreement and 2019 Credit Agreement, respectively. The Amendments modify the reference rate thereunder from London Interbank Offered Rate (“LIBOR”) to Secured Overnight Financing Rate (“SOFR”). There were no other changes to the 2019 Term Loan Agreement or 2019 Credit Agreement as a result of the Amendments. The Company did not record any gains or losses on the conversion of the reference rate for borrowings under the Term Loan Agreement from LIBOR to SOFR. On June 16, 2022, the Company entered into the First Amendment to the 2019 Credit Agreement to modify certain contract definitions within the agreement. Primarily, the current LIBOR rates were changed to new alternative base rates for the respective currencies. As part of the change any related items, such as fall-back rates and day conventions were also changed. No other material terms were modified with this agreement. During 2022, the Company adopted the practical expedient for Reference Rate Reform related to its debt arrangements and as such, this amendment is treated as a continuation of the existing debt agreement and no gain or loss on the modification was recorded. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 9. Fair Value of Financial Instruments The Company measures the following financial assets and liabilities at fair value on a recurring basis. The following tables set forth the Company’s financial instruments measured at fair value on a recurring basis and present them within the fair value hierarchy using the lowest level of input that is significant to the fair value measurement (in millions): September 30, 2023 Total Quoted Prices Significant Significant Assets: Time deposits and money market funds $ 78.8 $ — $ 78.8 $ — Interest rate and cross-currency swap agreements 38.2 — 38.2 — Forward currency contracts 0.1 — 0.1 — Embedded derivatives in purchase and delivery contracts 0.3 — 0.3 — Debt securities available for sale 1.2 — — 1.2 Total assets recorded at fair value $ 118.6 $ — $ 117.4 $ 1.2 Liabilities: Contingent consideration $ 5.9 $ — $ — $ 5.9 Hybrid instruments liability 64.5 — — 64.5 Liability awards 1.3 — — 1.3 Interest rate and cross-currency swap agreements 15.8 — 15.8 — Forward currency contracts 1.7 — 1.7 — Fixed price commodity contracts 0.2 — 0.2 — Embedded derivatives in purchase and delivery contracts 0.1 — 0.1 — Total liabilities recorded at fair value $ 89.5 $ — $ 17.8 $ 71.7 December 31, 2022 Total Quoted Prices Significant Significant Assets: Time deposits and money market funds $ 198.7 $ 34.0 $ 164.7 $ — Interest rate and cross-currency swap agreements 37.8 — 37.8 — Forward currency contracts 0.6 — 0.6 — Embedded derivatives in purchase and delivery contracts 0.1 — 0.1 — Fixed price commodity contracts 0.6 — 0.6 — Debt securities available for sale 10.5 — — 10.5 Total assets recorded at fair value $ 248.3 $ 34.0 $ 203.8 $ 10.5 Liabilities: Contingent consideration $ 9.6 $ — $ — $ 9.6 Hybrid instruments liability 34.2 — — 34.2 Liability awards 1.1 — — 1.1 Interest rate and cross-currency swap agreements 12.2 — 12.2 — Forward currency contracts 0.3 — 0.3 — Total liabilities recorded at fair value $ 57.4 $ — $ 12.5 $ 44.9 Derivative financial instruments are classified within Level 2 because there is not an active market for each derivative contract. However, the inputs used to calculate the value of the instruments are obtained from active markets. The Company measures certain assets and liabilities at fair value with changes in fair value recognized in earnings. Fair value treatment may be elected either upon initial recognition of an eligible asset or liability or, for an existing asset or liability, if an event triggers a new basis of accounting. The Company did not elect to remeasure any of its existing financial assets or liabilities and did not elect the fair value option for any financial assets or liabilities which originated during the nine months ended September 30, 2023, or the year ended December 31, 2022. The fair value of the Company's long-term fixed interest rate debt was $ 776.0 million and $ 767.8 million as of September 30, 2023, and December 31, 2022, respectively. The fair value was based on market and observable sources with similar maturity dates and classified as Level 2 within the fair value hierarchy. The carrying value of the Company's variable rate debt approximates its fair value at September 30, 2023 and December 31, 2022. On a quarterly basis, the Company reviews its short-term investments to determine if there have been any events that could indicate an impairment. There were none noted for the nine months ended September 30, 2023, or 2022. Debt securities consist of investments in redeemable preferred stock. Debt securities are classified as either current or long-term investments based on their contractual maturities unless the Company intends to sell an investment within the next twelve months, in which case it is classified as current on the consolidated balance sheets. Debt securities are classified as available for sale and are carried at fair value. Contingent consideration recorded within other current and other long-term liabilities represents the estimated fair value of future payments to the former shareholders as part of certain acquisitions. The contingent consideration is primarily based on the applicable acquired company achieving annual revenue and gross margin targets in certain years as specified in the relevant purchase and sale agreement. The Company initially values the contingent consideration on the acquisition date by using a Monte Carlo simulation or an income approach method. The Monte Carlo method models future revenue and costs of goods sold projections and discounts the average results to present value. The income approach method involves calculating the earnout payment based on the forecasted cash flows, adjusting the future earnout payment for the risk of reaching the projected financials, and then discounting the future payments to present value by the counterparty risk. The counterparty risk considers the risk of the buyer having the cash to make the earnout payments and is commensurate with a cost of debt over an appropriate term. Changes in fair value subsequent to acquisition are recognized in “Acquisition-related expenses, net” included in Other Charges, net, in the Consolidated Statements of Income and Comprehensive Income. The following table sets forth the changes in contingent consideration liabilities (in millions): Balance at December 31, 2022 $ 9.6 Current period additions 2.8 Current period adjustments 1.5 Current period settlements ( 8.1 ) Foreign currency effect 0.1 Balance at September 30, 2023 $ 5.9 As part of the 2018 Mestrelab Research, S.L. (“Mestrelab”), 2022 PreOmics, 2023 Biognosys and Zontal acquisitions and certain other majority owned acquisitions, the Company entered into agreements with the noncontrolling interest holders that provide the Company with the right to purchase, and the noncontrolling interest holders with the right to sell, the remaining ownerships for cash at contractually defined redemption values. These rights (embedded derivatives) can be adjusted upon certain events related to post combination employment services. As the options are tied to continued employment, the Company classified the hybrid instruments (noncontrolling interests with embedded derivatives) as long-term liabilities on the consolidated balance sheet. Subsequent to the acquisitions, the carrying value of the hybrid instruments are remeasured to fair value with changes recorded to stock-based compensation expense in proportion to the respective requisite service period vested. The Company classified the hybrid instruments as Level 3 in the fair value hierarchy. The following table sets forth the changes in hybrid instruments liability (in millions): Balance at December 31, 2022 $ 34.2 Acquisitions 26.8 Current period adjustments 4.1 Foreign currency effect ( 0.6 ) Balance at September 30, 2023 $ 64.5 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 10. Derivative Instruments and Hedging Activities Commodity Price Risk Management The Company has arrangements with certain customers under which it has a firm commitment to deliver copper-based superconductors at a fixed price. In order to minimize the volatility that fluctuations in the price of copper have on the Company’s sales of these commodities, the Company enters into commodity hedge contracts. As commodity contracts settle, gains (losses) as a result of changes in fair values are adjusted to the contracts with the customers through revenues. Foreign Exchange Rate Risk Management The Company had the following notional amounts outstanding under foreign exchange contracts, cross-currency interest rate swap agreements and long-term debt designated as net investment hedges and the respective fair value of the financial instruments recorded in the consolidated balance sheets as follows (in millions): September 30, 2023 December 31, 2022 Notional (in USD) Fair Value Notional (in USD) Fair Value Financial instruments designated as hedging instruments: Interest rate cross-currency swap agreements Other current assets $ 19.3 $ 14.8 Other assets 18.9 23.0 Other long-term liabilities ( 15.8 ) ( 12.2 ) $ 382.0 $ 22.4 $ 393.3 $ 25.6 Long-term debt Long-term debt 810.9 ( 20.2 ) 807.6 ( 17.0 ) Total financial instruments designated as hedging instruments $ 1,192.9 $ 2.2 $ 1,200.9 $ 8.6 Financial instruments not designated as hedging instruments: Forward currency contracts Other current assets $ 45.6 $ 0.1 $ 89.8 $ 0.6 Other current liabilities 307.3 ( 1.7 ) 97.4 ( 0.3 ) Embedded derivatives in purchase and delivery contracts Other current assets 7.0 0.3 15.3 0.1 Other current liabilities 10.3 ( 0.1 ) — — Fixed price commodity contracts Other current assets — — 8.9 0.6 Other current liabilities 0.9 ( 0.2 ) — — Total financial instruments not designated as hedging instruments $ 371.1 $ ( 1.6 ) $ 211.4 $ 1.0 Total financial instruments $ 1,564.0 $ 0.6 $ 1,412.3 $ 9.6 In addition, the Company periodically enters into purchase and sales contracts denominated in currencies other than the functional currency of the Company's subsidiaries in the transaction. The Company accounts for these transactions separately valuing the “embedded derivative” component of these contracts. The contracts, denominated in currencies other than the functional currency of the transacting parties, amounted to approximately $ 17.3 million and $ 15.3 million for the purchase of products at September 30, 2023 and December 31, 2022 respectively. The Company records the changes in the fair value of these embedded derivatives in interest and other income (expense), net in the consolidated statements of income and comprehensive income. The following is a summary of the gain (loss) included in the consolidated statements of income and comprehensive income related to the financial instruments described above (in millions): Three Months Ended September 30, Nine Months Ended September 30, Financial Statement Classification 2023 2022 2023 2022 Financial instruments not designated as hedging instruments Forward currency contracts Interest and other income (expense), net $ ( 5.5 ) $ ( 2.8 ) $ ( 4.2 ) $ ( 6.9 ) Embedded derivatives in purchase and delivery contracts Interest and other income (expense), net ( 0.6 ) 0.1 0.1 0.1 ( 6.1 ) ( 2.7 ) ( 4.1 ) ( 6.8 ) Financial instruments designated as cash flow hedging instruments Interest rate cross-currency swap agreements Interest and other income (expense), net $ 2.7 $ 0.3 $ 7.6 $ ( 1.3 ) Financial instruments designated as net investment hedging instruments Interest rate cross-currency swap agreements Interest and other income (expense), net 2.0 2.2 6.0 6.5 4.7 2.5 13.6 5.2 Total $ ( 1.4 ) $ ( 0.2 ) $ 9.5 $ ( 1.6 ) Three Months Ended September 30, Nine Months Ended September 30, Financial Statement Classification 2023 2022 2023 2022 Financial instruments designated as cash flow hedging instruments Interest rate cross-currency swap agreements Accumulated other comprehensive income, net of tax $ 0.5 $ 7.5 $ 0.1 $ 22.6 0.5 7.5 0.1 22.6 Financial instruments designated as net investment hedging instruments Interest rate cross-currency swap agreements Accumulated other comprehensive income, net of tax $ 5.5 $ 12.4 $ ( 2.8 ) $ 27.4 Long-term debt Accumulated other comprehensive income, net of tax 15.5 23.0 ( 2.4 ) 55.5 21.0 35.4 ( 5.2 ) 82.9 Total $ 21.5 $ 42.9 $ ( 5.1 ) $ 105.5 |
Provision for Income Taxes
Provision for Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | 11. Provision for Income Taxes The Company accounts for income taxes using the asset and liability approach by recognizing deferred tax assets and liabilities for the expected future tax consequences of differences between the financial statement basis and the tax basis of assets and liabilities, calculated using enacted tax rates in effect for the year in which the differences are expected to be reflected in the tax return. The Company records a valuation allowance to reduce deferred tax assets to the amount that is more likely than not to be realized. In addition, the Company accounts for uncertain tax positions that have reached a minimum recognition threshold. The income tax provision for the three months ended September 30, 2023, and 2022 was $ 30.8 million and $ 41.2 million, respectively representing effective tax rates of 25.8 % and 31.9 % , respectively. The income tax provision for the nine months ended September 30, 2023, and 2022 was $ 80.6 million and $ 93.0 million, respectively, representing effective tax rates of 26.6 % and 31.8 % , respectively. The decrease in the Company's effective tax rate was primarily due to the impact of final treasury regulations that became effective in the fourth quarter of 2022 allowing a larger benefit relating to foreign tax credits, change in jurisdictional mix, and the impact of resolution of a tax controversy in the first quarter of 2022. As of September 30, 2023, and December 31, 2022, the Company had gross unrecognized tax benefits, excluding penalties and interest, of approximately $ 57.7 million and $ 54.9 million, respectively, which, if recognized, would result in a reduction of the Company’s effective tax rate. The Company recognizes penalties and interest related to unrecognized tax benefits in the provision for income taxes. As of September 30, 2023, and December 31, 2022, approx imately $ 5.1 million and $ 4.2 million, respectively, of accrued interest and penalties related to uncertain tax positions were included in other long-term liabilities on the Company’s unaudited condensed consolidated balance sheets. Penalties and interest of $ 0.2 million and $ 0.4 million were recorded in the provision for income taxes for unrecognized tax benefits during the three months ended September 30, 2023, and 2022 respectively. Penalties and interest of $ 0.8 million and $ 0.9 million were recorded in the provision for income taxes for unrecognized tax benefits during the nine months ended September 30, 2023, and 2022, respectively. The Company files tax returns in the United States, which include federal, state and local jurisdictions, and many foreign jurisdictions with varying statutes of limitations. The Company considers Germany, the United States and Switzerland to be its significant tax jurisdictions. The majority of the Company’s earnings are derived in Germany and Switzerland. Accounting for the various federal and local taxing authorities, the statutory rates for 2023 are approximately 30.0 % and 20.0 % for Germany and Switzerland, respectively. The mix of earnings in those two jurisdictions resulted in an increase of approximately 5.7 % from the U.S. statutory rate of 21.0 % in the nine months ended September 30, 2023. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 12. Earnings Per Share The following table sets forth the computation of basic and diluted weighted average common shares outstanding and net income per common share attributable to Bruker shareholders (in millions, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income attributable to Bruker Corporation $ 88.1 $ 88.1 $ 221.7 $ 199.2 Weighted average common shares outstanding: Weighted average common shares outstanding - basic 146.6 147.8 146.7 149.1 Effect of dilutive securities: Stock options and restricted stock units 0.7 0.8 0.8 0.8 Weighted average common shares outstanding - diluted 147.3 148.6 147.5 149.9 Net income per common share attributable to Bruker Corporation shareholders: Basic $ 0.60 $ 0.60 $ 1.51 $ 1.34 Diluted $ 0.60 $ 0.59 $ 1.50 $ 1.33 The following common share equivalents have been excluded from the computation of diluted weighted average common shares outstanding, as their effect would have been anti-dilutive (amounts in millions of shares): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Stock options 0.2 0.1 0.2 0.1 Unvested restricted stock units — 0.3 — 0.2 |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 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, in amounts, at prices, and at such times as management deems appropriate, subject to market conditions, legal requirements and other considerations. 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, in amounts, at prices, and at such times as management deems appropriate, subject to market conditions, legal requirements and other considerations. At September 30, 2023, $ 420.3 million remains available for future purchase under the 2023 Repurchase Program. During the three months ended September 30, 2023, the Company purchased a total of 1,243,461 shares at an aggregate cost of $ 79.7 million under the 2023 Repurchase Program. During the nine months ended September 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 September 30, 2022, the Company purchased a total of 1,192,898 shares at an aggregate cost of $ 72.4 million under the 2021 Repurchase Program. During the nine months ended September 30, 2022, the Company purchased a total of 3,779,694 shares at an aggregate cost of $ 238.3 million under the 2021 Repurchase Program. 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 other current liabilities and additional paid in capital for the three and nine months ended September 30, 2023. Shelf Registration 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. Accumulated Other Comprehensive Income, net of tax The following is a summary of comprehensive income (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Consolidated net income $ 88.7 $ 88.4 $ 223.9 $ 200.2 Foreign currency translation adjustments ( 52.2 ) ( 88.3 ) ( 16.1 ) ( 195.7 ) Derivatives designated as hedging instruments, net of tax 21.5 42.9 ( 5.1 ) 105.5 Pension liability adjustments, net of tax — 1.6 0.8 3.7 Comprehensive income 58.0 44.6 203.5 113.7 Less: Comprehensive income (loss) attributable to 0.3 ( 0.3 ) 2.9 ( 0.5 ) Less: Comprehensive loss attributable to redeemable ( 0.8 ) ( 0.6 ) ( 1.1 ) ( 1.3 ) Comprehensive income attributable to Bruker Corporation $ 58.5 $ 45.5 $ 201.7 $ 115.5 The following is a summary of the components of accumulated other comprehensive income (loss) attributable to Bruker Corporation, net of tax (in millions): Foreign Derivatives Pension Accumulated Balance at December 31, 2022 $ ( 3.1 ) $ 4.1 $ 13.8 $ 14.8 Other comprehensive income (loss) before ( 15.7 ) ( 5.1 ) 0.1 ( 20.7 ) Realized gain on amounts reclassified from other comprehensive income — — 0.7 0.7 Net current period other comprehensive income (loss) ( 15.7 ) ( 5.1 ) 0.8 ( 20.0 ) Balance at September 30, 2023 $ ( 18.8 ) $ ( 1.0 ) $ 14.6 $ ( 5.2 ) 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 Nine Months Ended 2023 2022 2023 2022 Stock options $ 0.4 $ 0.3 $ 1.2 $ 1.1 Restricted stock units 4.2 3.6 11.7 10.4 Employee Stock Purchase Plan 0.2 — 0.6 — Total stock-based compensation expense $ 4.8 $ 3.9 $ 13.5 $ 11.5 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Cost of product revenue $ 0.4 $ 0.2 $ 1.1 $ 1.0 Selling, general and administrative 3.9 3.3 11.0 9.2 Research and development 0.5 0.4 1.4 1.3 Total stock-based compensation expense $ 4.8 $ 3.9 $ 13.5 $ 11.5 In addition to the awards above, the Company recorded stock-based compensation expense within other charges, net of $ 0.9 million and $ 5.9 million in the three months ended September 30, 2023, and 2022, respectively, and $ 4.3 million and $ 10.1 million in the nine months ended September 30, 2023 and 2022, respectively, related to the Mestrelab, PreOmics, Biognosys, Zontal, and other majority owned acquisitions. At September 30, 2023, the Company expected to recognize pre-tax stock-based compensation expense of $ 3.9 million associated with outstanding stock option awards granted under the Company's stock plans over the weighted average remaining service period of 2.7 years. The Company also expects to recognize additional pre-tax stock-based compensation expense of $ 40.7 million associated with outstanding restricted stock units granted under the Company's 2016 Incentive Compensation Plan over the weighted average remaining service period of 2.9 yea rs. |
Other Charges, Net
Other Charges, Net | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Other Charges, Net | 14. Other Charges, Net The components of other charges, net were as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Information technology transformation costs $ 2.2 $ ( 0.4 ) $ 3.3 $ 2.1 Restructuring charges 3.7 0.5 4.3 3.3 Acquisition-related expenses, net 1.6 1.7 7.4 15.1 Other 1.9 1.2 5.1 2.5 Other charges, net $ 9.4 $ 3.0 $ 20.1 $ 23.0 Restructuring Initiatives Restructuring charges include charges for various programs that were recorded in the accompanying unaudited condensed consolidated statements of income and comprehensive income. The following table sets forth the restructuring charges (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Cost of revenues $ 1.1 $ ( 0.2 ) $ 1.4 $ 1.2 Other charges, net 3.7 0.5 4.3 3.3 Total $ 4.8 $ 0.3 $ 5.7 $ 4.5 The following table sets forth the changes in restructuring reserves (in millions): Total Severance Exit Costs Provisions Balance at December 31, 2022 $ 1.8 $ 0.4 $ 0.2 $ 1.2 Restructuring charges 5.7 4.3 0.8 0.6 Cash payments ( 1.9 ) ( 1.4 ) ( 0.5 ) — Other, non-cash adjustments and foreign currency effect ( 0.7 ) — ( 0.1 ) ( 0.6 ) Balance at September 30, 2023 $ 4.9 $ 3.3 $ 0.4 $ 1.2 |
Interest and Other Income (Expe
Interest and Other Income (Expense), Net | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Interest and Other Income (Expense), Net | 15. Interest and Other Income (Expense), Net The components of interest and other income (expenses), net were as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest income $ 2.0 $ 0.9 $ 5.3 $ 1.7 Interest expense ( 3.9 ) ( 3.7 ) ( 12.0 ) ( 11.8 ) Impairment of strategic investments — — ( 18.3 ) — Exchange losses on foreign currency transactions ( 3.3 ) 1.2 ( 8.8 ) 0.7 Pension components — ( 0.3 ) ( 0.1 ) ( 1.0 ) Other income (expense) ( 0.1 ) ( 0.1 ) 3.8 1.6 Interest and other income (expense), net $ ( 5.3 ) $ ( 2.0 ) $ ( 30.1 ) $ ( 8.8 ) Amounts reported in other income (expense), net, include a cumulative currency translation adjustment loss of $ 2.7 million recognized from substantially liquidating our Russian operations during the nine months ended September 30, 2023. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. Commitments and Contingencies In accordance with Accounting Standards Codification (“ASC”) Topic 450, Contingencies, the Company accrues anticipated costs of settlement, damages or other costs to the extent specific losses are probable and reasonably estimable. Litigation and Related Contingencies Lawsuits, claims and proceedings of a nature considered normal to its businesses may be pending from time to time against the Company. Third parties might allege that the Company or its collaborators are infringing their patent rights or that the Company is otherwise violating their intellectual property rights. The Company believes the outcome of pending proceedings, individually and in the aggregate, will not have a material impact on the Company’s unaudited condensed consolidated financial statements. In September 2019, Luxendo GmbH (“Luxendo”), a subsidiary of Bruker Corporation, was sued in Germany by Carl Zeiss Microscopy GmbH, a subsidiary of Carl Zeiss AG (“Zeiss”), for infringement of a registered German utility model. After the utility model was canceled by the German Patent and Trademark Office in 2021, Zeiss withdrew its infringement action at the end of 2022 and the proceedings were terminated. However, a parallel European patent application, a family member of the utility model, is still pending in the European Patent Office (“EPO”). Luxendo is closely monitoring progress in the granting procedure and does not believe that a grant is imminent. Luxendo is presently unable to predict the EPO's final decision on the patent application. In addition, the Company is subject to regulation by national, state and local government agencies in the United States and other countries in which the Company operates. From time to time, the Company is the subject of governmental investigations often involving regulatory, marketing and other business practices. These governmental investigations may result in the commencement of civil and criminal proceedings, fines, penalties and administrative remedies which could have a material adverse effect on the Company's financial position, results of operations and/or liquidity. As of September 30, 2023 and December 31, 2022, the Company has no t recorded any material accruals for potential contingencies. |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Business Segment Information | 17. Business Segment Information The Company has four reportable segments, BSI BioSpin, BSI CALID, BSI NANO and BEST, as discussed in Note 1 to the unaudited condensed consolidated financial statements. See Note 3 for revenue by reportable segment. Operating income by reportable segment are presented below (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating income (loss): BSI BioSpin $ 52.5 $ 47.9 $ 123.7 $ 113.7 BSI CALID 50.0 56.3 151.6 146.6 BSI NANO 39.0 35.3 99.7 72.2 BEST 9.0 8.2 28.1 21.4 Corporate, eliminations and other (a) ( 26.0 ) ( 16.4 ) ( 69.7 ) ( 52.2 ) Total operating income $ 124.5 $ 131.3 $ 333.4 $ 301.7 (a) Represents corporate costs and eliminations not allocated to the reportable segments. Total assets by reportable segment are as follows (in millions): September 30, December 31, Assets: BSI BioSpin, BSI CALID, BSI NANO & Corporate $ 3,692.6 $ 3,508.4 BEST 168.9 111.1 Eliminations and other (a) ( 41.9 ) ( 7.7 ) Total assets $ 3,819.6 $ 3,611.8 (a) Assets not allocated to the reportable segments and eliminations of intercompany transactions. The Company is unable, without unreasonable effort or expense, to disclose the amount of total assets held by each of its BSI BioSpin, BSI CALID and BSI NANO Segments as well as the Corporate function and further, the Company’s chief operating decision maker does not receive any asset information by operating segment. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of revenues disaggregated by Group, end customer geographical location and timing of recognition | The following tables present the Company’s revenues by Segment and End Customer Geography (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Revenue by Segment: BSI BioSpin $ 198.3 $ 175.7 $ 540.6 $ 493.3 BSI CALID 239.3 207.5 703.2 601.0 BSI NANO 238.7 199.1 673.4 559.8 BEST 70.6 59.3 205.5 178.2 Eliminations (a) ( 4.1 ) ( 2.7 ) ( 12.7 ) ( 10.0 ) Total revenue $ 742.8 $ 638.9 $ 2,110.0 $ 1,822.3 (a) Represents corporate costs and eliminations not allocated to the reportable segments. Three Months Ended Nine Months Ended 2023 2022 2023 2022 Revenue by End Customer Geography: United States $ 211.1 $ 191.8 $ 565.5 $ 518.3 Germany 78.0 51.9 202.1 177.7 Rest of Europe 174.0 151.7 495.0 425.4 China 136.7 111.6 360.8 291.0 Rest of Asia Pacific 92.6 85.1 332.0 271.1 Other 50.4 46.8 154.6 138.8 Total revenue $ 742.8 $ 638.9 $ 2,110.0 $ 1,822.3 Revenue for the Company recognized at a point in time versus over time is as follows (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Revenue recognized at a point in time $ 643.1 $ 557.0 $ 1,828.5 $ 1,580.2 Revenue recognized over time 99.7 81.9 281.5 242.1 Total revenue $ 742.8 $ 638.9 $ 2,110.0 $ 1,822.3 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Assets [Abstract] | |
Schedule of other current assets | Other current assets consisted of the following (in millions): September 30, December 31, Unbilled and notes receivable $ 88.5 $ 60.8 Income and other taxes receivable 82.3 61.8 Prepaid expenses 26.7 24.3 Deposits with vendors 30.5 19.0 Other assets 36.4 27.6 Other current assets $ 264.4 $ 193.5 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Business Acquisition [Line Items] | |
Schedule of Consideration Transferred and the Respective Reporting Segment for Each Acquisition | In the nine months ended September 30, 2023, the Company acquired various other businesses which were accounted for under the acquisition method that complemented the Company’s existing product offerings. The following table reflects the consideration transferred and the respective reporting segment for the acquisitions (in millions): Name of Acquisition Date Acquired Segment Total Cash Goodwill Acquifer Imaging GmbH and Deltabyte GmbH January 4, 2023 BSI NANO $ 7.6 $ 7.6 $ 4.5 Pinpoint Testing LLC March 28, 2023 BSI CALID 8.6 3.6 4.8 Fasmatech Science SA March 3, 2023 BSI CALID 10.3 8.4 8.0 Interherence GmbH July 3, 2023 BSI CALID 17.3 3.9 12.8 $ 43.8 $ 23.5 $ 30.1 In the nine months ended September 30, 2023, the Company also made several strategic investments. The following table reflects the consideration transferred and the respective reporting segment for the investments (in millions): Name Financial Date Acquired Segment Total Cash Tome Biosciences Other long-term assets July 26, 2023 Corporate $ 10.0 $ 10.0 Other Investments Other long-term assets Various Various 9.2 9.2 $ 19.2 $ 19.2 |
Biognosys Ag [Member] | |
Business Acquisition [Line Items] | |
Schedule of Components and Fair Value Allocation of the Consideration Transferred in Connection with Acquisitions | The components and fair value allocation of the consideration transferred in connection with the acquisition are as follows (in millions): Consideration Transferred: Cash paid $ 73.6 Cash acquired ( 9.5 ) Holdback 0.2 Fair value of redeemable noncontrolling interest 2.5 Total consideration transferred $ 66.8 Allocation of Consideration Transferred: Accounts receivable $ 3.6 Inventories 0.4 Other current assets 0.9 Property, plant and equipment 8.0 Other assets 4.3 Intangible assets: Technology 10.2 Customer relationships 13.8 Trade name 2.7 Backlog 0.8 Goodwill 47.5 Liabilities assumed (a) ( 25.4 ) Total consideration allocated $ 66.8 (a) This amount includes assumed liability for vested employee awards of $ 6.3 million on acquisition date and was settled in the post-closing period ended March 31, 2023. |
Zontal Inc [Member] | |
Business Acquisition [Line Items] | |
Schedule of Components and Fair Value Allocation of the Consideration Transferred in Connection with Acquisitions | The components and fair value allocation of the consideration transferred in connection with the acquisition are as follows (in millions): Consideration Transferred: Cash paid $ 14.8 Cash acquired ( 0.2 ) Fair value of contingent consideration 0.5 Fair value of hybrid liability 18.5 Total consideration transferred $ 33.6 Allocation of Consideration Transferred: Accounts receivable $ 0.7 Other current assets 0.3 Other assets 1.2 Intangible assets: Technology 5.8 Customer relationships 4.0 Trade name 1.1 Backlog 0.2 Goodwill 27.4 Liabilities assumed ( 7.1 ) Total consideration allocated $ 33.6 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | Inventories consisted of the following (in millions): September 30, December 31, Raw materials $ 339.6 $ 300.9 Work-in-process 315.6 278.7 Finished goods 160.6 128.2 Demonstration units 100.2 92.3 Total Inventories $ 916.0 $ 800.1 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in the carrying amount of goodwill | The following table sets forth the changes in the carrying amount of goodwill (in millions): Balance at December 31, 2022 $ 457.6 Current period additions/adjustments 105.0 Foreign currency effect ( 1.5 ) Balance at September 30, 2023 $ 561.1 |
Summary of intangible assets | The following is a summary of intangible assets (in millions): September 30, 2023 December 31, 2022 Gross Accumulated Net Carrying Gross Accumulated Net Carrying Existing technology and related patents $ 381.7 $ ( 235.5 ) $ 146.2 $ 354.7 $ ( 219.0 ) $ 135.7 Customer relationships 212.6 ( 85.8 ) 126.8 192.3 ( 72.1 ) 120.2 Trade names 27.4 ( 9.0 ) 18.4 22.3 ( 7.4 ) 14.9 Other 2.0 ( 1.5 ) 0.5 1.0 ( 0.9 ) 0.1 Intangible assets $ 623.7 $ ( 331.8 ) $ 291.9 $ 570.3 $ ( 299.4 ) $ 270.9 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Components of Debt Obligations | The Company’s debt obligations consist of the following (in millions): September 30, December 31, EUR notes (in U.S. Dollars) under the 2021 Note Purchase Agreement due 2031 $ 158.6 $ 160.6 CHF notes (in U.S. Dollars) under the 2021 Note Purchase Agreement due 2031 327.8 325.1 CHF notes (in U.S. Dollars) under the 2019 Note Purchase Agreement due 2029 324.5 321.9 U.S. Dollar notes under the 2019 Term Loan Agreement annual payments of $ 15.0 282.0 293.3 U.S. Dollar notes under the 2012 Note Purchase Agreement due 2024 100.0 100.0 Unamortized debt issuance costs ( 1.4 ) ( 1.7 ) Other loans 8.0 5.9 Total notes and loans outstanding 1,199.5 1,205.1 Finance lease obligations 20.1 14.1 Total debt 1,219.6 1,219.2 Current portion of long-term debt and finance lease obligations ( 121.0 ) ( 18.7 ) Total long-term debt, less current portion $ 1,098.6 $ 1,200.5 |
Summary of Maximum Commitments and Net Amounts Available Under the 2019 Credit Agreement and Other Lines of Credit | The following is a summary of the maximum commitments and the net amounts available to the Company under the 2019 Revolving Credit Agreement and other lines of credit with various financial institutions located primarily in Germany and Switzerland that are unsecured and typically due upon demand with interest payable monthly, at September 30, 2023 (in millions): Weighted Total Amount Outstanding Outstanding Total 2019 Credit Agreement 0.15 % $ 600.0 $ — $ 0.4 $ 599.6 Bank guarantees and working capital line varies 143.7 — 143.7 — Total revolving lines of credit $ 743.7 $ — $ 144.1 $ 599.6 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial instruments measured at fair value on a recurring basis | The following tables set forth the Company’s financial instruments measured at fair value on a recurring basis and present them within the fair value hierarchy using the lowest level of input that is significant to the fair value measurement (in millions): September 30, 2023 Total Quoted Prices Significant Significant Assets: Time deposits and money market funds $ 78.8 $ — $ 78.8 $ — Interest rate and cross-currency swap agreements 38.2 — 38.2 — Forward currency contracts 0.1 — 0.1 — Embedded derivatives in purchase and delivery contracts 0.3 — 0.3 — Debt securities available for sale 1.2 — — 1.2 Total assets recorded at fair value $ 118.6 $ — $ 117.4 $ 1.2 Liabilities: Contingent consideration $ 5.9 $ — $ — $ 5.9 Hybrid instruments liability 64.5 — — 64.5 Liability awards 1.3 — — 1.3 Interest rate and cross-currency swap agreements 15.8 — 15.8 — Forward currency contracts 1.7 — 1.7 — Fixed price commodity contracts 0.2 — 0.2 — Embedded derivatives in purchase and delivery contracts 0.1 — 0.1 — Total liabilities recorded at fair value $ 89.5 $ — $ 17.8 $ 71.7 December 31, 2022 Total Quoted Prices Significant Significant Assets: Time deposits and money market funds $ 198.7 $ 34.0 $ 164.7 $ — Interest rate and cross-currency swap agreements 37.8 — 37.8 — Forward currency contracts 0.6 — 0.6 — Embedded derivatives in purchase and delivery contracts 0.1 — 0.1 — Fixed price commodity contracts 0.6 — 0.6 — Debt securities available for sale 10.5 — — 10.5 Total assets recorded at fair value $ 248.3 $ 34.0 $ 203.8 $ 10.5 Liabilities: Contingent consideration $ 9.6 $ — $ — $ 9.6 Hybrid instruments liability 34.2 — — 34.2 Liability awards 1.1 — — 1.1 Interest rate and cross-currency swap agreements 12.2 — 12.2 — Forward currency contracts 0.3 — 0.3 — Total liabilities recorded at fair value $ 57.4 $ — $ 12.5 $ 44.9 |
Schedule of changes in contingent consideration liabilities | The following table sets forth the changes in contingent consideration liabilities (in millions): Balance at December 31, 2022 $ 9.6 Current period additions 2.8 Current period adjustments 1.5 Current period settlements ( 8.1 ) Foreign currency effect 0.1 Balance at September 30, 2023 $ 5.9 |
Schedule of changes in hybrid instrument liability | The following table sets forth the changes in hybrid instruments liability (in millions): Balance at December 31, 2022 $ 34.2 Acquisitions 26.8 Current period adjustments 4.1 Foreign currency effect ( 0.6 ) Balance at September 30, 2023 $ 64.5 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair value and balance sheet location of derivative instruments | The Company had the following notional amounts outstanding under foreign exchange contracts, cross-currency interest rate swap agreements and long-term debt designated as net investment hedges and the respective fair value of the financial instruments recorded in the consolidated balance sheets as follows (in millions): September 30, 2023 December 31, 2022 Notional (in USD) Fair Value Notional (in USD) Fair Value Financial instruments designated as hedging instruments: Interest rate cross-currency swap agreements Other current assets $ 19.3 $ 14.8 Other assets 18.9 23.0 Other long-term liabilities ( 15.8 ) ( 12.2 ) $ 382.0 $ 22.4 $ 393.3 $ 25.6 Long-term debt Long-term debt 810.9 ( 20.2 ) 807.6 ( 17.0 ) Total financial instruments designated as hedging instruments $ 1,192.9 $ 2.2 $ 1,200.9 $ 8.6 Financial instruments not designated as hedging instruments: Forward currency contracts Other current assets $ 45.6 $ 0.1 $ 89.8 $ 0.6 Other current liabilities 307.3 ( 1.7 ) 97.4 ( 0.3 ) Embedded derivatives in purchase and delivery contracts Other current assets 7.0 0.3 15.3 0.1 Other current liabilities 10.3 ( 0.1 ) — — Fixed price commodity contracts Other current assets — — 8.9 0.6 Other current liabilities 0.9 ( 0.2 ) — — Total financial instruments not designated as hedging instruments $ 371.1 $ ( 1.6 ) $ 211.4 $ 1.0 Total financial instruments $ 1,564.0 $ 0.6 $ 1,412.3 $ 9.6 |
Schedule of impact on net income of unrealized gains and losses resulting from changes in the fair value of derivative instruments | The following is a summary of the gain (loss) included in the consolidated statements of income and comprehensive income related to the financial instruments described above (in millions): Three Months Ended September 30, Nine Months Ended September 30, Financial Statement Classification 2023 2022 2023 2022 Financial instruments not designated as hedging instruments Forward currency contracts Interest and other income (expense), net $ ( 5.5 ) $ ( 2.8 ) $ ( 4.2 ) $ ( 6.9 ) Embedded derivatives in purchase and delivery contracts Interest and other income (expense), net ( 0.6 ) 0.1 0.1 0.1 ( 6.1 ) ( 2.7 ) ( 4.1 ) ( 6.8 ) Financial instruments designated as cash flow hedging instruments Interest rate cross-currency swap agreements Interest and other income (expense), net $ 2.7 $ 0.3 $ 7.6 $ ( 1.3 ) Financial instruments designated as net investment hedging instruments Interest rate cross-currency swap agreements Interest and other income (expense), net 2.0 2.2 6.0 6.5 4.7 2.5 13.6 5.2 Total $ ( 1.4 ) $ ( 0.2 ) $ 9.5 $ ( 1.6 ) Three Months Ended September 30, Nine Months Ended September 30, Financial Statement Classification 2023 2022 2023 2022 Financial instruments designated as cash flow hedging instruments Interest rate cross-currency swap agreements Accumulated other comprehensive income, net of tax $ 0.5 $ 7.5 $ 0.1 $ 22.6 0.5 7.5 0.1 22.6 Financial instruments designated as net investment hedging instruments Interest rate cross-currency swap agreements Accumulated other comprehensive income, net of tax $ 5.5 $ 12.4 $ ( 2.8 ) $ 27.4 Long-term debt Accumulated other comprehensive income, net of tax 15.5 23.0 ( 2.4 ) 55.5 21.0 35.4 ( 5.2 ) 82.9 Total $ 21.5 $ 42.9 $ ( 5.1 ) $ 105.5 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted weighted average common shares outstanding and net income per common share | The following table sets forth the computation of basic and diluted weighted average common shares outstanding and net income per common share attributable to Bruker shareholders (in millions, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Net income attributable to Bruker Corporation $ 88.1 $ 88.1 $ 221.7 $ 199.2 Weighted average common shares outstanding: Weighted average common shares outstanding - basic 146.6 147.8 146.7 149.1 Effect of dilutive securities: Stock options and restricted stock units 0.7 0.8 0.8 0.8 Weighted average common shares outstanding - diluted 147.3 148.6 147.5 149.9 Net income per common share attributable to Bruker Corporation shareholders: Basic $ 0.60 $ 0.60 $ 1.51 $ 1.34 Diluted $ 0.60 $ 0.59 $ 1.50 $ 1.33 |
Schedule of common share equivalents have been excluded from the computation of diluted weighted-average common shares outstanding, as their effect would have been anti-dilutive | The following common share equivalents have been excluded from the computation of diluted weighted average common shares outstanding, as their effect would have been anti-dilutive (amounts in millions of shares): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Stock options 0.2 0.1 0.2 0.1 Unvested restricted stock units — 0.3 — 0.2 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Summary of comprehensive income (loss) | The following is a summary of comprehensive income (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Consolidated net income $ 88.7 $ 88.4 $ 223.9 $ 200.2 Foreign currency translation adjustments ( 52.2 ) ( 88.3 ) ( 16.1 ) ( 195.7 ) Derivatives designated as hedging instruments, net of tax 21.5 42.9 ( 5.1 ) 105.5 Pension liability adjustments, net of tax — 1.6 0.8 3.7 Comprehensive income 58.0 44.6 203.5 113.7 Less: Comprehensive income (loss) attributable to 0.3 ( 0.3 ) 2.9 ( 0.5 ) Less: Comprehensive loss attributable to redeemable ( 0.8 ) ( 0.6 ) ( 1.1 ) ( 1.3 ) Comprehensive income attributable to Bruker Corporation $ 58.5 $ 45.5 $ 201.7 $ 115.5 |
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 (loss) attributable to Bruker Corporation, net of tax (in millions): Foreign Derivatives Pension Accumulated Balance at December 31, 2022 $ ( 3.1 ) $ 4.1 $ 13.8 $ 14.8 Other comprehensive income (loss) before ( 15.7 ) ( 5.1 ) 0.1 ( 20.7 ) Realized gain on amounts reclassified from other comprehensive income — — 0.7 0.7 Net current period other comprehensive income (loss) ( 15.7 ) ( 5.1 ) 0.8 ( 20.0 ) Balance at September 30, 2023 $ ( 18.8 ) $ ( 1.0 ) $ 14.6 $ ( 5.2 ) |
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 (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Stock options $ 0.4 $ 0.3 $ 1.2 $ 1.1 Restricted stock units 4.2 3.6 11.7 10.4 Employee Stock Purchase Plan 0.2 — 0.6 — Total stock-based compensation expense $ 4.8 $ 3.9 $ 13.5 $ 11.5 Three Months Ended Nine Months Ended 2023 2022 2023 2022 Cost of product revenue $ 0.4 $ 0.2 $ 1.1 $ 1.0 Selling, general and administrative 3.9 3.3 11.0 9.2 Research and development 0.5 0.4 1.4 1.3 Total stock-based compensation expense $ 4.8 $ 3.9 $ 13.5 $ 11.5 |
Other Charges, Net (Tables)
Other Charges, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of components of other charges, net | The components of other charges, net were as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Information technology transformation costs $ 2.2 $ ( 0.4 ) $ 3.3 $ 2.1 Restructuring charges 3.7 0.5 4.3 3.3 Acquisition-related expenses, net 1.6 1.7 7.4 15.1 Other 1.9 1.2 5.1 2.5 Other charges, net $ 9.4 $ 3.0 $ 20.1 $ 23.0 |
Summary of restructuring charges | The following table sets forth the restructuring charges (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Cost of revenues $ 1.1 $ ( 0.2 ) $ 1.4 $ 1.2 Other charges, net 3.7 0.5 4.3 3.3 Total $ 4.8 $ 0.3 $ 5.7 $ 4.5 |
Schedule of changes in restructuring reserves | The following table sets forth the changes in restructuring reserves (in millions): Total Severance Exit Costs Provisions Balance at December 31, 2022 $ 1.8 $ 0.4 $ 0.2 $ 1.2 Restructuring charges 5.7 4.3 0.8 0.6 Cash payments ( 1.9 ) ( 1.4 ) ( 0.5 ) — Other, non-cash adjustments and foreign currency effect ( 0.7 ) — ( 0.1 ) ( 0.6 ) Balance at September 30, 2023 $ 4.9 $ 3.3 $ 0.4 $ 1.2 |
Interest and Other Income (Ex_2
Interest and Other Income (Expense), Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Components of interest and other income (expense), net | The components of interest and other income (expenses), net were as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest income $ 2.0 $ 0.9 $ 5.3 $ 1.7 Interest expense ( 3.9 ) ( 3.7 ) ( 12.0 ) ( 11.8 ) Impairment of strategic investments — — ( 18.3 ) — Exchange losses on foreign currency transactions ( 3.3 ) 1.2 ( 8.8 ) 0.7 Pension components — ( 0.3 ) ( 0.1 ) ( 1.0 ) Other income (expense) ( 0.1 ) ( 0.1 ) 3.8 1.6 Interest and other income (expense), net $ ( 5.3 ) $ ( 2.0 ) $ ( 30.1 ) $ ( 8.8 ) Amounts reported in other income (expense), net, include a cumulative currency translation adjustment loss of $ 2.7 million recognized from substantially liquidating our Russian operations during the nine months ended September 30, 2023. |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Revenue, Operating Income and Total Assets by Reportable Segment | Operating income by reportable segment are presented below (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating income (loss): BSI BioSpin $ 52.5 $ 47.9 $ 123.7 $ 113.7 BSI CALID 50.0 56.3 151.6 146.6 BSI NANO 39.0 35.3 99.7 72.2 BEST 9.0 8.2 28.1 21.4 Corporate, eliminations and other (a) ( 26.0 ) ( 16.4 ) ( 69.7 ) ( 52.2 ) Total operating income $ 124.5 $ 131.3 $ 333.4 $ 301.7 (a) Represents corporate costs and eliminations not allocated to the reportable segments. Total assets by reportable segment are as follows (in millions): September 30, December 31, Assets: BSI BioSpin, BSI CALID, BSI NANO & Corporate $ 3,692.6 $ 3,508.4 BEST 168.9 111.1 Eliminations and other (a) ( 41.9 ) ( 7.7 ) Total assets $ 3,819.6 $ 3,611.8 (a) Assets not allocated to the reportable segments and eliminations of intercompany transactions. |
Description of Business (Detail
Description of Business (Details) | 9 Months Ended |
Sep. 30, 2023 Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 4 |
Revenue - Disaggregation (Detai
Revenue - Disaggregation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Revenues disaggregated by Group | |||||
Total revenue | $ 742.8 | $ 638.9 | $ 2,110 | $ 1,822.3 | |
Revenue recognized at a point in time | |||||
Revenues disaggregated by Group | |||||
Total revenue | 643.1 | 557 | 1,828.5 | 1,580.2 | |
Revenue recognized over time | |||||
Revenues disaggregated by Group | |||||
Total revenue | 99.7 | 81.9 | 281.5 | 242.1 | |
United States | |||||
Revenues disaggregated by Group | |||||
Total revenue | 211.1 | 191.8 | 565.5 | 518.3 | |
Germany | |||||
Revenues disaggregated by Group | |||||
Total revenue | 78 | 51.9 | 202.1 | 177.7 | |
Rest of Europe | |||||
Revenues disaggregated by Group | |||||
Total revenue | 174 | 151.7 | 495 | 425.4 | |
CHINA | |||||
Revenues disaggregated by Group | |||||
Total revenue | 136.7 | 111.6 | 360.8 | 291 | |
Rest of Asia Pacific | |||||
Revenues disaggregated by Group | |||||
Total revenue | 92.6 | 85.1 | 332 | 271.1 | |
Other | |||||
Revenues disaggregated by Group | |||||
Total revenue | 50.4 | 46.8 | 154.6 | 138.8 | |
Operating segments | Bruker BioSpin | |||||
Revenues disaggregated by Group | |||||
Total revenue | 198.3 | 175.7 | 540.6 | 493.3 | |
Operating segments | Bruker CALID | |||||
Revenues disaggregated by Group | |||||
Total revenue | 239.3 | 207.5 | 703.2 | 601 | |
Operating segments | Bruker NANO | |||||
Revenues disaggregated by Group | |||||
Total revenue | 238.7 | 199.1 | 673.4 | 559.8 | |
Operating segments | BEST | |||||
Revenues disaggregated by Group | |||||
Total revenue | 70.6 | 59.3 | 205.5 | 178.2 | |
Eliminations | |||||
Revenues disaggregated by Group | |||||
Total revenue | [1] | $ (4.1) | $ (2.7) | $ (12.7) | $ (10) |
[1] Represents corporate costs and eliminations not allocated to the reportable segments. |
Revenue - Remaining Performance
Revenue - Remaining Performance Obligations (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Remaining Performance Obligations | |
Amount of remaining performance obligations | $ 2,189.4 |
Revenue - Contract Balances (De
Revenue - Contract Balances (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 61.3 | $ 90 |
Contract liabilities | 471.7 | $ 475.4 |
Revenue recognition during the period | $ 304.9 |
Other Current Assets - Schedule
Other Current Assets - Schedule of other current assets (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Other Assets [Abstract] | ||
Unbilled and notes receivable | $ 88,500,000 | $ 60,800,000 |
Income and other taxes receivable | 82,300,000 | 61,800,000 |
Prepaid expenses | 26,700,000 | 24,300,000 |
Deposits with vendors | 30.5 | 19 |
Other assets | 36,400,000 | 27,600,000 |
Other current assets | $ 264,400,000 | $ 193,500,000 |
Acquisitions - Biognosys, AG (D
Acquisitions - Biognosys, AG (Details) SFr in Millions | 3 Months Ended | 9 Months Ended | ||||
Jan. 03, 2023 CHF (SFr) | Jan. 03, 2023 USD ($) | Sep. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | |
Business Acquisition [Line Items] | ||||||
Consideration | $ 43,800,000 | |||||
Impairment write-off | $ 0 | $ 18,300,000 | $ 0 | |||
Biognosys Ag [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Ownership percentage acquired | 97.15% | 97.15% | ||||
Consideration | SFr 75 | $ 66,800,000 | ||||
Purchase Price | 80,100,000 | |||||
Assumed liability for employee awards | SFr 5.9 | $ 6,300,000 | $ 6,300,000 | |||
Remaining ownership percentage under options that can be exercised after 2023 | 2.85% | 2.85% |
Acquisitions - Schedule of Comp
Acquisitions - Schedule of Components and Fair Value Allocation of the Consideration Transferred in Connection with Acquisitions (Details) SFr in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
May 04, 2023 USD ($) | Jan. 03, 2023 USD ($) | Jan. 03, 2023 CHF (SFr) | Mar. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Consideration Transferred: | ||||||
Total consideration transferred | $ 43.8 | |||||
Allocation of Consideration Transferred: | ||||||
Goodwill | $ 561.1 | $ 457.6 | ||||
Biognosys Ag [Member] | ||||||
Consideration Transferred: | ||||||
Cash paid | $ 73.6 | |||||
Cash acquired | (9.5) | |||||
Holdback | 0.2 | |||||
Fair value of redeemable noncontrolling interest | 2.5 | |||||
Fair value of contingent consideration | 6.3 | SFr 5.9 | $ 6.3 | |||
Total consideration transferred | 66.8 | SFr 75 | ||||
Allocation of Consideration Transferred: | ||||||
Accounts receivable | 3.6 | |||||
Inventories | 0.4 | |||||
Other current assets | 0.9 | |||||
Property, plant and equipment | 8 | |||||
Other assets | 4.3 | |||||
Goodwill | 47.5 | |||||
Liabilities assumed | (25.4) | |||||
Total consideration allocated | 66.8 | |||||
Biognosys Ag [Member] | Technology | ||||||
Allocation of Consideration Transferred: | ||||||
Intangible assets | 10.2 | |||||
Biognosys Ag [Member] | Customer relationships | ||||||
Allocation of Consideration Transferred: | ||||||
Intangible assets | 13.8 | |||||
Biognosys Ag [Member] | Trade name | ||||||
Allocation of Consideration Transferred: | ||||||
Intangible assets | 2.7 | |||||
Biognosys Ag [Member] | Backlog | ||||||
Allocation of Consideration Transferred: | ||||||
Intangible assets | $ 0.8 | |||||
Zontal Inc [Member] | ||||||
Consideration Transferred: | ||||||
Cash paid | $ 14.8 | |||||
Cash acquired | (0.2) | |||||
Fair value of contingent consideration | 0.5 | |||||
Fair value of hybrid financial instrument - founders | 18.5 | |||||
Total consideration transferred | 33.6 | |||||
Allocation of Consideration Transferred: | ||||||
Accounts receivable | 0.7 | |||||
Other current assets | 0.3 | |||||
Other assets | 1.2 | |||||
Goodwill | 27.4 | |||||
Liabilities assumed | (7.1) | |||||
Total consideration allocated | 33.6 | |||||
Zontal Inc [Member] | Technology | ||||||
Allocation of Consideration Transferred: | ||||||
Intangible assets | 5.8 | |||||
Zontal Inc [Member] | Customer relationships | ||||||
Allocation of Consideration Transferred: | ||||||
Intangible assets | 4 | |||||
Zontal Inc [Member] | Trade name | ||||||
Allocation of Consideration Transferred: | ||||||
Intangible assets | 1.1 | |||||
Zontal Inc [Member] | Backlog | ||||||
Allocation of Consideration Transferred: | ||||||
Intangible assets | $ 0.2 |
Acquisitions - Schedule of Co_2
Acquisitions - Schedule of Components and Fair Value Allocation of the Consideration Transferred in Connection with Acquisitions (Parenthetical) (Details) SFr in Millions, $ in Millions | 3 Months Ended | ||
Jan. 03, 2023 CHF (SFr) | Jan. 03, 2023 USD ($) | Mar. 31, 2023 USD ($) | |
Biognosys AG [Member] | |||
Business Acquisition [Line Items] | |||
Assumed liability for employee awards | SFr 5.9 | $ 6.3 | $ 6.3 |
Acquisitions - Schedule of Cons
Acquisitions - Schedule of Consideration Transferred and the Respective Reporting Segment for Each Acquisition (Details) - USD ($) $ in Millions | 9 Months Ended | |||||
Jul. 26, 2023 | Jul. 03, 2023 | Mar. 28, 2023 | Mar. 03, 2023 | Jan. 04, 2023 | Sep. 30, 2023 | |
Business Acquisition [Line Items] | ||||||
Total consideration transferred | $ 43.8 | |||||
Cash paid for acquisitions, net of cash acquired | 23.5 | |||||
Payments to acquire goodwill | 30.1 | |||||
Investment In Businesses [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Total consideration transferred | 19.2 | |||||
Cash paid for acquisitions, net of cash acquired | 19.2 | |||||
Acquifer Imaging GmbH and Deltabyte GmbH [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Total consideration transferred | $ 7.6 | |||||
Cash paid for acquisitions, net of cash acquired | 7.6 | |||||
Payments to acquire goodwill | $ 4.5 | |||||
Pinpoint Testing LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Total consideration transferred | $ 8.6 | |||||
Cash paid for acquisitions, net of cash acquired | 3.6 | |||||
Payments to acquire goodwill | $ 4.8 | |||||
Fasmatech Science SA [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Total consideration transferred | $ 10.3 | |||||
Cash paid for acquisitions, net of cash acquired | 8.4 | |||||
Payments to acquire goodwill | $ 8 | |||||
Interherence GmbH [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Total consideration transferred | $ 17.3 | |||||
Cash paid for acquisitions, net of cash acquired | 3.9 | |||||
Payments to acquire goodwill | $ 12.8 | |||||
Other Investment Member | Investment In Businesses [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Total consideration transferred | 9.2 | |||||
Cash paid for acquisitions, net of cash acquired | $ 9.2 | |||||
Tome Biosciences Inc [Member] | Investment In Businesses [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Total consideration transferred | $ 10 | |||||
Cash paid for acquisitions, net of cash acquired | $ 10 |
Acquisitions - Zontal Inc (Deta
Acquisitions - Zontal Inc (Details) € in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
May 04, 2023 EUR (€) | May 04, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | |
Business Acquisition [Line Items] | ||||||
Disposition of other investments | $ 0 | $ 0 | $ 6.8 | $ 1.7 | ||
Zontal Inc [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Ownership percentage acquired | 60% | |||||
Purchase price | € 13.4 | $ 14.8 | ||||
Potential additional consideration | $ 14.4 | |||||
Remaining ownership percentage under options that can be exercised after 2023 | 40% | 40% |
Acquisitions - Equity-method in
Acquisitions - Equity-method investments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Business Acquisition [Line Items] | |||
Impairment write-off | $ 0 | $ 18,300,000 | $ 0 |
Eliptica Limited [Member] | |||
Business Acquisition [Line Items] | |||
Equity method investment, ownership percentage | 20% | 20% | |
Tofwerk, AG [Member] | |||
Business Acquisition [Line Items] | |||
Equity method investment, ownership percentage | 40% | 40% |
Acquisitions - Subsequent Event
Acquisitions - Subsequent Events - Acquisitions (Details) - Phenomex,Inc [Member] - USD ($) | Oct. 02, 2023 | Sep. 30, 2023 |
Business Acquisition [Line Items] | ||
Sale of stock price per share | $ 1 | |
Subsequent Event [Member] | ||
Business Acquisition [Line Items] | ||
Business combination cashconsideration paid without interest | $ 121 | |
Sale of stock price per share | $ 1 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 339.6 | $ 300.9 |
Work-in-process | 315.6 | 278.7 |
Finished goods | 160.6 | 128.2 |
Demonstration units | 100.2 | 92.3 |
Total Inventories | 916 | 800.1 |
Inventory-in-transit | $ 47.5 | $ 41.1 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Goodwill (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Goodwill | |
Balance at the beginning of the period | $ 457.6 |
Current period additions/adjustments | 105 |
Foreign currency effect | (1.5) |
Balance at the end of the period | $ 561.1 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Intangible assets | |||||
Gross Carrying Amount, intangible assets subject to amortization | $ 623,700,000 | $ 623,700,000 | $ 570,300,000 | ||
Accumulated Amortization, intangible assets subject to amortization | (331,800,000) | (331,800,000) | (299,400,000) | ||
Net Carrying Amount, intangible assets subject to amortization | 291,900,000 | 291,900,000 | 270,900,000 | ||
Amortization expense related to intangible assets subject to amortization | 11,500,000 | $ 8,900,000 | 33,400,000 | $ 27,500,000 | |
Impairment of intangibles assets, including goodwill | 0 | 0 | |||
Asset Impairment | 19,500,000 | $ 0 | |||
Technology | |||||
Intangible assets | |||||
Gross Carrying Amount, intangible assets subject to amortization | 381,700,000 | 381,700,000 | 354,700,000 | ||
Accumulated Amortization, intangible assets subject to amortization | (235,500,000) | (235,500,000) | (219,000,000) | ||
Net Carrying Amount, intangible assets subject to amortization | 146,200,000 | 146,200,000 | 135,700,000 | ||
Customer relationships | |||||
Intangible assets | |||||
Gross Carrying Amount, intangible assets subject to amortization | 212,600,000 | 212,600,000 | 192,300,000 | ||
Accumulated Amortization, intangible assets subject to amortization | (85,800,000) | (85,800,000) | (72,100,000) | ||
Net Carrying Amount, intangible assets subject to amortization | 126,800,000 | 126,800,000 | 120,200,000 | ||
Trade name | |||||
Intangible assets | |||||
Gross Carrying Amount, intangible assets subject to amortization | 27,400,000 | 27,400,000 | 22,300,000 | ||
Accumulated Amortization, intangible assets subject to amortization | (9,000,000) | (9,000,000) | (7,400,000) | ||
Net Carrying Amount, intangible assets subject to amortization | 18,400,000 | 18,400,000 | 14,900,000 | ||
Other | |||||
Intangible assets | |||||
Gross Carrying Amount, intangible assets subject to amortization | 2,000,000 | 2,000,000 | 1,000,000 | ||
Accumulated Amortization, intangible assets subject to amortization | (1,500,000) | (1,500,000) | (900,000) | ||
Net Carrying Amount, intangible assets subject to amortization | $ 500,000 | $ 500,000 | $ 100,000 |
Debt - Components (Details)
Debt - Components (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Debt | ||
Unamortized debt issuance costs | $ (1.4) | $ (1.7) |
Total notes and loans outstanding | 1,199.5 | 1,205.1 |
Total debt | 1,219.6 | 1,219.2 |
Current portion of long-term debt and finance lease obligations | (121) | (18.7) |
Total long-term debt, less current portion | 1,098.6 | 1,200.5 |
Euro Notes Under The 2021 Purchase Agreement Due 2031 | ||
Debt | ||
Debt, before unamortized debt issuance costs | 158.6 | 160.6 |
Switzerland Francs Notes Under The 2021 Notes Purchase Agreement Due 2031 | ||
Debt | ||
Debt, before unamortized debt issuance costs | 327.8 | 325.1 |
2019 Note Purchase Agreement Due 2029 | ||
Debt | ||
Debt, before unamortized debt issuance costs | 324.5 | 321.9 |
2019 Term Loan Agreement With Ballon Payment Due 2026 | ||
Debt | ||
Debt, before unamortized debt issuance costs | 282 | 293.3 |
2012 Note Purchase Agreement Due 2024 | ||
Debt | ||
Debt, before unamortized debt issuance costs | 100 | 100 |
Other Loan [Member] | ||
Debt | ||
Debt, before unamortized debt issuance costs | 8 | 5.9 |
Capital lease obligations and other loans | ||
Debt | ||
Total debt | $ 20.1 | $ 14.1 |
Debt - Components (Parenthetica
Debt - Components (Parenthetical) (Details) | Sep. 30, 2023 $ / shares |
2019 Term Loan Agreement With Ballon Payment Due 2026 | |
Debt Instrument [Line Items] | |
Annual payment per share amount | $ 15 |
Debt - Revolving Loan Arrangeme
Debt - Revolving Loan Arrangements (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Revolving lines of credit | |
Total Amount Committed by Lenders | $ 743.7 |
Outstanding Letters of Credit | 144.1 |
Total Amount Available | $ 599.6 |
2019 Credit Agreement | Domestic Line Of Credit | |
Revolving lines of credit | |
Weighted Average Interest Rate (as a percent) | 0.15% |
Total Amount Committed by Lenders | $ 600 |
Outstanding Letters of Credit | 0.4 |
Total Amount Available | 599.6 |
Bank guarantees and working capital line | |
Revolving lines of credit | |
Total Amount Committed by Lenders | 143.7 |
Outstanding Letters of Credit | $ 143.7 |
Debt - Currency Swaps (Details)
Debt - Currency Swaps (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Debt | ||
Notional Amount | $ 1,564 | $ 1,412.3 |
U.S. to Swiss Franc cross-currency and interest rate swap agreements | ||
Debt | ||
Notional Amount | 141 | |
U.S. to Euro cross-currency and interest rate swap agreements | ||
Debt | ||
Notional Amount | $ 241 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Hierarchy (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Liabilities: | ||
Long-term fixed interest rate debt | $ 776 | $ 767.8 |
Recurring basis | ||
Assets: | ||
Time deposits and money market funds | 78.8 | 198.7 |
Interest rate and cross currency swap agreements | 38.2 | 37.8 |
Forward currency contracts | 0.1 | 0.6 |
Embedded derivatives in purchase and delivery contracts | 0.3 | 0.1 |
Fixed price commodity contracts | 0.6 | |
Debt securities available for sale | 1.2 | 10.5 |
Total assets recorded at fair value | 118.6 | 248.3 |
Liabilities: | ||
Contingent consideration | 5.9 | 9.6 |
Hybrid instruments liability | 64.5 | 34.2 |
Liability awards | 1.3 | 1.1 |
Interest rate and cross currency swap agreements | $ 15.8 | $ 12.2 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Forward currency contracts | $ 1.7 | $ 0.3 |
Fixed price commodity contracts | 0.2 | |
Embedded derivatives in purchase and delivery contracts | 0.1 | |
Total liabilities recorded at fair value | 89.5 | 57.4 |
Recurring basis | Quoted Prices in Active Markets Available (Level 1) | ||
Assets: | ||
Time deposits and money market funds | 34 | |
Total assets recorded at fair value | 34 | |
Recurring basis | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Time deposits and money market funds | 78.8 | 164.7 |
Interest rate and cross currency swap agreements | 38.2 | 37.8 |
Forward currency contracts | 0.1 | 0.6 |
Embedded derivatives in purchase and delivery contracts | 0.3 | 0.1 |
Fixed price commodity contracts | 0.6 | |
Total assets recorded at fair value | 117.4 | 203.8 |
Liabilities: | ||
Interest rate and cross currency swap agreements | $ 15.8 | $ 12.2 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Forward currency contracts | $ 1.7 | $ 0.3 |
Fixed price commodity contracts | 0.2 | |
Embedded derivatives in purchase and delivery contracts | 0.1 | |
Total liabilities recorded at fair value | 17.8 | 12.5 |
Recurring basis | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Debt securities available for sale | 1.2 | 10.5 |
Total assets recorded at fair value | 1.2 | 10.5 |
Liabilities: | ||
Contingent consideration | 5.9 | 9.6 |
Hybrid instruments liability | 64.5 | 34.2 |
Liability awards | 1.3 | 1.1 |
Total liabilities recorded at fair value | $ 71.7 | $ 44.9 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Contingent Consideration and Hybrid Instrument Liability (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Contingent consideration | |
Changes in contingent consideration liabilities | |
Balance at December 31, 2022 | $ 9.6 |
Current period additions/Acquisitions | 2.8 |
Current period adjustments | 1.5 |
Current period settlements | (8.1) |
Foreign currency effect | 0.1 |
Balance at September 30, 2023 | 5.9 |
Hybrid instrument | |
Changes in contingent consideration liabilities | |
Balance at December 31, 2022 | 34.2 |
Current period additions/Acquisitions | 26.8 |
Current period adjustments | 4.1 |
Foreign currency effect | (0.6) |
Balance at September 30, 2023 | $ 64.5 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Additional Information) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Long-term fixed interest rate debt | $ 776 | $ 767.8 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Risk Management (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Embedded derivatives in purchase and delivery contracts | ||
Embedded derivatives in purchase and delivery contracts | ||
Notional amount of derivative sale contracts | $ 17.3 | $ 15.3 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Balance Sheet (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Derivative instruments and hedging activities | ||
Derivative Assets (Liabilities) | $ 0.6 | $ 9.6 |
Notional Amount | 1,564 | 1,412.3 |
Interest rate and cross currency swap agreements | ||
Derivative instruments and hedging activities | ||
Derivative Assets (Liabilities) | 22.4 | 25.6 |
Derivative Asset, Notional Amount | 382 | 393.3 |
Designated as hedging instrument | ||
Derivative instruments and hedging activities | ||
Derivative Liability | $ (15.8) | $ (12.2) |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other long-term liabilities | Other long-term liabilities |
Derivative Assets (Liabilities) | $ 2.2 | $ 8.6 |
Derivative Asset, Notional Amount | 1,192.9 | 1,200.9 |
Designated as hedging instrument | Other current assets | ||
Derivative instruments and hedging activities | ||
Derivative Asset | $ 19.3 | $ 14.8 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other current assets | Other current assets |
Designated as hedging instrument | Other assets | ||
Derivative instruments and hedging activities | ||
Derivative Asset | $ 18.9 | $ 23 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other long-term assets | Other long-term assets |
Designated as hedging instrument | Long-term debt | ||
Derivative instruments and hedging activities | ||
Derivative Assets (Liabilities) | $ (20.2) | $ (17) |
Derivative Asset, Notional Amount | 810.9 | 807.6 |
Not designated as hedging instruments | ||
Derivative instruments and hedging activities | ||
Derivative Assets (Liabilities) | (1.6) | 1 |
Notional Amount | 371.1 | 211.4 |
Not designated as hedging instruments | Forward currency contract | ||
Derivative instruments and hedging activities | ||
Derivative Asset | 0.1 | 0.6 |
Derivative Liability | $ (1.7) | $ (0.3) |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Derivative Asset, Notional Amount | $ 45.6 | $ 89.8 |
Derivative Liability, Notional Amount | $ 307.3 | $ 97.4 |
Not designated as hedging instruments | Forward currency contract | Other current assets | ||
Derivative instruments and hedging activities | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other current assets | Other current assets |
Not designated as hedging instruments | Embedded derivatives in purchase and delivery contracts | ||
Derivative instruments and hedging activities | ||
Derivative Asset | $ 0.3 | $ 0.1 |
Derivative Liability | $ (0.1) | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Derivative Asset, Notional Amount | $ 7 | $ 15.3 |
Derivative Liability, Notional Amount | $ 10.3 | |
Not designated as hedging instruments | Embedded derivatives in purchase and delivery contracts | Other current assets | ||
Derivative instruments and hedging activities | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other current assets | Other current assets |
Not designated as hedging instruments | Fixed price commodity contracts | ||
Derivative instruments and hedging activities | ||
Derivative Asset | $ 0 | $ 0.6 |
Derivative Liability | $ (0.2) | $ 0 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities |
Derivative Asset, Notional Amount | $ 0 | $ 8.9 |
Derivative Liability, Notional Amount | $ 0.9 | $ 0 |
Not designated as hedging instruments | Fixed price commodity contracts | Other current assets | ||
Derivative instruments and hedging activities | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other current assets | Other current assets |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Income and Comprehensive Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Cash Flow Hedging | ||||
Derivative instruments and hedging activities | ||||
Impact on net income of unrealized gains and losses | $ 4.7 | $ 2.5 | $ 13.6 | $ 5.2 |
Not designated as hedging instruments | ||||
Derivative instruments and hedging activities | ||||
Impact on net income of unrealized gains and losses | (6.1) | (2.7) | (4.1) | (6.8) |
Not designated as hedging instruments | Forward currency contract | ||||
Derivative instruments and hedging activities | ||||
Impact on net income of unrealized gains and losses | (5.5) | (2.8) | (4.2) | (6.9) |
Not designated as hedging instruments | Embedded derivatives in purchase and delivery contracts | ||||
Derivative instruments and hedging activities | ||||
Impact on net income of unrealized gains and losses | $ (0.6) | $ 0.1 | $ 0.1 | $ 0.1 |
Not designated as hedging instruments | Interest and other income (expense), net | Forward currency contract | ||||
Derivative instruments and hedging activities | ||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and other income (expense), net | Interest and other income (expense), net | Interest and other income (expense), net | Interest and other income (expense), net |
Not designated as hedging instruments | Interest and other income (expense), net | Embedded derivatives in purchase and delivery contracts | ||||
Derivative instruments and hedging activities | ||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and other income (expense), net | Interest and other income (expense), net | Interest and other income (expense), net | Interest and other income (expense), net |
Designated as hedging instrument | ||||
Derivative instruments and hedging activities | ||||
Impact on net income of unrealized gains and losses | $ 21.5 | $ 42.9 | $ (5.1) | $ 105.5 |
Designated as hedging instrument | Cash Flow Hedging | ||||
Derivative instruments and hedging activities | ||||
Impact on net income of unrealized gains and losses | 0.5 | 7.5 | 0.1 | 22.6 |
Designated as hedging instrument | Cash Flow Hedging | Interest rate and cross currency swap agreements | ||||
Derivative instruments and hedging activities | ||||
Impact on net income of unrealized gains and losses | 2.7 | 0.3 | 7.6 | (1.3) |
Designated as hedging instrument | Cash Flow Hedging | Accumulated other comprehensive income | Interest rate and cross currency swap agreements | ||||
Derivative instruments and hedging activities | ||||
Impact on net income of unrealized gains and losses | $ 0.5 | $ 7.5 | $ 0.1 | $ 22.6 |
Designated as hedging instrument | Cash Flow Hedging | Interest and other income (expense), net | Interest rate and cross currency swap agreements | ||||
Derivative instruments and hedging activities | ||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and other income (expense), net | Interest and other income (expense), net | Interest and other income (expense), net | Interest and other income (expense), net |
Designated as hedging instrument | Net Investment Hedging | ||||
Derivative instruments and hedging activities | ||||
Impact on net income of unrealized gains and losses | $ (1.4) | $ (0.2) | $ 9.5 | $ (1.6) |
Designated as hedging instrument | Net Investment Hedging | Interest rate and cross currency swap agreements | ||||
Derivative instruments and hedging activities | ||||
Impact on net income of unrealized gains and losses | 2 | 2.2 | 6 | 6.5 |
Designated as hedging instrument | Net Investment Hedging | Long-term debt | ||||
Derivative instruments and hedging activities | ||||
Impact on net income of unrealized gains and losses | 15.5 | 23 | (2.4) | 55.5 |
Designated as hedging instrument | Net Investment Hedging | Accumulated other comprehensive income | ||||
Derivative instruments and hedging activities | ||||
Impact on net income of unrealized gains and losses | 21 | 35.4 | (5.2) | 82.9 |
Designated as hedging instrument | Net Investment Hedging | Accumulated other comprehensive income | Interest rate and cross currency swap agreements | ||||
Derivative instruments and hedging activities | ||||
Impact on net income of unrealized gains and losses | $ 5.5 | $ 12.4 | $ (2.8) | $ 27.4 |
Designated as hedging instrument | Net Investment Hedging | Interest and other income (expense), net | Interest rate and cross currency swap agreements | ||||
Derivative instruments and hedging activities | ||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and other income (expense), net | Interest and other income (expense), net | Interest and other income (expense), net | Interest and other income (expense), net |
Designated as hedging instrument | Net Investment Hedging | Interest and other income (expense), net | Long-term debt | ||||
Derivative instruments and hedging activities | ||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Comprehensive income | Comprehensive income | Comprehensive income | Comprehensive income |
Provision for Income Taxes (Det
Provision for Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Provision for Income Taxes | |||||
Income tax expense (benefit) | $ 30.8 | $ 41.2 | $ 80.6 | $ 93 | |
Effective tax rates (as a percent) | 25.80% | 31.90% | 26.60% | 31.80% | |
Unrecognized tax benefits, excluding penalties and interest | $ 57.7 | $ 57.7 | $ 54.9 | ||
Accrued interest and penalties related to uncertain tax positions | 5.1 | 5.1 | $ 4.2 | ||
Penalties and interest (benefit) expense relating to unrecognized tax benefits | $ 0.2 | $ 0.4 | $ 0.8 | $ 0.9 | |
Statutory tax rate (as a percent) | 21% | ||||
Change in tax rate - foreign jurisdictions (as a percent) | 5.70% | ||||
Germany | |||||
Provision for Income Taxes | |||||
Statutory tax rate (as a percent) | 30% | ||||
Switzerland | |||||
Provision for Income Taxes | |||||
Statutory tax rate (as a percent) | 20% |
Earnings Per Share - Computatio
Earnings Per Share - Computation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to Bruker Corporation | $ 88.1 | $ 88.1 | $ 221.7 | $ 199.2 |
Weighted average common shares outstanding: | ||||
Weighted average common shares outstanding - basic | 146.6 | 147.8 | 146.7 | 149.1 |
Effect of dilutive securities: | ||||
Stock options and restricted stock units | 0.7 | 0.8 | 0.8 | 0.8 |
Weighted average common shares outstanding - diluted | 147.3 | 148.6 | 147.5 | 149.9 |
Net income per common share attributable to Bruker Corporation shareholders: | ||||
Basic | $ 0.6 | $ 0.6 | $ 1.51 | $ 1.34 |
Diluted | $ 0.6 | $ 0.59 | $ 1.5 | $ 1.33 |
Earnings Per Share - Anti-dilut
Earnings Per Share - Anti-dilutive Stock Options (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Employee Stock Option | ||||
Anti-dilutive securities | ||||
Number of shares excluded from the computation of diluted earnings per share | 0.2 | 0.1 | 0.2 | 0.1 |
Unvested restricted stock units | ||||
Anti-dilutive securities | ||||
Number of shares excluded from the computation of diluted earnings per share | 0 | 0.3 | 0 | 0.2 |
Shareholders' Equity - Share Re
Shareholders' Equity - Share Repurchase and Dividends (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | May 31, 2023 | Aug. 31, 2022 | May 31, 2021 | |
Shareholders' Equity | |||||||
Excise tax on stock repurchases | 1% | ||||||
May 2021 Repurchase Program | |||||||
Shareholders' Equity | |||||||
Amount approved for repurchase of common stock | $ 500 | ||||||
Common stock repurchased during the period (in shares) | 1,192,898 | 315,318 | 3,779,694 | ||||
Aggregate cost of common stock repurchased during the period | $ 72.4 | $ 22.2 | $ 238.3 | ||||
Remaining authorization amount for repurchase of common stock | $ 94.4 | $ 94.4 | |||||
Stock repurchase program expiration date | May 31, 2023 | ||||||
May 2023 Repurchase Program | |||||||
Shareholders' Equity | |||||||
Amount approved for repurchase of common stock | $ 500 | ||||||
Common stock repurchased during the period (in shares) | 1,243,461 | ||||||
Aggregate cost of common stock repurchased during the period | $ 79.7 | ||||||
Remaining authorization amount for repurchase of common stock | $ 420.3 | $ 420.3 |
Shareholders' Equity - Comprehe
Shareholders' Equity - Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||
Consolidated net income | $ 88.7 | $ 88.4 | $ 223.9 | $ 200.2 |
Foreign currency translation adjustments | (52.2) | (88.3) | (16.1) | (195.7) |
Derivatives designated as hedging instruments, net of tax | 21.5 | 42.9 | (5.1) | 105.5 |
Pension liability adjustments, net of tax | 0 | 1.6 | 0.8 | 3.7 |
Comprehensive income | 58 | 44.6 | 203.5 | 113.7 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 0.3 | (0.3) | 2.9 | (0.5) |
Less: Comprehensive loss attributable to redeemable noncontrolling interest | (0.8) | (0.6) | (1.1) | (1.3) |
Comprehensive income attributable to Bruker Corporation | $ 58.5 | $ 45.5 | $ 201.7 | $ 115.5 |
Shareholders' Equity - Accumula
Shareholders' Equity - Accumulated Other Comprehensive Income (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Summary of the components of accumulated other comprehensive income, net of tax | |
Balance at beginning of period | $ 1,125.7 |
Balance at end of period | 1,227.1 |
Foreign Currency Translation | |
Summary of the components of accumulated other comprehensive income, net of tax | |
Balance at beginning of period | (3.1) |
Other comprehensive income (loss) before reclassifications | (15.7) |
Realized gain on amounts reclassified from other comprehensive income | 0 |
Net current period other comprehensive income (loss) | (15.7) |
Balance at end of period | (18.8) |
Derivatives Designated as Hedging Instruments | |
Summary of the components of accumulated other comprehensive income, net of tax | |
Balance at beginning of period | 4.1 |
Other comprehensive income (loss) before reclassifications | (5.1) |
Realized gain on amounts reclassified from other comprehensive income | 0 |
Net current period other comprehensive income (loss) | (5.1) |
Balance at end of period | (1) |
Pension Liability Adjustment | |
Summary of the components of accumulated other comprehensive income, net of tax | |
Balance at beginning of period | 13.8 |
Other comprehensive income (loss) before reclassifications | 0.1 |
Realized gain on amounts reclassified from other comprehensive income | 0.7 |
Net current period other comprehensive income (loss) | 0.8 |
Balance at end of period | 14.6 |
Accumulated Other Comprehensive Income (Loss) | |
Summary of the components of accumulated other comprehensive income, net of tax | |
Balance at beginning of period | 14.8 |
Other comprehensive income (loss) before reclassifications | (20.7) |
Realized gain on amounts reclassified from other comprehensive income | 0.7 |
Net current period other comprehensive income (loss) | (20) |
Balance at end of period | $ (5.2) |
Shareholders' Equity - Expense
Shareholders' Equity - Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 4.8 | $ 3.9 | $ 13.5 | $ 11.5 |
Additional information | ||||
Weighted average remaining service period | 2 years 8 months 12 days | |||
Expected pre-tax stock-based compensation expense | 3.9 | $ 3.9 | ||
2016 Incentive Compensation Plan | ||||
Additional information | ||||
Weighted average remaining service period | 2 years 10 months 24 days | |||
Expected pre-tax stock-based compensation expense | 40.7 | $ 40.7 | ||
Cost of revenues | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 0.4 | 0.2 | 1.1 | 1 |
Selling, general and administrative | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 3.9 | 3.3 | 11 | 9.2 |
Research and development | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 0.5 | 0.4 | 1.4 | 1.3 |
Mestrelab Preomics Biognosys Zontal Acquisitions and Majority Owned Acquisition | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | (0.9) | 5.9 | 4.3 | 10.1 |
Employee Stock Option | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 0.4 | 0.3 | 1.2 | 1.1 |
Restricted stock units | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 4.2 | 3.6 | 11.7 | 10.4 |
Employee Stock Purchase Plan | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 0.2 | $ 0 | $ 0.6 | $ 0 |
Other Charges, Net - Components
Other Charges, Net - Components of other charges (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Restructuring and Related Activities [Abstract] | ||||
Information technology transformation costs | $ 2.2 | $ (0.4) | $ 3.3 | $ 2.1 |
Restructuring charges | 3.7 | 0.5 | 4.3 | 3.3 |
Acquisition-related expenses, net | 1.6 | 1.7 | 7.4 | 15.1 |
Other | 1.9 | 1.2 | 5.1 | 2.5 |
Other charges, net | $ 9.4 | $ 3 | $ 20.1 | $ 23 |
Other Charges, Net - Restructur
Other Charges, Net - Restructuring Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Restructuring charges | ||||
Restructuring expenses | $ 4.8 | $ 0.3 | $ 5.7 | $ 4.5 |
Cost of revenues | ||||
Restructuring charges | ||||
Restructuring expenses | 1.1 | (0.2) | 1.4 | 1.2 |
Other charges, net | ||||
Restructuring charges | ||||
Restructuring expenses | $ 3.7 | $ 0.5 | $ 4.3 | $ 3.3 |
Other Charges, Net - Restruct_2
Other Charges, Net - Restructuring Reserves (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Changes in the restructuring reserves | ||||
Balance at the beginning of the period | $ 1.8 | |||
Restructuring charges | $ 4.8 | $ 0.3 | 5.7 | $ 4.5 |
Cash payments | (1.9) | |||
Other, non-cash adjustments and foreign currency effect | 0.7 | |||
Balance at the end of the period | 4.9 | 4.9 | ||
Severance | ||||
Changes in the restructuring reserves | ||||
Balance at the beginning of the period | 0.4 | |||
Restructuring charges | 4.3 | |||
Cash payments | (1.4) | |||
Other, non-cash adjustments and foreign currency effect | 0 | |||
Balance at the end of the period | 3.3 | 3.3 | ||
Exit Costs | ||||
Changes in the restructuring reserves | ||||
Balance at the beginning of the period | 0.2 | |||
Restructuring charges | 0.8 | |||
Cash payments | (0.5) | |||
Other, non-cash adjustments and foreign currency effect | 0.1 | |||
Balance at the end of the period | 0.4 | 0.4 | ||
Provisions for Excess Inventory | ||||
Changes in the restructuring reserves | ||||
Balance at the beginning of the period | 1.2 | |||
Restructuring charges | 0.6 | |||
Cash payments | 0 | |||
Other, non-cash adjustments and foreign currency effect | (0.6) | |||
Balance at the end of the period | $ 1.2 | $ 1.2 |
Interest and Other Income (Ex_3
Interest and Other Income (Expense), Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Other Income and Expenses [Abstract] | ||||
Interest income | $ 2 | $ 0.9 | $ 5.3 | $ 1.7 |
Interest expense | (3.9) | (3.7) | (12) | (11.8) |
Impairment of strategic investments | 0 | 0 | (18.3) | 0 |
Exchange losses on foreign currency transactions | (3.3) | 1.2 | (8.8) | 0.7 |
Pension components | 0 | (0.3) | (0.1) | (1) |
Other income (expense) | (0.1) | (0.1) | 3.8 | 1.6 |
Interest and other income (expense), net | $ (5.3) | $ (2) | $ (30.1) | $ (8.8) |
Interest and Other Income (Ex_4
Interest and Other Income (Expense), Net - Additional Information (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Other Income and Expenses [Abstract] | |
Cumulative currency translation adjustment loss | $ 2.7 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Legal | ||
Letters of Credit and Guarantees | ||
Material accruals for potential contingencies | $ 0 | $ 0 |
Business Segment Information -
Business Segment Information - Schedule of Revenue, Operating Income and Total Assets by Reportable Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Business segment information | ||||||
Operating Income (loss) | $ 124.5 | $ 131.3 | $ 333.4 | $ 301.7 | ||
Assets | 3,819.6 | 3,819.6 | $ 3,611.8 | |||
Operating segments | ||||||
Business segment information | ||||||
Assets | 3,692.6 | 3,692.6 | 3,508.4 | |||
Corporate, eliminations and other | ||||||
Business segment information | ||||||
Operating Income (loss) | [1] | (26) | (16.4) | (69.7) | (52.2) | |
Assets | [2] | (41.9) | (41.9) | (7.7) | ||
BSI BioSpin | Operating segments | ||||||
Business segment information | ||||||
Operating Income (loss) | 52.5 | 47.9 | 123.7 | 113.7 | ||
BSI CALID | Operating segments | ||||||
Business segment information | ||||||
Operating Income (loss) | 50 | 56.3 | 151.6 | 146.6 | ||
BSI NANO | Operating segments | ||||||
Business segment information | ||||||
Operating Income (loss) | 39 | 35.3 | 99.7 | 72.2 | ||
BEST | Operating segments | ||||||
Business segment information | ||||||
Operating Income (loss) | 9 | $ 8.2 | 28.1 | $ 21.4 | ||
Assets | $ 168.9 | $ 168.9 | $ 111.1 | |||
[1] Represents corporate costs and eliminations not allocated to the reportable segments. Assets not allocated to the reportable segments and eliminations of intercompany transactions. |