2012 Q2 Form 10-Q Financial Statement

#000110465912056040 Filed on August 09, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q2
Revenue $420.7M $401.2M
YoY Change 4.86% 33.33%
Cost Of Revenue $232.5M $217.6M
YoY Change 6.85% 31.4%
Gross Profit $187.7M $183.6M
YoY Change 2.23% 35.7%
Gross Profit Margin 44.62% 45.76%
Selling, General & Admin $110.6M $98.20M
YoY Change 12.63% 53.44%
% of Gross Profit 58.92% 53.49%
Research & Development $51.90M $44.30M
YoY Change 17.16% 41.99%
% of Gross Profit 27.65% 24.13%
Depreciation & Amortization $15.00M $13.80M
YoY Change 8.7% 91.67%
% of Gross Profit 7.99% 7.52%
Operating Expenses $166.1M $144.9M
YoY Change 14.63% 51.73%
Operating Profit $22.10M $38.70M
YoY Change -42.89% -2.76%
Interest Expense $3.500M $1.600M
YoY Change 118.75% -145.71%
% of Operating Profit 15.84% 4.13%
Other Income/Expense, Net -$2.800M -$500.0K
YoY Change 460.0% -28.57%
Pretax Income $19.30M $33.00M
YoY Change -41.52% -2.08%
Income Tax $9.400M $10.40M
% Of Pretax Income 48.7% 31.52%
Net Earnings $9.900M $22.10M
YoY Change -55.2% -2.21%
Net Earnings / Revenue 2.35% 5.51%
Basic Earnings Per Share $0.06 $0.13
Diluted Earnings Per Share $0.06 $0.13
COMMON SHARES
Basic Shares Outstanding 166.0M shares 165.4M shares
Diluted Shares Outstanding 167.1M shares

Balance Sheet

Concept 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $240.3M $169.8M
YoY Change 41.52% -9.49%
Cash & Equivalents $240.3M $169.8M
Short-Term Investments
Other Short-Term Assets $102.7M $104.9M
YoY Change -2.1% 71.97%
Inventory $620.3M $618.7M
Prepaid Expenses
Receivables $248.8M $273.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.212B $1.167B
YoY Change 3.86% 39.84%
LONG-TERM ASSETS
Property, Plant & Equipment $259.1M $265.9M
YoY Change -2.56% 33.42%
Goodwill $109.8M
YoY Change
Intangibles $138.5M
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.60M $29.20M
YoY Change 4.79%
Total Long-Term Assets $538.0M $532.8M
YoY Change 0.98% 74.17%
TOTAL ASSETS
Total Short-Term Assets $1.212B $1.167B
Total Long-Term Assets $538.0M $532.8M
Total Assets $1.750B $1.700B
YoY Change 2.95% 49.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $77.40M $82.00M
YoY Change -5.61% 52.99%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $185.5M
YoY Change -100.0%
Long-Term Debt Due $77.60M $42.10M
YoY Change 84.32% 67.73%
Total Short-Term Liabilities $751.9M $901.7M
YoY Change -16.61% 66.0%
LONG-TERM LIABILITIES
Long-Term Debt $243.3M $60.20M
YoY Change 304.15% -40.75%
Other Long-Term Liabilities $113.3M $107.2M
YoY Change 5.69% 29.0%
Total Long-Term Liabilities $356.6M $167.4M
YoY Change 113.02% -9.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $751.9M $901.7M
Total Long-Term Liabilities $356.6M $167.4M
Total Liabilities $1.111B $1.073B
YoY Change 3.63% 47.0%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 20.83K shares
Shareholders Equity $638.7M $627.4M
YoY Change
Total Liabilities & Shareholders Equity $1.750B $1.700B
YoY Change 2.95% 49.05%

Cashflow Statement

Concept 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income $9.900M $22.10M
YoY Change -55.2% -2.21%
Depreciation, Depletion And Amortization $15.00M $13.80M
YoY Change 8.7% 91.67%
Cash From Operating Activities $37.10M $3.800M
YoY Change 876.32% -92.02%
INVESTING ACTIVITIES
Capital Expenditures -$18.80M -$21.30M
YoY Change -11.74% 301.89%
Acquisitions
YoY Change
Other Investing Activities $900.0K -$1.100M
YoY Change -181.82% -97.09%
Cash From Investing Activities -$17.90M -$22.40M
YoY Change -20.09% -48.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.700M -9.900M
YoY Change -127.27% 115.22%
NET CHANGE
Cash From Operating Activities 37.10M 3.800M
Cash From Investing Activities -17.90M -22.40M
Cash From Financing Activities 2.700M -9.900M
Net Change In Cash 21.90M -28.50M
YoY Change -176.84% 28400.0%
FREE CASH FLOW
Cash From Operating Activities $37.10M $3.800M
Capital Expenditures -$18.80M -$21.30M
Free Cash Flow $55.90M $25.10M
YoY Change 122.71% -52.55%

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dei Entity Registrant Name
EntityRegistrantName
BRUKER CORP
dei Entity Central Index Key
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0001109354
dei Document Type
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10-Q
dei Document Period End Date
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2012-06-30
dei Amendment Flag
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dei Current Fiscal Year End Date
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--12-31
dei Entity Current Reporting Status
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dei Entity Filer Category
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dei Document Fiscal Year Focus
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dei Document Fiscal Period Focus
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<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1.</font></b><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 3pt" size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt" size="2">Description of Business</font></b></p> <p style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Bruker Corporation, together with its consolidated subsidiaries (&#8216;&#8216;Bruker&#8217;&#8217; or the &#8216;&#8216;Company&#8217;&#8217;), is a designer and manufacturer of proprietary life science and materials research systems and associated products that address the rapidly evolving needs of a diverse array of customers in life science, pharmaceutical, biotechnology, clinical and molecular diagnostics research, as well as in materials and chemical analysis in various industries and government applications. The Company&#8217;s core technology platforms include magnetic resonance technologies, mass spectrometry technologies, gas chromatography technologies, X-ray technologies, spark-optical emission spectroscopy, atomic force microscopy, stylus and optical metrology technology and infrared and Raman molecular spectroscopy technologies. The Company also manufactures and distributes a broad range of field analytical systems for chemical, biological, radiological, nuclear and explosives (&#8216;&#8216;CBRNE&#8217;&#8217;) detection. The Company develops and manufactures superconducting and non-superconducting materials and devices for use in renewable energy, energy infrastructure, healthcare and &#8216;&#8216;big science&#8217;&#8217; research. The Company maintains major technical and manufacturing centers in Europe, North America and Japan, and has sales offices located throughout the world. The Company&#8217;s diverse customer base includes life science, pharmaceutical, biotechnology and molecular diagnostic research companies, academic institutions, advanced materials and semiconductor manufacturers and government agencies.</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Management reports results on the basis of the following two segments:</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol" size="2">&#183;</font><font style="FONT-SIZE: 3pt" size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font style="FONT-SIZE: 10pt; FONT-STYLE: italic" size="2">Scientific Instruments.&#160;&#160;</font></i><font style="FONT-SIZE: 10pt" size="2">The operations of this segment include the design, manufacture and distribution of advanced instrumentation and automated solutions based on magnetic resonance technology, mass spectrometry technology, gas chromatography technology, X-ray technology, spark-optical emission spectroscopy technology, atomic force microscopy technology, stylus and optical metrology technology, and infrared and Raman molecular spectroscopy technology.&#160; Typical customers of the Scientific Instruments segment include: pharmaceutical, biotechnology and molecular diagnostic companies; academic institutions, medical schools and other non-profit organizations; clinical microbiology laboratories; government departments and agencies; nanotechnology, semiconductor, chemical, cement, metals and petroleum companies; and food, beverage and agricultural analysis companies and laboratories.</font></p> <p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.25in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol" size="2">&#183;</font><font style="FONT-SIZE: 3pt" size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i><font style="FONT-SIZE: 10pt; FONT-STYLE: italic" size="2">Energy&#160;&amp; Supercon Technologies.</font></i><font style="FONT-SIZE: 10pt" size="2"> The operations of this segment include the design, manufacture and marketing of superconducting materials, primarily metallic low temperature superconductors, for use in magnetic resonance imaging, nuclear magnetic resonance, fusion energy research and other applications, and ceramic high temperature superconductors primarily for fusion energy research applications. Typical customers of the Energy&#160;&amp; Supercon Technologies segment include companies in the medical industry, private and public research and development laboratories in the fields of fundamental and applied sciences and energy research, academic institutions and government agencies. The Energy&#160;&amp; Supercon Technologies segment is also developing superconductors and superconducting-enabled devices for applications in power and energy, as well as industrial processing industries.</font></p> <p style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The unaudited condensed consolidated financial statements represent the consolidated accounts of the Company. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements as of June&#160;30, 2012 and December&#160;31, 2011 and for the three and six months ended June&#160;30, 2012 and 2011, have been prepared in accordance with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;) for interim financial information and pursuant to the rules&#160;and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;) for Quarterly Reports on Form&#160;10-Q and Article&#160;10 of Regulation S-X. 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 presentation have been included. The results for interim periods are not necessarily indicative of the results expected for the full year or any other interim period.</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Amortization of certain technology-related intangible assets totaling $0.7&#160;million and $1.3&#160;million for the three and six months ended June&#160;30, 2011, respectively, were reclassified to selling, general and administrative expenses from amortization of acquisition-related intangible assets to conform to current year presentation.&#160; This reclassification had no effect on previously reported net income or cash flows.</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The Company has evaluated all subsequent events and determined that there are no material recognized or unrecognized subsequent events requiring disclosure.</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">At June&#160;30, 2012, the Company&#8217;s significant accounting policies and estimates, which are detailed in the Company&#8217;s Annual Report on Form&#160;10-K for the year ended December&#160;31, 2011, have not changed.</font></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#160;</font></p></td></tr></table>
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EarningsPerShareBasicAndDiluted
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brkr Demonstration Inventory Write Down
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200000 USD
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169400000 USD
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56000000 USD
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202000000 USD
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170900000 USD
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116800000 USD
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109800000 USD
CY2011Q4 us-gaap Goodwill
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100200000 USD
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9900000 USD
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45700000 USD
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35200000 USD
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FiniteLivedIntangibleAssetsNet
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10700000 USD
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FiniteLivedIntangibleAssetsAmortizationExpense
4200000 USD
us-gaap Finite Lived Intangible Assets Amortization Expense
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8100000 USD
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136400000 USD
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138500000 USD
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184200000 USD
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171600000 USD
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LongTermDebt
303100000 USD
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LongTermDebt
320900000 USD
CY2012Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
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77600000 USD
CY2012Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
243300000 USD
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4 quater
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
21200000 USD
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EffectiveIncomeTaxRateContinuingOperations
0.487 pure
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EffectiveIncomeTaxRateContinuingOperations
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0.459 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.361 pure
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35600000 USD
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28300000 USD
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5600000 USD
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5800000 USD
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UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
100000 USD
CY2011Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
200000 USD
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
400000 USD
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9900000 USD
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25000000 USD
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease
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-15900000 USD
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33200000 USD
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OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPeriodIncreaseDecrease
61300000 USD
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OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
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CY2012Q2 us-gaap Other Comprehensive Income Reclassification Adjustment On Derivatives Included In Net Income Net Of Tax
OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax
-400000 USD
us-gaap Other Comprehensive Income Reclassification Adjustment On Derivatives Included In Net Income Net Of Tax
OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax
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OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax
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OtherComprehensiveIncomeReclassificationAdjustmentOnDerivativesIncludedInNetIncomeNetOfTax
-1000000 USD
CY2012Q2 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPeriodIncreaseDecrease
900000 USD
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OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPeriodIncreaseDecrease
300000 USD
CY2011Q2 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPeriodIncreaseDecrease
-1700000 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Period Increase Decrease
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPeriodIncreaseDecrease
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-23500000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
10100000 USD
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
100000 USD
CY2012Q1 us-gaap Minority Interest
MinorityInterest
3500000 USD
CY2012Q2 us-gaap Minority Interest
MinorityInterest
2900000 USD
CY2011Q1 us-gaap Minority Interest
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3200000 USD
CY2010Q4 us-gaap Minority Interest
MinorityInterest
2700000 USD
CY2011Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest
100000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterest
100000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Noncontrolling Interest
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200000 USD
CY2011Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
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CY2012Q2 us-gaap Legal Fees
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2200000 USD
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600000 USD
CY2011Q2 us-gaap Legal Fees
LegalFees
1200000 USD
us-gaap Legal Fees
LegalFees
4700000 USD
us-gaap Legal Fees
LegalFees
1200000 USD
us-gaap Restructuring Charges
RestructuringCharges
1100000 USD
CY2012Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
800000 USD
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1200000 USD
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
600000 USD
CY2011Q2 us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
1200000 USD
us-gaap Business Combination Integration Related Costs
BusinessCombinationIntegrationRelatedCosts
2700000 USD
CY2012Q2 us-gaap Other Nonrecurring Expense
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3600000 USD
us-gaap Other Nonrecurring Expense
OtherNonrecurringExpense
7000000 USD
CY2012Q2 us-gaap Investment Income Interest
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100000 USD
CY2011Q2 us-gaap Investment Income Interest
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200000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
300000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
400000 USD
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3600000 USD
CY2011Q2 us-gaap Interest Expense
InterestExpense
1600000 USD
us-gaap Interest Expense
InterestExpense
7100000 USD
us-gaap Interest Expense
InterestExpense
3100000 USD
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ForeignCurrencyTransactionGainLossBeforeTax
700000 USD
CY2011Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
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CY2011Q2 us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1200000 USD
us-gaap Other Nonoperating Income Expense
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brkr Interest And Other Income Expense Net
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brkr Number Of Divisions
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CY2011Q2 us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
RevenuesFromTransactionsWithOtherOperatingSegmentsOfSameEntity
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us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
RevenuesFromTransactionsWithOtherOperatingSegmentsOfSameEntity
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us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
RevenuesFromTransactionsWithOtherOperatingSegmentsOfSameEntity
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22100000 USD
us-gaap Operating Income Loss
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700000 USD

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