BRUKER CORP, DEF 14A filed on 4/19/2024
Proxy Statement (definitive)
v3.24.1.u1
Document and Entity Information
 12 Months Ended
Dec. 31, 2023
Cover [Abstract]  
Document Type DEF 14A
Amendment Flag false
Entity Registrant Name Bruker Corporation
Entity Central Index Key 0001109354
v3.24.1.u1
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table

Pay Versus Performance Disclosure

In accordance with rules adopted by the SEC pursuant to the Dodd-Frank Act, we provide the following disclosure regarding executive compensation for our principal executive officer, or the PEO, and Non-PEO named executive officers, or the Non- PEO NEOs, and Company performance for the fiscal years listed below.

 

Value of Initial Fixed $100 Investment Based on: (4)

 

Year

 

Summary
Compensation
Table Total
for Frank H.
Laukien,
Ph.D.(1) ($)

 

Compensation
Actually Paid
to Frank H.
Laukien,
Ph.D. (1),(2),(3) ($)

 

Average Summary
Compensation
Table Total for
Non-PEO
NEOs (1) ($)

 

Average
Compensation
Actually Paid
to Non-PEO
NEOs (1),(2),(3) ($)

 

Total
Shareholder
Return ($)

 

Peer Group
Total
Shareholder
Return ($)

 

Net
Income ($)

 

Non-
GAAP
Diluted
EPS (5)

 

2023

 

5,858,761

 

6,267,895

 

1,937,106

 

2,094,178

 

145.89

 

104.55

 

428.5

 

$2.58

 

2022

 

5,057,195

 

1,862,866

 

1,707,689

 

791,613

 

135.30

 

118.35

 

298.5

 

$2.34

 

2021

 

5,594,539

 

14,300,157

 

1,966,675

 

3,821,804

 

165.58

 

172.65

 

280.6

 

$2.10

 

2020

 

4,081,963

 

5,086,157

 

1,464,473

 

1,745,100

 

106.58

 

135.89

 

161.4

 

$1.35

 

 

(1)
Frank H. Laukien, Ph.D. was our PEO for each year presented. The individuals comprising the Non-PEO NEOs for each year presented are listed below.

 

2020

2021

2022

2023

Gerald N. Herman

Gerald N. Herman

Gerald N. Herman

Gerald N. Herman

Mark R. Munch, Ph.D.

Mark R. Munch, Ph.D.

Mark R. Munch, Ph.D.

Mark R. Munch, Ph.D.

Juergen Srega

Juergen Srega

Juergen Srega

Juergen Srega

Falko Busse, Ph.D.

Falko Busse, Ph.D.

Falko Busse, Ph.D.

Falko Busse, Ph.D.

 

(2)
The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below.
(3)
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Non- PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards and Option Awards column are the totals from the “Stock Awards” and “Option Awards” columns set forth in the Summary Compensation Table. Amounts in the "Average Exclusion of Change in Pension Value for Non-PEO NEOs" column reflect the amounts attributable to the Change in Pension Value reported in the “Change in Pension Value and Non-Qualified Deferred Compensation Earnings” column presented in the Summary Compensation Table. Amounts in the "Average Inclusion of Pension Service Cost for Non-PEO NEOs” are based on the service cost for services rendered during the listed year and amounts in the “Average Inclusion for Prior Service Cost for Non-PEO NEOs” are based on the cost of pension benefits resulting from a plan amendment or initiation during 2023.

 

Year

 

Summary Compensation
Table Total for Frank H.
Laukien, Ph.D. ($)

 

Exclusion of Stock
Awards and Option
Awards for Frank H.
Laukien, Ph.D. ($)

 

Inclusion of Equity Values
for Frank H. Laukien,
Ph.D. ($)

 

Compensation Actually
Paid to Frank H. Laukien,
Ph.D. ($)

2023

 

5,858,761

 

(3,326,420)

 

3,735,554

 

6,267,895

2022

 

5,057,195

 

(3,241,398)

 

47,069

 

1,862,866

2021

 

5,594,539

 

(3,158,589)

 

11,864,207

 

14,300,157

2020

 

4,081,963

 

(2,391,204)

 

3,935,398

 

5,086,157

 

Year

 

Average Summary
Compensation
Table Total for
Non-PEO NEOs ($)

 

Average Exclusion of Change in Pension Value for Non-PEO NEOs ($)

 

Average Exclusion
of Stock Awards
and Option Awards
for Non-PEO
NEOs ($)

 

Average Inclusion
of Pension
Service Cost for
Non-PEO
NEOs ($)

 

Average Inclusion for Prior Service Cost for Non-PEO NEOs ($)

 

Average Inclusion
of Equity Values
for Non-PEO
NEOs ($)

 

Average
Compensation
Actually Paid to
Non-PEO NEOs ($)

2023

 

1,937,106

 

—

 

(800,838)

 

33,978

 

49,509

 

874,423

 

2,094,178

2022

 

1,707,689

 

—

 

(780,594)

 

22,580

 

—

 

(158,062)

 

791,613

2021

 

1,966,675

 

—

 

(887,070)

 

25,527

 

—

 

2,716,672

 

3,821,804

2020

 

1,464,473

 

—

 

(813,899)

 

35,553

 

—

 

1,058,973

 

1,745,100

 

The amounts in the Inclusion of Equity Values columns in the tables above are derived from the amounts set forth in the following tables:

 

Year

 

Year-End Fair Value of
Equity Awards Granted
During Year That
Remained Unvested
as of Last Day of Year
for Frank H. Laukien,
Ph.D. ($)

 

Change in Fair Value
from Last Day of Prior
Year to Last Day of Year
of Unvested Equity
Awards for Frank
H. Laukien, Ph.D. ($)

 

Change in Fair Value
from Last Day of Prior
Year to Vesting Date
of Unvested Equity
Awards that Vested
During Year for Frank
H. Laukien, Ph.D. ($)

 

Total - Inclusion of
Equity Values for
Frank H. Laukien,
Ph.D. ($)

2023

 

3,820,311

 

289,562

 

(374,319)

 

3,735,554

2022

 

3,791,720

 

(1,634,164)

 

(2,110,487)

 

47,069

2021

 

3,414,084

 

4,953,463

 

3,496,660

 

11,864,207

2020

 

3,992,454

 

555,746

 

(612,802)

 

3,935,398

 

 

Year

 

Average Year-End Fair
Value of Equity Awards
Granted During Year
That Remained
Unvested as of Last
Day of Year for Non-
PEO NEOs ($)

 

Average Change in Fair
Value from Last Day of
Prior Year to Last Day of
Year of Unvested Equity
Awards for Non-PEO
NEOs ($)

 

Average Change in Fair
Value from Last Day of
Prior Year to Vesting
Date of Unvested Equity
Awards that Vested
During Year for Non-
PEO NEOs ($)

 

Total - Average Inclusion
of Equity Values for
Non-PEO NEOs ($)

2023

 

899,974

 

64,782

 

(90,333)

 

874,423

2022

 

710,201

 

(404,274)

 

(463,989)

 

(158,062)

2021

 

929,504

 

1,113,335

 

673,833

 

2,716,672

2020

 

1,072,845

 

98,228

 

(112,100)

 

1,058,973

 

(4)
The Peer Group TSR set forth in this table utilizes the SIC Code 3826 Laboratory Analytical Instruments Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2023. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the SIC Code 3826 Laboratory Analytical Instruments Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.
(5)
We determined Non-GAAP Diluted EPS to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO and Non-PEO NEOs in 2023. See Appendix A for our definition of non-GAAP diluted earnings per share. This performance measure may not have been the most important financial performance measure for prior years and we may determine a different financial performance measure to be the most important financial performance measure in future years.
      
Company Selected Measure Name Non-GAAPDilutedEPS      
Peer Group Issuers, Footnote
(4)
The Peer Group TSR set forth in this table utilizes the SIC Code 3826 Laboratory Analytical Instruments Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2023. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the SIC Code 3826 Laboratory Analytical Instruments Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.
      
Adjustment To PEO Compensation, Footnote
(3)
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Non- PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards and Option Awards column are the totals from the “Stock Awards” and “Option Awards” columns set forth in the Summary Compensation Table. Amounts in the "Average Exclusion of Change in Pension Value for Non-PEO NEOs" column reflect the amounts attributable to the Change in Pension Value reported in the “Change in Pension Value and Non-Qualified Deferred Compensation Earnings” column presented in the Summary Compensation Table. Amounts in the "Average Inclusion of Pension Service Cost for Non-PEO NEOs” are based on the service cost for services rendered during the listed year and amounts in the “Average Inclusion for Prior Service Cost for Non-PEO NEOs” are based on the cost of pension benefits resulting from a plan amendment or initiation during 2023.

 

Year

 

Summary Compensation
Table Total for Frank H.
Laukien, Ph.D. ($)

 

Exclusion of Stock
Awards and Option
Awards for Frank H.
Laukien, Ph.D. ($)

 

Inclusion of Equity Values
for Frank H. Laukien,
Ph.D. ($)

 

Compensation Actually
Paid to Frank H. Laukien,
Ph.D. ($)

2023

 

5,858,761

 

(3,326,420)

 

3,735,554

 

6,267,895

2022

 

5,057,195

 

(3,241,398)

 

47,069

 

1,862,866

2021

 

5,594,539

 

(3,158,589)

 

11,864,207

 

14,300,157

2020

 

4,081,963

 

(2,391,204)

 

3,935,398

 

5,086,157

The amounts in the Inclusion of Equity Values columns in the tables above are derived from the amounts set forth in the following tables:

 

Year

 

Year-End Fair Value of
Equity Awards Granted
During Year That
Remained Unvested
as of Last Day of Year
for Frank H. Laukien,
Ph.D. ($)

 

Change in Fair Value
from Last Day of Prior
Year to Last Day of Year
of Unvested Equity
Awards for Frank
H. Laukien, Ph.D. ($)

 

Change in Fair Value
from Last Day of Prior
Year to Vesting Date
of Unvested Equity
Awards that Vested
During Year for Frank
H. Laukien, Ph.D. ($)

 

Total - Inclusion of
Equity Values for
Frank H. Laukien,
Ph.D. ($)

2023

 

3,820,311

 

289,562

 

(374,319)

 

3,735,554

2022

 

3,791,720

 

(1,634,164)

 

(2,110,487)

 

47,069

2021

 

3,414,084

 

4,953,463

 

3,496,660

 

11,864,207

2020

 

3,992,454

 

555,746

 

(612,802)

 

3,935,398
     
Non-PEO NEO Average Total Compensation Amount $ 1,937,106 $ 1,707,689 $ 1,966,675 $ 1,464,473
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,094,178 791,613 3,821,804 1,745,100
Adjustment to Non-PEO NEO Compensation Footnote
(3)
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEO and the Non- PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards and Option Awards column are the totals from the “Stock Awards” and “Option Awards” columns set forth in the Summary Compensation Table. Amounts in the "Average Exclusion of Change in Pension Value for Non-PEO NEOs" column reflect the amounts attributable to the Change in Pension Value reported in the “Change in Pension Value and Non-Qualified Deferred Compensation Earnings” column presented in the Summary Compensation Table. Amounts in the "Average Inclusion of Pension Service Cost for Non-PEO NEOs” are based on the service cost for services rendered during the listed year and amounts in the “Average Inclusion for Prior Service Cost for Non-PEO NEOs” are based on the cost of pension benefits resulting from a plan amendment or initiation during 2023.

Year

 

Average Summary
Compensation
Table Total for
Non-PEO NEOs ($)

 

Average Exclusion of Change in Pension Value for Non-PEO NEOs ($)

 

Average Exclusion
of Stock Awards
and Option Awards
for Non-PEO
NEOs ($)

 

Average Inclusion
of Pension
Service Cost for
Non-PEO
NEOs ($)

 

Average Inclusion for Prior Service Cost for Non-PEO NEOs ($)

 

Average Inclusion
of Equity Values
for Non-PEO
NEOs ($)

 

Average
Compensation
Actually Paid to
Non-PEO NEOs ($)

2023

 

1,937,106

 

—

 

(800,838)

 

33,978

 

49,509

 

874,423

 

2,094,178

2022

 

1,707,689

 

—

 

(780,594)

 

22,580

 

—

 

(158,062)

 

791,613

2021

 

1,966,675

 

—

 

(887,070)

 

25,527

 

—

 

2,716,672

 

3,821,804

2020

 

1,464,473

 

—

 

(813,899)

 

35,553

 

—

 

1,058,973

 

1,745,100

The amounts in the Inclusion of Equity Values columns in the tables above are derived from the amounts set forth in the following tables:

Year

 

Average Year-End Fair
Value of Equity Awards
Granted During Year
That Remained
Unvested as of Last
Day of Year for Non-
PEO NEOs ($)

 

Average Change in Fair
Value from Last Day of
Prior Year to Last Day of
Year of Unvested Equity
Awards for Non-PEO
NEOs ($)

 

Average Change in Fair
Value from Last Day of
Prior Year to Vesting
Date of Unvested Equity
Awards that Vested
During Year for Non-
PEO NEOs ($)

 

Total - Average Inclusion
of Equity Values for
Non-PEO NEOs ($)

2023

 

899,974

 

64,782

 

(90,333)

 

874,423

2022

 

710,201

 

(404,274)

 

(463,989)

 

(158,062)

2021

 

929,504

 

1,113,335

 

673,833

 

2,716,672

2020

 

1,072,845

 

98,228

 

(112,100)

 

1,058,973
     
Compensation Actually Paid vs. Total Shareholder Return

Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Company Total Shareholder Return (“TSR”)

The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, the cumulative TSR over the four most recently completed fiscal years for the Company, and the cumulative return of the SIC Code 3826 Laboratory Analytical Instruments Index TSR over the same period.

 

img218254210_21.jpg 

      
Compensation Actually Paid vs. Net Income

Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Net Income

The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, and our net income during the four most recently completed fiscal years.

 

img218254210_22.jpg 

      
Compensation Actually Paid vs. Company Selected Measure

Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Non-GAAP Diluted EPS

The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, and our Non-GAAP Diluted EPS during the four most recently completed fiscal years.

 

img218254210_23.jpg 

      
Tabular List, Table

Tabular List of the Most Important Financial Performance Measures

The following table presents the financial performance measures that the Company considers to have been the most important in linking Compensation Actually Paid to our PEO and non-PEOs for 2023 to Company Performance. The measures in this table are not ranked. See Appendix A for our definitions of these financial performance measures.

 

Organic Revenue Growth

Non-GAAP Operating Profit

Non-GAAP Diluted Earnings Per Share (EPS)
     
Total Shareholder Return Amount $ 145.89 135.3 165.58 106.58
Peer Group Total Shareholder Return Amount 104.55 118.35 172.65 135.89
Net Income (Loss) $ 428.5 $ 298.5 $ 280.6 $ 161.4
Company Selected Measure Amount 2.58 2.34 2.1 1.35
Measure:: 1        
Pay vs Performance Disclosure        
Name Organic Revenue Growth      
Measure:: 2        
Pay vs Performance Disclosure        
Name Non-GAAP Operating Profit      
Measure:: 3        
Pay vs Performance Disclosure        
Name Non-GAAP Diluted Earnings Per Share (EPS)      
Non-GAAP Measure Description
(5)
We determined Non-GAAP Diluted EPS to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO and Non-PEO NEOs in 2023. See Appendix A for our definition of non-GAAP diluted earnings per share. This performance measure may not have been the most important financial performance measure for prior years and we may determine a different financial performance measure to be the most important financial performance measure in future years.
      
Frank H. Laukien, Ph.D. [Member]        
Pay vs Performance Disclosure        
PEO Total Compensation Amount $ 5,858,761 $ 5,057,195 $ 5,594,539 $ 4,081,963
PEO Actually Paid Compensation Amount 6,267,895 1,862,866 14,300,157 5,086,157
Frank H. Laukien, Ph.D. [Member] | Exclusion of Stock Awards and Option Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (3,326,420) (3,241,398) (3,158,589) (2,391,204)
PEO | Frank H. Laukien, Ph.D. [Member] | Inclusion of Equity Values [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 3,735,554 47,069 11,864,207 3,935,398
PEO | Frank H. Laukien, Ph.D. [Member] | Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 3,820,311 3,791,720 3,414,084 3,992,454
PEO | Frank H. Laukien, Ph.D. [Member] | Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 289,562 (1,634,164) 4,953,463 555,746
PEO | Frank H. Laukien, Ph.D. [Member] | Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (374,319) (2,110,487) 3,496,660 (612,802)
Non-PEO NEO | Average Exclusion of Change in Pension Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
Non-PEO NEO | Average Exclusion of Stock Awards and Option Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (800,838) (780,594) (887,070) (813,899)
Non-PEO NEO | Average Inclusion of Pension Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 33,978 22,580 25,527 35,553
Non-PEO NEO | Average Inclusion For Prior Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 49,509 0 0 0
Non-PEO NEO | Average Inclusion of Equity Values [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 874,423 (158,062) 2,716,672 1,058,973
Non-PEO NEO | Average Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 899,974 710,201 929,504 1,072,845
Non-PEO NEO | Average Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 64,782 (404,274) 1,113,335 98,228
Non-PEO NEO | Average Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (90,333) $ (463,989) $ 673,833 $ (112,100)