Post Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of amounts recognized in consolidated balance sheets

The following amounts were recognized in the accompanying consolidated balance sheets for the Company’s defined benefit plans (in millions):


	2024			2023
Current liabilities	$	(2.5	)	$	(2.1	)
Non-current liabilities		(103.0	)		(76.6	)
Net benefit obligation	$	(105.5	)	$	(78.7	)

Schedule of changes in benefit obligations and plan assets, projected benefit obligation and funded status, for defined benefit pension plans

The changes in benefit obligations and plan assets under the defined benefit pension plans, projected benefit obligation and funded status of the plans were as follows (in millions):


	2024			2023
Change in benefit obligation:
Benefit obligation at beginning of year	$	256.1		$	197.8
Service cost		7.1			5.5
Interest cost		4.4			5.2
Plan participant contributions		7.5			6.4
Plan amendments		12.6			(2.4	)
Plan settlements		(1.3	)		—
Benefits paid		(5.0	)		(6.8	)
Actuarial gain		11.6			27.5
Premiums paid		(2.5	)		(2.3	)
Plan combinations / acquisitions		24.1			6.1
Impact of foreign currency exchange rates		(20.0	)		19.1
Benefit obligation at end of year		294.6			256.1

Change in plan assets:
Fair value of plan assets at beginning of year	$	177.4		$	150.3
Return on plan assets		2.6			1.5
Plan participant and employer contributions		17.3			14.4
Benefits paid		(5.0	)		(6.8	)
Plan settlements		(1.3	)		—
Premiums paid		(2.5	)		(2.3	)
Plan combinations / acquisitions		14.4			4.8
Impact of foreign currency exchange rates		(13.8	)		15.5
Fair value of plan assets at end of year		189.1			177.4
Net under-funded status	$	(105.5	)	$	(78.7	)

Schedule of pre-tax amounts recognized in accumulated other comprehensive income (loss)

The following pre-tax amounts were recognized in accumulated other comprehensive income for the Company’s defined benefit plans (in millions):


	2024			2023			2022
Reconciliation of amounts recognized in the consolidated balance sheets:
Prior service cost	$	0.2		$	14.6		$	12.0
Net actuarial gain (loss)		(38.9	)		(27.4	)		4.2
Accumulated other comprehensive gain (loss)		(38.7	)		(12.8	)		16.2
Accumulated contributions in excess of net periodic benefit cost		(66.8	)		(65.9	)		(63.7	)
Net amount recognized	$	(105.5	)	$	(78.7	)	$	(47.5	)

Schedule of components of net periodic benefit costs

The components of net periodic benefit costs included in the accompanying consolidated statements of income were as follows (in millions):


	2024			2023			2022
Components of net periodic benefit costs:
Service cost	$	7.1		$	5.5		$	6.5
Interest cost		4.4			5.2			1.0
Expected return on plan assets		(5.2	)		(4.4	)		(1.7	)
Settlement (gain) recognized		—			—			(0.3	)
Amortization of prior service (credit)		(0.8	)		(0.8	)		(0.2	)
Amortization of actuarial losses		0.3			0.1			2.2
Net periodic benefit costs	$	5.8		$	5.6		$	7.5

Schedule of the range of assumptions used to determine the net periodic benefit costs and the projected benefit obligations

The assumptions used to determine the net periodic benefit costs and the projected benefit obligations are as follows:


2024	Japan			France			Switzerland			Germany			Italy
Annual discount rate—defined benefit obligation		1.4	%		3.3	%		1.0	%		3.1	%		3.4	%
Annual discount rate—defined benefit cost		1.1	%		3.2	%		1.4	%		3.6	%		3.6	%
Expected return on plan assets		—	%		3.0	%		2.8	%		—	%		—	%
Expected rate of compensation increase		3.0	%		3.0	%		2.0	%		2.6	%		3.0	%

2023	Japan			France			Switzerland			Germany			Italy
Annual discount rate—defined benefit obligation		1.1	%		3.2	%		1.4	%		3.6	%	n/a
Annual discount rate—defined benefit cost		0.9	%		3.8	%		2.4	%		3.9	%	n/a
Expected return on plan assets		—	%		3.0	%		2.7	%		—	%	n/a
Expected rate of compensation increase		3.0	%		3.0	%		2.2	%		2.6	%	n/a

2022	Japan			France			Switzerland			Germany			Italy
Annual discount rate—defined benefit obligation		0.9	%		3.8	%		2.4	%		3.9	%	n/a
Annual discount rate—defined benefit cost		0.4	%		1.0	%		0.4	%		0.8	%	n/a
Expected return on plan assets		—	%		3.0	%		1.2	%		—	%	n/a
Expected rate of compensation increase		3.0	%		3.0	%		2.3	%		2.6	%	n/a

Schedule of the fair value of the Company's pension plan assets, by asset category and by level in the fair value hierarchy

The fair value of the Company’s pension plan assets by asset category and by level in the fair value hierarchy, is as follows (in millions):


December 31, 2024	Total		Quoted Prices in Active Markets Available (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Plan Assets:
Swiss Pension Plan assets (a)	$	189.1	$	—	$	—	$	189.1
Total plan assets	$	189.1	$	—	$	—	$	189.1

December 31, 2023	Total		Quoted Prices in Active Markets Available (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Plan Assets:
Swiss Pension Plan assets (a)	$	177.4	$	—	$	—	$	177.4
Total plan assets	$	177.4	$	—	$	—	$	177.4

(a)

The Company’s pension plan in Switzerland is outsourced to Swiss Life AG for Bruker Switzerland AG and PMOD under a fully insured plan, Profond for Biognosys under a partially insured plan and Axa Stiftung Berufliche Vorsorge for Chemspeed under a partially insured plan. Starting January 1, 2025 the pension plan for Bruker Switzerland AG is outsourced to Profond under a partially insured plan. Members for the Bruker Switzerland AG and PMOD Plans are guaranteed an interest of 1.25% on mandatory retirement withdrawals and another 0.50% on the non-mandatory portion of the withdrawal benefit for the year 2024. Members for the Chemspeed Plan are guaranteed an interest of 1.75% on mandatory retirement withdrawals and another 3.50% on the non-mandatory portion of the withdrawal benefit for the year 2024. Members for the Biognosys plan are guaranteed an 8% interest for the overall account balance. The insurers utilize plan administrators and investment managers to oversee the investment allocation process, set long-term strategic targets and monitor asset allocations. Should the return be greater than the guaranteed amounts, the Company, according to Swiss law, shall receive 90% of the additional return with the insurers retaining 10%.

Schedule of estimated future benefit payments

The following benefit payments reflect future employee service as appropriate (in millions):


2025	$	12.9
2026		11.7
2027		13.5
2028		15.8
2029		16.3
2030-2034	$	83.5