Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 18, 2015 | Jun. 28, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | 3D SYSTEMS CORP | ||
Entity Central Index Key | 910638 | ||
Trading Symbol | ddd | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $6,169,912,421 | ||
Entity Common Stock, Shares Outstanding | 111,210,093 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $284,862 | $306,316 |
Accounts receivable, net of allowance for doubtful accounts of $10,300 (2014) and $8,133 (2013) | 168,441 | 132,121 |
Inventories, net | 96,645 | 75,148 |
Prepaid expenses and other current assets | 15,769 | 7,203 |
Current deferred income tax asset | 14,973 | 6,067 |
Total current assets | 580,690 | 526,855 |
Property and equipment, net | 81,881 | 45,208 |
Intangible assets, net | 251,561 | 141,709 |
Goodwill | 589,537 | 370,066 |
Long term deferred income tax asset | 816 | 548 |
Other assets, net | 21,485 | 13,470 |
Total assets | 1,525,970 | 1,097,856 |
Current liabilities: | ||
Current portion of debt and capitalized lease obligations | 684 | 187 |
Accounts payable | 64,378 | 51,729 |
Accrued and other liabilities | 44,219 | 28,430 |
Customer deposits | 6,946 | 5,466 |
Deferred revenue | 32,264 | 24,644 |
Total current liabilities | 148,491 | 110,456 |
Long-term portion of capitalized lease obligations | 8,905 | 7,277 |
Convertible senior notes, net | 11,416 | |
Long-term deferred income tax liability | 30,679 | 19,714 |
Other liabilities | 34,898 | 15,201 |
Total liabilities | 222,973 | 164,064 |
Redeemable noncontrolling interests | 8,872 | |
Stockholders’ equity: | ||
Common stock, $0.001 par value, authorized 220,000 shares; issued 112,233 (2014) and 103,818 (2013) | 112 | 104 |
Additional paid-in capital | 1,245,462 | 866,552 |
Treasury stock, at cost: 709 shares (2014) and 600 shares (2013) | -374 | -286 |
Accumulated earnings | 72,124 | 60,487 |
Accumulated other comprehensive income (loss) | -24,406 | 5,789 |
Total 3D Systems Corporation stockholders' equity | 1,292,918 | 932,646 |
Noncontrolling interests | 1,207 | 1,146 |
Total stockholders' equity | 1,294,125 | 933,792 |
Total liabilities, redeemable noncontrolling interests and stockholders' equity | $1,525,970 | $1,097,856 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $10,300 | $8,133 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 220,000,000 | |
Common stock, shares issued | 112,233,000 | 103,818,000 |
Treasury stock, shares | 709,000 | 600,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue: | |||
Products | $442,198 | $356,032 | $229,980 |
Services | 211,454 | 157,368 | 123,653 |
Total revenue | 653,652 | 513,400 | 353,633 |
Cost of sales: | |||
Products | 223,991 | 159,628 | 105,286 |
Services | 112,227 | 86,178 | 67,151 |
Total cost of sales | 336,218 | 245,806 | 172,437 |
Gross profit | 317,434 | 267,594 | 181,196 |
Operating expenses: | |||
Selling, general and administrative | 215,724 | 143,244 | 97,422 |
Research and development | 75,395 | 43,489 | 23,203 |
Total operating expenses | 291,119 | 186,733 | 120,625 |
Income from operations | 26,315 | 80,861 | 60,571 |
Interest and other expense, net | 8,928 | 16,855 | 17,292 |
Income before income taxes | 17,387 | 64,006 | 43,279 |
Provision for income taxes | 5,441 | 19,887 | 4,338 |
Net income | 11,946 | 44,119 | 38,941 |
Net income attributable to noncontrolling interests | -309 | -12 | |
Net income attributable to 3D Systems Corporation | 11,637 | 44,107 | 38,941 |
Other comprehensive income (loss): | |||
Pension adjustments, net of taxes: $515 (2014), $78 (2013) and $316 (2012) | -1,135 | -168 | -714 |
Foreign currency translation gain (loss) attributable to 3D Systems Corporation | -29,183 | 1,968 | 1,640 |
Liquidation of non-US entity | 173 | ||
Total other comprehensive income (loss) | -30,318 | 1,973 | 926 |
Comprehensive income (loss) | -18,681 | 46,080 | 39,867 |
Foreign currency translation (gain) loss attributable to noncontrolling interest | 123 | -50 | |
Comprehensive income (loss) attributable to 3D Systems Corporation | ($18,558) | $46,030 | $39,867 |
Net income per share available to 3D Systems common stockholders – basic and diluted | $0.11 | $0.45 | $0.48 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements Of Operations And Comprehensive Income [Abstract] | |||
Pension adjustment, tax | $515 | $78 | $316 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Stockholders’ Equity (USD $) | Common Stock [Member] | Additional Paid In Capital [Member] | Treasury Stock [Member] | Accumulated Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total 3D Ssytems Corporation Stockholders' Equity [Member] | Equity Attributable To Noncontrolling Interest Member] | Total | |
In Thousands, except Share data | |||||||||
Balance, Value at Dec. 31, 2011 | $51 | $274,542 | ($214) | ($22,531) | $2,940 | $254,788 | $254,788 | ||
Balance, Shares at Dec. 31, 2011 | 50,975,000 | 324,000 | |||||||
Exercise of stock options, Value | 1 | [1] | 3,903 | 3,904 | 3,904 | ||||
Exercise of stock options, Shares | 1,055,000 | 1,056,000 | |||||||
Tax benefit from share-based payments arrangements, Value | [2] | 1,514 | 1,514 | 1,514 | |||||
Tax benefit from share-based payments arrangements, Shares | |||||||||
Issuance (repurchase) of restricted stock, net, Value | 1 | 524 | -26 | 499 | 499 | ||||
Issuance (repurchase) of restricted stock, net, Shares | 524,000 | 31,000 | |||||||
Issuance of stock for 5.50% convertible notes, Value | 3 | 60,079 | 60,082 | 60,082 | |||||
Issuance of stock for 5.50% convertible notes, Shares | 2,845,000 | ||||||||
Issuance of stock for acquisitions, Value | 7,672 | 7,672 | 7,672 | ||||||
Issuance of stock for acquisitions, Shares | 294,000 | ||||||||
Issuance of stock for equity raise, Value | 4 | 106,885 | 106,889 | 106,889 | |||||
Issuance of stock for equity raise, Shares | 4,151,000 | ||||||||
Stock-based compensation expense, Value | 5,118 | 5,118 | 5,118 | ||||||
Stock-based compensation expense, Shares | 11,000 | ||||||||
Net income | 38,941 | 38,941 | 38,941 | ||||||
Pension adjustment | -714 | -714 | -714 | ||||||
Foreign currency translation adjustment | 1,640 | 1,640 | 1,640 | ||||||
Balance, Value at Dec. 31, 2012 | 60 | 460,237 | -240 | 16,410 | 3,866 | 480,333 | 480,333 | ||
Balance, Shares at Dec. 31, 2012 | 59,855,000 | 355,000 | |||||||
Exercise of stock options, Shares | 0 | ||||||||
Tax benefit from share-based payments arrangements, Value | 26,038 | 26,038 | 26,038 | ||||||
Issuance (repurchase) of restricted stock, net, Value | 1 | 947 | -46 | 902 | 902 | ||||
Issuance (repurchase) of restricted stock, net, Shares | 1,001,000 | 68,000 | |||||||
Issuance of stock for 5.50% convertible notes, Value | 5 | 80,749 | 80,754 | 80,754 | |||||
Issuance of stock for 5.50% convertible notes, Shares | 4,675,000 | ||||||||
Common stock split, Value | 31 | -177 | -30 | -176 | -176 | ||||
Common stock split, Shares | 30,867,000 | 177,000 | |||||||
Issuance of stock for acquisitions, Value | 13,131 | 13,131 | 13,131 | ||||||
Issuance of stock for acquisitions, Shares | 293,000 | ||||||||
Issuance of stock for equity raise, Value | 7 | 272,069 | 272,076 | 272,076 | |||||
Issuance of stock for equity raise, Shares | 7,112,000 | ||||||||
Stock-based compensation expense, Value | 13,558 | 13,558 | 13,558 | ||||||
Stock-based compensation expense, Shares | 15,000 | ||||||||
Net income | 44,107 | 44,107 | 12 | 44,119 | |||||
Noncontrolling interest for business combinations | 1,084 | 1,084 | |||||||
Pension adjustment | -168 | -168 | -168 | ||||||
Liquidation of non-US entity | 173 | 173 | 173 | ||||||
Foreign currency translation adjustment | 1,918 | 1,918 | 50 | 1,968 | |||||
Balance, Value at Dec. 31, 2013 | 104 | 866,552 | -286 | 60,487 | 5,789 | 932,646 | 1,146 | 933,792 | |
Balance, Shares at Dec. 31, 2013 | 103,818,000 | 600,000 | 103,818,000 | ||||||
Exercise of stock options, Shares | 0 | ||||||||
Tax benefit from share-based payments arrangements, Value | 7,653 | 7,653 | 7,653 | ||||||
Issuance (repurchase) of restricted stock, net, Value | 1 | 1,983 | -88 | 1,896 | 1,896 | ||||
Issuance (repurchase) of restricted stock, net, Shares | 1,152,000 | 109,000 | |||||||
Issuance of stock for 5.50% convertible notes, Value | 1 | 12,133 | 12,134 | 12,134 | |||||
Issuance of stock for 5.50% convertible notes, Shares | 877,000 | ||||||||
Issuance of stock for acquisitions, Value | 24,625 | 24,625 | 24,625 | ||||||
Issuance of stock for acquisitions, Shares | 436,000 | ||||||||
Issuance of stock for equity raise, Value | 6 | 299,723 | 299,729 | 299,729 | |||||
Issuance of stock for equity raise, Shares | 5,950,000 | ||||||||
Stock-based compensation expense, Value | 32,793 | 32,793 | 32,793 | ||||||
Net income | 11,637 | 11,637 | 309 | 11,946 | |||||
Noncontrolling interest for business combinations | -125 | -125 | |||||||
Pension adjustment | -1,135 | -1,135 | -1,135 | ||||||
Foreign currency translation adjustment | -29,060 | -29,060 | -123 | -29,183 | |||||
Balance, Value at Dec. 31, 2014 | $112 | $1,245,462 | ($374) | $72,124 | ($24,406) | $1,292,918 | $1,207 | $1,294,125 | |
Balance, Shares at Dec. 31, 2014 | 112,233,000 | 709,000 | 112,233,000 | ||||||
[1] | Amounts not shown due to rounding. | ||||||||
[2] | Accumulated other comprehensive loss of $24,406 consists of a cumulative unrealized loss on pension plan of $2,211 and a foreign currency translation loss of $22,195.See accompanying notes to consolidated financial statements. |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Stockholders’ Equity (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accumulated other comprehensive income | ($24,406) | $5,789 |
Interest rate | 5.50% | |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated other comprehensive income | -22,195 | 6,865 |
Defined Benefit Pension Plan [Member] | ||
Accumulated other comprehensive income | ($2,211) | ($1,076) |
Senior Convertible Notes Due December 15, 2016 [Member] | ||
Interest rate | 5.50% |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Cash flows from operating activities: | ||||||
Net income | $11,946 | $44,119 | $38,941 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Benefit of deferred income taxes | -24,555 | -9,892 | -661 | |||
Depreciation and amortization | 55,188 | 30,444 | 21,229 | |||
Non-cash interest on convertible notes | 224 | 974 | 3,876 | |||
Provision for bad debts | 8,699 | 4,961 | 3,039 | |||
Stock-based compensation | 32,793 | 13,558 | 5,118 | |||
Gain (loss) on the disposition of property and equipment | -227 | 1,128 | -674 | |||
Deferred interest income | -1,018 | |||||
Loss on conversion of convertible debt | 1,806 | 11,275 | 7,021 | |||
Changes in operating accounts: | ||||||
Accounts receivable | -55,977 | -43,684 | -19,246 | |||
Inventories | -30,754 | -30,893 | -12,225 | |||
Prepaid expenses and other current assets | -9,235 | -1,780 | -794 | |||
Accounts payable | 23,482 | 7,620 | -238 | |||
Accrued liabilities | 16,071 | -6,495 | 7,567 | |||
Customer deposits | 1,921 | 1,904 | -1,336 | |||
Deferred revenue | 8,686 | 7,526 | 1,164 | |||
Other operating assets and liabilities | 11,043 | -4,563 | -1,251 | |||
Net cash provided by operating activities | 51,111 | 25,184 | 51,530 | |||
Cash flows from investing activities: | ||||||
Purchases of property and equipment | -22,727 | -6,972 | -3,224 | |||
Additions to license and patent costs | -753 | -1,648 | -729 | |||
Proceeds from disposition of property and equipment | 1,882 | |||||
Cash paid for acquisitions, net of cash assumed | -345,361 | -162,318 | -183,701 | |||
Other investing activities | -6,600 | -4,701 | ||||
Net cash used in investing activities | -375,441 | -173,757 | -187,654 | |||
Cash flows from financing activities: | ||||||
Proceeds from issuance of common stock | 299,729 | 272,076 | 106,889 | |||
Tax benefits from share-based payment arrangements | 7,653 | 26,038 | 1,514 | |||
Proceeds from exercise of stock options and restricted stock, net | 1,896 | 902 | 4,400 | |||
Cash disbursed in lieu of fractional shares related to stock split | -176 | |||||
Restricted cash | 13 | |||||
Repayment of capital lease obligations | -696 | -157 | -163 | |||
Net cash provided by financing activities | 308,582 | 298,696 | 112,640 | |||
Effect of exchange rate changes on cash | -5,706 | 334 | 223 | |||
Net increase (decrease) in cash and cash equivalents | -21,454 | 150,457 | -23,261 | |||
Cash and cash equivalents at the beginning of the period | 306,316 | 155,859 | 179,120 | |||
Cash and cash equivalents at the end of the period | 284,862 | 306,316 | 155,859 | |||
Supplemental Cash Flow Information: | ||||||
Cash interest payments | 888 | 1,584 | 9,113 | |||
Cash income tax payments | 15,602 | 5,642 | 3,506 | |||
Transfer of equipment from inventory to property and equipment, net | 5,891 | [1] | 4,886 | [1] | 4,057 | [1] |
Transfer of equipment to inventory from property and equipment, net | 944 | [2] | 612 | [2] | 1,924 | [2] |
Stock issued for acquisitions of businesses | 24,625 | 13,131 | 7,672 | |||
Notes redeemed for shares of common stock | $12,134 | $80,754 | $60,082 | |||
[1] | Inventory is transferred from inventory to property and equipment at cost when the Company requires additional machines for training or demonstration or for placement into Quickparts locations. | |||||
[2] | In general, an asset is transferred from property and equipment, net into inventory at its net book value when the Company has identified a potential sale for a used machine. |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements Of Cash Flows (Parenthetical) | Dec. 31, 2014 |
Consolidated Statements Of Cash Flows [Abstract] | |
Interest rate | 5.50% |
Basis_Of_Presentation
Basis Of Presentation | 12 Months Ended |
Dec. 31, 2014 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | Note 1 Basis of Presentation |
The consolidated financial statements include the accounts of 3D Systems Corporation and all majority-owned subsidiaries and entities in which a controlling interest is maintained (the “Company”). | |
A non-controlling interest in a subsidiary is considered an ownership interest in a majority-owned subsidiary that is not attributable to the parent. The Company includes noncontrolling interest as a component of total equity in the Consolidated Balance Sheets and the net income attributable to noncontrolling interests are presented as an adjustment from net income used to arrive at net income attributable to 3D Systems Corporation in the consolidated statements of income and comprehensive income. | |
Investments in non-consolidated affiliates (20-50 percent owned companies and joint ventures) are accounted for using the equity method. | |
Investments through which we are not able to exercise significant influence over the investee and which we do not have readily determinable fair values are accounted for under the cost method. | |
All significant intercompany accounts and transactions have been eliminated in consolidation. The Company’s annual reporting period is the calendar year. | |
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). Certain prior period amounts have been reclassified to conform to the current year presentation. | |
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results may differ from these estimates and assumptions. | |
All amounts presented in the accompanying footnotes are presented in thousands, except for per share information. | |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Significant Accounting Policies [Abstract] | ||||||
Significant Accounting Policies | Note 2 Significant Accounting Policies | |||||
Use of Estimates | ||||||
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, among others, those related to the allowance for doubtful accounts, income taxes, inventory reserves, goodwill, other intangible assets, contingencies and revenue recognition. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. | ||||||
Revenue Recognition | ||||||
Net revenue is derived primarily from the sale of products and services. The following revenue recognition policies define the manner in which the Company accounts for sales transactions. | ||||||
The Company recognizes revenue when persuasive evidence of a sale arrangement exists, delivery has occurred or services are rendered, the sales price or fee is fixed or determinable and collectability is reasonably assured. Revenue generally is recognized net of allowances for returns and any taxes collected from customers and subsequently remitted to governmental authorities. The Company sells its products through its direct sales force and through authorized resellers. The Company recognizes revenue on sales to resellers at the time of sale when the reseller has economic substance apart from Company, and the Company has completed its obligations related to the sale. | ||||||
The Company enters into sales arrangements that may provide for multiple deliverables to a customer. Sales of printers may include ancillary equipment, print materials, a warranty on the equipment, training and installation. The Company identifies all goods and/or services that are to be delivered separately under a sales arrangement and allocates revenue to each deliverable based on either vendor-specific objective evidence (“VSOE”) or if VSOE is not determinable then the Company uses best estimated selling price (“BESP”) of each deliverable. The Company established VSOE of selling price using the price charged for a deliverable when sold separately. The objective of BESP is to determine the price at which the Company would transact a sale if the deliverable was sold regularly on a stand-alone basis. The Company considers multiple factors including, but not limited to, market conditions, geographies, competitive landscapes, and entity-specific factors such as internal costs, gross margin objectives and pricing practices when estimating BESP. Consideration in a multiple element arrangement is then allocated to the elements on a relative sales value basis using either VSOE or BESP for all the elements. The Company also evaluates the impact of undelivered items on the functionality of delivered items for each sales transaction and, where appropriate, defers revenue on delivered items when that functionality has been affected. Functionality is determined to be met if the delivered products or services represent a separate earnings process. | ||||||
Hardware | ||||||
In general, revenues are separated between printers and other products, print materials, training services, maintenance services and installation services. The allocated revenue for each deliverable is then recognized based on relative fair values of the components of the sale, consistent within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605 Revenue Recognition. | ||||||
Under the Company’s standard terms and conditions of sale, title and risk of loss transfer to the customer at the time product is shipped to the customer and revenue is recognized accordingly, unless customer acceptance is uncertain or significant obligations remain. The Company defers the estimated revenue associated with post-sale obligations that are not essential to the functionality of the delivered items, and recognizes revenue in the future as the conditions for revenue recognition are met. | ||||||
Software | ||||||
The Company also markets and sells software tools that enable our customers to capture and customize content using our printers, as well as reverse engineering and inspection software. The software does not require significant modification or customization. The Company applies the guidance in ASC 985-605, Software-Revenue Recognition in recognizing revenue when software is more than incidental to the product or service as a whole based on fair value using vendor-specific objective evidence. Revenue from perpetual software licenses is recognized either upon delivery of the product or delivery of a key code which allows the customer to access the software. In instances where software access is provided for a trial period, revenue is not recognized until the customer has purchased the software at the expiration of the trial period. The Company uses the residual method to allocate revenue to software licenses at the inception of the license term when VSOE of fair value for all undelivered elements, such as maintenance, exists and all other revenue recognition criteria have been satisfied. In instances in which customers purchase post sale support, it is considered a separate element from the software and is deferred at the time of sale and subsequently amortized in future periods. | ||||||
The Company also sells equipment with embedded software to its customers. The embedded software is not sold separately, it is not a significant focus of the marketing effort and the Company does not provide post-contract customer support specific to the software or incur significant costs that are within the scope of ASC 985. Additionally, the functionality that the software provides is marketed as part of the overall product. The software embedded in the equipment is incidental to the equipment as a whole such that ASC 985 is not applicable. Sales of these products are recognized in accordance with ASC 605.25, “Multiple-Element Arrangements.” | ||||||
Services | ||||||
Printers include a warranty under which the Company provides maintenance for periods up to one year, as well as training, installation and non-contract maintenance services. The Company defers this portion of the revenue at the time of sale based on the relative fair value of these services. Deferred revenue is recognized ratably according to the term of the warranty. Costs associated with our obligations during the warranty period are expensed as incurred. After the initial warranty period, the Company offers these customers optional maintenance contracts. Deferred maintenance revenue is recognized ratably, on a straight-line basis, over the period of the contract, and costs associated with these contracts are recognized as incurred. Revenue from training, installation and non-contract maintenance services is recognized at the time of performance. | ||||||
Quickparts printed parts sales are included within services revenue and revenue is recognized upon shipment or delivery of the parts, based on the terms of the sales arrangement. | ||||||
Terms of sale | ||||||
Shipping and handling costs billed to customers for equipment sales and sales of print materials are included in product revenue in the Consolidated Statements of Income and Other Comprehensive Income. Costs incurred by the Company associated with shipping and handling are included in product cost of sales in the Consolidated Statements of Income and Other Comprehensive Income. | ||||||
Credit is extended, and creditworthiness is determined, based on an evaluation of each customer’s financial condition. New customers are generally required to complete a credit application and provide references and bank information to facilitate an analysis of creditworthiness. Customers with a favorable profile may receive credit terms that differ from the Company’s general credit terms. Creditworthiness is considered, among other things, in evaluating the Company’s relationship with customers with past due balances. | ||||||
The Company’s terms of sale generally require payment within 30 to 60 days after shipment of a product, although the Company also recognizes that longer payment periods are customary in some countries where it transacts business. To reduce credit risk in connection with printer sales, the Company may, depending upon the circumstances, require significant deposits prior to shipment and may retain a security interest in a system sold until fully paid. In some circumstances, the Company may require payment in full for its products prior to shipment and may require international customers to furnish letters of credit. For maintenance services, the Company either bills customers on a time-and-materials basis or sells customers service agreements that are recorded as deferred revenue and provide for payment in advance on either an annual or other periodic basis. | ||||||
Cash and Cash Equivalents | ||||||
Investments with original maturities of three months or less at the date of purchase are considered to be cash equivalents. The Company’s policy is to invest cash in excess of short-term operating and debt-service requirements in such cash equivalents. These instruments are stated at cost, which approximates market value because of the short maturity of the instruments. The Company places its cash with highly creditworthy financial institutions, corporations or governments, and believes its risk of loss is limited; however, at times, account balances may exceed international and U.S. federally insured limits. | ||||||
Allowance for Doubtful Accounts | ||||||
The Company’s estimate of the allowance for doubtful accounts related to trade receivables is based on two methods. The amounts calculated from each of these methods are combined to determine the total amount reserved. | ||||||
First, the Company evaluates specific accounts for which it has information that the customer may be unable to meet its financial obligations (for example, bankruptcy). In these cases, the Company uses its judgment, based on the available facts and circumstances, and records a specific reserve for that customer against amounts due to reduce the outstanding receivable balance to the amount that is expected to be collected. These specific reserves are reevaluated and adjusted as additional information is received that impacts the amount reserved. | ||||||
Second, a reserve is established for all customers based on percentages applied to aging categories. These percentages are based on historical collection and write-off experience. If circumstances change (for example, the Company experiences higher-than-expected defaults or an unexpected adverse change in a customer’s financial condition), estimates of the recoverability of amounts due to the Company could be reduced. Similarly, if the Company experiences lower-than-expected defaults or customer financial condition improves, estimates of the recoverability of amounts due the Company could be increased. | ||||||
The Company also provides an allowance account for returns and discounts. This allowance is evaluated on a specific account basis. In addition, the Company provides a general reserve for returns from customers that have not been specifically identified based on historical experience. | ||||||
The Company’s estimate of the allowance for doubtful accounts for financing receivables is determined by evaluating specific accounts for which the borrower is past due more than 90 days, or for which it has information that the borrower may be unable to meet its financial obligations (for example, bankruptcy). In these cases, the Company uses its judgment, based on the available facts and circumstances, and records a specific reserve for that borrower against amounts due to reduce the outstanding receivable balance to the amount that is expected to be collected. If there are any specific reserves, they are reevaluated and adjusted as additional information is received that impacts the amount reserved. | ||||||
Inventories | ||||||
Inventories are stated at the lower of cost or net realizable market value, cost being determined using the first-in, first-out method. Reserves for slow-moving and obsolete inventories are provided based on historical experience and current product demand. The Company evaluates the adequacy of these reserves quarterly. | ||||||
Property and Equipment | ||||||
Property and equipment are carried at cost and depreciated on a straight-line basis over the estimated useful lives of the related assets, generally three to thirty years. Leasehold improvements are amortized on a straight-line basis over the shorter of (i) their estimated useful lives and (ii) the estimated or contractual lives of the leases. Realized gains and losses are recognized upon disposal or retirement of the related assets and are reflected in results of operations. Charges for repairs and maintenance are expensed as incurred. | ||||||
Goodwill and Intangible Assets | ||||||
The annual impairment testing required by ASC 350, “Intangibles – Goodwill and Other” requires the Company to use judgment and could require the Company to write down the carrying value of its goodwill and other intangible assets in future periods. The Company allocates goodwill to identifiable geographic reporting units, which are tested for impairment using a two-step process detailed in that statement. See Note 7 to the consolidated financial statements. The first step requires comparing the fair value of each reporting unit with the carrying amount, including goodwill. If that fair value exceeds the carrying amount, the second step of the process is not required to be performed, and no impairment charge is required to be recorded. If that fair value does not exceed that carrying amount, the Company must perform the second step, which requires an allocation of the fair value of the reporting unit to all assets and liabilities of that unit as if the reporting unit had been acquired in a purchase business combination and the fair value of the reporting unit was the purchase price. The goodwill resulting from that purchase price allocation is then compared to the carrying amount with any excess recorded as an impairment charge. | ||||||
Goodwill set forth on the Consolidated Balance Sheet as of December 31, 2014 arose from acquisitions carried out in 2014, 2013, 2012, 2011, 2010 and 2009 and in years prior to December 31, 2007. Goodwill arising from acquisitions prior to 2007 was allocated to geographic reporting units based on the percentage of SLS printers then installed by geographic area. Goodwill arising from acquisitions in 2009 through 2014 was allocated to geographic reporting units based on geographic dispersion of the acquired companies’ sales or capitalization at the time of their acquisition. | ||||||
The Company is required to perform a valuation of each of its three geographic reporting units annually, or upon significant changes in the Company’s business environment. The Company conducted its annual impairment analysis in the fourth quarter of 2014. To determine the fair value of each reporting unit the Company utilized discounted cash flows, using five years of projected unleveraged free cash flows and terminal EBITDA earnings multiples. The discount rates used for the analysis reflected a weighted average cost of capital based on industry and capital structure adjusted for equity risk premiums and size risk premiums based on market capitalization. The discounted cash flow valuation uses projections of future cash flows and includes assumptions concerning future operating performance and economic conditions and may differ from actual future cash flows. The Company also considered the current trading multiples of comparable publicly-traded companies and the historical pricing multiples for comparable merger and acquisition transactions that have occurred in the industry. The control premium that a third party would be willing to pay to obtain a controlling interest in a reporting unit of the Company was a component considered when determining fair value. In addition, factors such as the performance of competitors were also considered. Under each fair value measurement methodology considered, the fair value of each reporting unit exceeded its carrying value; accordingly, no goodwill impairment adjustments were recorded. In addition, factors such as the performance of competitors were also considered. The Company concluded that there was a reasonable basis for the excess of the estimated fair value of the geographic reporting units over its market capitalization. | ||||||
The estimated fair value of the three geographic reporting units incorporated judgment and the use of estimates by management. Potential factors requiring assessment include the relationship between our market capitalization and our book value, variance in results of operations from projections, and additional acquisition transactions in the industry that reflect a lower control premium. Any of these factors may cause management to reevaluate goodwill during any quarter throughout the year. If an impairment charge were to be taken for goodwill it would be a non-cash charge and would not impact the Company’s cash position or cash flows; however, such a charge could have a material impact to equity and the statement of income and comprehensive income. | ||||||
There was no goodwill impairment for the years ended December 31, 2014, 2013 or 2012. | ||||||
Determining the fair value of a reporting unit, intangible asset or a long-lived asset is judgmental and involves the use of significant estimates and assumptions. The Company bases its fair value estimates on assumptions that it believes are reasonable, but are uncertain and subject to changes in market conditions. | ||||||
Redeemable Noncontrolling Interest | ||||||
The minority interest shareholders of a certain subsidiary have the right to require the Company to acquire their ownership interest under certain circumstances pursuant to a contractual arrangement and the Company has a similar call option under the same contractual terms. The amount of consideration under the put and call rights is not a fixed amount, but rather is dependent upon various valuation formulas and on future events, such as revenue and gross margin performance of the subsidiary through the date of exercise, etc. as described in Note 22. | ||||||
The Company has recorded the put option as mezzanine equity at their current estimated redemption amount. The Company accrues changes in the redemption amounts over the period from the date of issuance to the earliest redemption date of the put option. For the year ended December 31, 2014, there has been no charge to noncontrolling interests. Changes in the estimated redemption amounts of the put options are adjusted at each reporting period with a corresponding adjustment to equity. | ||||||
The following table presents changes in Redeemable Noncontrolling Interests. | ||||||
Years Ended December 31, | ||||||
(in thousands) | 2014 | 2013 | ||||
Balance at January 1, | $ | — | $ | — | ||
Granted | 8,550 | — | ||||
Currency translation adjustments | 322 | — | ||||
Balance at December 31, | $ | 8,872 | $ | — | ||
Licenses, Patent Costs and Other Long-Lived Assets | ||||||
Licenses, patent costs and other long-lived assets include costs incurred to perfect license or patent rights under applicable domestic and foreign laws and the amount incurred to acquire existing licenses and patents. Licenses and patent costs are amortized on a straight-line basis over their estimated useful lives, which are approximately seven to twenty years. Amortization expense is included in cost of sales, research and development expenses and selling, general and administrative expenses, depending upon the nature and use of the technology. | ||||||
The Company evaluates long-lived assets other than goodwill for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If the estimated future cash flows (undiscounted and without interest charges) from the use of the asset are less than its carrying value, a write-down would be recorded to reduce the related asset to its estimated fair value. | ||||||
No impairment loss was recorded for the periods presented. | ||||||
Capitalized Software Costs | ||||||
Certain software development and production costs are capitalized when the related product reaches technological feasibility. No Software development costs were capitalized in 2014 and $250 were capitalized in 2013. No software development costs were capitalized in 2012. Capitalized software costs include internally developed software and certain costs that relate to developed software that the Company acquired through acquisition of businesses. Amortization of software development costs begins when the related products are available for use in related printers. Amortization expense related to capitalized software costs amounted to $1,439, $1,439 and $1,440 for 2014, 2013 and 2012, respectively, based on the straight-line method using an estimated useful life ranging from one year to eight years. Net capitalized software costs aggregated $3,556, $5,234 and $6,424 at December 31, 2014, 2013 and 2012, respectively, and are included in intangible assets in the accompanying consolidated balance sheets. | ||||||
Contingencies | ||||||
The Company follows the provisions of ASC 450, “Contingencies,” which requires that an estimated loss from a loss contingency be accrued by a charge to income if it is both probable that an asset has been impaired or that a liability has been incurred and that the amount of the loss can be reasonably estimated. | ||||||
Foreign Currency Translation | ||||||
The Company transacts business globally and is subject to risks associated with fluctuating foreign exchange rates. 49.1% of the Company’s consolidated revenue is derived from sales outside the U.S. This revenue is generated primarily from sales of subsidiaries operating outside the U.S. in their respective countries and surrounding geographic areas. This revenue is primarily denominated in each subsidiary’s local functional currency, although certain sales are denominated in other currencies. These subsidiaries incur most of their expenses (other than intercompany expenses) in their local functional currencies. These currencies include Australian Dollars, British Pounds, Chinese Yuan, Euros, Japanese Yen, Swiss Francs, South Korean Won, Israel Shekel, Brazilian Real and Indian Rupee. | ||||||
The geographic areas outside the U.S. in which the Company operates are generally not considered to be highly inflationary. Nonetheless, these foreign operations are sensitive to fluctuations in currency exchange rates arising from, among other things, certain intercompany transactions that are generally denominated in U.S. dollars rather than their respective functional currencies. The Company’s operating results, assets and liabilities are subject to the effect of foreign currency translation when the operating results and the assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars in the Company’s consolidated financial statements. The assets and liabilities of the Company’s foreign subsidiaries are translated from their respective functional currencies into U.S. dollars based on the translation rate in effect at the end of the related reporting period. The operating results of the Company’s foreign subsidiaries are translated to U.S. dollars based on the average conversion rate for the related period. Gains and losses resulting from these conversions are recorded in accumulated other comprehensive income in the consolidated balance sheets. | ||||||
Gains and losses resulting from foreign currency transactions (transactions denominated in a currency other than the functional currency of the Company or a subsidiary) are included in the consolidated statements of income and other comprehensive income, except for intercompany receivables and payables for which settlement is not planned or anticipated in the foreseeable future, which are included as a component of accumulated other comprehensive income in the consolidated balance sheets. | ||||||
Derivative Financial Instruments | ||||||
The Company is exposed to market risk from changes in interest rates and foreign currency exchange rates and commodity prices, which may adversely affect its results of operations and financial condition. The Company seeks to minimize these risks through regular operating and financing activities and, when the Company considers it to be appropriate, through the use of derivative financial instruments. | ||||||
The Company does not purchase, hold or sell derivative financial instruments for trading or speculative purposes. The Company has elected not to prepare and maintain the documentation to qualify for hedge accounting treatment under ASC 815, “Derivatives and Hedging,” and therefore, all gains and losses (realized or unrealized) related to derivative instruments are recognized in interest and other expense, net in the consolidated statements of income and comprehensive income and depending on the fair value at the end of the reporting period, derivatives are recorded either in prepaid and other current assets or in accrued liabilities in the consolidated balance sheets. | ||||||
The Company and its subsidiaries conduct business in various countries using both their functional currencies and other currencies to effect cross border transactions. As a result, they are subject to the risk that fluctuations in foreign exchange rates between the dates that those transactions are entered into and their respective settlement dates will result in a foreign exchange gain or loss. When practicable, the Company endeavors to match assets and liabilities in the same currency on its U.S. balance sheet and those of its subsidiaries in order to reduce these risks. The Company, when it considers it to be appropriate, enters into foreign currency contracts to hedge the exposures arising from those transactions. See Note 10 to the consolidated financial statements. | ||||||
The Company is exposed to credit risk if the counterparties to such transactions are unable to perform their obligations. However, the Company seeks to minimize such risk by entering into transactions with counterparties that are believed to be creditworthy financial institutions. | ||||||
Research and Development Costs | ||||||
Research and development costs are expensed as incurred. | ||||||
Earnings per Share | ||||||
Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income, as adjusted for the assumed issuance of all dilutive shares, by the weighted average number of shares of common stock outstanding plus the number of additional common shares that would have been outstanding if all dilutive common shares issuable upon exercise of outstanding stock options or conversion of convertible securities had been issued. Common shares related to stock options are excluded from the computation when their effect is anti-dilutive, that is, when their inclusion would increase the Company’s net income per share or reduce its net loss per share. At December 31, 2013 and 2012, the average outstanding diluted shares calculation also excluded shares that may have been issued upon conversion of the outstanding senior convertible notes because their inclusion would have been anti-dilutive. All senior convertible notes were converted in 2014. See Note 17 to the consolidated financial statements. | ||||||
Advertising Costs | ||||||
Advertising costs are expensed as incurred. Advertising expenses were $8,799, $6,010 and $3,972 for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||
Pension costs | ||||||
The Company sponsors a retirement benefit for one of its non-U.S. subsidiaries in the form of a defined benefit pension plan. Accounting standards require the cost of providing this pension benefit be measured on an actuarial basis. Actuarial gains and losses resulting from both normal year-to-year changes in valuation assumptions and differences from actual experience are deferred and amortized. The application of these accounting standards requires management to make assumptions and judgments that can significantly affect these measurements. Critical assumptions made by management in performing these actuarial valuations include the selection of the discount rate to determine the present value of the pension obligations that affects the amount of pension expense recorded in any given period. Changes in the discount rate could have a material effect on the Company’s reported pension obligations and related pension expense. See Note 15 to the consolidated financial statements. | ||||||
Equity Compensation Plans | ||||||
The Company maintains stock-based compensation plans that are described more fully in Note 14 to the consolidated financial statements. Under the fair value recognition provisions of ASC 718, “Compensation – Stock Compensation,” stock-based compensation is estimated at the grant date based on the fair value of the awards expected to vest and recognized as expense ratably over the requisite service period of the award. | ||||||
Income Taxes | ||||||
The Company and its domestic subsidiaries file a consolidated U.S. federal income tax return. The Company’s non-U.S. subsidiaries file income tax returns in their respective jurisdictions. The Company provides for income taxes on those portions of its foreign subsidiaries’ accumulated earnings that the Company believes are not reinvested permanently in their business. | ||||||
Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax benefit carryforwards. Deferred income tax liabilities and assets at the end of each period are determined using enacted tax rates. | ||||||
The Company provides a valuation allowance for those jurisdictions in which the expiration date of tax benefit carryforwards or projected taxable earnings leads the Company to conclude that it is not likely that it will be able to realize the tax benefit of those carryforwards. | ||||||
Based upon the Company’s recent results of operations and its expected profitability in the future, the Company concluded that it is more likely than not that its deferred tax assets will be realized. | ||||||
The Company applies ASC 740 to determine the impact of an uncertain tax position on the income tax returns. In accordance with ASC 740, this impact must be recognized at the largest amount that is more likely than not to be required to be recognized upon audit by the relevant taxing authority. | ||||||
The Company includes interest and penalties accrued in the consolidated financial statements as a component of income tax expense. | ||||||
See Note 20 to the consolidated financial statements. | ||||||
Recent Accounting Pronouncements | ||||||
Accounting Standards Implemented in 2014 | ||||||
No new accounting pronouncements were implemented in 2014. | ||||||
New Accounting Standards to be Implemented | ||||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in amounts that reflect the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, may require more judgment and estimates within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2017. | ||||||
In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-12, Compensation – Stock Compensation (“ASU 2014-12”). ASU 2014-12 is intended to resolve diverse accounting treatment for share based awards in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. The standard is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 and may be applied prospectively or retrospectively. The Company does not expect adoption of this standard will have a significant impact on the Company’s consolidated financial statements. | ||||||
In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements – Going Concern (“ASU 2014-15”). ASU 2014-15 requires an entity’s management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern and if those conditions exist, the required disclosures. The standard is effective for annual periods ending after December 15, 2016, and interim periods therein. The Company does not expect adoption of this standard will have a significant impact on the Company’s consolidated financial statements. | ||||||
Acquisitions
Acquisitions | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Acquisitions [Abstract] | ||||
Acquisitions | Note 3 Acquisitions | |||
2014 Acquisitions | ||||
On February 18, 2014, the Company acquired the assets of Digital Playspace, Inc., an online platform that combines home design, gaming, and community sharing to deliver a 3D create-and-make experience for children, families and adults. The fair value of the consideration paid for this acquisition, net of cash acquired, was $4,000, of which $2,000 was paid in cash and $2,000 was paid in shares of the Company’s stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933. The operations of Digital Playspace, Inc. have been integrated into the Company’s service revenues. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2014 acquisitions. | ||||
On April 2, 2014, the Company acquired 100% of the outstanding shares and voting rights of Medical Modeling Inc. Medical Modeling Inc. is a provider of 3D printing-centric personalized surgical treatments and patient specific medical devices, including virtual surgical planning, personalized medical devices and clinical transfer tools. The fair value of the consideration paid for this acquisition, net of cash acquired, was $69,026 of which $51,526 was paid in cash and $17,500 was paid in shares of the Company’s stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933. The operations of Medical Modeling Inc. have been integrated into the Company’s service revenues. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2014 acquisitions. | ||||
On August 6, 2014, the Company acquired certain assets of Bordner and Associates, Inc. d/b/a Laser Reproductions (“Laser Reproductions”). Laser Reproductions is a provider of advanced manufacturing, tooling and rapid prototyping solutions. The fair value of the consideration paid for this acquisition, net of cash acquired, was $17,450, of which $13,075 was paid in cash and $4,375 was paid in shares of the Company’s common stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933. The operations of Laser Reproductions have been integrated into the Company’s service revenues. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2014 acquisitions. | ||||
On August 13, 2014, the Company acquired certain assets of sister companies American Precision Machining, L.L.C. (“APM”) and American Precision Prototyping, LLC (“APP”). APM and APP are providers of precision machining and manufacturing services and 3D printing services. The fair value of the consideration paid for these acquisitions, net of cash acquired, was $14,089, all of which was paid in cash. The operations of APM and APP have been integrated into the Company’s service revenues. The fair value of the consideration paid for these acquisitions was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2014 acquisitions. | ||||
On August 28, 2014, the Company acquired 100% of the outstanding shares and voting rights of Simbionix USA Corporation (“Simbionix”). Simbionix is a provider of patient-specific surgical simulation solutions. The fair value of the consideration paid for this acquisition, net of cash acquired, was $121,562, all of which was paid in cash. The operations of Simbionix have been integrated into the Company’s products and service revenues. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2014 acquisitions. | ||||
On September 3, 2014, the Company acquired 100% of the outstanding shares and voting rights of LayerWise NV (“LayerWise”). LayerWise is a provider of advanced direct metal 3D printing and manufacturing services and delivers quick-turn, 3D-printed metal parts, manufactured on its own proprietary line of direct metal 3D printers, for aerospace, high-precision equipment, and medical and dental customers. The fair value of the consideration paid for this acquisition, net of cash acquired, was $41,933, all of which was paid in cash. The operations of LayerWise have been integrated into the Company’s service revenues. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2014 acquisitions. | ||||
On November 25, 2014, the Company acquired 70% of the outstanding shares and voting rights of Robtec, an additive manufacturing service bureau and distributor of 3D printing and scanning products. Under the terms of the agreement, the Company acquired 70% of the shares of Robtec at closing and the remainder of the shares will be acquired by the Company on the fifth anniversary of the closing. The fair value of the consideration paid for this acquisition, net of cash acquired, was $21,880, all of which was paid in cash. The operations of Robtec have been integrated into the Company’s service revenues. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on the estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2014 acquisitions. | ||||
On December 16, 2014, the Company acquired 100% of the outstanding shares and voting rights of botObjects Ltd. (“botObjects”), a company that develops consumer 3D printers. The fair value of the consideration paid for this acquisition, net of cash acquired, was $24,743, all of which was paid in cash. The operations of botObjects have been integrated into the Company’s service revenues. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on the estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2014 acquisitions. | ||||
Subject to the terms and conditions of the botObejcts purchase agreement, the sellers have the right to earn an additional amount, of up to a maximum of approximately $25,000, pursuant to an earnout formula over a three-year period as set forth in the acquisition agreement. The earnout was determined not to be acquisition consideration and therefore will be recorded as compensation expense in the period earned. | ||||
On December 17, 2014, the Company acquired a product line related to its materials business. The fair value of the consideration paid for this acquisition, net of cash acquired, was $54,552, all of which was paid in cash. The company completed this acquisition as part of its improved business continuity and operational excellence initiatives. The operations have been integrated into the Company’s materials production. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on the estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2014 acquisitions. | ||||
For all acquisitions made in 2014, factors considered by the Company in determination of goodwill include synergies, vertical integration and strategic fit for the Company. The acquisitions completed during the year are not material relative to the Company’s assets or operating results; therefore, no proforma financial information is provided. | ||||
Goodwill related to asset acquisitions will be deductible for tax purposes. Goodwill related to equity acquisitions will not be recognized as a tax-deductible asset. If the target in an equity acquisition was deducting goodwill from a previous asset acquisition, that tax benefit would continue. | ||||
The Company’s purchase price allocations for the acquired companies are preliminary and subject to revision as more detailed analyses are completed and additional information about fair value of assets and liabilities becomes available. The amounts related to the acquisitions of these businesses were allocated to the assets acquired and the liabilities assumed and included in the Company’s condensed consolidated balance sheet at December 31, 2014 as follows: | ||||
(in thousands) | 2014 | |||
Fixed assets | $ | 19,279 | ||
Other intangible assets, net | 127,315 | |||
Goodwill | 259,422 | |||
Other assets, net of cash acquired | 38,583 | |||
Liabilities | -75,364 | |||
Net assets acquired | $ | 369,235 | ||
Subsequent Acquisition | ||||
In November, the Company entered into a definitive agreement to acquire all of the outstanding shares of Cimatron Ltd. (“Cimatron”), a provider of integrated 3D CAD/CAM software products and solutions for manufacturing. The acquisition was completed on February 9, 2015 for approximately $77,000, net of cash. | ||||
2013 Acquisitions | ||||
On January 9, 2013, the Company acquired 100% of the shares of common stock and voting equity of Co-Web. Co-Web is a start-up that creates consumer customized 3D printed products and collectibles. Co-Web’s operations have been integrated into the Company’s Cubify consumer solutions and included in services revenue. The fair value of the consideration paid for this acquisition, net of cash acquired, was $262, based on the exchange rate of the Euro at the date of acquisition, all of which was paid in cash. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2013 acquisitions. Factors considered in determination of goodwill include synergies, vertical integration and strategic fit for the Company. | ||||
On February 27, 2013, the Company acquired 100% of the shares of common stock and voting equity of Geomagic, Inc. (“Geomagic”). Geomagic is a leading global provider of 3D authoring solutions including design, sculpt and scan software tools that are used to create 3D content and inspect products throughout the entire design and manufacturing process. Geomagic’s operations have been integrated into the Company and are included in products and services revenue. The fair value of the consideration paid for this acquisition, net of cash acquired, was $52,687, all of which was paid in cash. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2013 acquisitions. Factors considered in determination of goodwill include synergies, workforce, vertical integration and strategic fit for the Company. | ||||
On May 1, 2013, the Company acquired certain assets and liabilities of Rapid Product Development Group, Inc. (“RPDG”). RPDG is a global provider of additive and traditional quick turn manufacturing services. RPDG’s operations have been integrated into the Company’s Quickparts services and are included in services revenue. The fair value of the consideration paid for this acquisition, net of cash acquired, was $44,413, of which $33,163 has been paid in cash and $6,750 has been paid in shares of the Company’s stock. The remaining $4,500 deferred purchase price was paid on the 12 month anniversary of the closing date with $3,750 of cash and $750 in shares of the Company’s stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2013 acquisitions. Factors considered in determination of goodwill include synergies, workforce, vertical integration and strategic fit for the Company. | ||||
On July 15, 2013, the Company acquired approximately 82% of the outstanding shares and voting rights of Phenix Systems, a leading global provider of direct metal selective laser sintering 3D printers. During 2013, the Company acquired additional shares and completed a tender offer. As of December 31, 2014, the Company owned approximately 95% of the capital and voting rights of Phenix Systems. Phenix Systems designs, manufactures and sells proprietary direct metal 3D printers that can print chemically pure, fully dense metal and ceramic parts from very fine powders. The fair value of the consideration paid for this acquisition, net of cash acquired, was approximately $16,975 based on the exchange rate at the date of acquisition, all of which was paid in cash. Phenix’s operations have been integrated into printers and other products and services revenue. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2013 acquisitions. Factors considered in determination of goodwill include synergies, workforce, vertical integration and strategic fit for the Company. | ||||
On August 6, 2013, the Company acquired 100% of the common stock, preferred stock and voting equity of VisPower Technology, Inc., a cloud-based, collaborative design and project management platform (“TeamPlatform”). The fair value of the consideration paid for this acquisition, net of cash acquired, was $4,998, all of which was paid in cash. TeamPlatform’s operations have been integrated into the Company’s professional and consumer offerings, including Geomagic Solutions and Cubify.com. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2013 acquisitions. Factors considered in determination of goodwill include synergies, workforce, vertical integration and strategic fit for the Company. | ||||
On August 20, 2013, the Company acquired 100% of the common stock and voting equity of CRDM, Ltd. (“CRDM”), a provider of rapid prototyping and rapid tooling services. The fair value of the consideration paid for this acquisition, net of cash acquired, was approximately $6,399 based on the exchange rate at the date of acquisition, all of which was paid in cash. CRDM’s operations have been integrated into the Company’s global Quickparts custom parts and manufacturing services revenue. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2013 acquisitions. Factors considered in determination of goodwill include synergies, workforce, vertical integration and strategic fit for the Company. | ||||
On September 6, 2013, the Company acquired the assets of The Sugar Lab, a start-up that is dedicated to 3D printing customized, multi-dimensional, edible confections. The fair value of the consideration paid for this acquisition, net of cash acquired, was $1,500, of which $1,000 was paid in cash and $500 was paid in shares of the Company’s stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933. The Sugar Lab’s operations have been integrated into the Company’s printers and services revenue. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2013 acquisitions. Factors considered in determination of goodwill include synergies, vertical integration and strategic fit for the Company. | ||||
On December 4, 2013, the Company acquired 100% of the common stock and voting equity of Figulo Corporation, a provider of 3D-printed ceramics. The fair value of the consideration paid for this acquisition, net of cash acquired, was $2,846, of which $1,996 was paid in cash and $850 was paid in shares of the Company’s stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933. Figulo’s operations have been integrated into the Company’s printers and services revenue. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2013 acquisitions. Factors considered in determination of goodwill include synergies, workforce, vertical integration and strategic fit for the Company. | ||||
On December 13, 2013, the Company acquired 100% of the common stock and voting equity of Village Plastics Co., a manufacturer of filament-based ABS, PLA and HIPS 3D printing materials. The fair value of the consideration paid for this acquisition, net of cash acquired, was $6,361, of which $4,361 was paid in cash and $2,000 was paid in shares of the Company’s stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933. Village Plastics operations have been integrated into the Company’s supply chain and manufacturing operations. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2013 acquisitions. Factors considered in determination of goodwill include synergies, workforce, vertical integration and strategic fit for the Company. | ||||
On December 23, 2013, the Company acquired 100% of the common stock and voting rights of Gentle Giant Studios, Inc., a provider of 3D scanning and modeling content for the entertainment and toy industries. The fair value of the consideration paid for this acquisition, net of cash acquired, was $10,650, of which $7,975 was paid in cash and $2,675 was paid in shares of the Company’s stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933. Gentle Giant Studios’ technology and content have been integrated into the Company’s service revenue. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2013 acquisitions. Factors considered in determination of goodwill include synergies, workforce, vertical integration and strategic fit for the Company. The Company’s purchase price allocations are preliminary and subject to revision as more detailed analyses are completed and additional information about fair value of assets and liabilities becomes available. | ||||
Subject to the terms and conditions of the Gentle Giant Share Purchase Agreement, additional consideration will be paid on the third, fourth and fifth anniversaries of the Closing Date, calculated based on revenues of Gentle Giant for the twelve month period prior to each such anniversary date. | ||||
On December 31, 2013, the Company acquired certain assets of Xerox Corporation’s Wilsonville, Oregon product design, engineering and chemistry group and related assets. The fair value of the consideration paid for this acquisition, net of cash acquired, was $32,500, all of which was paid in cash. The Wilsonville team and assets have been integrated into the Company’s R&D operations. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2013 acquisitions. Factors considered in determination of goodwill include synergies, workforce, vertical integration and strategic fit for the Company. The Company’s purchase price allocations are preliminary and subject to revision as more detailed analyses are completed and additional information about fair value of assets and liabilities becomes available. | ||||
The amounts related to the acquisitions of these businesses were allocated to the assets acquired and the liabilities assumed and included in the Company’s condensed consolidated balance sheet at December 31, 2013 as follows: | ||||
(in thousands) | 2013 | |||
Fixed assets | $ | 9,830 | ||
Other intangible assets, net | 51,930 | |||
Goodwill | 128,328 | |||
Other assets, net of cash acquired | 21,843 | |||
Liabilities | -32,340 | |||
Net assets acquired | $ | 179,591 | ||
2012 Acquisitions | ||||
On January 3, 2012, the Company acquired 100% of the outstanding shares and voting rights of Z Corporation (“Z Corp”) and Vidar Systems Corporation (“Vidar”). Z Corp is a provider of consumer and professional 3D printers, 3D scanners, proprietary print materials and printer services. Z Corp’s operations have been integrated into the Company and are included in printers and other products and services revenue. Vidar is a provider of medical film scanners that digitize film for radiology, oncology, mammography and dental applications. Vidar’s operations have been integrated into the Company and included in printers and other products revenue. The fair value of the consideration paid for this acquisition was $134,918, net of cash acquired, all of which was paid in cash, and was allocated to the assets purchased and liabilities assumed based on their estimated fair values as of the acquisition date, and is included in the table below which summarizes 2012 acquisitions. Factors considered in determination of goodwill include synergies, workforce, vertical integration and strategic fit for the Company. | ||||
Z Corp and Vidar, the only significant acquisitions in 2012, have been recorded in the printers and other products, print materials and services categories of the Company’s consolidated financial statements since the date of acquisition. Revenue for Z Corp and Vidar for 2012 was $55,637 and operating income was $8,478. | ||||
If the 2012 acquisition of Z Corp and Vidar had been included in the Company’s results of operations since January 1, 2011, the consolidated revenue for 2012 and 2011 would have been $353,633 and $286,956, respectively. Net income would have been $38,941 and $27,487 for 2012 and 2011. The unaudited pro forma results provided reflect certain adjustments related to the acquisitions, such as amortization expense on intangible assets acquired, and do not include any cost synergies or other effects of the integration of the acquisition. These pro forma amounts are not necessarily indicative of the results that would have occurred if the acquisition had been completed at the beginning of 2011, nor are they indicative of the future operating results from the combined companies. | ||||
On April 5, 2012, the Company acquired 100% of the outstanding shares and voting rights of Fresh Fiber B.V. (“Fresh Fiber”), moving from a minority shareholder to 100% ownership. Fresh Fiber designs and markets innovative 3D printed accessories for retail consumer electronics. Fresh Fiber’s operations have been integrated into the Company and are included in products revenue. The fair value of the consideration paid for this acquisition, net of cash acquired, was $1,243, based on the Euro exchange rate at the date of acquisition, of which $848 was paid in cash and $395 was paid in shares of the Company’s common stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below which summarizes 2012 acquisitions. The Fresh Fiber acquisition is not significant to the Company’s financial statements. Factors considered in determination of goodwill include synergies, workforce, vertical integration and strategic fit for the Company. | ||||
Subject to the terms and conditions of the Fresh Fiber acquisition agreement, the seller has the right to earn an additional amount pursuant to an earnout formula over a three-year period as set forth in the acquisition agreement. The earnout was determined to be acquisition consideration and therefore is reflected as part of goodwill and was accrued based on the acquisition date fair value. | ||||
On April 10, 2012, the Company acquired 100% of the outstanding shares and voting rights of Kodama Studios, LLC, which operates My Robot Nation, (“My Robot Nation”), a consumer technology platform that provides intuitive, game-like content creation for 3D printing. My Robot Nation’s operations have been integrated into the Company and revenue from this acquisition is included in services revenue. The fair value of the consideration paid for this acquisition, net of cash acquired, was $2,749, of which $1,499 was paid in cash and $1,250 was paid in shares of the Company’s common stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed based on the estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below which summarizes 2012 acquisitions. The My Robot Nation acquisition is not significant to the Company’s financial statements. Factors considered in determination of goodwill include synergies, workforce, vertical integration and strategic fit for the Company. | ||||
On April 17, 2012, the Company acquired the assets of Paramount Industries (“Paramount”), a direct rapid manufacturing provider of product development solutions for aerospace and medical device applications, from design to production of certified end-use parts and products. Paramount’s operations have been integrated into the Company and revenue since the date of acquisition is reported in services revenue. The fair value of the consideration paid for this acquisition, net of cash acquired, was $7,953, of which $6,138 was paid in cash and $1,815 was paid in shares of the Company’s common stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed based on the estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below which summarizes 2012 acquisitions. The Paramount acquisition is not significant to the Company’s financial statements. Factors considered in determination of goodwill include synergies, workforce, vertical integration and strategic fit for the Company. | ||||
Subject to the terms and conditions of the Paramount acquisition agreement, the seller has the right to earn an additional amount pursuant to an earnout formula over a five-year period as set forth in the acquisition agreement. The earnout was determined not to be acquisition consideration and therefore will be recorded as compensation expense in the period earned. In connection with the acquisition the Company entered into a lease agreement with the former owner of Paramount pursuant to which the Company agreed to lease the facilities at which Paramount conducts its operations. The lease provides for an initial term of five years, with options for two successive three-year terms. | ||||
On May 23, 2012, the Company acquired 100% of the outstanding shares and voting rights of Bespoke Innovations, Inc. (“Bespoke”), a startup that is bringing a more personal approach to the way a broad spectrum of medical devices are developed and used. Bespoke develops proprietary, integrated scan, design and print technology that is designed to deliver custom fit prosthetics, orthotics and orthopedic devices that improve treatment and lifestyle outcomes. Bespoke’s operations have been integrated into the Company and revenue since the date of acquisition is reported in products revenue. The fair value of the consideration paid for this acquisition, net of cash acquired, was $7,903 of which $4,064 was paid in cash and $3,144 was paid in shares of the Company’s common stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933. Subject to the terms and conditions of the acquisition agreement, the sellers have the right to a deferred payment of $695. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on the estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below which summarizes 2012 acquisitions. The Bespoke acquisition is not significant to the Company’s financial statements. Factors considered in determination of goodwill include synergies, workforce, vertical integration and strategic fit for the Company. | ||||
On July 23, 2012, the Company acquired 100% of the outstanding shares and voting rights of Viztu Technologies, Inc. (“Viztu”). Viztu is the developer of Hypr3D™, an online platform that allows anyone to turn their pictures and videos into printable 3D creations. Viztu’s operations have been integrated into the Company and revenue since the date of acquisition is included in services revenue. The fair value of the consideration paid for this acquisition, net of cash acquired, was $1,000, of which $500 was paid in cash and $500 was paid in shares of the Company’s common stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below which summarizes 2012 acquisitions. The Viztu acquisition is not significant to the Company’s financial statements. Factors considered in determination of goodwill include synergies, workforce, vertical integration and strategic fit for the Company. | ||||
Subject to the terms and conditions of the Viztu acquisition agreement, the seller has the right to earn an additional amount, of up to a maximum of $1,000, pursuant to an earnout formula over a four-year period as set forth in the acquisition agreement. The earnout was determined not to be acquisition consideration and therefore will be recorded as compensation expense in the period earned. | ||||
On October 1, 2012, the Company acquired 100% of the outstanding shares and voting rights of The Innovative Modelmakers B.V. (“TIM”), a full service provider of Quickparts custom parts services. The fair value of the consideration paid for this acquisition, net of cash acquired, was $1,714, based on the exchange rate of the Euro at the date of acquisition, of which $1,148 was paid in cash and $566 was paid in shares of the Company’s common stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below which summarizes 2012 acquisitions. The Company integrated TIM into its European Quickparts services, and revenue since the acquisition date is reported in services revenue. The TIM acquisition is not significant to the Company’s financial statements. Factors considered in determination of goodwill include synergies, workforce, vertical integration and strategic fit for the Company. | ||||
On October 9, 2012, the Company acquired 100% of the outstanding shares and voting rights of INUS Technology, Inc., a developer of scan-to-CAD and inspection software tools, known as Rapidform (“Rapidform”). The fair value of the consideration paid for this acquisition, net of cash acquired, was $33,918, all of which was paid in cash. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below which summarizes 2012 acquisitions. Rapidform revenue is reported in products revenue. The Rapidform acquisition is not significant to the Company’s financial statements. Factors considered in determination of goodwill include synergies, workforce, vertical integration and strategic fit for the Company. | ||||
The amounts related to the acquisitions of these businesses were allocated to the assets acquired and the liabilities assumed and included in the Company’s condensed consolidated balance sheet at December 31, 2012 as follows: | ||||
(in thousands) | 2012 | |||
Fixed assets | $ | 9,599 | ||
Intangible assets | 200,407 | |||
Other liabilities, net of cash acquired and assets assumed | -18,719 | |||
Net assets acquired | $ | 191,287 | ||
Inventories
Inventories | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Inventories [Abstract] | |||||||
Inventories | Note 4 Inventories | ||||||
Components of inventories, net at December 31, 2014 and 2013 are as follows: | |||||||
(in thousands) | 2014 | 2013 | |||||
Raw materials | $ | 46,850 | $ | 34,144 | |||
Work in process | 2,304 | 3,050 | |||||
Finished goods and parts | 47,491 | 37,954 | |||||
Inventories, net | $ | 96,645 | $ | 75,148 | |||
Property_And_Equipment
Property And Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property And Equipment [Abstract] | |||||||||
Property And Equipment | Note 5 Property and Equipment | ||||||||
Property and equipment at December 31, 2014 and 2013 are summarized as follows: | |||||||||
(in thousands) | 2014 | 2013 | Useful Life (in years) | ||||||
Land | $ | 541 | $ | 541 | N/A | ||||
Building | 9,370 | 9,315 | 25 | ||||||
Machinery and equipment | 84,443 | 56,962 | 7-Mar | ||||||
Capitalized software | 3,693 | 3,872 | 5-Mar | ||||||
Office furniture and equipment | 3,478 | 3,586 | 5-Mar | ||||||
Leasehold improvements | 12,447 | 9,395 | Life of lease (a) | ||||||
Rental equipment | 557 | — | 5 | ||||||
Construction in progress | 20,082 | 4,014 | N/A | ||||||
Total property and equipment | 134,611 | 87,685 | |||||||
Less: Accumulated depreciation and amortization | -52,730 | -42,477 | |||||||
Total property and equipment, net | $ | 81,881 | $ | 45,208 | |||||
(a) | Leasehold improvements are amortized on a straight-line basis over the shorter of (i) their estimated useful lives and (ii) the estimated or contractual life of the related lease. | ||||||||
Depreciation and amortization expense on property and equipment for the years ended 2014, 2013 and 2012 was $14,727, $9,746 and $8,441, respectively. | |||||||||
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Intangible Assets [Abstract] | |||||||||||||||||||||||
Intangible Assets | Note 6 Intangible Assets | ||||||||||||||||||||||
Intangible assets other than goodwill at December 31, 2014 and December 31, 2013 are as follows: | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
(in thousands) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | Useful Life (in years) | Weighted Average Useful Life Remaining (in years) | |||||||||||||||
Intangible assets with finite lives: | |||||||||||||||||||||||
Licenses | $ | 5,875 | $ | -5,875 | $ | — | $ | 5,875 | $ | -5,875 | $ | — | N/A | N/A | |||||||||
Patent costs | 20,733 | -7,369 | 13,364 | 21,545 | -5,960 | 15,585 | 20-May | 3 | |||||||||||||||
Acquired technology | 57,383 | -18,241 | 39,142 | 30,095 | -13,615 | 16,480 | 10-Mar | 4 | |||||||||||||||
Internally developed software | 9,073 | -5,517 | 3,556 | 18,097 | -12,863 | 5,234 | 8-Jan | <1 | |||||||||||||||
Customer relationships | 157,139 | -36,975 | 120,164 | 95,793 | -18,283 | 77,510 | 11-Mar | 2 | |||||||||||||||
Non-compete agreements | 35,469 | -11,784 | 23,685 | 16,848 | -6,666 | 10,182 | 11-Mar | 3 | |||||||||||||||
Trade names | 21,800 | -4,455 | 17,345 | 9,302 | -2,211 | 7,091 | 10-Feb | 5 | |||||||||||||||
Other | 39,100 | -6,905 | 32,195 | 11,598 | -4,081 | 7,517 | 10-Apr | 1 | |||||||||||||||
Intangible assets with indefinite lives: | |||||||||||||||||||||||
Trademarks | 2,110 | — | 2,110 | 2,110 | — | 2,110 | N/A | N/A | |||||||||||||||
Total intangible assets | $ | 348,682 | $ | -97,121 | $ | 251,561 | $ | 211,263 | $ | -69,554 | $ | 141,709 | 20-Jan | 4 | |||||||||
Amortization expense related to costs incurred to internally develop and extend patents in the United States and various other countries was $281, $250 and $215 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||
Amortization expense related to acquired intangible assets was $39,203, $20,447 and $12,573 for the years ended December 31, 2014, 2013 and 2012, respectively. Amortization of these intangible assets is calculated on a straight-line basis over periods ranging from one year to twenty years. | |||||||||||||||||||||||
Annual amortization expense for intangible assets is expected to be $50,888 in 2015, $46,105 in 2016, $41,802 in 2017, $33,280 in 2018 and $24,706 in 2019. | |||||||||||||||||||||||
Goodwill
Goodwill | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Goodwill [Abstract] | |||||||||||||
Goodwill | Note 7 Goodwill | ||||||||||||
The following are the changes in the carrying amount of goodwill by geographic reporting unit: | |||||||||||||
(in thousands) | Americas | EMEA | Asia Pacific | Total | |||||||||
Balance at January 1, 2013 | $ | 168,202 | $ | 40,276 | $ | 31,836 | $ | 240,314 | |||||
Effect of foreign currency exchange rates | — | 2,145 | -967 | 1,178 | |||||||||
Goodwill acquired through acquisitions | 96,533 | 28,734 | 3,307 | 128,574 | |||||||||
Balance at December 31, 2013 | 264,735 | 71,155 | 34,176 | 370,066 | |||||||||
Effect of foreign currency exchange rates | 1,804 | -17,238 | -992 | -16,426 | |||||||||
Goodwill acquired through acquisitions | 72,872 | 163,025 | — | 235,897 | |||||||||
Balance at December 31, 2014 | $ | 339,411 | $ | 216,942 | $ | 33,184 | $ | 589,537 | |||||
The effect of foreign currency exchange in this table reflects the impact on goodwill of amounts recorded in currencies other than the U.S. dollar on the financial statements of subsidiaries in these geographic areas resulting from the yearly effect of foreign currency translation between the applicable functional currency and the U.S. dollar. The remaining goodwill for EMEA and the entire amount of goodwill for Asia Pacific represent amounts allocated in U.S. dollars from the U.S. to those geographic areas for financial reporting purposes. | |||||||||||||
Employee_Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2014 | |
Employee Benefits [Abstract] | |
Employee Benefits | Note 8 Employee Benefits |
The Company sponsors a Section 401(k) plan (the “Plan”) covering substantially all its eligible U.S. employees. The Plan entitles eligible employees to make contributions to the Plan after meeting certain eligibility requirements. Contributions are limited to the maximum contribution allowances permitted under the Internal Revenue Code. The Company matches 50% of the employee contributions up to a maximum match of $1.5, as set forth in the Plan. The Company may also make discretionary contributions to the Plan, which would be allocable to participants in accordance with the Plan. | |
In addition, the Company has several other U.S. and non-U.S. defined contribution plans covering eligible U.S. and non-U.S. employees, respectively. Postretirement benefits related to non-U.S. defined contribution plans, other than pensions, provide healthcare benefits, and in some instances, life insurance benefits for certain eligible employees. | |
For the years ended December 31, 2014, 2013 and 2012, the Company expensed $721, $527 and $489, respectively, for matching contributions to defined contribution plans. | |
Accrued_And_Other_Liabilities
Accrued And Other Liabilities | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Accrued And Other Liabilities [Abstract] | |||||||
Accrued And Other Liabilities | Note 9 Accrued and Other Liabilities | ||||||
Accrued liabilities at December 31, 2014 and 2013 are as follows: | |||||||
(in thousands) | 2014 | 2013 | |||||
Compensation and benefits | $ | 20,726 | $ | 13,197 | |||
Vendor accruals | 10,451 | 5,449 | |||||
Accrued professional fees | 532 | 493 | |||||
Accrued taxes | 8,577 | 1,834 | |||||
Royalties payable | 1,796 | 750 | |||||
Accrued interest | 43 | 73 | |||||
Accrued earnouts related to acquisitions | 185 | 5,872 | |||||
Accrued other | 1,909 | 762 | |||||
Total | $ | 44,219 | $ | 28,430 | |||
Other liabilities at December 31, 2014 and 2013 are summarized below: | |||||||
(in thousands) | 2014 | 2013 | |||||
Defined benefit pension obligation | $ | 7,062 | $ | 5,861 | |||
Long term tax liability | 2,029 | 90 | |||||
Long term earnouts related to acquisitions | 8,970 | 4,206 | |||||
Long term deferred revenue | 7,627 | 4,218 | |||||
Other long term liabilities | 9,210 | 826 | |||||
Total | $ | 34,898 | $ | 15,201 | |||
Hedging_Activities_And_Financi
Hedging Activities And Financial Instruments | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Hedging Activities And Financial Instruments [Abstract] | |||||||||||||
Hedging Activities And Financial Instruments | Note 10 Hedging Activities and Financial Instruments | ||||||||||||
Generally accepted accounting principles require the Company to disclose its estimate of the fair value of material financial instruments, including those recorded as assets or liabilities, in its consolidated financial statements. The carrying amounts of current assets and liabilities approximate fair value due to their short-term maturities. Generally, the fair value of a fixed-rate instrument will increase as interest rates fall and decrease as interest rates rise. | |||||||||||||
The carrying amounts and fair values of the Company’s other financial instruments at December 31, 2014 and 2013 were as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||
5.50% convertible notes | $ | — | $ | — | $ | 11,416 | $ | 12,035 | |||||
In November 2011, the Company entered into an indenture under which it privately placed $152,000 of 5.50% senior convertible notes due December 15, 2016 with institutional and accredited investors. The estimated fair value of the fixed-rate convertible notes in the table above differs from the amounts reflected on the balance sheet based on the difference between the mandatory redemption value and the market value of the notes. The remaining outstanding Notes were converted during the third quarter of 2014. | |||||||||||||
The foregoing estimate is subjective and involves uncertainties and matters of significant judgment. Changes in assumptions could significantly affect the Company’s estimates. | |||||||||||||
The Company conducts business in various countries using both the functional currencies of those countries and other currencies to effect cross border transactions. As a result, the Company is subject to the risk that fluctuations in foreign exchange rates between the dates that those transactions are entered into and their respective settlement dates will result in a foreign exchange gain or loss. When practicable, the Company endeavors to match assets and liabilities in the same currency on its balance sheet and those of its subsidiaries in order to reduce these risks. When appropriate, the Company enters into foreign currency contracts to hedge exposures arising from those transactions. The Company has elected not to prepare and maintain the documentation to qualify for hedge accounting treatment under ASC 815, “Derivatives and Hedging,” and therefore, all gains and losses (realized or unrealized) are recognized in “Interest and other expense, net” in the consolidated statements of income and comprehensive income. Depending on their fair value at the end of the reporting period, derivatives are recorded either in prepaid expenses and other current assets or in accrued liabilities on the consolidated balance sheet. | |||||||||||||
There were no foreign currency contracts outstanding at December 31, 2014 or at December 31, 2013. | |||||||||||||
The total impact of foreign currency related items on the consolidated statements of income and comprehensive income was a loss of $5,727, a loss of $773 and a gain of $145 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
Borrowings
Borrowings | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Borrowings [Abstract] | |||||||
Borrowings | Note 11 Borrowings | ||||||
Credit Facility | |||||||
On October 10, 2014, the Company and certain of its subsidiaries entered into a $150,000 five-year revolving, unsecured credit facility (the “Credit Agreement”) with PNC Bank, National Association, as Administrative Agent, PNC Capital Markets LLC, as Sole Lead Arranger and Sole Bookrunner, HSBC Bank USA, N.A., as Syndication Agent, and the other lenders party thereto (collectively, the “Lenders”). The Credit Agreement comprises a revolving loan facility that provides for advances in the initial aggregate principal amount of up to $150,000 (the “Credit Facility”). Subject to certain terms and conditions contained in the Credit Agreement, the Company may, at its option and subject to customary conditions, request an increase in the aggregate principal amount available under the Credit Facility by an additional $75,000. The Credit Agreement includes provisions for the issuance of letters of credit and swingline loans. | |||||||
The Credit Agreement is guaranteed by certain of the Company’s material domestic subsidiaries (the “Guarantors”). Pursuant to the Credit Agreement, the Guarantors guarantee to the Lenders, among other things, all of the obligations of the Company and each other Guarantor under the Credit Agreement. From time to time, the Company may be required to cause additional material domestic subsidiaries to become Guarantors under the Credit Agreement. | |||||||
Generally, amounts outstanding under the Credit Facility bear interest, at the Company’s option, at either the Base Rate or the LIBOR Rate, in each case, plus an applicable margin. Base Rate advances bear interest at a rate per annum equal to the sum of (i) the highest of (A) the Administrative Agent’s prime rate, (B) the Federal Funds Open Rate plus 0.5% or (C) the Daily LIBOR Rate for a one month interest period plus 1%, and (ii) an applicable margin that ranges from 0.25% to 0.50% based upon the Company’s consolidated total leverage ratio. LIBOR Rate advances bear interest at a rate based upon the London interbank offered rate for the applicable interest period, plus an applicable margin that ranges from 1.25% to 1.50% based upon the Company’s consolidated total leverage ratio. Under the terms of the Credit Agreement, (i) accrued interest on each loan bearing interest at the Base Rate is payable quarterly in arrears and (ii) accrued interest on each loan bearing interest at the LIBOR Rate is payable in arrears on the earlier of (A) quarterly and (B) the last day of each applicable interest payment date for each loan. The Credit Facility is scheduled to mature on October 10, 2019, at which time all amounts outstanding thereunder will be due and payable. | |||||||
The Company is required to pay certain fees in connection with the Credit Facility, including a quarterly commitment fee equal to the product of the amount of the average daily available revolving commitments under the Credit Agreement multiplied by a percentage that ranges from 0.20% to 0.25% depending upon the Company’s leverage ratio, as well as customary administrative fees. | |||||||
The Credit Agreement contains customary representations, warranties, covenants and default provisions for a Credit Facility of this type, including, but not limited to, financial covenants, limitations on liens and the incurrence of debt, covenants to preserve corporate existence and comply with laws and covenants regarding the use of proceeds of the Credit Facility. The financial covenants include a maximum consolidated total leverage ratio, which is the ratio of consolidated total funded indebtedness to consolidated EBITDA (earnings before interest, taxes, depreciation and amortization expense), as defined in the Credit Agreement, of 3.00 to 1.00, and a minimum interest coverage ratio, which is the ratio of Consolidated EBITDA to cash interest expense, of 3.50 to 1.0. The Company is only required to be in compliance with the financial covenants as of the end of any fiscal quarter in which there are any loans outstanding at any time during such fiscal quarter. | |||||||
There was no outstanding balance on the Credit Facility as of December 31, 2014. | |||||||
5.5% Senior Convertible Notes and Interest Expense | |||||||
In November 2011, the Company completed the private placement of $152,000 of 5.50% senior convertible notes due in December 2016. These notes are senior unsecured obligations and rank equal in right of payment with all the Company’s existing and future senior unsecured indebtedness. They are also senior in right of payment to any subordinated indebtedness that the Company may incur in the future. The notes accrue interest at the rate of 5.50% per year payable in cash semi-annually on June 15 and December 15 of each year. | |||||||
During 2014, the remaining $12,540 of outstanding notes were converted, reflecting a loss of $1,806 for the year ended December 31, 2014, compared to losses of $11,275 and $7,021, respectively, for the years ended December 31, 2013 and 2012. As of December 31, 2014, there is no outstanding balance for the notes. | |||||||
The following table summarizes the principal amounts and related unamortized discount on convertible notes: | |||||||
(in thousands) | 2014 | 2013 | |||||
Principal amount of convertible notes | $ | — | $ | 12,540 | |||
Unamortized discount on convertible notes | — | -1,124 | |||||
Net carrying value | $ | — | $ | 11,416 | |||
Interest Expense | |||||||
Interest expense totaled $1,227, $3,425 and $12,468 for the years ended December 31, 2014, 2013 and 2012, respectively and interest income totaled $482, $1,258, and $168 for the years ended December 31, 2014, 2013 and 2012, respectively, reflecting the combined effect of the issuance and conversion of the senior convertible notes and lower interest rates on investments. | |||||||
Other Debt | |||||||
In connection with its acquisition of LayerWise, the Company assumed a portion of LayerWise’s outstanding bank debt, consisting of $1,427 of revolving credit facilities and $240 in term loans. The term loans bear interest at rates ranging from 1.34% to 5.40% as of December 31, 2014. The outstanding balance on the term loans was $127, as of December 31, 2014, all of which was current. There were no borrowings outstanding under the revolving credit facilities as of December 31, 2014. There is a 0.125% commitment fee on the unused portion of the facilities. | |||||||
Lease_Obligations
Lease Obligations | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Lease Obligations [Abstract] | |||||||
Lease Obligations | Note 12 Lease Obligations | ||||||
The Company leases certain of its facilities and equipment under capitalized leases and other facilities and equipment under non-cancelable operating leases. The leases are generally on a net-rent basis, under which the Company pays taxes, maintenance and insurance. Leases that expire at various dates through 2031 are expected to be renewed or replaced by leases on other properties. Rent expense for the years ended December 31, 2014, 2013 and 2012 aggregated $10,427, $6,891 and $4,968, respectively. | |||||||
The Company’s future minimum lease payments as of December 31, 2014 under capitalized leases and non-cancelable operating leases, with initial or remaining lease terms in excess of one year, were as follows: | |||||||
(in thousands) | Capitalized Leases | Operating Leases | |||||
Years ending December 31: | |||||||
2015 | $ | 1,112 | $ | 10,006 | |||
2016 | 1,098 | 8,960 | |||||
2017 | 1,125 | 6,649 | |||||
2018 | 1,121 | 5,536 | |||||
2019 | 1,117 | 4,733 | |||||
Later years | 9,252 | 7,531 | |||||
Total minimum lease payments | 14,825 | $ | 43,415 | ||||
Less: amounts representing imputed interest | -5,391 | ||||||
Present value of minimum lease payments | 9,434 | ||||||
Less: current portion of capitalized lease obligations | -529 | ||||||
Capitalized lease obligations, excluding current portion | $ | 8,905 | |||||
Rock Hill Facility | |||||||
The Company leases its headquarters and research and development facility pursuant to a lease agreement with Lex Rock Hill, LP. After its initial term ending August 31, 2021, the lease provides the Company with the option to renew the lease for two additional five-year terms. The lease also grants the Company the right to cause Lex Rock Hill, subject to certain terms and conditions, to expand the leased premises during the term of the lease, in which case the term of the lease would be extended. The lease is a triple net lease and provides for the payment of base rent of $669 in 2014 through 2015, $683 in 2016, including a rent escalation in 2016, $709 in 2017 through 2020 and $723 in 2021. Under the terms of the lease, the Company is obligated to pay all taxes, insurance, utilities and other operating costs with respect to the leased premises. This lease is recorded as a capitalized lease obligation under ASC 840, “Leases.” The implicit interest rate was 6.93% as of December 31, 2014 and 2013. | |||||||
Other Capital Lease Obligations | |||||||
The Company leases other equipment with lease terms through August 2018. In accordance with ASC 840, the Company has recorded these leases as capitalized leases. The implicit interest rate ranged from 1.75% to 8.06% at December 31, 2014 and 1.75% to 7.80% at December 31, 2013. | |||||||
Preferred_Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2014 | |
Preferred Stock [Abstract] | |
Preferred Stock | Note 13 Preferred Stock |
The Company had 5,000 shares of preferred stock that were authorized but unissued at December 31, 2014 and 2013. | |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Stock-Based Compensation [Abstract] | ||||||||||||||||
Stock-Based Compensation | Note 14 Stock-Based Compensation | |||||||||||||||
Effective May 19, 2004, the Company adopted its 2004 Incentive Stock Plan, as further amended and restated on February 3, 2015 (the “2004 Stock Plan”) and its 2004 Restricted Stock Plan for Non-Employee Directors (the “2004 Director Plan”). Effective upon the adoption of these Plans, all the Company’s previous stock option plans terminated, except with respect to options outstanding under those plans. As of December 31, 2014 and 2013, all vested options had been exercised and there were no options outstanding. All stock-based compensation expense for vested options was recognized prior to 2008. | ||||||||||||||||
In 2014, the maximum number of shares of common stock reserved for issuance under the 2004 Stock Plan was increased from 4,000 to 6,000. Total awards issued under this plan, net of repurchases, amounted to 1,026 shares of restricted stock in 2014, 1,046 shares of restricted stock in 2013, and 540 shares of restricted stock in 2012. The Company estimated the future value associated with awards granted in 2014, 2013 and 2012 as $49,121, $67,942 and $20,458, respectively, which is calculated based on the fair market value of the common stock on the date of grant less the amount paid by the recipient and is expensed over the vesting period of each award. The compensation expense recognized in 2014, 2013 and 2012 was $31,944, $12,958 and $4,818, respectively. Generally, each of these awards is made with a vesting period of three years to five years from the date of grant and requires the recipient to pay the lesser of $1.00 for each share or an amount equal to ten percent of the fair market value of the Company’s common stock per share at the date of grant. | ||||||||||||||||
The purpose of the 2004 Stock Plan is to provide an incentive that permits the persons responsible for the Company’s growth to share directly in that growth and to further the identity of their interests with the interests of the Company’s stockholders. Any person who is an employee of or consultant to the Company, or a subsidiary or an affiliate of the Company, is eligible to be considered for the grant of restricted stock awards, stock options or performance awards pursuant to the 2004 Stock Plan. The 2004 Stock Plan is administered by the Compensation Committee of the Board of Directors, which, pursuant to the provisions of the 2004 Stock Plan, has the sole authority to determine recipients of awards under that plan, the number of shares to be covered by such awards and the terms and conditions of each award. The 2004 Stock Plan may be amended, altered or discontinued at the sole discretion of the Board of Directors at any time. | ||||||||||||||||
The 2004 Director Plan provides for the grant of up to 600 shares of common stock to non-employee directors (as defined in the Plan) of the Company, subject to adjustment in accordance with the terms of the Plan. The purpose of this Plan is to attract, retain and motivate non-employee directors of exceptional ability and to promote the common interests of directors and stockholders in enhancing the value of the Company’s common stock. Each non-employee director of the Company is eligible to participate in this Plan upon their election to the Board of Directors. The Plan provides for initial grants of 1 share of common stock to each newly elected non-employee director, annual grants of 3 shares of common stock as of the close of business on the date of each annual meeting of stockholders, and interim grants of 3 shares of common stock, or a pro rata portion thereof, to non-employee directors elected at meetings other than the annual meeting. Effective April 1, 2013, the Board of Directors amended this Plan to increase the limit of the value of any award of shares made to an eligible director to $100, valued on the date of award. The issue price of common stock awarded under this Plan is equal to the par value per share of the common stock. The Company accounts for the fair value of awards of common stock made under this Plan, net of the issue price, as director compensation expense in the period in which the award is made. During the years ended December 31, 2014, 2013 and 2012, the Company recorded $849, $600 and $300, respectively, as director compensation expense in connection with awards of 17 shares in 2014, 12 shares in 2013 and 11 shares in 2012 of common stock made to the non-employee directors of the Company pursuant to this Plan. | ||||||||||||||||
377 shares of common stock were available for future grants under the 2004 Stock Plan. The status of the Company’s stock options is summarized below: | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(shares and options in thousands) | Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | ||||||||||
Outstanding at beginning of year | — | $ | — | — | $ | — | 1,076 | $ | 3.76 | |||||||
Exercised | — | — | — | — | -1,056 | 3.70 | ||||||||||
Lapsed or canceled | — | — | — | — | -20 | 7.12 | ||||||||||
Outstanding at end of year | — | $ | — | — | $ | — | — | $ | — | |||||||
Options exercisable at end of year | — | — | — | |||||||||||||
Shares available for future option grants (a) | 377 | 1,445 | 1,667 | |||||||||||||
(a) | Assumes the issuance of options permitted by the 2004 Incentive Stock Plan. | |||||||||||||||
As of December 31, 2012, all stock options were exercised or expired; consequently, no stock options were outstanding or exercised during 2014 or 2013. The aggregate intrinsic value of stock options exercised during 2012 was $39,165, determined as of the date of exercise. | ||||||||||||||||
International_Retirement_Plan
International Retirement Plan | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
International Retirement Plan [Abstract] | |||||||
International Retirement Plan | Note 15 International Retirement Plan | ||||||
The Company sponsors a non-contributory defined benefit pension plan for certain employees of a non-U.S. subsidiary initiated by a predecessor of the subsidiary. The Company maintains insurance contracts that provide an annuity that is used to fund the current obligations under this plan. The net present value of that annuity was $2,981 and $3,144 as of December 31, 2014 and 2013, respectively. The net present value of that annuity is included in “Other assets, net” on the Company’s consolidated balance sheets at December 31, 2014 and 2013. The following table provides a reconciliation of the changes in the projected benefit obligation for the years ended December 31, 2014 and 2013: | |||||||
(in thousands) | 2014 | 2013 | |||||
Reconciliation of benefit obligations: | |||||||
Obligations as of January 1 | $ | 5,987 | $ | 5,240 | |||
Service cost | 150 | 144 | |||||
Interest cost | 200 | 198 | |||||
Actuarial loss | 1,719 | 302 | |||||
Benefit payments | -144 | -122 | |||||
Effect of foreign currency exchange rate changes | -718 | 225 | |||||
Obligations as of December 31 | 7,194 | 5,987 | |||||
Funded status as of December 31 (net of tax benefit) | $ | -7,194 | $ | -5,987 | |||
The projected benefit obligation in the table above includes $1,719 and $302 of unrecognized net loss for the years ended December 31, 2014 and 2013, respectively. At December 31, 2014, the Company recorded the $1,719 loss, net of $69 of actuarial amortization and a $515 tax benefit, as a $1,135 adjustment to “Accumulated other comprehensive income” in accordance with ASC 715, “Compensation – Retirement Benefits.” At December 31, 2013, the Company recorded the $302 loss, net of $56 of actuarial amortization and a $78 tax benefit, as a $168 adjustment to “Accumulated other comprehensive income” in accordance with ASC 715, “Compensation – Retirement Benefits.” | |||||||
The Company has recognized the following amounts in the consolidated balance sheets at December 31, 2014 and 2013: | |||||||
(in thousands) | 2014 | 2013 | |||||
Accrued liabilities | $ | 132 | $ | 127 | |||
Other liabilities | 7,062 | 5,860 | |||||
Projected benefit obligation | 7,194 | 5,987 | |||||
Accumulated other comprehensive income | -2,211 | -1,076 | |||||
Total | $ | 4,983 | $ | 4,911 | |||
The following projected benefit obligation and accumulated benefit obligation were estimated as of December 31, 2014 and 2013: | |||||||
(in thousands) | 2014 | 2013 | |||||
Projected benefit obligation | $ | 7,194 | $ | 5,987 | |||
Accumulated benefit obligation | $ | 6,301 | $ | 5,553 | |||
The following table shows the components of net periodic benefit costs and other amounts recognized in other comprehensive income: | |||||||
(in thousands) | 2014 | 2013 | |||||
Net periodic benefit cost: | |||||||
Service cost | $ | 150 | $ | 144 | |||
Interest cost | 200 | 198 | |||||
Amortization of actuarial loss | 69 | 56 | |||||
Total | $ | 419 | $ | 398 | |||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||||||
Net loss | 1,135 | 168 | |||||
Total expense recognized in net periodic benefit cost and other comprehensive income | $ | 1,554 | $ | 566 | |||
The following assumptions are used to determine benefit obligations as of December 31: | |||||||
2014 | 2013 | ||||||
Discount rate | 2.40% | 3.50% | |||||
Rate of compensation | 3.00% | 2.00% | |||||
The following benefit payments, including expected future service cost, are expected to be paid: | |||||||
(in thousands) | |||||||
Estimated future benefit payments: | |||||||
2015 | $ | 135 | |||||
2016 | 152 | ||||||
2017 | 155 | ||||||
2018 | 158 | ||||||
2019 | 175 | ||||||
2020-2024 | 1,142 | ||||||
Warranty_Contracts
Warranty Contracts | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Warranty Contracts [Abstract] | |||||||||||||
Warranty Contracts | Note 16 Warranty Contracts | ||||||||||||
The Company provides product warranties for up to one year, or longer if required by applicable laws or regulations, as part of sales transactions for certain of its printers. Warranty revenue is recognized ratably over the term of the warranties, which is the period during which the related costs are incurred. This warranty provides the customer with maintenance on the equipment during the warranty period and provides for certain repair, labor and replacement parts that may be required. In connection with this activity, the Company recognized warranty revenue and incurred warranty costs as shown in the table below. | |||||||||||||
Warranty Revenue Recognition: | |||||||||||||
(in thousands) | Beginning Balance Deferred Warranty Revenue | Warranty Revenue Deferred | Warranty Revenue Recognized | Ending Balance Deferred Warranty Revenue | |||||||||
Year Ended December 31, | |||||||||||||
2014 | $ | 9,141 | $ | 17,185 | $ | -14,412 | $ | 11,914 | |||||
2013 | 4,081 | 14,681 | -9,621 | 9,141 | |||||||||
2012 | 3,094 | 7,540 | -6,553 | 4,081 | |||||||||
Warranty Costs Incurred: | |||||||||||||
(in thousands) | Materials | Labor and Overhead | Total | ||||||||||
Year Ended December 31, | |||||||||||||
2014 | $ | 5,958 | $ | 6,662 | $ | 12,620 | |||||||
2013 | 4,441 | 4,821 | 9,262 | ||||||||||
2012 | 2,672 | 3,720 | 6,392 | ||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Earnings Per Share [Abstract] | ||||||||||
Earnings Per Share | Note 17 Computation of Net Income per Share | |||||||||
The Company presents basic and diluted earnings per share (“EPS”) amounts. Basic EPS is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the applicable period. Diluted EPS is calculated by dividing net income available to 3D Systems’ common stockholders by the weighted average number of common and common equivalent shares outstanding during the applicable period. The following table is a reconciliation of the numerator and denominator of the basic and diluted income per share computations for the years ended December 31, 2014, 2013 and 2012: | ||||||||||
(in thousands, except per share amounts) | 2014 | 2013 | 2012 | |||||||
Numerator: | ||||||||||
Net income attributable to 3D Systems – numerator for basic net earnings per share | $ | 11,637 | $ | 44,107 | $ | 38,941 | ||||
Add: Effect of dilutive securities | ||||||||||
5.50% convertible notes (after-tax)(a) | — | — | — | |||||||
Numerator for diluted earnings per share | $ | 11,637 | $ | 44,107 | $ | 38,941 | ||||
Denominator: | ||||||||||
Weighted average shares – denominator for basic net | 108,023 | 98,393 | 80,817 | |||||||
earnings per share | ||||||||||
Add: Effect of dilutive securities | ||||||||||
Stock options and other equity compensation | — | — | 906 | |||||||
5.50% convertible notes (after-tax)(a) | — | — | — | |||||||
Denominator for diluted earnings per share | 108,023 | 98,393 | 81,723 | |||||||
Earnings per share | ||||||||||
Basic and Diluted | $ | 0.11 | $ | 0.45 | $ | 0.48 | ||||
Interest expense excluded from diluted earnings per share calculation (a) | $ | — | $ | 1,835 | $ | 9,002 | ||||
5.50% Convertible notes shares excluded from diluted earnings per share calculation (a) | — | 1,764 | 5,957 | |||||||
(a) | Average outstanding diluted earnings per share calculation excludes shares that may be issued upon conversion of the outstanding senior convertible notes since the effect of their inclusion would have been anti-dilutive. | |||||||||
Noncontrolling_Interest
Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2014 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | Note 18 Noncontrolling Interests |
On July 15, 2013, the Company acquired approximately 82% of the outstanding shares and voting rights of Phenix Systems, a global provider of direct metal selective laser sintering 3D printers based in Riom, France. Phenix’s operating results are included in these consolidated financial statements. In accordance with ASC 810, “Consolidation,” the carrying value of the noncontrolling interest is reported in the consolidated balance sheets as a separate component of equity and consolidated net income has been adjusted to report the net income attributable to the noncontrolling interest. Subsequent to the acquisition, the Company completed a tender offer and acquired additional shares and voting rights of Phenix Systems. As of December 31, 2014, the Company owned approximately 95% of the capital and voting rights of Phenix Systems. | |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||||||||||||||
Fair Value Measurements | Note 19 Fair Value Measurements | ||||||||||||||||||||||||
ASC 820, “Fair Value Measurements and Disclosures,” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs that may be used to measure fair value: | |||||||||||||||||||||||||
· | Level 1 – Quoted prices in active markets for identical assets or liabilities; | ||||||||||||||||||||||||
· | Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or | ||||||||||||||||||||||||
· | Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||||||||||
For the Company, the above standard applies to cash equivalents, convertible senior notes and foreign exchange contracts. The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. | |||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis are summarized below: | |||||||||||||||||||||||||
Fair Value Measurements as of: | |||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Description | |||||||||||||||||||||||||
Cash equivalents (a) | $ | 190,628 | $ | — | $ | — | $ | 190,628 | $ | 226,895 | $ | — | $ | — | $ | 226,895 | |||||||||
(a) | Cash equivalents include funds held in money market instruments and are reported at their current carrying value which approximates fair value due to the short-term nature of these instruments and are included in cash and cash equivalents in the consolidated balance sheet. | ||||||||||||||||||||||||
The Company did not have any transfers of assets and liabilities between Level 1 and Level 2 of the fair value measurement hierarchy during the quarter or year ended December 31, 2014. | |||||||||||||||||||||||||
In addition to the financial assets and liabilities included above, certain of our non-financial assets and liabilities are to be initially measured at fair value on a non-recurring basis. This includes items such as non-financial assets and liabilities initially measured at fair value in a business combination (but not measured at fair value in subsequent periods) and non-financial, long-lived assets measured at fair value for an impairment assessment. In general, non-financial assets and liabilities including goodwill, other intangible assets and property and equipment are measured at fair value when there is an indication of impairment and are recorded at fair value only when impairment is recognized. The Company has not recorded any impairments related to such assets and has had no other significant non-financial assets or non-financial liabilities requiring adjustments or write-downs to fair value as of December 31, 2014 and 2013. | |||||||||||||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Taxes [Abstract] | ||||||||||||
Income Taxes | Note 20 Income Taxes | |||||||||||
The components of the Company’s income before income taxes are as follows: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Income before income taxes: | ||||||||||||
Domestic | $ | 5,751 | $ | 55,826 | $ | 34,105 | ||||||
Foreign | 11,636 | 8,180 | 9,174 | |||||||||
Total | $ | 17,387 | $ | 64,006 | $ | 43,279 | ||||||
The components of income tax provision for the years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Current: | ||||||||||||
U.S. federal | $ | 23,336 | $ | 24,688 | $ | 441 | ||||||
State | 72 | 1,926 | 1,031 | |||||||||
Foreign | 6,588 | 3,165 | 3,527 | |||||||||
Total | 29,996 | 29,779 | 4,999 | |||||||||
Deferred: | ||||||||||||
U.S. federal | -21,624 | -7,760 | 869 | |||||||||
State | -87 | -450 | -798 | |||||||||
Foreign | -2,844 | -1,682 | -732 | |||||||||
Total | -24,555 | -9,892 | -661 | |||||||||
Total income tax provision | $ | 5,441 | $ | 19,887 | $ | 4,338 | ||||||
The overall effective tax rate differs from the statutory federal tax rate for the years ended December 31, 2014, 2013 and 2012 as follows: | ||||||||||||
% of Pretax Income | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Tax provision based on the federal statutory rate | 35.0 | % | 35.0 | % | 35.0 | % | ||||||
Nondeductible expenses | 12.5 | — | — | |||||||||
Uncertain tax positions | 11.2 | — | — | |||||||||
Deemed income related to foreign operations | 8.1 | 0.2 | 0.1 | |||||||||
Return to provision adjustments, foreign current and deferred balances | 2.5 | -0.4 | 0.5 | |||||||||
Foreign income tax rate differential | 0.5 | -0.3 | -0.7 | |||||||||
State taxes, net of federal benefit, before valuation allowance | 0.3 | 2.4 | 2.3 | |||||||||
Release of valuation allowances | — | — | -12.4 | |||||||||
Use of non-operating losses against U.S. taxable income | — | — | -14.6 | |||||||||
Foreign tax credits related to above | -6.3 | — | — | |||||||||
Domestic production activities deduction | -12 | -3.6 | — | |||||||||
Research credits | -21.9 | -0.6 | — | |||||||||
Other | 1.4 | -1.6 | -0.2 | |||||||||
Effective tax rate | 31.3 | % | 31.1 | % | 10.0 | % | ||||||
The difference between the Company’s effective tax rate for 2014 and the federal statutory rate was 3.7 percentage points. The Company incurred nondeductible expenses and recognized income for tax purposes, net of tax credits, not included in financial statement income, increasing the effective tax rate. The Company is benefiting from the U.S. domestic production activities deduction and from research credits, reducing the effective tax rate. | ||||||||||||
The difference between the Company’s effective tax rate for 2013 and the federal statutory rate was 3.9 percentage points. The Company reported positive U.S. taxable income, and was therefore entitled to use the domestic production activities deduction provided to producers in the United States, effectively lowering the U.S. tax rate applicable to production activities. | ||||||||||||
The difference between the Company’s effective tax rate for 2012 and the federal statutory rate resulted primarily from changes in valuation allowances. These comprised: | ||||||||||||
· | The release of valuation allowances against certain U.S. deferred tax assets. This release was based upon the Company’s results of operations. The Company concluded during 2012 that it is more likely than not that a portion of its current U.S. deferred tax assets will be realized. As a result, in accordance with ASC 740, the Company released the remainder of its valuation allowances related to $12,388 of reserves, accruals and tax credits and to $7,602 of net operating loss carryforwards for state income tax purposes, resulting in no valuation allowance as of December 31, 2012. This resulted in a non-cash income tax benefit of $5,372. | |||||||||||
· | Other changes in valuation allowances were a result of utilizing U.S. loss carryforwards, which had a full valuation allowance against them, to eliminate all federal and most state income tax expense otherwise arising. | |||||||||||
In 2014 and 2013, the Company had no valuation allowance against net deferred income tax assets. | ||||||||||||
In 2012, the Company’s valuation allowance against net deferred income tax assets decreased by $8,781. This decrease consisted of an $8,781 decrease against the U.S. deferred income tax assets. The decrease in the valuation allowance against the net U.S. deferred income tax assets resulted primarily from the increase in the Company’s domestic net operating income, an increase in the amount of deferred income tax liabilities and from the release of valuation allowances against U.S. net deferred tax assets. | ||||||||||||
The components of the Company’s net deferred income tax assets and net deferred income tax liabilities at December 31, 2014 and 2013 are as follows: | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Deferred income tax assets: | ||||||||||||
Tax credit carryforwards | $ | 4,139 | $ | 2,713 | ||||||||
Net operating loss carryforwards | 4,474 | 5,725 | ||||||||||
Reserves and allowances | 12,016 | 5,927 | ||||||||||
Stock options and restricted stock awards | 15,156 | 3,174 | ||||||||||
Deferred lease revenue | 270 | 86 | ||||||||||
Senior convertible notes | — | 1,042 | ||||||||||
Accrued liabilities | 1,501 | 342 | ||||||||||
Property, plant and equipment | — | 629 | ||||||||||
Total deferred income tax assets | 37,556 | 19,638 | ||||||||||
Deferred income tax liabilities | ||||||||||||
Intangibles | 50,324 | 32,737 | ||||||||||
Property, plant and equipment | 2,122 | — | ||||||||||
Accrued liabilities | — | — | ||||||||||
Total deferred income tax liabilities | 52,446 | 32,737 | ||||||||||
Net deferred income tax liabilities | $ | -14,890 | $ | -13,099 | ||||||||
The Company’s net deferred income tax liabilities include both current and noncurrent amounts. Accrued liabilities and deferred lease revenue are classified as current. Portions of reserves and allowances, tax credit carryforwards, and net operating loss carryforwards that would be available within the next year are classified as current, with the remainder of the balance classified as noncurrent. Stock options and restricted stock awards, except for the amount vesting within the next year, property, plant and equipment, and intangibles are also classified as noncurrent. | ||||||||||||
The Company accounts for income taxes in accordance with ASC 740. Under ASC 740, deferred income tax assets and liabilities are determined based on the differences between financial statement and tax bases of assets and liabilities, using enacted rates in effect for the year in which the differences are expected to reverse. The provision for income taxes is based on domestic and international statutory income tax rates in the jurisdictions in which the Company operates. | ||||||||||||
At December 31, 2014, $4,474 of the Company’s deferred income tax assets was attributable to $38,338 of net operating loss carryforwards, which consisted of $5,092 loss carryforwards for U.S. federal income tax purposes, $26,365 of loss carryforwards for U.S. state income tax purposes and $6,881 of loss carryforwards for foreign income tax purposes. | ||||||||||||
At December 31, 2013, $5,725 of the Company’s deferred income tax assets was attributable to $52,177 of net operating loss carryforwards, which consisted of $6,856 loss carryforwards for U.S. federal income tax purposes, $38,934 of loss carryforwards for U.S. state income tax purposes and $6,387 of loss carryforwards for foreign income tax purposes. | ||||||||||||
At December 31, 2012, $1,949 of the Company’s deferred income tax assets was attributable to $42,202 of net operating loss carryforwards, which consisted of no loss carryforwards for U.S. federal income tax purposes, $41,047 of loss carryforwards for U.S. state income tax purposes and $1,155 of loss carryforwards for foreign income tax purposes. | ||||||||||||
The net operating loss carryforwards for U.S. federal income tax purposes begin to expire in 2022. The net operating loss carryforwards for U.S. state income tax purposes begin to expire in 2020. In addition, certain loss carryforwards for foreign income tax purposes begin to expire in 2018 and certain other loss carryforwards for foreign purposes do not expire. Ultimate utilization of these loss carryforwards depends on future taxable earnings of the Company and its subsidiaries. | ||||||||||||
At December 31, 2014, tax credit carryforwards included in the Company’s deferred income tax assets consisted of $2,196 of research and experimentation tax credit carryforwards for U.S. state income tax purposes, $810 of foreign tax credits for U.S. federal income tax purposes, $518 of research and experimentation tax credit carryforwards for foreign income tax purposes and $615 of other state tax credits. The state research and experimentation credits do not expire; the other state credits begin to expire in 2017. | ||||||||||||
At December 31, 2013, tax credit carryforwards included in the Company’s deferred income tax assets consisted of $2,040 of research and experimentation tax credit carryforwards for U.S. state income tax purposes, $58 of such tax credit carryforwards for foreign income tax purposes and $615 of other state tax credits. The state research and experimentation credits do not expire; the other state credits begin to expire in 2017. | ||||||||||||
At December 31, 2012, tax credit carryforwards included in the Company’s deferred income tax assets consisted of $735 of research and experimentation tax credit carryforwards for U.S. federal income tax purposes, $2,040 of such tax credit carryforwards for U.S. state income tax purposes and $615 of other state tax credits. The state research and experimentation credits do not expire; the other federal and state credits begin to expire in 2017. | ||||||||||||
The Company recorded $7,653 to additional paid-in capital during 2014 with respect to the vesting of restricted stock awards. | ||||||||||||
The Company has not provided for any taxes on approximately $23,628 of unremitted earnings of its foreign subsidiaries, as the Company intends to permanently reinvest all such earnings outside the U.S. We believe a calculation of the deferred tax liability associated with these undistributed earnings is impracticable. | ||||||||||||
The Company increased its unrecognized benefits by $1,829 for the year ended December 31, 2014 and decreased these benefits by $459 for the year ended December 31, 2013. The Company also accrued $110 in interest and penalties related to the unrecognized tax benefits. The Company does not anticipate any additional unrecognized tax benefits during the next twelve months that would result in a material change to its consolidated financial position. | ||||||||||||
Unrecognized Tax Benefits | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Balance at January 1 | $ | -16 | $ | -475 | $ | -393 | ||||||
Increases related to prior year tax positions | — | 380 | 300 | |||||||||
Decreases related to prior year tax positions | — | — | -378 | |||||||||
Increases related to current year tax positions | -1,829 | — | — | |||||||||
Decreases related to current year tax positions | — | — | -4 | |||||||||
Decreases in unrecognized liability due to settlements with foreign tax authorities | — | 79 | — | |||||||||
Balance at December 31 | $ | -1,845 | $ | -16 | $ | -475 | ||||||
The Company includes interest and penalties in the consolidated financial statements as a component of income tax expense. | ||||||||||||
Tax years 2011 through 2014 remain subject to examination by the U.S. Internal Revenue Service. The Company has utilized U.S. loss carryforwards causing the years 1997 to 2007 to be subject to examination. The Company files income tax returns (which are open to examination beginning in the year shown in parentheses) in Australia (2009), Belgium (2010), Brazil (2014), China (2010), France (2011), Germany (2011), India (2012), Israel (2010), Italy (2009), Japan (2007), Korea (2008), Mexico (2014), Netherlands (2007), Switzerland (2008), the United Kingdom (2009) and Uruguay (2014) . | ||||||||||||
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Segment Information [Abstract] | ||||||||||||||||
Segment Information | Note 21 Segment Information | |||||||||||||||
The Company operates in one reportable business segment. The Company conducts its business through subsidiaries in the United States, a subsidiary in Israel that operates a research and production facility and sales and service offices, a subsidiary in Switzerland that operates a research and production facility, subsidiaries in France and Brazil that operate production facilities and sales and service offices, and sales and service offices operated by other subsidiaries in Europe (Belgium, Germany, the United Kingdom, Italy and the Netherlands) and in Asia Pacific (Australia, China, India, Japan and Korea). The Company has historically disclosed summarized financial information for the geographic areas of operations as if they were segments in accordance with ASC 280, “Segment Reporting.” Financial information concerning the Company’s geographical locations is based on the location of the selling entity. Such summarized financial information concerning the Company’s geographical operations is shown in the following tables: | ||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||
Revenue from unaffiliated customers: | ||||||||||||||||
Americas | $ | 333,925 | $ | 284,752 | $ | 196,414 | ||||||||||
Germany | 87,021 | 51,245 | 39,748 | |||||||||||||
Other EMEA | 109,066 | 82,536 | 60,939 | |||||||||||||
Asia Pacific | 123,640 | 94,867 | 56,532 | |||||||||||||
Total | $ | 653,652 | $ | 513,400 | $ | 353,633 | ||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||
Products | $ | 283,339 | $ | 227,627 | $ | 126,798 | ||||||||||
Materials | 158,859 | 128,405 | 103,182 | |||||||||||||
Services | 211,454 | 157,368 | 123,653 | |||||||||||||
Total revenue | $ | 653,652 | $ | 513,400 | $ | 353,633 | ||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Intercompany Sales to | ||||||||||||||||
(in thousands) | Americas | Germany | Other EMEA | Asia Pacific | Total | |||||||||||
Americas | $ | 201 | $ | 3,217 | $ | 42,622 | $ | 2,283 | $ | 48,323 | ||||||
Germany | 43,841 | — | 3,131 | — | 46,972 | |||||||||||
Other EMEA | 20,580 | 6,742 | 2,066 | — | 29,388 | |||||||||||
Asia Pacific | 14,433 | 8 | 2,739 | 2,759 | 19,939 | |||||||||||
Total | $ | 79,055 | $ | 9,967 | $ | 50,558 | $ | 5,042 | $ | 144,622 | ||||||
Year Ended December 31, 2013 | ||||||||||||||||
Intercompany Sales to | ||||||||||||||||
(in thousands) | Americas | Germany | Other EMEA | Asia Pacific | Total | |||||||||||
Americas | $ | — | $ | 23,100 | $ | 15,622 | $ | 5,438 | $ | 44,160 | ||||||
Germany | 1,825 | — | 4,135 | — | 5,960 | |||||||||||
Other EMEA | 26,862 | 1,688 | 2,090 | 566 | 31,206 | |||||||||||
Asia Pacific | 1,659 | 641 | 67 | 1,431 | 3,798 | |||||||||||
Total | $ | 30,346 | $ | 25,429 | $ | 21,914 | $ | 7,435 | $ | 85,124 | ||||||
Year Ended December 31, 2012 | ||||||||||||||||
Intercompany Sales to | ||||||||||||||||
(in thousands) | Americas | Germany | Other EMEA | Asia Pacific | Total | |||||||||||
Americas | $ | — | $ | 6,823 | $ | 4,153 | $ | 1,044 | $ | 12,020 | ||||||
Germany | 197 | — | 2,205 | — | 2,402 | |||||||||||
Other EMEA | 4,812 | 26 | 255 | 38 | 5,131 | |||||||||||
Asia Pacific | 195 | — | — | — | 195 | |||||||||||
Total | $ | 5,204 | $ | 6,849 | $ | 6,613 | $ | 1,082 | $ | 19,748 | ||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||
Income (loss) from operations: | ||||||||||||||||
Americas | $ | -24,663 | $ | 43,743 | $ | 37,743 | ||||||||||
Germany | 2,749 | 302 | 1,305 | |||||||||||||
Other EMEA | 9,181 | 7,849 | 5,415 | |||||||||||||
Asia Pacific | 40,131 | 30,499 | 16,528 | |||||||||||||
Subtotal | 27,398 | 82,393 | 60,991 | |||||||||||||
Inter-segment elimination | -1,083 | -1,532 | -420 | |||||||||||||
Total | $ | 26,315 | $ | 80,861 | $ | 60,571 | ||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||
Depreciation and amortization: | ||||||||||||||||
Americas | $ | 38,876 | $ | 21,826 | $ | 17,049 | ||||||||||
Germany | 1,075 | 961 | 178 | |||||||||||||
Other EMEA | 11,427 | 4,410 | 2,983 | |||||||||||||
Asia Pacific | 3,810 | 3,247 | 1,019 | |||||||||||||
Total | $ | 55,188 | $ | 30,444 | $ | 21,229 | ||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||
Capital expenditures: | ||||||||||||||||
Americas | $ | 18,187 | $ | 5,166 | $ | 2,177 | ||||||||||
Germany | 235 | 21 | 49 | |||||||||||||
Other EMEA | 3,680 | 1,171 | 857 | |||||||||||||
Asia Pacific | 625 | 614 | 141 | |||||||||||||
Total | $ | 22,727 | $ | 6,972 | $ | 3,224 | ||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||
Assets: | ||||||||||||||||
Americas | $ | 1,018,113 | $ | 870,208 | ||||||||||||
Germany | 47,524 | 38,685 | ||||||||||||||
Other EMEA | 382,259 | 120,562 | ||||||||||||||
Asia Pacific | 78,074 | 68,401 | ||||||||||||||
Total | $ | 1,525,970 | $ | 1,097,856 | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Americas | $ | 245,219 | $ | 286,377 | ||||||||||||
Germany | 6,640 | 3,441 | ||||||||||||||
Other EMEA | 15,556 | 8,915 | ||||||||||||||
Asia Pacific | 17,447 | 7,583 | ||||||||||||||
Total | $ | 284,862 | $ | 306,316 | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||
Long-lived assets: | ||||||||||||||||
Americas | $ | 570,049 | $ | 426,221 | ||||||||||||
Germany | 19,994 | 23,134 | ||||||||||||||
Other EMEA | 309,817 | 71,269 | ||||||||||||||
Asia Pacific | 45,420 | 50,377 | ||||||||||||||
Total | $ | 945,280 | $ | 571,001 | ||||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | Note 22 Commitments and Contingencies |
The Company leases office space and certain furniture and fixtures under various non-cancelable operating leases. Rent expense under operating leases was $10,427, $6,891 and $4,968 for 2014, 2013 and 2012, respectively. | |
As of December 31, 2014, the Company has supply commitments for printer assemblies for the first quarter of 2015 that total $56,620 compared to $41,091 at December 31, 2013. | |
Certain of the Company’s acquisitions contain earnout provisions under which the sellers of the acquired businesses can earn additional amounts. The total liabilities recorded for these earnouts as of December 31, 2014 was $9,155 compared to $5,578 at December 31, 2013. See Note 3 for details of acquisitions and related commitments. | |
Put Options | |
Owners of interests in a certain subsidiary have the right in certain circumstances to require the Company to acquire either a portion of or all of the remaining ownership interests held by them. The owners’ ability to exercise any such “put option” right is subject to the satisfaction of certain conditions, including conditions requiring notice in advance of exercise. In addition, these rights cannot be exercised prior to a specified exercise date. The exercise of these rights at their earliest contractual date would result in obligations of the Company to fund the related amounts in 2019. | |
Management estimates, assuming that the subsidiary owned by the Company at December 31, 2014, performs over the relevant future periods at their forecasted earnings levels, that these rights, if exercised, could require the Company, in future periods, to pay approximately $8,872 to the owners of such rights to acquire such ownership interests in the relevant subsidiary. This amount has been recorded as redeemable noncontrolling interests on the balance sheet at December 31, 2014. The ultimate amount payable relating to this transaction will vary because it is dependent on the future results of operations of the subject business. | |
Indemnification | |
In the normal course of business the Company periodically enters into agreements to indemnify customers or suppliers against claims of intellectual property infringement made by third parties arising from the use of the Company’s products. Historically, costs related to these indemnification provisions have not been significant and the Company is unable to estimate the maximum potential impact of these indemnification provisions on our future results of operations. | |
To the extent permitted under Delaware law, the Company indemnifies directors and officers for certain events or occurrences while the director or officer is, or was serving, at the Company’s request in such capacity, subject to limited exceptions. The maximum potential amount of future payments the Company could be required to make under these indemnification obligations is unlimited; however, the Company has directors and officers insurance coverage that may enable the Company to recover future amounts paid, subject to a deductible and the policy limits. There is no assurance that the policy limits will be sufficient to cover all damages, if any. | |
Litigation | |
On November 20, 2012, the Company filed a complaint in an action titled 3D Systems, Inc. v. Formlabs, Inc. and Kickstarter, Inc. in the United States District Court for the District of South Carolina (Rock Hill Division) asserting that Formlabs’ and Kickstarter’s sales of the Form 1 3D printer infringed on one of the Company’s patents relating to stereolithography machines. Formlabs and Kickstarter filed a motion to dismiss or transfer venue on February 25, 2013, and the Company filed a first amended complaint on March 8, 2013. On May 8, 2013, the Court granted the parties’ joint motion to stay the case until September 3, 2013 to enable the parties to continue settlement discussions. On November 8, 2013, the Company voluntarily dismissed the South Carolina complaint and filed a new complaint in the United States District Court for the Southern District of New York asserting that Formlabs’ sales of the Form 1 3D printer infringed on eight of the Company’s patents relating to stereolithography machines. On December 20, 2013, Formlabs filed a motion to dismiss the Company’s claims of indirect and willful infringement, and the Company filed a memorandum in opposition on January 6, 2014. Formlabs filed a reply on January 16, 2014. The Court ruled on the motion to dismiss on May 12, 2014, granting in part and dismissing in part Formlabs’ motion. The Company filed a first amended complaint on May 16, 2014, and Formlabs filed its answer on September 2, 2014. On December 1, 2014 the Company and Formlabs agreed to the entry of an order dismissing all claims and counterclaims with prejudice. The order was entered into pursuant to the terms of a Settlement and License Agreement dated November 25, 2014 between the Company and Formlabs under which the Company granted to Formlabs a worldwide, non-exclusive, royalty bearing, license, without the right to sublicense, to make and sell Formlabs products under the subject patents. In consideration of the license and releases granted by the Company, Formlabs agreed to pay the Company a royalty of 8.0% of net sales of Formlabs products through the effective period. | |
The Company is also involved in various other legal matters incidental to its business. The Company believes, after consulting with counsel, that the disposition of these other legal matters will not have a material effect on our consolidated results of operations or consolidated financial position. | |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||
Accumulated Other Comprehensive Income (Loss) | Note 23 Accumulated Other Comprehensive Income (Loss) | ||||||||
The changes in the balances of accumulated other comprehensive income by component are as follows: | |||||||||
(in thousands) | Foreign currency translation adjustment | Defined benefit pension plan | Total | ||||||
Balance at December 31, 2013 | $ | 6,865 | $ | -1,076 | $ | 5,789 | |||
Other comprehensive (loss) | -29,060 | -1,135 | -30,195 | ||||||
Balance at December 31, 2014 | $ | -22,195 | $ | -2,211 | $ | -24,406 | |||
The amounts presented above are in other comprehensive income and are net of taxes. For additional information about foreign currency translation, see Note 10. For additional information about the pension plan, see Note 15. | |||||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Selected Quarterly Financial Data [Abstract] | |||||||||||||
Selected Quarterly Financial Data | Note 24 Selected Quarterly Financial Data (unaudited) | ||||||||||||
The following tables set forth unaudited selected quarterly financial data: | |||||||||||||
Quarter Ended | |||||||||||||
(in thousands, except per share amounts) | 31-Dec-14 | 30-Sep-14 | 30-Jun-14 | 31-Mar-14 | |||||||||
Consolidated revenue | $ | 187,438 | $ | 166,944 | $ | 151,512 | $ | 147,758 | |||||
Gross profit | 89,766 | 79,798 | 72,398 | 75,472 | |||||||||
Total operating expenses | 85,538 | 71,590 | 68,036 | 65,955 | |||||||||
Income from operations | 4,228 | 8,208 | 4,362 | 9,517 | |||||||||
Income tax expense | 75 | 1,113 | 694 | 3,559 | |||||||||
Net income attributable to 3D Systems | 1,551 | 3,084 | 2,125 | 4,877 | |||||||||
Basic and diluted net income per share | $ | 0.01 | $ | 0.03 | $ | 0.02 | $ | 0.05 | |||||
Quarter Ended | |||||||||||||
(in thousands, except per share amounts) | 31-Dec-13 | 30-Sep-13 | 30-Jun-13 | 31-Mar-13 | |||||||||
Consolidated revenue | $ | 154,817 | $ | 135,717 | $ | 120,787 | $ | 102,079 | |||||
Gross profit | 80,097 | 71,437 | 62,583 | 53,477 | |||||||||
Total operating expenses | 62,121 | 42,867 | 45,787 | 35,958 | |||||||||
Income from operations | 17,976 | 28,570 | 16,796 | 17,519 | |||||||||
Income tax expense | 5,248 | 8,279 | 4,791 | 1,569 | |||||||||
Net income attributable to 3D Systems | 11,224 | 17,640 | 9,343 | 5,883 | |||||||||
Basic and diluted net income per share | $ | 0.11 | $ | 0.17 | $ | 0.10 | $ | 0.06 | |||||
The sum of per share amounts for each of the quarterly periods presented does not necessarily equal the total presented for the year because each quarterly amount is independently calculated at the end of each period based on the net income available to common stockholders for such period and the weighted average shares of outstanding common stock for such period. | |||||||||||||
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Event [Abstract] | |
Subsequent Event | Note 25 Subsequent Events |
In November, the Company entered into a definitive agreement to acquire all of the outstanding shares of Cimatron Ltd. (“Cimatron”), a provider of integrated 3D CAD/CAM software products and solutions for manufacturing. The acquisition was completed on February 9, 2015 for approximately $77,000, net of cash. | |
Valuation_And_Qualifying_Accou
Valuation And Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | |||||||||||||||||
Valuation And Qualifying Accounts | SCHEDULE II | ||||||||||||||||
3D Systems Corporation | |||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||
Years ended December 31, 2014, 2013 and 2012 | |||||||||||||||||
Year Ended | Item | Balance at beginning of year | Additions charged to expense | Charged to other accounts | Deductions/ other | Balance at end of year | |||||||||||
2014 | Allowance for doubtful accounts | $ | 8,133 | $ | 8,699 | $ | -206 | $ | -6,326 | $ | 10,300 | ||||||
2013 | Allowance for doubtful accounts | 4,317 | 4,961 | -941 | -204 | 8,133 | |||||||||||
2012 | Allowance for doubtful accounts | 3,019 | 3,039 | -541 | -1,200 | 4,317 | |||||||||||
2014 | Deferred income tax asset allowance accounts | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||
2013 | Deferred income tax asset allowance accounts(a) | — | — | — | — | — | |||||||||||
2012 | Deferred income tax asset allowance accounts(a) | 8,781 | 11,146 | — | -19,927 | — | |||||||||||
(a) | Additions represent increases in valuation allowances against deferred tax assets. Deductions represent decreases in valuation allowances against deferred tax assets. | ||||||||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policy) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Significant Accounting Policies [Abstract] | ||||||
Use Of Estimates | ||||||
Use of Estimates | ||||||
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, among others, those related to the allowance for doubtful accounts, income taxes, inventory reserves, goodwill, other intangible assets, contingencies and revenue recognition. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. | ||||||
Revenue Recognition | ||||||
Revenue Recognition | ||||||
Net revenue is derived primarily from the sale of products and services. The following revenue recognition policies define the manner in which the Company accounts for sales transactions. | ||||||
The Company recognizes revenue when persuasive evidence of a sale arrangement exists, delivery has occurred or services are rendered, the sales price or fee is fixed or determinable and collectability is reasonably assured. Revenue generally is recognized net of allowances for returns and any taxes collected from customers and subsequently remitted to governmental authorities. The Company sells its products through its direct sales force and through authorized resellers. The Company recognizes revenue on sales to resellers at the time of sale when the reseller has economic substance apart from Company, and the Company has completed its obligations related to the sale. | ||||||
The Company enters into sales arrangements that may provide for multiple deliverables to a customer. Sales of printers may include ancillary equipment, print materials, a warranty on the equipment, training and installation. The Company identifies all goods and/or services that are to be delivered separately under a sales arrangement and allocates revenue to each deliverable based on either vendor-specific objective evidence (“VSOE”) or if VSOE is not determinable then the Company uses best estimated selling price (“BESP”) of each deliverable. The Company established VSOE of selling price using the price charged for a deliverable when sold separately. The objective of BESP is to determine the price at which the Company would transact a sale if the deliverable was sold regularly on a stand-alone basis. The Company considers multiple factors including, but not limited to, market conditions, geographies, competitive landscapes, and entity-specific factors such as internal costs, gross margin objectives and pricing practices when estimating BESP. Consideration in a multiple element arrangement is then allocated to the elements on a relative sales value basis using either VSOE or BESP for all the elements. The Company also evaluates the impact of undelivered items on the functionality of delivered items for each sales transaction and, where appropriate, defers revenue on delivered items when that functionality has been affected. Functionality is determined to be met if the delivered products or services represent a separate earnings process. | ||||||
Hardware | ||||||
In general, revenues are separated between printers and other products, print materials, training services, maintenance services and installation services. The allocated revenue for each deliverable is then recognized based on relative fair values of the components of the sale, consistent within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605 Revenue Recognition. | ||||||
Under the Company’s standard terms and conditions of sale, title and risk of loss transfer to the customer at the time product is shipped to the customer and revenue is recognized accordingly, unless customer acceptance is uncertain or significant obligations remain. The Company defers the estimated revenue associated with post-sale obligations that are not essential to the functionality of the delivered items, and recognizes revenue in the future as the conditions for revenue recognition are met. | ||||||
Software | ||||||
The Company also markets and sells software tools that enable our customers to capture and customize content using our printers, as well as reverse engineering and inspection software. The software does not require significant modification or customization. The Company applies the guidance in ASC 985-605, Software-Revenue Recognition in recognizing revenue when software is more than incidental to the product or service as a whole based on fair value using vendor-specific objective evidence. Revenue from perpetual software licenses is recognized either upon delivery of the product or delivery of a key code which allows the customer to access the software. In instances where software access is provided for a trial period, revenue is not recognized until the customer has purchased the software at the expiration of the trial period. The Company uses the residual method to allocate revenue to software licenses at the inception of the license term when VSOE of fair value for all undelivered elements, such as maintenance, exists and all other revenue recognition criteria have been satisfied. In instances in which customers purchase post sale support, it is considered a separate element from the software and is deferred at the time of sale and subsequently amortized in future periods. | ||||||
The Company also sells equipment with embedded software to its customers. The embedded software is not sold separately, it is not a significant focus of the marketing effort and the Company does not provide post-contract customer support specific to the software or incur significant costs that are within the scope of ASC 985. Additionally, the functionality that the software provides is marketed as part of the overall product. The software embedded in the equipment is incidental to the equipment as a whole such that ASC 985 is not applicable. Sales of these products are recognized in accordance with ASC 605.25, “Multiple-Element Arrangements.” | ||||||
Services | ||||||
Printers include a warranty under which the Company provides maintenance for periods up to one year, as well as training, installation and non-contract maintenance services. The Company defers this portion of the revenue at the time of sale based on the relative fair value of these services. Deferred revenue is recognized ratably according to the term of the warranty. Costs associated with our obligations during the warranty period are expensed as incurred. After the initial warranty period, the Company offers these customers optional maintenance contracts. Deferred maintenance revenue is recognized ratably, on a straight-line basis, over the period of the contract, and costs associated with these contracts are recognized as incurred. Revenue from training, installation and non-contract maintenance services is recognized at the time of performance. | ||||||
Quickparts printed parts sales are included within services revenue and revenue is recognized upon shipment or delivery of the parts, based on the terms of the sales arrangement. | ||||||
Terms of sale | ||||||
Shipping and handling costs billed to customers for equipment sales and sales of print materials are included in product revenue in the Consolidated Statements of Income and Other Comprehensive Income. Costs incurred by the Company associated with shipping and handling are included in product cost of sales in the Consolidated Statements of Income and Other Comprehensive Income. | ||||||
Credit is extended, and creditworthiness is determined, based on an evaluation of each customer’s financial condition. New customers are generally required to complete a credit application and provide references and bank information to facilitate an analysis of creditworthiness. Customers with a favorable profile may receive credit terms that differ from the Company’s general credit terms. Creditworthiness is considered, among other things, in evaluating the Company’s relationship with customers with past due balances. | ||||||
The Company’s terms of sale generally require payment within 30 to 60 days after shipment of a product, although the Company also recognizes that longer payment periods are customary in some countries where it transacts business. To reduce credit risk in connection with printer sales, the Company may, depending upon the circumstances, require significant deposits prior to shipment and may retain a security interest in a system sold until fully paid. In some circumstances, the Company may require payment in full for its products prior to shipment and may require international customers to furnish letters of credit. For maintenance services, the Company either bills customers on a time-and-materials basis or sells customers service agreements that are recorded as deferred revenue and provide for payment in advance on either an annual or other periodic basis. | ||||||
Cash And Cash Equivalents | ||||||
Cash and Cash Equivalents | ||||||
Investments with original maturities of three months or less at the date of purchase are considered to be cash equivalents. The Company’s policy is to invest cash in excess of short-term operating and debt-service requirements in such cash equivalents. These instruments are stated at cost, which approximates market value because of the short maturity of the instruments. The Company places its cash with highly creditworthy financial institutions, corporations or governments, and believes its risk of loss is limited; however, at times, account balances may exceed international and U.S. federally insured limits. | ||||||
Allowance For Doubtful Accounts | Allowance for Doubtful Accounts | |||||
The Company’s estimate of the allowance for doubtful accounts related to trade receivables is based on two methods. The amounts calculated from each of these methods are combined to determine the total amount reserved. | ||||||
First, the Company evaluates specific accounts for which it has information that the customer may be unable to meet its financial obligations (for example, bankruptcy). In these cases, the Company uses its judgment, based on the available facts and circumstances, and records a specific reserve for that customer against amounts due to reduce the outstanding receivable balance to the amount that is expected to be collected. These specific reserves are reevaluated and adjusted as additional information is received that impacts the amount reserved. | ||||||
Second, a reserve is established for all customers based on percentages applied to aging categories. These percentages are based on historical collection and write-off experience. If circumstances change (for example, the Company experiences higher-than-expected defaults or an unexpected adverse change in a customer’s financial condition), estimates of the recoverability of amounts due to the Company could be reduced. Similarly, if the Company experiences lower-than-expected defaults or customer financial condition improves, estimates of the recoverability of amounts due the Company could be increased. | ||||||
The Company also provides an allowance account for returns and discounts. This allowance is evaluated on a specific account basis. In addition, the Company provides a general reserve for returns from customers that have not been specifically identified based on historical experience. | ||||||
The Company’s estimate of the allowance for doubtful accounts for financing receivables is determined by evaluating specific accounts for which the borrower is past due more than 90 days, or for which it has information that the borrower may be unable to meet its financial obligations (for example, bankruptcy). In these cases, the Company uses its judgment, based on the available facts and circumstances, and records a specific reserve for that borrower against amounts due to reduce the outstanding receivable balance to the amount that is expected to be collected. If there are any specific reserves, they are reevaluated and adjusted as additional information is received that impacts the amount reserved. | ||||||
Inventories | Inventories | |||||
Inventories are stated at the lower of cost or net realizable market value, cost being determined using the first-in, first-out method. Reserves for slow-moving and obsolete inventories are provided based on historical experience and current product demand. The Company evaluates the adequacy of these reserves quarterly. | ||||||
Property And Equipment | Property and Equipment | |||||
Property and equipment are carried at cost and depreciated on a straight-line basis over the estimated useful lives of the related assets, generally three to thirty years. Leasehold improvements are amortized on a straight-line basis over the shorter of (i) their estimated useful lives and (ii) the estimated or contractual lives of the leases. Realized gains and losses are recognized upon disposal or retirement of the related assets and are reflected in results of operations. Charges for repairs and maintenance are expensed as incurred. | ||||||
Goodwill And Intangible Assets | ||||||
Goodwill and Intangible Assets | ||||||
The annual impairment testing required by ASC 350, “Intangibles – Goodwill and Other” requires the Company to use judgment and could require the Company to write down the carrying value of its goodwill and other intangible assets in future periods. The Company allocates goodwill to identifiable geographic reporting units, which are tested for impairment using a two-step process detailed in that statement. See Note 7 to the consolidated financial statements. The first step requires comparing the fair value of each reporting unit with the carrying amount, including goodwill. If that fair value exceeds the carrying amount, the second step of the process is not required to be performed, and no impairment charge is required to be recorded. If that fair value does not exceed that carrying amount, the Company must perform the second step, which requires an allocation of the fair value of the reporting unit to all assets and liabilities of that unit as if the reporting unit had been acquired in a purchase business combination and the fair value of the reporting unit was the purchase price. The goodwill resulting from that purchase price allocation is then compared to the carrying amount with any excess recorded as an impairment charge. | ||||||
Goodwill set forth on the Consolidated Balance Sheet as of December 31, 2014 arose from acquisitions carried out in 2014, 2013, 2012, 2011, 2010 and 2009 and in years prior to December 31, 2007. Goodwill arising from acquisitions prior to 2007 was allocated to geographic reporting units based on the percentage of SLS printers then installed by geographic area. Goodwill arising from acquisitions in 2009 through 2014 was allocated to geographic reporting units based on geographic dispersion of the acquired companies’ sales or capitalization at the time of their acquisition. | ||||||
The Company is required to perform a valuation of each of its three geographic reporting units annually, or upon significant changes in the Company’s business environment. The Company conducted its annual impairment analysis in the fourth quarter of 2014. To determine the fair value of each reporting unit the Company utilized discounted cash flows, using five years of projected unleveraged free cash flows and terminal EBITDA earnings multiples. The discount rates used for the analysis reflected a weighted average cost of capital based on industry and capital structure adjusted for equity risk premiums and size risk premiums based on market capitalization. The discounted cash flow valuation uses projections of future cash flows and includes assumptions concerning future operating performance and economic conditions and may differ from actual future cash flows. The Company also considered the current trading multiples of comparable publicly-traded companies and the historical pricing multiples for comparable merger and acquisition transactions that have occurred in the industry. The control premium that a third party would be willing to pay to obtain a controlling interest in a reporting unit of the Company was a component considered when determining fair value. In addition, factors such as the performance of competitors were also considered. Under each fair value measurement methodology considered, the fair value of each reporting unit exceeded its carrying value; accordingly, no goodwill impairment adjustments were recorded. In addition, factors such as the performance of competitors were also considered. The Company concluded that there was a reasonable basis for the excess of the estimated fair value of the geographic reporting units over its market capitalization. | ||||||
The estimated fair value of the three geographic reporting units incorporated judgment and the use of estimates by management. Potential factors requiring assessment include the relationship between our market capitalization and our book value, variance in results of operations from projections, and additional acquisition transactions in the industry that reflect a lower control premium. Any of these factors may cause management to reevaluate goodwill during any quarter throughout the year. If an impairment charge were to be taken for goodwill it would be a non-cash charge and would not impact the Company’s cash position or cash flows; however, such a charge could have a material impact to equity and the statement of income and comprehensive income. | ||||||
There was no goodwill impairment for the years ended December 31, 2014, 2013 or 2012. | ||||||
Determining the fair value of a reporting unit, intangible asset or a long-lived asset is judgmental and involves the use of significant estimates and assumptions. The Company bases its fair value estimates on assumptions that it believes are reasonable, but are uncertain and subject to changes in market conditions. | ||||||
Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest | |||||
The minority interest shareholders of a certain subsidiary have the right to require the Company to acquire their ownership interest under certain circumstances pursuant to a contractual arrangement and the Company has a similar call option under the same contractual terms. The amount of consideration under the put and call rights is not a fixed amount, but rather is dependent upon various valuation formulas and on future events, such as revenue and gross margin performance of the subsidiary through the date of exercise, etc. as described in Note 22. | ||||||
The Company has recorded the put option as mezzanine equity at their current estimated redemption amount. The Company accrues changes in the redemption amounts over the period from the date of issuance to the earliest redemption date of the put option. For the year ended December 31, 2014, there has been no charge to noncontrolling interests. Changes in the estimated redemption amounts of the put options are adjusted at each reporting period with a corresponding adjustment to equity. | ||||||
The following table presents changes in Redeemable Noncontrolling Interests. | ||||||
Years Ended December 31, | ||||||
(in thousands) | 2014 | 2013 | ||||
Balance at January 1, | $ | — | $ | — | ||
Granted | 8,550 | — | ||||
Currency translation adjustments | 322 | — | ||||
Balance at December 31, | $ | 8,872 | $ | — | ||
Licenses, Patent Costs And Other Long-Lived Assets | Licenses, Patent Costs and Other Long-Lived Assets | |||||
Licenses, patent costs and other long-lived assets include costs incurred to perfect license or patent rights under applicable domestic and foreign laws and the amount incurred to acquire existing licenses and patents. Licenses and patent costs are amortized on a straight-line basis over their estimated useful lives, which are approximately seven to twenty years. Amortization expense is included in cost of sales, research and development expenses and selling, general and administrative expenses, depending upon the nature and use of the technology. | ||||||
The Company evaluates long-lived assets other than goodwill for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If the estimated future cash flows (undiscounted and without interest charges) from the use of the asset are less than its carrying value, a write-down would be recorded to reduce the related asset to its estimated fair value. | ||||||
No impairment loss was recorded for the periods presented. | ||||||
Capitalized Software Costs | Capitalized Software Costs | |||||
Certain software development and production costs are capitalized when the related product reaches technological feasibility. No Software development costs were capitalized in 2014 and $250 were capitalized in 2013. No software development costs were capitalized in 2012. Capitalized software costs include internally developed software and certain costs that relate to developed software that the Company acquired through acquisition of businesses. Amortization of software development costs begins when the related products are available for use in related printers. Amortization expense related to capitalized software costs amounted to $1,439, $1,439 and $1,440 for 2014, 2013 and 2012, respectively, based on the straight-line method using an estimated useful life ranging from one year to eight years. Net capitalized software costs aggregated $3,556, $5,234 and $6,424 at December 31, 2014, 2013 and 2012, respectively, and are included in intangible assets in the accompanying consolidated balance sheets. | ||||||
Contingencies | ||||||
Contingencies | ||||||
The Company follows the provisions of ASC 450, “Contingencies,” which requires that an estimated loss from a loss contingency be accrued by a charge to income if it is both probable that an asset has been impaired or that a liability has been incurred and that the amount of the loss can be reasonably estimated. | ||||||
Foreign Currency Translation | Foreign Currency Translation | |||||
The Company transacts business globally and is subject to risks associated with fluctuating foreign exchange rates. 49.1% of the Company’s consolidated revenue is derived from sales outside the U.S. This revenue is generated primarily from sales of subsidiaries operating outside the U.S. in their respective countries and surrounding geographic areas. This revenue is primarily denominated in each subsidiary’s local functional currency, although certain sales are denominated in other currencies. These subsidiaries incur most of their expenses (other than intercompany expenses) in their local functional currencies. These currencies include Australian Dollars, British Pounds, Chinese Yuan, Euros, Japanese Yen, Swiss Francs, South Korean Won, Israel Shekel, Brazilian Real and Indian Rupee. | ||||||
The geographic areas outside the U.S. in which the Company operates are generally not considered to be highly inflationary. Nonetheless, these foreign operations are sensitive to fluctuations in currency exchange rates arising from, among other things, certain intercompany transactions that are generally denominated in U.S. dollars rather than their respective functional currencies. The Company’s operating results, assets and liabilities are subject to the effect of foreign currency translation when the operating results and the assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars in the Company’s consolidated financial statements. The assets and liabilities of the Company’s foreign subsidiaries are translated from their respective functional currencies into U.S. dollars based on the translation rate in effect at the end of the related reporting period. The operating results of the Company’s foreign subsidiaries are translated to U.S. dollars based on the average conversion rate for the related period. Gains and losses resulting from these conversions are recorded in accumulated other comprehensive income in the consolidated balance sheets. | ||||||
Gains and losses resulting from foreign currency transactions (transactions denominated in a currency other than the functional currency of the Company or a subsidiary) are included in the consolidated statements of income and other comprehensive income, except for intercompany receivables and payables for which settlement is not planned or anticipated in the foreseeable future, which are included as a component of accumulated other comprehensive income in the consolidated balance sheets. | ||||||
Derivative Financial Instruments | ||||||
Derivative Financial Instruments | ||||||
The Company is exposed to market risk from changes in interest rates and foreign currency exchange rates and commodity prices, which may adversely affect its results of operations and financial condition. The Company seeks to minimize these risks through regular operating and financing activities and, when the Company considers it to be appropriate, through the use of derivative financial instruments. | ||||||
The Company does not purchase, hold or sell derivative financial instruments for trading or speculative purposes. The Company has elected not to prepare and maintain the documentation to qualify for hedge accounting treatment under ASC 815, “Derivatives and Hedging,” and therefore, all gains and losses (realized or unrealized) related to derivative instruments are recognized in interest and other expense, net in the consolidated statements of income and comprehensive income and depending on the fair value at the end of the reporting period, derivatives are recorded either in prepaid and other current assets or in accrued liabilities in the consolidated balance sheets. | ||||||
The Company and its subsidiaries conduct business in various countries using both their functional currencies and other currencies to effect cross border transactions. As a result, they are subject to the risk that fluctuations in foreign exchange rates between the dates that those transactions are entered into and their respective settlement dates will result in a foreign exchange gain or loss. When practicable, the Company endeavors to match assets and liabilities in the same currency on its U.S. balance sheet and those of its subsidiaries in order to reduce these risks. The Company, when it considers it to be appropriate, enters into foreign currency contracts to hedge the exposures arising from those transactions. See Note 10 to the consolidated financial statements. | ||||||
The Company is exposed to credit risk if the counterparties to such transactions are unable to perform their obligations. However, the Company seeks to minimize such risk by entering into transactions with counterparties that are believed to be creditworthy financial institutions. | ||||||
Research And Development Costs | ||||||
Research and Development Costs | ||||||
Research and development costs are expensed as incurred. | ||||||
Earnings Per Share | Earnings per Share | |||||
Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income, as adjusted for the assumed issuance of all dilutive shares, by the weighted average number of shares of common stock outstanding plus the number of additional common shares that would have been outstanding if all dilutive common shares issuable upon exercise of outstanding stock options or conversion of convertible securities had been issued. Common shares related to stock options are excluded from the computation when their effect is anti-dilutive, that is, when their inclusion would increase the Company’s net income per share or reduce its net loss per share. At December 31, 2013 and 2012, the average outstanding diluted shares calculation also excluded shares that may have been issued upon conversion of the outstanding senior convertible notes because their inclusion would have been anti-dilutive. All senior convertible notes were converted in 2014. See Note 17 to the consolidated financial statements. | ||||||
Advertising Costs | ||||||
Advertising Costs | ||||||
Advertising costs are expensed as incurred. Advertising expenses were $8,799, $6,010 and $3,972 for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||
Pension Costs | ||||||
Pension costs | ||||||
The Company sponsors a retirement benefit for one of its non-U.S. subsidiaries in the form of a defined benefit pension plan. Accounting standards require the cost of providing this pension benefit be measured on an actuarial basis. Actuarial gains and losses resulting from both normal year-to-year changes in valuation assumptions and differences from actual experience are deferred and amortized. The application of these accounting standards requires management to make assumptions and judgments that can significantly affect these measurements. Critical assumptions made by management in performing these actuarial valuations include the selection of the discount rate to determine the present value of the pension obligations that affects the amount of pension expense recorded in any given period. Changes in the discount rate could have a material effect on the Company’s reported pension obligations and related pension expense. See Note 15 to the consolidated financial statements. | ||||||
Equity Compensation Plans | ||||||
Equity Compensation Plans | ||||||
The Company maintains stock-based compensation plans that are described more fully in Note 14 to the consolidated financial statements. Under the fair value recognition provisions of ASC 718, “Compensation – Stock Compensation,” stock-based compensation is estimated at the grant date based on the fair value of the awards expected to vest and recognized as expense ratably over the requisite service period of the award. | ||||||
Income Taxes | ||||||
Income Taxes | ||||||
The Company and its domestic subsidiaries file a consolidated U.S. federal income tax return. The Company’s non-U.S. subsidiaries file income tax returns in their respective jurisdictions. The Company provides for income taxes on those portions of its foreign subsidiaries’ accumulated earnings that the Company believes are not reinvested permanently in their business. | ||||||
Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax benefit carryforwards. Deferred income tax liabilities and assets at the end of each period are determined using enacted tax rates. | ||||||
The Company provides a valuation allowance for those jurisdictions in which the expiration date of tax benefit carryforwards or projected taxable earnings leads the Company to conclude that it is not likely that it will be able to realize the tax benefit of those carryforwards. | ||||||
Based upon the Company’s recent results of operations and its expected profitability in the future, the Company concluded that it is more likely than not that its deferred tax assets will be realized. | ||||||
The Company applies ASC 740 to determine the impact of an uncertain tax position on the income tax returns. In accordance with ASC 740, this impact must be recognized at the largest amount that is more likely than not to be required to be recognized upon audit by the relevant taxing authority. | ||||||
The Company includes interest and penalties accrued in the consolidated financial statements as a component of income tax expense. | ||||||
See Note 20 to the consolidated financial statements. | ||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | |||||
Accounting Standards Implemented in 2014 | ||||||
No new accounting pronouncements were implemented in 2014. | ||||||
New Accounting Standards to be Implemented | ||||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in amounts that reflect the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, may require more judgment and estimates within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2017. | ||||||
In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-12, Compensation – Stock Compensation (“ASU 2014-12”). ASU 2014-12 is intended to resolve diverse accounting treatment for share based awards in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. The standard is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 and may be applied prospectively or retrospectively. The Company does not expect adoption of this standard will have a significant impact on the Company’s consolidated financial statements. | ||||||
In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements – Going Concern (“ASU 2014-15”). ASU 2014-15 requires an entity’s management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern and if those conditions exist, the required disclosures. The standard is effective for annual periods ending after December 15, 2016, and interim periods therein. The Company does not expect adoption of this standard will have a significant impact on the Company’s consolidated financial statements. | ||||||
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Significant Accounting Policies [Abstract] | ||||||
Changes In Redeemable Noncontrolling Interests | ||||||
Years Ended December 31, | ||||||
(in thousands) | 2014 | 2013 | ||||
Balance at January 1, | $ | — | $ | — | ||
Granted | 8,550 | — | ||||
Currency translation adjustments | 322 | — | ||||
Balance at December 31, | $ | 8,872 | $ | — | ||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
2013 Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase Price Allocation To Assets Acquired And Liabilities Assumed | ||||
(in thousands) | 2014 | |||
Fixed assets | $ | 19,279 | ||
Other intangible assets, net | 127,315 | |||
Goodwill | 259,422 | |||
Other assets, net of cash acquired | 38,583 | |||
Liabilities | -75,364 | |||
Net assets acquired | $ | 369,235 | ||
2012 Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase Price Allocation To Assets Acquired And Liabilities Assumed | ||||
(in thousands) | 2013 | |||
Fixed assets | $ | 9,830 | ||
Other intangible assets, net | 51,930 | |||
Goodwill | 128,328 | |||
Other assets, net of cash acquired | 21,843 | |||
Liabilities | -32,340 | |||
Net assets acquired | $ | 179,591 | ||
2011 Acquisitions [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase Price Allocation To Assets Acquired And Liabilities Assumed | ||||
(in thousands) | 2012 | |||
Fixed assets | $ | 9,599 | ||
Intangible assets | 200,407 | |||
Other liabilities, net of cash acquired and assets assumed | -18,719 | |||
Net assets acquired | $ | 191,287 | ||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Inventories [Abstract] | |||||||
Components Of Inventories | |||||||
(in thousands) | 2014 | 2013 | |||||
Raw materials | $ | 46,850 | $ | 34,144 | |||
Work in process | 2,304 | 3,050 | |||||
Finished goods and parts | 47,491 | 37,954 | |||||
Inventories, net | $ | 96,645 | $ | 75,148 | |||
Property_And_Equipment_Tables
Property And Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property And Equipment [Abstract] | |||||||||
Schedule Of Property And Equipment | |||||||||
(in thousands) | 2014 | 2013 | Useful Life (in years) | ||||||
Land | $ | 541 | $ | 541 | N/A | ||||
Building | 9,370 | 9,315 | 25 | ||||||
Machinery and equipment | 84,443 | 56,962 | 7-Mar | ||||||
Capitalized software | 3,693 | 3,872 | 5-Mar | ||||||
Office furniture and equipment | 3,478 | 3,586 | 5-Mar | ||||||
Leasehold improvements | 12,447 | 9,395 | Life of lease (a) | ||||||
Rental equipment | 557 | — | 5 | ||||||
Construction in progress | 20,082 | 4,014 | N/A | ||||||
Total property and equipment | 134,611 | 87,685 | |||||||
Less: Accumulated depreciation and amortization | -52,730 | -42,477 | |||||||
Total property and equipment, net | $ | 81,881 | $ | 45,208 | |||||
(a) | Leasehold improvements are amortized on a straight-line basis over the shorter of (i) their estimated useful lives and (ii) the estimated or contractual life of the related lease. | ||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Intangible Assets [Abstract] | |||||||||||||||||||||||
Intangible Assets Other Than Goodwill | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
(in thousands) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | Useful Life (in years) | Weighted Average Useful Life Remaining (in years) | |||||||||||||||
Intangible assets with finite lives: | |||||||||||||||||||||||
Licenses | $ | 5,875 | $ | -5,875 | $ | — | $ | 5,875 | $ | -5,875 | $ | — | N/A | N/A | |||||||||
Patent costs | 20,733 | -7,369 | 13,364 | 21,545 | -5,960 | 15,585 | 20-May | 3 | |||||||||||||||
Acquired technology | 57,383 | -18,241 | 39,142 | 30,095 | -13,615 | 16,480 | 10-Mar | 4 | |||||||||||||||
Internally developed software | 9,073 | -5,517 | 3,556 | 18,097 | -12,863 | 5,234 | 8-Jan | <1 | |||||||||||||||
Customer relationships | 157,139 | -36,975 | 120,164 | 95,793 | -18,283 | 77,510 | 11-Mar | 2 | |||||||||||||||
Non-compete agreements | 35,469 | -11,784 | 23,685 | 16,848 | -6,666 | 10,182 | 11-Mar | 3 | |||||||||||||||
Trade names | 21,800 | -4,455 | 17,345 | 9,302 | -2,211 | 7,091 | 10-Feb | 5 | |||||||||||||||
Other | 39,100 | -6,905 | 32,195 | 11,598 | -4,081 | 7,517 | 10-Apr | 1 | |||||||||||||||
Intangible assets with indefinite lives: | |||||||||||||||||||||||
Trademarks | 2,110 | — | 2,110 | 2,110 | — | 2,110 | N/A | N/A | |||||||||||||||
Total intangible assets | $ | 348,682 | $ | -97,121 | $ | 251,561 | $ | 211,263 | $ | -69,554 | $ | 141,709 | 20-Jan | 4 | |||||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Goodwill [Abstract] | |||||||||||||
Changes In The Carrying Amount Of Goodwill By Geographic Reporting Unit | |||||||||||||
(in thousands) | Americas | EMEA | Asia Pacific | Total | |||||||||
Balance at January 1, 2013 | $ | 168,202 | $ | 40,276 | $ | 31,836 | $ | 240,314 | |||||
Effect of foreign currency exchange rates | — | 2,145 | -967 | 1,178 | |||||||||
Goodwill acquired through acquisitions | 96,533 | 28,734 | 3,307 | 128,574 | |||||||||
Balance at December 31, 2013 | 264,735 | 71,155 | 34,176 | 370,066 | |||||||||
Effect of foreign currency exchange rates | 1,804 | -17,238 | -992 | -16,426 | |||||||||
Goodwill acquired through acquisitions | 72,872 | 163,025 | — | 235,897 | |||||||||
Balance at December 31, 2014 | $ | 339,411 | $ | 216,942 | $ | 33,184 | $ | 589,537 | |||||
Accrued_And_Other_Liabilities_
Accrued And Other Liabilities (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Accrued And Other Liabilities [Abstract] | |||||||
Schedule Of Accrued Liabilities | |||||||
(in thousands) | 2014 | 2013 | |||||
Compensation and benefits | $ | 20,726 | $ | 13,197 | |||
Vendor accruals | 10,451 | 5,449 | |||||
Accrued professional fees | 532 | 493 | |||||
Accrued taxes | 8,577 | 1,834 | |||||
Royalties payable | 1,796 | 750 | |||||
Accrued interest | 43 | 73 | |||||
Accrued earnouts related to acquisitions | 185 | 5,872 | |||||
Accrued other | 1,909 | 762 | |||||
Total | $ | 44,219 | $ | 28,430 | |||
Schedule Of Other Liabilities | |||||||
(in thousands) | 2014 | 2013 | |||||
Defined benefit pension obligation | $ | 7,062 | $ | 5,861 | |||
Long term tax liability | 2,029 | 90 | |||||
Long term earnouts related to acquisitions | 8,970 | 4,206 | |||||
Long term deferred revenue | 7,627 | 4,218 | |||||
Other long term liabilities | 9,210 | 826 | |||||
Total | $ | 34,898 | $ | 15,201 | |||
Hedging_Activities_And_Financi1
Hedging Activities And Financial Instruments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Hedging Activities And Financial Instruments [Abstract] | |||||||||||||
Schedule Of Carrying Amounts And Fair Values Of Financial Instruments | |||||||||||||
2014 | 2013 | ||||||||||||
(in thousands) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||
5.50% convertible notes | $ | — | $ | — | $ | 11,416 | $ | 12,035 | |||||
Borrowings_Tables
Borrowings (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Borrowings [Abstract] | |||||||
Summary Of Principal Amounts And Related Unamortized Discount On Convertible Notes | |||||||
(in thousands) | 2014 | 2013 | |||||
Principal amount of convertible notes | $ | — | $ | 12,540 | |||
Unamortized discount on convertible notes | — | -1,124 | |||||
Net carrying value | $ | — | $ | 11,416 | |||
Lease_Obligations_Tables
Lease Obligations (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Lease Obligations [Abstract] | |||||||
Schedule Of Future Minimum Lease Payments For Capital And Operating Leases | |||||||
(in thousands) | Capitalized Leases | Operating Leases | |||||
Years ending December 31: | |||||||
2015 | $ | 1,112 | $ | 10,006 | |||
2016 | 1,098 | 8,960 | |||||
2017 | 1,125 | 6,649 | |||||
2018 | 1,121 | 5,536 | |||||
2019 | 1,117 | 4,733 | |||||
Later years | 9,252 | 7,531 | |||||
Total minimum lease payments | 14,825 | $ | 43,415 | ||||
Less: amounts representing imputed interest | -5,391 | ||||||
Present value of minimum lease payments | 9,434 | ||||||
Less: current portion of capitalized lease obligations | -529 | ||||||
Capitalized lease obligations, excluding current portion | $ | 8,905 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Stock-Based Compensation [Abstract] | ||||||||||||||||
Summary Of Stock Options Outstanding | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
(shares and options in thousands) | Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | ||||||||||
Outstanding at beginning of year | — | $ | — | — | $ | — | 1,076 | $ | 3.76 | |||||||
Exercised | — | — | — | — | -1,056 | 3.70 | ||||||||||
Lapsed or canceled | — | — | — | — | -20 | 7.12 | ||||||||||
Outstanding at end of year | — | $ | — | — | $ | — | — | $ | — | |||||||
Options exercisable at end of year | — | — | — | |||||||||||||
Shares available for future option grants (a) | 377 | 1,445 | 1,667 | |||||||||||||
Assumes the issuance of options permitted by the 2004 Incentive Stock Plan. | ||||||||||||||||
International_Retirement_Plan_
International Retirement Plan (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
International Retirement Plan [Abstract] | |||||||
Reconciliation Of Changes In Projected Benefit Obligation | |||||||
(in thousands) | 2014 | 2013 | |||||
Reconciliation of benefit obligations: | |||||||
Obligations as of January 1 | $ | 5,987 | $ | 5,240 | |||
Service cost | 150 | 144 | |||||
Interest cost | 200 | 198 | |||||
Actuarial loss | 1,719 | 302 | |||||
Benefit payments | -144 | -122 | |||||
Effect of foreign currency exchange rate changes | -718 | 225 | |||||
Obligations as of December 31 | 7,194 | 5,987 | |||||
Funded status as of December 31 (net of tax benefit) | $ | -7,194 | $ | -5,987 | |||
Summary Of Amounts Recognized In Consolidated Balance Sheets | |||||||
(in thousands) | 2014 | 2013 | |||||
Accrued liabilities | $ | 132 | $ | 127 | |||
Other liabilities | 7,062 | 5,860 | |||||
Projected benefit obligation | 7,194 | 5,987 | |||||
Accumulated other comprehensive income | -2,211 | -1,076 | |||||
Total | $ | 4,983 | $ | 4,911 | |||
Schedule Of Accumulated And Projected Benefit Obligations | |||||||
(in thousands) | 2014 | 2013 | |||||
Projected benefit obligation | $ | 7,194 | $ | 5,987 | |||
Accumulated benefit obligation | $ | 6,301 | $ | 5,553 | |||
Components Of Net Periodic Benefit Costs And Other Amounts Recognized In Other Comprehensive Income | |||||||
(in thousands) | 2014 | 2013 | |||||
Net periodic benefit cost: | |||||||
Service cost | $ | 150 | $ | 144 | |||
Interest cost | 200 | 198 | |||||
Amortization of actuarial loss | 69 | 56 | |||||
Total | $ | 419 | $ | 398 | |||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||||||
Net loss | 1,135 | 168 | |||||
Total expense recognized in net periodic benefit cost and other comprehensive income | $ | 1,554 | $ | 566 | |||
Assumptions Used To Determine Benefit Obligations | |||||||
2014 | 2013 | ||||||
Discount rate | 2.40% | 3.50% | |||||
Rate of compensation | 3.00% | 2.00% | |||||
Summary Of Estimated Future Benefit Payments | |||||||
(in thousands) | |||||||
Estimated future benefit payments: | |||||||
2015 | $ | 135 | |||||
2016 | 152 | ||||||
2017 | 155 | ||||||
2018 | 158 | ||||||
2019 | 175 | ||||||
2020-2024 | 1,142 | ||||||
Warranty_Contracts_Tables
Warranty Contracts (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Warranty Contracts [Abstract] | |||||||||||||
Schedule Of Recognized Warranty Revenue And Incurred Warranty Costs | |||||||||||||
Warranty Revenue Recognition: | |||||||||||||
(in thousands) | Beginning Balance Deferred Warranty Revenue | Warranty Revenue Deferred | Warranty Revenue Recognized | Ending Balance Deferred Warranty Revenue | |||||||||
Year Ended December 31, | |||||||||||||
2014 | $ | 9,141 | $ | 17,185 | $ | -14,412 | $ | 11,914 | |||||
2013 | 4,081 | 14,681 | -9,621 | 9,141 | |||||||||
2012 | 3,094 | 7,540 | -6,553 | 4,081 | |||||||||
Warranty Costs Incurred: | |||||||||||||
(in thousands) | Materials | Labor and Overhead | Total | ||||||||||
Year Ended December 31, | |||||||||||||
2014 | $ | 5,958 | $ | 6,662 | $ | 12,620 | |||||||
2013 | 4,441 | 4,821 | 9,262 | ||||||||||
2012 | 2,672 | 3,720 | 6,392 | ||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Earnings Per Share, Basic And Diluted [Abstract] | ||||||||||
Schedule Of Earnings Per Share Reconciliation | ||||||||||
(in thousands, except per share amounts) | 2014 | 2013 | 2012 | |||||||
Numerator: | ||||||||||
Net income attributable to 3D Systems – numerator for basic net earnings per share | $ | 11,637 | $ | 44,107 | $ | 38,941 | ||||
Add: Effect of dilutive securities | ||||||||||
5.50% convertible notes (after-tax)(a) | — | — | — | |||||||
Numerator for diluted earnings per share | $ | 11,637 | $ | 44,107 | $ | 38,941 | ||||
Denominator: | ||||||||||
Weighted average shares – denominator for basic net | 108,023 | 98,393 | 80,817 | |||||||
earnings per share | ||||||||||
Add: Effect of dilutive securities | ||||||||||
Stock options and other equity compensation | — | — | 906 | |||||||
5.50% convertible notes (after-tax)(a) | — | — | — | |||||||
Denominator for diluted earnings per share | 108,023 | 98,393 | 81,723 | |||||||
Earnings per share | ||||||||||
Basic and Diluted | $ | 0.11 | $ | 0.45 | $ | 0.48 | ||||
Interest expense excluded from diluted earnings per share calculation (a) | $ | — | $ | 1,835 | $ | 9,002 | ||||
5.50% Convertible notes shares excluded from diluted earnings per share calculation (a) | — | 1,764 | 5,957 | |||||||
Average outstanding diluted earnings per share calculation excludes shares that may be issued upon conversion of the outstanding senior convertible notes since the effect of their inclusion would have been anti-dilutive | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||||||||||||||
Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis | |||||||||||||||||||||||||
Fair Value Measurements as of: | |||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Description | |||||||||||||||||||||||||
Cash equivalents (a) | $ | 190,628 | $ | — | $ | — | $ | 190,628 | $ | 226,895 | $ | — | $ | — | $ | 226,895 | |||||||||
(a) | Cash equivalents include funds held in money market instruments and are reported at their current carrying value which approximates fair value due to the short-term nature of these instruments and are included in cash and cash equivalents in the consolidated balance sheet. | ||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Taxes [Abstract] | ||||||||||||
Components Of Company’s Income (Loss) Before Income Taxes | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Income before income taxes: | ||||||||||||
Domestic | $ | 5,751 | $ | 55,826 | $ | 34,105 | ||||||
Foreign | 11,636 | 8,180 | 9,174 | |||||||||
Total | $ | 17,387 | $ | 64,006 | $ | 43,279 | ||||||
Components Of Income Tax Provision | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Current: | ||||||||||||
U.S. federal | $ | 23,336 | $ | 24,688 | $ | 441 | ||||||
State | 72 | 1,926 | 1,031 | |||||||||
Foreign | 6,588 | 3,165 | 3,527 | |||||||||
Total | 29,996 | 29,779 | 4,999 | |||||||||
Deferred: | ||||||||||||
U.S. federal | -21,624 | -7,760 | 869 | |||||||||
State | -87 | -450 | -798 | |||||||||
Foreign | -2,844 | -1,682 | -732 | |||||||||
Total | -24,555 | -9,892 | -661 | |||||||||
Total income tax provision | $ | 5,441 | $ | 19,887 | $ | 4,338 | ||||||
Schedule Of Effective Tax Rate Reconciliation | ||||||||||||
% of Pretax Income | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Tax provision based on the federal statutory rate | 35.0 | % | 35.0 | % | 35.0 | % | ||||||
Nondeductible expenses | 12.5 | — | — | |||||||||
Uncertain tax positions | 11.2 | — | — | |||||||||
Deemed income related to foreign operations | 8.1 | 0.2 | 0.1 | |||||||||
Return to provision adjustments, foreign current and deferred balances | 2.5 | -0.4 | 0.5 | |||||||||
Foreign income tax rate differential | 0.5 | -0.3 | -0.7 | |||||||||
State taxes, net of federal benefit, before valuation allowance | 0.3 | 2.4 | 2.3 | |||||||||
Release of valuation allowances | — | — | -12.4 | |||||||||
Use of non-operating losses against U.S. taxable income | — | — | -14.6 | |||||||||
Foreign tax credits related to above | -6.3 | — | — | |||||||||
Domestic production activities deduction | -12 | -3.6 | — | |||||||||
Research credits | -21.9 | -0.6 | — | |||||||||
Other | 1.4 | -1.6 | -0.2 | |||||||||
Effective tax rate | 31.3 | % | 31.1 | % | 10.0 | % | ||||||
Components Of Company’s Net Deferred Income Tax Assets And Net Deferred Income Tax Liabilities | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Deferred income tax assets: | ||||||||||||
Tax credit carryforwards | $ | 4,139 | $ | 2,713 | ||||||||
Net operating loss carryforwards | 4,474 | 5,725 | ||||||||||
Reserves and allowances | 12,016 | 5,927 | ||||||||||
Stock options and restricted stock awards | 15,156 | 3,174 | ||||||||||
Deferred lease revenue | 270 | 86 | ||||||||||
Senior convertible notes | — | 1,042 | ||||||||||
Accrued liabilities | 1,501 | 342 | ||||||||||
Property, plant and equipment | — | 629 | ||||||||||
Total deferred income tax assets | 37,556 | 19,638 | ||||||||||
Deferred income tax liabilities | ||||||||||||
Intangibles | 50,324 | 32,737 | ||||||||||
Property, plant and equipment | 2,122 | — | ||||||||||
Accrued liabilities | — | — | ||||||||||
Total deferred income tax liabilities | 52,446 | 32,737 | ||||||||||
Net deferred income tax liabilities | $ | -14,890 | $ | -13,099 | ||||||||
Schedule Of Unrecognized Tax Benefits | ||||||||||||
Unrecognized Tax Benefits | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Balance at January 1 | $ | -16 | $ | -475 | $ | -393 | ||||||
Increases related to prior year tax positions | — | 380 | 300 | |||||||||
Decreases related to prior year tax positions | — | — | -378 | |||||||||
Increases related to current year tax positions | -1,829 | — | — | |||||||||
Decreases related to current year tax positions | — | — | -4 | |||||||||
Decreases in unrecognized liability due to settlements with foreign tax authorities | — | 79 | — | |||||||||
Balance at December 31 | $ | -1,845 | $ | -16 | $ | -475 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Segment Information [Abstract] | ||||||||||||||||
Schedule Of Revenue From Unaffiliated Customers By Geographic Area | ||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||
Revenue from unaffiliated customers: | ||||||||||||||||
Americas | $ | 333,925 | $ | 284,752 | $ | 196,414 | ||||||||||
Germany | 87,021 | 51,245 | 39,748 | |||||||||||||
Other EMEA | 109,066 | 82,536 | 60,939 | |||||||||||||
Asia Pacific | 123,640 | 94,867 | 56,532 | |||||||||||||
Total | $ | 653,652 | $ | 513,400 | $ | 353,633 | ||||||||||
Schedule Of Revenue From Unaffiliated Customers By Product | ||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||
Products | $ | 283,339 | $ | 227,627 | $ | 126,798 | ||||||||||
Materials | 158,859 | 128,405 | 103,182 | |||||||||||||
Services | 211,454 | 157,368 | 123,653 | |||||||||||||
Total revenue | $ | 653,652 | $ | 513,400 | $ | 353,633 | ||||||||||
Schedule Of Intercompany Sales By Geographic Area | ||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
Intercompany Sales to | ||||||||||||||||
(in thousands) | Americas | Germany | Other EMEA | Asia Pacific | Total | |||||||||||
Americas | $ | 201 | $ | 3,217 | $ | 42,622 | $ | 2,283 | $ | 48,323 | ||||||
Germany | 43,841 | — | 3,131 | — | 46,972 | |||||||||||
Other EMEA | 20,580 | 6,742 | 2,066 | — | 29,388 | |||||||||||
Asia Pacific | 14,433 | 8 | 2,739 | 2,759 | 19,939 | |||||||||||
Total | $ | 79,055 | $ | 9,967 | $ | 50,558 | $ | 5,042 | $ | 144,622 | ||||||
Year Ended December 31, 2013 | ||||||||||||||||
Intercompany Sales to | ||||||||||||||||
(in thousands) | Americas | Germany | Other EMEA | Asia Pacific | Total | |||||||||||
Americas | $ | — | $ | 23,100 | $ | 15,622 | $ | 5,438 | $ | 44,160 | ||||||
Germany | 1,825 | — | 4,135 | — | 5,960 | |||||||||||
Other EMEA | 26,862 | 1,688 | 2,090 | 566 | 31,206 | |||||||||||
Asia Pacific | 1,659 | 641 | 67 | 1,431 | 3,798 | |||||||||||
Total | $ | 30,346 | $ | 25,429 | $ | 21,914 | $ | 7,435 | $ | 85,124 | ||||||
Year Ended December 31, 2012 | ||||||||||||||||
Intercompany Sales to | ||||||||||||||||
(in thousands) | Americas | Germany | Other EMEA | Asia Pacific | Total | |||||||||||
Americas | $ | — | $ | 6,823 | $ | 4,153 | $ | 1,044 | $ | 12,020 | ||||||
Germany | 197 | — | 2,205 | — | 2,402 | |||||||||||
Other EMEA | 4,812 | 26 | 255 | 38 | 5,131 | |||||||||||
Asia Pacific | 195 | — | — | — | 195 | |||||||||||
Total | $ | 5,204 | $ | 6,849 | $ | 6,613 | $ | 1,082 | $ | 19,748 | ||||||
Schedule Of Income Or Loss From Operations By Geographic Area | ||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||
Income (loss) from operations: | ||||||||||||||||
Americas | $ | -24,663 | $ | 43,743 | $ | 37,743 | ||||||||||
Germany | 2,749 | 302 | 1,305 | |||||||||||||
Other EMEA | 9,181 | 7,849 | 5,415 | |||||||||||||
Asia Pacific | 40,131 | 30,499 | 16,528 | |||||||||||||
Subtotal | 27,398 | 82,393 | 60,991 | |||||||||||||
Inter-segment elimination | -1,083 | -1,532 | -420 | |||||||||||||
Total | $ | 26,315 | $ | 80,861 | $ | 60,571 | ||||||||||
Schedule Of Depreciation And Amortization By Geographic Area | ||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||
Depreciation and amortization: | ||||||||||||||||
Americas | $ | 38,876 | $ | 21,826 | $ | 17,049 | ||||||||||
Germany | 1,075 | 961 | 178 | |||||||||||||
Other EMEA | 11,427 | 4,410 | 2,983 | |||||||||||||
Asia Pacific | 3,810 | 3,247 | 1,019 | |||||||||||||
Total | $ | 55,188 | $ | 30,444 | $ | 21,229 | ||||||||||
Schedule Of Capital Expenditures By Geographic Area | ||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||
Capital expenditures: | ||||||||||||||||
Americas | $ | 18,187 | $ | 5,166 | $ | 2,177 | ||||||||||
Germany | 235 | 21 | 49 | |||||||||||||
Other EMEA | 3,680 | 1,171 | 857 | |||||||||||||
Asia Pacific | 625 | 614 | 141 | |||||||||||||
Total | $ | 22,727 | $ | 6,972 | $ | 3,224 | ||||||||||
Schedule Of Assets By Geographic Area | ||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||
Assets: | ||||||||||||||||
Americas | $ | 1,018,113 | $ | 870,208 | ||||||||||||
Germany | 47,524 | 38,685 | ||||||||||||||
Other EMEA | 382,259 | 120,562 | ||||||||||||||
Asia Pacific | 78,074 | 68,401 | ||||||||||||||
Total | $ | 1,525,970 | $ | 1,097,856 | ||||||||||||
Schedule Of Cash Equivalents By Geographic Area | ||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||
Cash and cash equivalents: | ||||||||||||||||
Americas | $ | 245,219 | $ | 286,377 | ||||||||||||
Germany | 6,640 | 3,441 | ||||||||||||||
Other EMEA | 15,556 | 8,915 | ||||||||||||||
Asia Pacific | 17,447 | 7,583 | ||||||||||||||
Total | $ | 284,862 | $ | 306,316 | ||||||||||||
Schedule Of Long-Lived Assets By Geographical Area | ||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||
Long-lived assets: | ||||||||||||||||
Americas | $ | 570,049 | $ | 426,221 | ||||||||||||
Germany | 19,994 | 23,134 | ||||||||||||||
Other EMEA | 309,817 | 71,269 | ||||||||||||||
Asia Pacific | 45,420 | 50,377 | ||||||||||||||
Total | $ | 945,280 | $ | 571,001 | ||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | |||||||||
(in thousands) | Foreign currency translation adjustment | Defined benefit pension plan | Total | ||||||
Balance at December 31, 2013 | $ | 6,865 | $ | -1,076 | $ | 5,789 | |||
Other comprehensive (loss) | -29,060 | -1,135 | -30,195 | ||||||
Balance at December 31, 2014 | $ | -22,195 | $ | -2,211 | $ | -24,406 | |||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Selected Quarterly Financial Data [Abstract] | |||||||||||||
Schedule Of Selected Quarterly Financial Data | |||||||||||||
Quarter Ended | |||||||||||||
(in thousands, except per share amounts) | 31-Dec-14 | 30-Sep-14 | 30-Jun-14 | 31-Mar-14 | |||||||||
Consolidated revenue | $ | 187,438 | $ | 166,944 | $ | 151,512 | $ | 147,758 | |||||
Gross profit | 89,766 | 79,798 | 72,398 | 75,472 | |||||||||
Total operating expenses | 85,538 | 71,590 | 68,036 | 65,955 | |||||||||
Income from operations | 4,228 | 8,208 | 4,362 | 9,517 | |||||||||
Income tax expense | 75 | 1,113 | 694 | 3,559 | |||||||||
Net income attributable to 3D Systems | 1,551 | 3,084 | 2,125 | 4,877 | |||||||||
Basic and diluted net income per share | $ | 0.01 | $ | 0.03 | $ | 0.02 | $ | 0.05 | |||||
Quarter Ended | |||||||||||||
(in thousands, except per share amounts) | 31-Dec-13 | 30-Sep-13 | 30-Jun-13 | 31-Mar-13 | |||||||||
Consolidated revenue | $ | 154,817 | $ | 135,717 | $ | 120,787 | $ | 102,079 | |||||
Gross profit | 80,097 | 71,437 | 62,583 | 53,477 | |||||||||
Total operating expenses | 62,121 | 42,867 | 45,787 | 35,958 | |||||||||
Income from operations | 17,976 | 28,570 | 16,796 | 17,519 | |||||||||
Income tax expense | 5,248 | 8,279 | 4,791 | 1,569 | |||||||||
Net income attributable to 3D Systems | 11,224 | 17,640 | 9,343 | 5,883 | |||||||||
Basic and diluted net income per share | $ | 0.11 | $ | 0.17 | $ | 0.10 | $ | 0.06 | |||||
Significant_Accounting_Policie3
Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
site | |||
Significant Accounting Policies [Line Items] | |||
Allowance for doubtful accounts receivable, minimum | 90 days | ||
Number of geographic reporting units | 3 | ||
Period to calculate the fair value of reporting units | 5 years | ||
Goodwill impairment | $0 | $0 | $0 |
Software development costs capitalized | 0 | 250 | 0 |
Amortization of software development costs | 1,439 | 1,439 | 1,440 |
Net capitalized software costs aggregated | 3,556 | 5,234 | 6,424 |
Senior convertible notes, rate | 5.50% | ||
Advertising expense | 8,799 | 6,010 | 3,972 |
International [Member] | |||
Significant Accounting Policies [Line Items] | |||
Revenue percentage | 49.10% | ||
Licenses And Patent Costs [Member] | |||
Significant Accounting Policies [Line Items] | |||
Licenses, patent and other long lived assets impairment | $0 | $0 | $0 |
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Sale payment period | 30 days | ||
Property and equipment, useful life, in years | 3 years | ||
Intangible assets, useful life | 1 year | ||
Minimum [Member] | Capitalized Software Costs [Member] | |||
Significant Accounting Policies [Line Items] | |||
Intangible assets, useful life | 1 year | ||
Minimum [Member] | Licenses And Patent Costs [Member] | |||
Significant Accounting Policies [Line Items] | |||
Intangible assets, useful life | 7 years | ||
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Warranty agreement period | 1 year | ||
Sale payment period | 60 days | ||
Property and equipment, useful life, in years | 30 years | ||
Intangible assets, useful life | 20 years | ||
Maximum [Member] | Capitalized Software Costs [Member] | |||
Significant Accounting Policies [Line Items] | |||
Intangible assets, useful life | 8 years | ||
Maximum [Member] | Licenses And Patent Costs [Member] | |||
Significant Accounting Policies [Line Items] | |||
Intangible assets, useful life | 20 years |
Significant_Accounting_Policie4
Significant Accounting Policies (Changes In Noncontrolling Interests) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Significant Accounting Policies [Abstract] | |
Balance at January 1 | |
Granted | 8,550 |
Currency translation adjustments | 322 |
Balance at December 31, | $8,872 |
Acquisitions_Fiscal_Year_2014_
Acquisitions (Fiscal Year 2014 Acquisitions) (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||
In Thousands, unless otherwise specified | Nov. 26, 2014 | Apr. 02, 2014 | Dec. 31, 2014 | Feb. 18, 2014 | Aug. 06, 2014 | Aug. 13, 2014 | Aug. 28, 2014 | Sep. 03, 2014 | Dec. 16, 2014 | Feb. 09, 2015 | Nov. 25, 2014 |
Business Acquisition [Line Items] | |||||||||||
Date of acquisition | 17-Dec-14 | ||||||||||
Fair value of the consideration paid | $69,026 | ||||||||||
Cash paid for business acquisition | 54,552 | 51,526 | |||||||||
Value of shares paid for acquisition | 17,500 | ||||||||||
Digital PlaySpace, Inc. [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date of acquisition | 18-Feb-14 | ||||||||||
Fair value of the consideration paid | 4,000 | ||||||||||
Cash paid for business acquisition | 2,000 | ||||||||||
Value of shares paid for acquisition | 2,000 | ||||||||||
Medical Modeling Inc. [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date of acquisition | 2-Apr-14 | ||||||||||
Business acquisition, ownership percentage | 100.00% | ||||||||||
Laser Reproductions [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date of acquisition | 6-Aug-14 | ||||||||||
Fair value of the consideration paid | 17,450 | ||||||||||
Cash paid for business acquisition | 13,075 | ||||||||||
Value of shares paid for acquisition | 4,375 | ||||||||||
American Precision Machining And American Precision Prototyping, LLC [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date of acquisition | 13-Aug-14 | ||||||||||
Cash paid for business acquisition | 14,089 | ||||||||||
Simbionix USA Corporation [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date of acquisition | 28-Aug-14 | ||||||||||
Cash paid for business acquisition | 121,562 | ||||||||||
Business acquisition, ownership percentage | 100.00% | ||||||||||
LayerWise NV [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date of acquisition | 3-Sep-14 | ||||||||||
Cash paid for business acquisition | 41,933 | ||||||||||
Business acquisition, ownership percentage | 100.00% | ||||||||||
Robtec [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date of acquisition | 25-Nov-14 | ||||||||||
Cash paid for business acquisition | 21,880 | ||||||||||
Business acquisition, ownership percentage | 70.00% | ||||||||||
botObjects Ltd [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Date of acquisition | 16-Dec-14 | ||||||||||
Cash paid for business acquisition | 24,743 | ||||||||||
Business acquisition, ownership percentage | 100.00% | ||||||||||
Right to earn additional pursuant | 3 years | ||||||||||
Subsequent Event [Member] | Cimatron [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Fair value of the consideration paid | 77,000 | ||||||||||
Maximum [Member] | botObjects Ltd [Member] | Forecast [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Long term earnouts related to acquisitions | $25,000 |
Acquisitions_Fiscal_Year_2013_
Acquisitions (Fiscal Year 2013 Acquisitions) (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||||
In Thousands, unless otherwise specified | Nov. 26, 2014 | Apr. 02, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 09, 2013 | Feb. 27, 2013 | 2-May-14 | 2-May-13 | Aug. 06, 2013 | Aug. 20, 2013 | Sep. 06, 2013 | Dec. 04, 2013 | Dec. 13, 2013 | Dec. 23, 2013 | Dec. 31, 2013 | Feb. 18, 2014 | Jul. 15, 2013 |
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Date of acquisition | 17-Dec-14 | |||||||||||||||||||||||||
Fair value of the consideration paid | $69,026 | |||||||||||||||||||||||||
Cash paid for business acquisition | 54,552 | 51,526 | ||||||||||||||||||||||||
Value of shares paid for acquisition | 17,500 | |||||||||||||||||||||||||
Revenue | 187,438 | 166,944 | 151,512 | 147,758 | 154,817 | 135,717 | 120,787 | 102,079 | 653,652 | 513,400 | 353,633 | |||||||||||||||
Operating income (loss) | 4,228 | 8,208 | 4,362 | 9,517 | 17,976 | 28,570 | 16,796 | 17,519 | 26,315 | 80,861 | 60,571 | |||||||||||||||
COWEB [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Date of acquisition | 9-Jan-13 | |||||||||||||||||||||||||
Business acquisition, ownership percentage | 100.00% | |||||||||||||||||||||||||
Cash paid for business acquisition | 262 | |||||||||||||||||||||||||
Geomagic [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Date of acquisition | 27-Feb-13 | |||||||||||||||||||||||||
Business acquisition, ownership percentage | 100.00% | |||||||||||||||||||||||||
Cash paid for business acquisition | 52,687 | |||||||||||||||||||||||||
Rapid Product Development Group, Inc. [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Date of acquisition | 1-May-13 | |||||||||||||||||||||||||
Fair value of the consideration paid | 44,413 | |||||||||||||||||||||||||
Cash paid for business acquisition | 33,163 | |||||||||||||||||||||||||
Value of shares paid for acquisition | 6,750 | |||||||||||||||||||||||||
Business acquisition, deferred consideration payment | 4,500 | |||||||||||||||||||||||||
Deferred cash payments to acquire businesses | 3,750 | |||||||||||||||||||||||||
Deferred value of shares paid for acquisition | 750 | |||||||||||||||||||||||||
Duration of time before deferred purchase price paid | 12 months | |||||||||||||||||||||||||
Phenix Systems [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Date of acquisition | 15-Jul-13 | |||||||||||||||||||||||||
Business acquisition, ownership percentage | 95.00% | 95.00% | 82.00% | |||||||||||||||||||||||
Cash paid for business acquisition | 16,975 | |||||||||||||||||||||||||
VisPower Technology Inc. [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Date of acquisition | 6-Aug-13 | |||||||||||||||||||||||||
Business acquisition, ownership percentage | 100.00% | |||||||||||||||||||||||||
Cash paid for business acquisition | 4,998 | |||||||||||||||||||||||||
CDRM, Ltd. [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Date of acquisition | 20-Aug-13 | |||||||||||||||||||||||||
Business acquisition, ownership percentage | 100.00% | |||||||||||||||||||||||||
Cash paid for business acquisition | 6,399 | |||||||||||||||||||||||||
The Sugar Lab [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Date of acquisition | 6-Sep-13 | |||||||||||||||||||||||||
Fair value of the consideration paid | 1,500 | |||||||||||||||||||||||||
Cash paid for business acquisition | 1,000 | |||||||||||||||||||||||||
Value of shares paid for acquisition | 500 | |||||||||||||||||||||||||
Figulo [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Date of acquisition | 4-Dec-13 | |||||||||||||||||||||||||
Business acquisition, ownership percentage | 100.00% | |||||||||||||||||||||||||
Fair value of the consideration paid | 2,846 | |||||||||||||||||||||||||
Cash paid for business acquisition | 1,996 | |||||||||||||||||||||||||
Value of shares paid for acquisition | 850 | |||||||||||||||||||||||||
Village Plastics Co. [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Date of acquisition | 13-Dec-13 | |||||||||||||||||||||||||
Business acquisition, ownership percentage | 100.00% | |||||||||||||||||||||||||
Fair value of the consideration paid | 6,361 | |||||||||||||||||||||||||
Cash paid for business acquisition | 4,361 | |||||||||||||||||||||||||
Value of shares paid for acquisition | 2,000 | |||||||||||||||||||||||||
Gentle Giant Studios [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Date of acquisition | 23-Dec-13 | |||||||||||||||||||||||||
Business acquisition, ownership percentage | 100.00% | |||||||||||||||||||||||||
Fair value of the consideration paid | 10,650 | |||||||||||||||||||||||||
Cash paid for business acquisition | 7,975 | |||||||||||||||||||||||||
Value of shares paid for acquisition | 2,675 | |||||||||||||||||||||||||
Xerox Corporation Wilsonville, Oregon [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Date of acquisition | 31-Dec-13 | |||||||||||||||||||||||||
Cash paid for business acquisition | 32,500 | |||||||||||||||||||||||||
Digital PlaySpace, Inc. [Member] | ||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Date of acquisition | 18-Feb-14 | |||||||||||||||||||||||||
Fair value of the consideration paid | 4,000 | |||||||||||||||||||||||||
Cash paid for business acquisition | 2,000 | |||||||||||||||||||||||||
Value of shares paid for acquisition | $2,000 |
Acquisitions_Fiscal_Year_2012_
Acquisitions (Fiscal Year 2012 Acquisitions) (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Nov. 26, 2014 | Apr. 02, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 03, 2012 | Dec. 31, 2011 | Apr. 05, 2012 | Apr. 10, 2012 | Apr. 17, 2012 | Apr. 17, 2012 | 23-May-12 | Jul. 23, 2012 | Oct. 02, 2012 | Oct. 09, 2012 |
Business Acquisition [Line Items] | |||||||||||||||||||||||
Date of acquisition | 17-Dec-14 | ||||||||||||||||||||||
Fair value of the consideration paid | $69,026 | ||||||||||||||||||||||
Cash paid for business acquisition | 54,552 | 51,526 | |||||||||||||||||||||
Value of shares paid for acquisition | 17,500 | ||||||||||||||||||||||
Revenue | 187,438 | 166,944 | 151,512 | 147,758 | 154,817 | 135,717 | 120,787 | 102,079 | 653,652 | 513,400 | 353,633 | ||||||||||||
Operating income (loss) | 4,228 | 8,208 | 4,362 | 9,517 | 17,976 | 28,570 | 16,796 | 17,519 | 26,315 | 80,861 | 60,571 | ||||||||||||
Initial Lease Term [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Lease term | 5 years | ||||||||||||||||||||||
Successive Lease Term [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Lease term | 3 years | ||||||||||||||||||||||
Number of successive lease terms | 2 | ||||||||||||||||||||||
Z Corporation And Vidar Systems Corporation [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Date of acquisition | 3-Jan-12 | ||||||||||||||||||||||
Business acquisition, ownership percentage | 100.00% | ||||||||||||||||||||||
Cash paid for business acquisition | 134,918 | ||||||||||||||||||||||
Revenue | 55,637 | ||||||||||||||||||||||
Operating income (loss) | 8,478 | ||||||||||||||||||||||
Pro forma revenue | 353,633 | 286,956 | |||||||||||||||||||||
Pro forma net income (loss) | 38,941 | 27,487 | |||||||||||||||||||||
Fresh Fiber B.V. [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Date of acquisition | 5-Apr-12 | ||||||||||||||||||||||
Business acquisition, ownership percentage | 100.00% | ||||||||||||||||||||||
Fair value of the consideration paid | 1,243 | ||||||||||||||||||||||
Cash paid for business acquisition | 848 | ||||||||||||||||||||||
Value of shares paid for acquisition | 395 | ||||||||||||||||||||||
Time Period Of Earnout | 3 years | ||||||||||||||||||||||
Kodama Studios, LLC [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Date of acquisition | 10-Apr-12 | ||||||||||||||||||||||
Business acquisition, ownership percentage | 100.00% | ||||||||||||||||||||||
Fair value of the consideration paid | 2,749 | ||||||||||||||||||||||
Cash paid for business acquisition | 1,499 | ||||||||||||||||||||||
Value of shares paid for acquisition | 1,250 | ||||||||||||||||||||||
Paramount Industries [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Date of acquisition | 17-Apr-12 | ||||||||||||||||||||||
Fair value of the consideration paid | 7,953 | ||||||||||||||||||||||
Cash paid for business acquisition | 6,138 | ||||||||||||||||||||||
Value of shares paid for acquisition | 1,815 | ||||||||||||||||||||||
Time Period Of Earnout | 5 years | ||||||||||||||||||||||
Bespoke Innovations, Inc. [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Date of acquisition | 23-May-12 | ||||||||||||||||||||||
Business acquisition, ownership percentage | 100.00% | ||||||||||||||||||||||
Fair value of the consideration paid | 7,903 | ||||||||||||||||||||||
Cash paid for business acquisition | 4,064 | ||||||||||||||||||||||
Value of shares paid for acquisition | 3,144 | ||||||||||||||||||||||
Maximum Deferred Payment Of Seller | 695 | ||||||||||||||||||||||
Viztu Technologies, Inc. [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Date of acquisition | 23-Jul-12 | ||||||||||||||||||||||
Business acquisition, ownership percentage | 100.00% | ||||||||||||||||||||||
Fair value of the consideration paid | 1,000 | ||||||||||||||||||||||
Cash paid for business acquisition | 500 | ||||||||||||||||||||||
Value of shares paid for acquisition | 500 | ||||||||||||||||||||||
Maximum Earnout Payment | 1 | ||||||||||||||||||||||
Business acquisition agreement, period | 4 years | ||||||||||||||||||||||
TIM Innovative Modelmakers B.V. [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Date of acquisition | 1-Oct-12 | ||||||||||||||||||||||
Business acquisition, ownership percentage | 100.00% | ||||||||||||||||||||||
Fair value of the consideration paid | 1,714 | ||||||||||||||||||||||
Cash paid for business acquisition | 1,148 | ||||||||||||||||||||||
Value of shares paid for acquisition | 566 | ||||||||||||||||||||||
INUS Technology, Inc. [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Date of acquisition | 9-Oct-12 | ||||||||||||||||||||||
Business acquisition, ownership percentage | 100.00% | ||||||||||||||||||||||
Cash paid for business acquisition | $33,918 |
Acquisitions_Purchase_Price_Al
Acquisitions (Purchase Price Allocation To Assets Acquired And Liabilities Assumed) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Acquisitions [Abstract] | |||
Fixed assets | $19,279 | $9,830 | $9,599 |
Other intangible assets, net | 127,315 | 51,930 | |
Intangible assets | 200,407 | ||
Goodwill | 259,422 | 128,328 | |
Other assets, net of cash acquired | 38,583 | 21,843 | |
Liabilities | -75,364 | -32,340 | -18,719 |
Net assets acquired | $369,235 | $179,591 | $191,287 |
Inventories_Components_Of_Inve
Inventories (Components Of Inventories) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ||
Raw materials | $46,850 | $34,144 |
Work in process | 2,304 | 3,050 |
Finished goods and parts | 47,491 | 37,954 |
Inventories, net | $96,645 | $75,148 |
Property_And_Equipment_Narrati
Property And Equipment (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property And Equipment [Abstract] | |||
Depreciation and amortization expense | $14,727 | $9,746 | $8,441 |
Property_And_Equipment_Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $134,611 | $87,685 | |
Less: Accumulated depreciation and amortization | -52,730 | -42,477 | |
Total property and equipment, net | 81,881 | 45,208 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 541 | 541 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 9,370 | 9,315 | |
Property and equipment, useful life, in years | 25 years | ||
Machinery And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 84,443 | 56,962 | |
Capitalized Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 3,693 | 3,872 | |
Office Furniture And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 3,478 | 3,586 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 12,447 | 9,395 | |
Leasehold improvements useful life | Life of lease (a) | [1] | |
Rental Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 557 | ||
Property and equipment, useful life, in years | 5 years | ||
Construction In Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $20,082 | $4,014 | |
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, useful life, in years | 3 years | ||
Minimum [Member] | Machinery And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, useful life, in years | 3 years | ||
Minimum [Member] | Capitalized Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, useful life, in years | 3 years | ||
Minimum [Member] | Office Furniture And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, useful life, in years | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, useful life, in years | 30 years | ||
Maximum [Member] | Machinery And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, useful life, in years | 7 years | ||
Maximum [Member] | Capitalized Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, useful life, in years | 5 years | ||
Maximum [Member] | Office Furniture And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, useful life, in years | 5 years | ||
[1] | Leasehold improvements are amortized on a straight-line basis over the shorter of (i)Â their estimated useful lives and (ii)Â the estimated or contractual life of the related lease. |
Intangible_Assets_Narrative_De
Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense for intangible assets | $39,203 | $20,447 | $12,573 |
Annual estimated amortization expense, in 2014 | 50,888 | ||
Annual estimated amortization expense, in 2015 | 46,105 | ||
Annual estimated amortization expense, in 2016 | 41,802 | ||
Annual estimated amortization expense, in 2017 | 33,280 | ||
Annual estimated amortization expense, in 2018 | 24,706 | ||
Patent Costs [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense for intangible assets | $281 | $250 | $215 |
Intangible_Assets_Intangible_A
Intangible Assets (Intangible Assets Other Than Goodwill) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Accumulated Amortization | ($97,121) | ($69,554) |
Intangible assets, Gross | 348,682 | 211,263 |
Intangible assets, Net | 251,561 | 141,709 |
Weighted average useful life | 4 years | |
Trademarks [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 2,110 | 2,110 |
Licenses [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | 5,875 | 5,875 |
Intangible assets with finite lives: Accumulated Amortization | -5,875 | -5,875 |
Patent Costs [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | 20,733 | 21,545 |
Intangible assets with finite lives: Accumulated Amortization | -7,369 | -5,960 |
Intangible assets with finite lives: Net | 13,364 | 15,585 |
Weighted average useful life | 3 years | |
Acquired Technology [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | 57,383 | 30,095 |
Intangible assets with finite lives: Accumulated Amortization | -18,241 | -13,615 |
Intangible assets with finite lives: Net | 39,142 | 16,480 |
Weighted average useful life | 4 years | |
Internally Developed Software [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | 9,073 | 18,097 |
Intangible assets with finite lives: Accumulated Amortization | -5,517 | -12,863 |
Intangible assets with finite lives: Net | 3,556 | 5,234 |
Customer Relationships [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | 157,139 | 95,793 |
Intangible assets with finite lives: Accumulated Amortization | -36,975 | -18,283 |
Intangible assets with finite lives: Net | 120,164 | 77,510 |
Weighted average useful life | 2 years | |
Non-Compete Agreements [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | 35,469 | 16,848 |
Intangible assets with finite lives: Accumulated Amortization | -11,784 | -6,666 |
Intangible assets with finite lives: Net | 23,685 | 10,182 |
Weighted average useful life | 3 years | |
Trade Names [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | 21,800 | 9,302 |
Intangible assets with finite lives: Accumulated Amortization | -4,455 | -2,211 |
Intangible assets with finite lives: Net | 17,345 | 7,091 |
Weighted average useful life | 5 years | |
Other [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | 39,100 | 11,598 |
Intangible assets with finite lives: Accumulated Amortization | -6,905 | -4,081 |
Intangible assets with finite lives: Net | $32,195 | $7,517 |
Weighted average useful life | 1 year | |
Minimum [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 1 year | |
Minimum [Member] | Patent Costs [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 5 years | |
Minimum [Member] | Acquired Technology [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 3 years | |
Minimum [Member] | Internally Developed Software [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 1 year | |
Minimum [Member] | Customer Relationships [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 3 years | |
Minimum [Member] | Non-Compete Agreements [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 3 years | |
Minimum [Member] | Trade Names [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 2 years | |
Minimum [Member] | Other [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 4 years | |
Maximum [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 20 years | |
Maximum [Member] | Patent Costs [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 20 years | |
Maximum [Member] | Acquired Technology [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 10 years | |
Maximum [Member] | Internally Developed Software [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 8 years | |
Weighted average useful life | 1 year | |
Maximum [Member] | Customer Relationships [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 11 years | |
Maximum [Member] | Non-Compete Agreements [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 11 years | |
Maximum [Member] | Trade Names [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 10 years | |
Maximum [Member] | Other [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 10 years |
Goodwill_Details
Goodwill (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Line Items] | ||
Balance at beginning of period | $370,066 | $240,314 |
Effect of foreign currency exchange rates | -16,426 | 1,178 |
Goodwill acquired through acquisitions | 235,897 | 128,574 |
Balance at end of period | 589,537 | 370,066 |
Americas [Member] | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 264,735 | 168,202 |
Effect of foreign currency exchange rates | 1,804 | |
Goodwill acquired through acquisitions | 72,872 | 96,533 |
Balance at end of period | 339,411 | 264,735 |
Europe [Member] | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 71,155 | 40,276 |
Effect of foreign currency exchange rates | -17,238 | 2,145 |
Goodwill acquired through acquisitions | 163,025 | 28,734 |
Balance at end of period | 216,942 | 71,155 |
Asia Pacific [Member] | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 34,176 | 31,836 |
Effect of foreign currency exchange rates | -992 | -967 |
Goodwill acquired through acquisitions | 3,307 | |
Balance at end of period | $33,184 | $34,176 |
Employee_Benefits_Details
Employee Benefits (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Benefits [Abstract] | |||
Employer matching contribution percentage | 50.00% | ||
Maximum employer contribution amount of employee compensation | $1,500 | ||
Employee benefit expenses | $721,000 | $527,000 | $489,000 |
Accrued_And_Other_Liabilities_1
Accrued And Other Liabilities (Schedule Of Accrued Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Accrued Liabilities [Line Items] | ||
Compensation and benefits | $20,726 | $13,197 |
Vendor accruals | 10,451 | 5,449 |
Accrued professional fees | 532 | 493 |
Accrued taxes | 8,577 | 1,834 |
Royalties payable | 1,796 | 750 |
Accrued interest | 43 | 73 |
Accrued other | 1,909 | 762 |
Total | 44,219 | 28,430 |
Other Current Liabilities [Member] | ||
Current Accrued Liabilities [Line Items] | ||
Accrued earnouts related to acquisitions | $185 | $5,872 |
Accrued_And_Other_Liabilities_2
Accrued And Other Liabilities (Schedule Of Other Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Noncurrent Accrued Liabilities [Line Items] | ||
Defined benefit pension obligation | $7,062 | $5,861 |
Long-term tax liability | 2,029 | 90 |
Long-term deferred revenue | 7,627 | 4,218 |
Other long-term liabilities | 9,210 | 826 |
Total | 34,898 | 15,201 |
Other Noncurrent Liabilities [Member] | ||
Noncurrent Accrued Liabilities [Line Items] | ||
Long term earnouts related to acquisitions | $8,970 | $4,206 |
Hedging_Activities_And_Financi2
Hedging Activities And Financial Instruments (Narrative) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2011 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Foreign currency derivative contracts | $0 | $0 | ||
Foreign currency gain (loss) | -5,727,000 | -773,000 | 145,000 | |
Interest rate | 5.50% | |||
Senior Convertible Notes Due December 15, 2016 [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Debt maturity date | 15-Dec-16 | |||
Interest rate | 5.50% | |||
Principal amount of convertible notes | $152,000,000 |
Hedging_Activities_And_Financi3
Hedging Activities And Financial Instruments (Schedule Of Carrying Amounts And Fair Values Of Financial Instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate on debt | 5.50% | |
Senior Convertible Notes Due December 15, 2016 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate on debt | 5.50% | |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
5.5% convertible notes | $11,416 | |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
5.5% convertible notes | $12,035 |
Borrowings_Narrative_Details
Borrowings (Narrative) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2011 | Oct. 10, 2014 | |
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Initiation Date | 10-Oct-14 | ||||
Interest rate | 5.50% | ||||
Interest expense | $1,227,000 | $3,425,000 | $12,468,000 | ||
Interest income | 482,000 | 1,258,000 | 168,000 | ||
Balance on credit facility | 0 | ||||
Federal Funds Effective Swap Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||
Senior Convertible Notes Due December 15, 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity date | 15-Dec-16 | ||||
Interest rate | 5.50% | ||||
Principal amount of convertible notes | 152,000,000 | ||||
Remaining amount of outstanding notes converted | 12,540,000 | ||||
Loss on conversion of debt | 1,806,000 | 11,275,000 | 7,021,000 | ||
Balance on loan | 0 | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Unsecured credit facility, maximum borrowing capacity | 150,000,000 | ||||
Debt Instrument, Term | 5 years | ||||
Debt maturity date | 10-Oct-19 | ||||
Potential Principal Increase Under Credit Facility | 75,000,000 | ||||
Ratio of total funded indebtedness to consolidated EBITDA | 3 | ||||
Ratio of Consolidated EBITDA to cash interest expense | 3.5 | ||||
LayerWise NV [Member] | |||||
Debt Instrument [Line Items] | |||||
Quarterly commitment fee percentage | 0.13% | ||||
Balance on loan | 0 | ||||
LayerWise NV [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Assumed Bank Debt | 1,427,000 | ||||
LayerWise NV [Member] | Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Assumed Bank Debt | 240,000 | ||||
Short-term Debt | $127,000 | ||||
Minimum [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Quarterly commitment fee percentage | 0.20% | ||||
Minimum [Member] | Revolving Credit Facility [Member] | Leverage Ratio [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||||
Minimum [Member] | Revolving Credit Facility [Member] | LIBOR Rate Plus Levarage Ratio Margin [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||
Minimum [Member] | LayerWise NV [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 1.34% | ||||
Maximum [Member] | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Quarterly commitment fee percentage | 0.25% | ||||
Maximum [Member] | Revolving Credit Facility [Member] | Leverage Ratio [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
Maximum [Member] | Revolving Credit Facility [Member] | LIBOR Rate Plus Levarage Ratio Margin [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
Maximum [Member] | LayerWise NV [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 5.40% |
Borrowings_Summary_Of_Principa
Borrowings (Summary Of Principal Amounts And Related Unamortized Discount On Convertible Notes) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Borrowings [Abstract] | |
Principal amount of convertible notes | $12,540 |
Unamortized discount on convertible notes | -1,124 |
Net carrying value | $11,416 |
Lease_Obligations_Details
Lease Obligations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Leases, Rent Expense | $10,427 | $6,891 | $4,968 |
Capital leases payment due in 2016 | 1,125 | ||
Rock Hill Facility [Member] | |||
Lease expiration date | 31-Aug-21 | ||
Allowable lease renew time | 2 | ||
Additional lease renewal term | 5 years | ||
Capital leases payments due in 2014 through 2015 | 669 | ||
Capital leases payment due in 2016 | 683 | ||
Capital leases payments due in 2017 through 2020 | 709 | ||
Capital leases payment due in 2021 | $723 | ||
Capital lease implicit interest rate | 6.93% | ||
Other Capital Lease Obligations [Member] | |||
Lease expiration date | 1-Aug-18 | ||
Minimum [Member] | Other Capital Lease Obligations [Member] | |||
Capital lease implicit interest rate | 1.75% | 1.75% | |
Maximum [Member] | Other Capital Lease Obligations [Member] | |||
Capital lease implicit interest rate | 8.06% | 7.80% |
Lease_Obligations_Schedule_Of_
Lease Obligations (Schedule Of Future Minimum Lease Payments For Capital And Operating Leases) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Capital Leases | |
2015 | $1,112 |
2016 | 1,098 |
2017 | 1,125 |
2018 | 1,121 |
2019 | 1,117 |
Later years | 9,252 |
Total minimum lease payments | 14,825 |
Less: amounts representing imputed interest | -5,391 |
Present value of minimum lease payments | 9,434 |
Less current portion of capitalized lease obligations | 529 |
Capitalized lease obligations, excluding current portion | 8,905 |
Operating Leases | |
2015 | 10,006 |
2016 | 8,960 |
2017 | 6,649 |
2018 | 5,536 |
2019 | 4,733 |
Later years | 7,531 |
Total minimum lease payments | $43,415 |
Preferred_Stock_Details
Preferred Stock (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Preferred Stock [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | Dec. 31, 2011 | Dec. 31, 2008 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock options outstanding, number | 0 | 0 | 1,076 | ||||||
Common stock available for future grants | 377 | [1] | 1,445 | [1] | 1,667 | [1] | |||
Number of stock options exercised | 0 | 0 | 1,056 | ||||||
Aggregate intrinsic value of stock option exercised | $39,165 | ||||||||
2004 Stock Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock available for future grants | 377 | ||||||||
Payment for per share granted | 1 | ||||||||
Restricted Stock Awards [Member] | 2004 Stock Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock-based compensation expense, Shares | 1,026 | 1,046 | 540 | ||||||
Share based compensation expense | 31,944 | 12,958 | 4,818 | ||||||
Estimated value associated with awards granted | 49,121 | 67,942 | 20,458 | ||||||
Percentage of fair market value of common stock at grant date | 10.00% | ||||||||
Non Employee Directors [Member] | 2004 Director Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock-based compensation expense, Shares | 17 | 12 | 11 | ||||||
Share based compensation expense | 849 | 600 | 300 | ||||||
Common stock available for future grants | 600 | ||||||||
Limit on value of award shares to directors | $100 | ||||||||
Non Employee Directors [Member] | Initial Grants [Member] | 2004 Director Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock issued upon reaching milestones | 1 | ||||||||
Non Employee Directors [Member] | Annual Grants [Member] | 2004 Director Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock issued upon reaching milestones | 3 | ||||||||
Non Employee Directors [Member] | Interim Grants [Member] | 2004 Director Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock issued upon reaching milestones | 3 | ||||||||
Minimum [Member] | Restricted Stock Awards [Member] | 2004 Stock Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation award vesting period | 3 years | ||||||||
Maximum [Member] | 2004 Stock Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common stock reserved for issuance | 6,000 | 4,000 | |||||||
Maximum [Member] | Restricted Stock Awards [Member] | 2004 Stock Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation award vesting period | 5 years | ||||||||
[1] | Assumes the issuance of options permitted by the 2004 Incentive Stock Plan. |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary Of Stock Options Outstanding) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Options | ||||||
Outstanding at beginning of year | 0 | 1,076 | ||||
Exercised | 0 | 0 | -1,056 | |||
Lapsed or canceled | -20 | |||||
Outstanding at end of year | 0 | 0 | ||||
Weighted Average Exercise Price | ||||||
Outstanding at beginning of year | $3.76 | |||||
Exercised | $3.70 | |||||
Lapsed or canceled | $7.12 | |||||
Shares available for future option grants | 377 | [1] | 1,445 | [1] | 1,667 | [1] |
[1] | Assumes the issuance of options permitted by the 2004 Incentive Stock Plan. |
International_Retirement_Plan_1
International Retirement Plan (Narrative) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Non-Contributory Defined Benefit Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net present value of annuity | $2,981 | $3,144 |
International Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized net gain (loss) of defined benefit plan before tax | -1,719 | -302 |
Tax benefit on defined benefit loss | -515 | -78 |
Adjustment to AOCI net gain (loss) of defined benefit plan after tax | 1,135 | 168 |
Defined Benefit Plan, Amortization of Gains (Losses) | ($69) | ($56) |
International_Retirement_Plan_2
International Retirement Plan (Reconciliation Of Changes In Projected Benefit Obligation) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Obligations as of December 31 | $7,062 | $5,861 |
International Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Obligations as of January 1 | 5,987 | 5,240 |
Service cost | 150 | 144 |
Interest cost | 200 | 198 |
Actuarial loss | 1,719 | 302 |
Benefit payments | -144 | -122 |
Effect of foreign currency exchange rate changes | -718 | 225 |
Obligations as of December 31 | 7,194 | 5,987 |
Funded status as of December 31 (net of tax benefit) | ($7,194) | ($5,987) |
International_Retirement_Plan_3
International Retirement Plan (Summary Of Amounts Recognized In Consolidated Balance Sheets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $7,062 | $5,861 | |
International Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accrued liabilities | 132 | 127 | |
Other liabilities | 7,062 | 5,860 | |
Projected benefit obligation | 7,194 | 5,987 | 5,240 |
Accumulated other comprehensive income | -2,211 | -1,076 | |
Total | $4,983 | $4,911 |
International_Retirement_Plan_4
International Retirement Plan (Schedule Of Accumulated And Projected Benefit Obligations) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $7,062 | $5,861 | |
International Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 7,194 | 5,987 | 5,240 |
Accumulated benefit obligation | $6,301 | $5,553 |
International_Retirement_Plan_5
International Retirement Plan (Components Of Net Periodic Benefit Costs And Other Amounts Recognized In Other Comprehensive Income) (Details) (International Retirement Plan [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
International Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $150 | $144 |
Interest cost | 200 | 198 |
Amortization of actuarial loss | 69 | 56 |
Total | 419 | 398 |
Net loss | 1,135 | 168 |
Total expense recognized in net periodic benefit cost and other comprehensive income | $1,554 | $566 |
International_Retirement_Plan_6
International Retirement Plan (Assumptions Used To Determine Benefit Obligations) (Details) (International Retirement Plan [Member]) | Dec. 31, 2014 | Dec. 31, 2013 |
International Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.40% | 3.50% |
Rate of compensation | 3.00% | 2.00% |
International_Retirement_Plan_7
International Retirement Plan (Summary Of Estimated Future Benefit Payments) (Details) (International Retirement Plan [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
International Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $135 |
2016 | 152 |
2017 | 155 |
2018 | 158 |
2019 | 175 |
2020 - 2024 | $1,142 |
Warranty_Contracts_Details
Warranty Contracts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Warranty Contracts [Line Items] | |||
Deferred warranty revenue beginning balance | $9,141 | $4,081 | $3,094 |
Warranty revenue deferred | 17,185 | 14,681 | 7,540 |
Warranty revenue recognized | -14,412 | -9,621 | -6,553 |
Deferred warranty revenue ending balance | 11,914 | 9,141 | 4,081 |
Warranty Costs Incurred | 12,620 | 9,262 | 6,392 |
Product Warranty Period | 1 year | ||
Materials [Member] | |||
Warranty Contracts [Line Items] | |||
Warranty Costs Incurred | 5,958 | 4,441 | 2,672 |
Labor And Overhead [Member] | |||
Warranty Contracts [Line Items] | |||
Warranty Costs Incurred | $6,662 | $4,821 | $3,720 |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Earnings Per Share Reconciliation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||
Net income attributable to 3D Systems - numerator for basic net earnings per share | $11,637 | $44,107 | $38,941 | ||||||||||
Numerator for dilutive earnings per share | 11,637 | 44,107 | 38,941 | ||||||||||
Weighted average shares - denominator for basic net earnings per share | 108,023 | 98,393 | 80,817 | ||||||||||
Stock options and other equity compensation | 906 | ||||||||||||
Denominator for dilutive net earnings per share | 108,023 | 98,393 | 81,723 | ||||||||||
Earnings per share, basic and diluted | $0.01 | $0.03 | $0.02 | $0.05 | $0.11 | $0.17 | $0.10 | $0.06 | $0.11 | $0.45 | $0.48 | ||
Interest expense excluded from diluted earnings per share calculation | $1,835 | [1] | $9,002 | [1] | |||||||||
5.5% Convertible notes shares excluded from diluted earnings per share calculation | 1,764 | [1] | 5,957 | [1] | |||||||||
Interest rate | 5.50% | 5.50% | |||||||||||
Senior Convertible Notes Due December 15, 2016 [Member] | |||||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||||
Interest rate | 5.50% | 5.50% | |||||||||||
[1] | Average outstanding diluted earnings per share calculation excludes shares that may be issued upon conversion of the outstanding senior convertible notes since the effect of their inclusion would have been anti-dilutive |
Noncontrolling_Interest_Detail
Noncontrolling Interest (Details) | 12 Months Ended | |
Dec. 31, 2014 | Jul. 15, 2013 | |
Business Acquisition [Line Items] | ||
Business Acquisition, Effective Date of Acquisition | 17-Dec-14 | |
Phenix Systems [Member] | ||
Business Acquisition [Line Items] | ||
Business acquisition, ownership percentage | 95.00% | 82.00% |
Business Acquisition, Effective Date of Acquisition | 15-Jul-13 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Measurements [Abstract] | ||
Fair value assets transferred from level 1 to level 2 | $0 | |
Fair value of liabilities transferred from level 1 to level 2 | 0 | |
Asset impairments | $0 | $0 |
Fair_Value_Measurements_Summar
Fair Value Measurements (Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | $190,628 | [1] | $226,895 | [1] |
Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | $190,628 | [1] | $226,895 | [1] |
[1] | Cash equivalents include funds held in money market instruments and are reported at their current carrying value which approximates fair value due to the short-term nature of these instruments and are included in cash and cash equivalents in the consolidated balance sheet. |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | |||
Effective tax rate | 31.30% | 31.10% | 10.00% |
Adjustment of valuation allowance (reverse) | ($12,388,000) | ||
Difference between effective tax rate and federal statutory | 3.70% | 3.90% | |
Net operating loss carryforwards | 38,338,000 | 52,177,000 | 42,202,000 |
Non-cash income tax benefit from reversal of valuation allowance | -5,372,000 | ||
Valuation allowance | 0 | ||
Increase (decrease) in deferred income tax assets valuation allowance | -8,781,000 | ||
Deferred income tax assets | 4,474,000 | 5,725,000 | 1,949,000 |
Loss carryforwards, U.S. federal income tax purposes | 5,092,000 | 6,856,000 | 0 |
Loss carryforwards, U.S. state income tax purposes | 26,365,000 | 38,934,000 | 41,047,000 |
Loss carryforwards, U.S. foreign income tax purposes | 6,881,000 | 6,387,000 | 1,155,000 |
Operating loss carryforwards, expiration beginning period | 31-Dec-22 | ||
Alternative minimum tax credit carryforwards | 7,602,000 | ||
Unremitted earnings of foreign subsidiaries | 23,628,000 | ||
Accrued interest and expense from unrecognized tax benefits | 110,000 | ||
Decrease of unrecognized tax benefits | -459,000 | ||
Period that no additional unrecognized tax benefits anticipated | 12 months | ||
Operating Loss Carryforwards | 38,338,000 | 52,177,000 | 42,202,000 |
U.S. Deferred Tax Assets [Member] | |||
Income Taxes [Line Items] | |||
Increase (decrease) in deferred income tax assets valuation allowance | -8,781,000 | ||
U.S. Internal Revenue Service [Member] | Minimum [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2011 | ||
U.S. Internal Revenue Service [Member] | Maximum [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2014 | ||
U.S. Internal Revenue Service, Loss Carryforward [Member] | Minimum [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 1997 | ||
U.S. Internal Revenue Service, Loss Carryforward [Member] | Maximum [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2007 | ||
Australia Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2009 | ||
Belgium Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2010 | ||
Secretariat of the Federal Revenue Bureau of Brazil [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2014 | ||
China Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2010 | ||
France Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2011 | ||
German Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2011 | ||
India Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2012 | ||
Israel Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2010 | ||
Italy Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2009 | ||
Japan Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2007 | ||
Korea Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2008 | ||
Mexican Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2014 | ||
Netherlands Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2007 | ||
Switzerland Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2008 | ||
United Kingdom Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2009 | ||
Uruguay Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2014 | ||
U.S. State Income Tax [Member] | |||
Income Taxes [Line Items] | |||
Research and experimentation tax credit carryforwards | 2,196,000 | 2,040,000 | 2,040,000 |
Other tax credits | 615,000 | 615,000 | 615,000 |
Tax credit carryforward beginning expiration date | 31-Dec-17 | ||
U.S. State Income Tax [Member] | Minimum [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards, expiration beginning period | 31-Dec-20 | ||
Foreign Income Tax [Member] | |||
Income Taxes [Line Items] | |||
Research and experimentation tax credit carryforwards | 518,000 | 58,000 | |
Foreign Income Tax [Member] | Minimum [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards, expiration beginning period | 31-Dec-18 | ||
Federal And State Income Tax [Member] | |||
Income Taxes [Line Items] | |||
Research and experimentation tax credit carryforwards | $735,000 | ||
Tax credit carryforward beginning expiration date | 31-Dec-17 | ||
Federal And State Income Tax [Member] | Minimum [Member] | |||
Income Taxes [Line Items] | |||
Tax credit carryforward beginning expiration date | 31-Dec-17 |
Income_Taxes_Components_Of_Com
Income Taxes (Components Of Company's Income (Loss) Before Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | |||
Income before income taxes, Domestic | $5,751 | $55,826 | $34,105 |
Income before income taxes, Foreign | 11,636 | 8,180 | 9,174 |
Income before income taxes | $17,387 | $64,006 | $43,279 |
Income_Taxes_Components_Of_Inc
Income Taxes (Components Of Income Tax Provision) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | |||||||||||
Current: U.S. federal | $23,336 | $24,688 | $441 | ||||||||
Current: State | 72 | 1,926 | 1,031 | ||||||||
Current: Foreign | 6,588 | 3,165 | 3,527 | ||||||||
Current: Total | 29,996 | 29,779 | 4,999 | ||||||||
Deferred: U.S. federal | -21,624 | -7,760 | 869 | ||||||||
Deferred: State | -87 | -450 | -798 | ||||||||
Deferred: Foreign | -2,844 | -1,682 | -732 | ||||||||
Deferred: Total | -24,555 | -9,892 | -661 | ||||||||
Total income tax provision | $75 | $1,113 | $694 | $3,559 | $5,248 | $8,279 | $4,791 | $1,569 | $5,441 | $19,887 | $4,338 |
Income_Taxes_Schedule_Of_Effec
Income Taxes (Schedule Of Effective Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Abstract] | |||
Tax provision based on the federal statutory rate | 35.00% | 35.00% | 35.00% |
Nondeductible expenses | 12.50% | ||
Uncertain tax positions | 11.20% | ||
Deemed income related to foreign operations | 8.10% | 0.20% | 0.10% |
Return to provision adjustments, foreign current and deferred balances | 2.50% | -0.40% | 0.50% |
Foreign income tax rate differential | 0.50% | -0.30% | -0.70% |
State taxes, net of federal benefit, before valuation allowance | 0.30% | 2.40% | 2.30% |
Release of valuation allowances | -12.40% | ||
Use of non-operating losses against U.S. taxable income, taxes | -14.60% | ||
Foreign tax credits related to above | -6.30% | ||
Domestic production activities deduction | -12.00% | -3.60% | |
Research credits | -21.90% | -0.60% | |
Other | 1.40% | -1.60% | -0.20% |
Effective tax rate | 31.30% | 31.10% | 10.00% |
Income_Taxes_Components_Of_Com1
Income Taxes (Components Of Company's Net Deferred Income Tax Assets And Net Deferred Income Tax Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets: | ||
Tax credit carryforwards | $4,139 | $2,713 |
Net operating loss carryforwards | 4,474 | 5,725 |
Reserves and allowances | 12,016 | 5,927 |
Stock options and restricted stock awards | 15,156 | 3,174 |
Deferred lease revenue | 270 | 86 |
Senior convertible notes | 1,042 | |
Accrued liabilities | 1,501 | 342 |
Property, plant and equipment | 629 | |
Total deferred income tax assets | 37,556 | 19,638 |
Deferred income tax liabilities: | ||
Intangibles | 50,324 | 32,737 |
Property, plant and equipment | 2,122 | |
Total deferred income tax liabilities | 52,446 | 32,737 |
Net deferred income tax assets (liabilities) | ($14,890) | ($13,099) |
Income_Taxes_Schedule_Of_Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Abstract] | |||
Balance at January 1 | ($16) | ($475) | ($393) |
Increases related to prior year tax positions | 380 | 300 | |
Decreases related to prior year tax positions | -378 | ||
Increases related to current year tax positions | -1,829 | ||
Decreases related to current year tax positions | -4 | ||
Decreases in unrecognized liability due to settlements with foreign tax authorities | 79 | ||
Balance at December 31 | ($1,845) | ($16) | ($475) |
Segment_Information_Schedule_O
Segment Information (Schedule Of Revenue From Unaffiliated Customers By Geographic Area) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable segments | 1 | ||||||||||
Revenue from unaffiliated customers | $187,438 | $166,944 | $151,512 | $147,758 | $154,817 | $135,717 | $120,787 | $102,079 | $653,652 | $513,400 | $353,633 |
Americas [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue from unaffiliated customers | 333,925 | 284,752 | 196,414 | ||||||||
Germany [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue from unaffiliated customers | 87,021 | 51,245 | 39,748 | ||||||||
Other EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue from unaffiliated customers | 109,066 | 82,536 | 60,939 | ||||||||
Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue from unaffiliated customers | $123,640 | $94,867 | $56,532 |
Segment_Information_Schedule_O1
Segment Information (Schedule Of Revenue From Unaffiliated Customers By Product) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $187,438 | $166,944 | $151,512 | $147,758 | $154,817 | $135,717 | $120,787 | $102,079 | $653,652 | $513,400 | $353,633 |
Printers And Other Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 283,339 | 227,627 | 126,798 | ||||||||
Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 158,859 | 128,405 | 103,182 | ||||||||
Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $211,454 | $157,368 | $123,653 |
Segment_Information_Schedule_O2
Segment Information (Schedule Of Intercompany Sales By Geographic Area) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | $187,438 | $166,944 | $151,512 | $147,758 | $154,817 | $135,717 | $120,787 | $102,079 | $653,652 | $513,400 | $353,633 |
Americas [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 333,925 | 284,752 | 196,414 | ||||||||
Germany [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 87,021 | 51,245 | 39,748 | ||||||||
Other EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 109,066 | 82,536 | 60,939 | ||||||||
Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 123,640 | 94,867 | 56,532 | ||||||||
Intercompany Sales To Americas [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 79,055 | 30,346 | 5,204 | ||||||||
Intercompany Sales To Americas [Member] | Americas [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 201 | ||||||||||
Intercompany Sales To Americas [Member] | Germany [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 43,841 | 1,825 | 197 | ||||||||
Intercompany Sales To Americas [Member] | Other EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 20,580 | 26,862 | 4,812 | ||||||||
Intercompany Sales To Americas [Member] | Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 14,433 | 1,659 | 195 | ||||||||
Intercompany Sales To Germany [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 9,967 | 25,429 | 6,849 | ||||||||
Intercompany Sales To Germany [Member] | Americas [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 3,217 | 23,100 | 6,823 | ||||||||
Intercompany Sales To Germany [Member] | Other EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 6,742 | 1,688 | 26 | ||||||||
Intercompany Sales To Germany [Member] | Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 8 | 641 | |||||||||
Intercompany Sales To Other EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 50,558 | 21,914 | 6,613 | ||||||||
Intercompany Sales To Other EMEA [Member] | Americas [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 42,622 | 15,622 | 4,153 | ||||||||
Intercompany Sales To Other EMEA [Member] | Germany [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 3,131 | 4,135 | 2,205 | ||||||||
Intercompany Sales To Other EMEA [Member] | Other EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 2,066 | 2,090 | 255 | ||||||||
Intercompany Sales To Other EMEA [Member] | Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 2,739 | 67 | |||||||||
Intercompany Sales To Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 5,042 | 7,435 | 1,082 | ||||||||
Intercompany Sales To Asia Pacific [Member] | Americas [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 2,283 | 5,438 | 1,044 | ||||||||
Intercompany Sales To Asia Pacific [Member] | Other EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 566 | 38 | |||||||||
Intercompany Sales To Asia Pacific [Member] | Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 2,759 | 1,431 | |||||||||
Intercompany Sales [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 144,622 | 85,124 | 19,748 | ||||||||
Intercompany Sales [Member] | Americas [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 48,323 | 44,160 | 12,020 | ||||||||
Intercompany Sales [Member] | Germany [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 46,972 | 5,960 | 2,402 | ||||||||
Intercompany Sales [Member] | Other EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | 29,388 | 31,206 | 5,131 | ||||||||
Intercompany Sales [Member] | Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intercompany sales | $19,939 | $3,798 | $195 |
Segment_Information_Schedule_O3
Segment Information (Schedule Of Income Or Loss From Operations By Geographic Area) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Income (loss) from operations | $4,228 | $8,208 | $4,362 | $9,517 | $17,976 | $28,570 | $16,796 | $17,519 | $26,315 | $80,861 | $60,571 |
Subtotal [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (loss) from operations | 27,398 | 82,393 | 60,991 | ||||||||
Inter-Segment Elimination [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (loss) from operations | -1,083 | -1,532 | -420 | ||||||||
Americas [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (loss) from operations | -24,663 | 43,743 | 37,743 | ||||||||
Germany [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (loss) from operations | 2,749 | 302 | 1,305 | ||||||||
Other EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (loss) from operations | 9,181 | 7,849 | 5,415 | ||||||||
Asia Pacific [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Income (loss) from operations | $40,131 | $30,499 | $16,528 |
Segment_Information_Schedule_O4
Segment Information (Schedule Of Depreciation And Amortization By Geographic Area) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $55,188 | $30,444 | $21,229 |
Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 38,876 | 21,826 | 17,049 |
Germany [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 1,075 | 961 | 178 |
Other EMEA [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 11,427 | 4,410 | 2,983 |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $3,810 | $3,247 | $1,019 |
Segment_Information_Schedule_O5
Segment Information (Schedule Of Capital Expenditures By Geographic Area) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Capital Expenditures | $22,727 | $6,972 | $3,224 |
Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 18,187 | 5,166 | 2,177 |
Germany [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 235 | 21 | 49 |
Other EMEA [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | 3,680 | 1,171 | 857 |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures | $625 | $614 | $141 |
Segment_Information_Schedule_O6
Segment Information (Schedule Of Assets By Geographic Area) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Assets | $1,525,970 | $1,097,856 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,018,113 | 870,208 |
Germany [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 47,524 | 38,685 |
Other EMEA [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 382,259 | 120,562 |
Asia Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $78,074 | $68,401 |
Segment_Information_Schedule_O7
Segment Information (Schedule Of Cash And Cash Equivalents By Geographic Area) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | $284,862 | $306,316 | $155,859 | $179,120 |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | 245,219 | 286,377 | ||
Germany [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | 6,640 | 3,441 | ||
Other EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | 15,556 | 8,915 | ||
Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | $17,447 | $7,583 |
Segment_Information_Schedule_O8
Segment Information (Schedule Of Long-Lived Assets By Geographic Area) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $945,280 | $571,001 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 570,049 | 426,221 |
Germany [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 19,994 | 23,134 |
Other EMEA [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 309,817 | 71,269 |
Asia Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $45,420 | $50,377 |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments And Contingencies [Line Items] | |||
Rent expense under operating leases | $10,427 | $6,891 | $4,968 |
Supply commitments, printer assembly | 56,620 | 41,091 | |
Accrued liability recorded for earnouts | 9,155 | 5,578 | |
Forecast [Member] | Put Option [Member] | |||
Commitments And Contingencies [Line Items] | |||
Aggregate amount to owner upon exercise | $8,872 | ||
Formlabs, Inc. and Kickstarter, Inc. [Member] | |||
Commitments And Contingencies [Line Items] | |||
Patents allegedly infringed | 1 | ||
Formlabs, Inc. [Member] | |||
Commitments And Contingencies [Line Items] | |||
Patents allegedly infringed | 8 | ||
Formlabs, Inc. [Member] | Royalty Agreements [Member] | |||
Commitments And Contingencies [Line Items] | |||
Royalty revenue percentage to be paid to related party | 8.00% |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance, AOCI | $5,789 |
Other comprehensive income (loss) | -30,195 |
Ending Balance, AOCI | -24,406 |
Foreign Currency Translation Adjustments [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance, AOCI | 6,865 |
Other comprehensive income (loss) | -29,060 |
Ending Balance, AOCI | -22,195 |
Defined Benefit Pension Plan [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance, AOCI | -1,076 |
Other comprehensive income (loss) | -1,135 |
Ending Balance, AOCI | ($2,211) |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Schedule Of Selected Quarterly Financial Data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Selected Quarterly Financial Data [Abstract] | |||||||||||
Consolidated revenue | $187,438 | $166,944 | $151,512 | $147,758 | $154,817 | $135,717 | $120,787 | $102,079 | $653,652 | $513,400 | $353,633 |
Gross profit | 89,766 | 79,798 | 72,398 | 75,472 | 80,097 | 71,437 | 62,583 | 53,477 | 317,434 | 267,594 | 181,196 |
Total operating expenses | 85,538 | 71,590 | 68,036 | 65,955 | 62,121 | 42,867 | 45,787 | 35,958 | 291,119 | 186,733 | 120,625 |
Income (loss) from operations | 4,228 | 8,208 | 4,362 | 9,517 | 17,976 | 28,570 | 16,796 | 17,519 | 26,315 | 80,861 | 60,571 |
Income tax expense | 75 | 1,113 | 694 | 3,559 | 5,248 | 8,279 | 4,791 | 1,569 | 5,441 | 19,887 | 4,338 |
Net income | $1,551 | $3,084 | $2,125 | $4,877 | $11,224 | $17,640 | $9,343 | $5,883 | $11,946 | $44,119 | $38,941 |
Basic and diluted net income per share | $0.01 | $0.03 | $0.02 | $0.05 | $0.11 | $0.17 | $0.10 | $0.06 | $0.11 | $0.45 | $0.48 |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Apr. 02, 2014 | Feb. 09, 2015 | Dec. 31, 2014 |
Subsequent Event [Line Items] | |||
Fair value of the consideration paid | $69,026 | ||
Subsequent Event [Member] | Cimatron Ltd. [Member] | |||
Subsequent Event [Line Items] | |||
Subsequent event date | 9-Feb-15 | ||
Fair value of the consideration paid | $77,000 |
Valuation_And_Qualifying_Accou1
Valuation And Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Allowance For Doubtful Accounts [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of year | $8,133 | $4,317 | $3,019 | |
Additions charged/(credited) to expense | 8,699 | 4,961 | 3,039 | |
Charged to other accounts | -206 | -941 | -541 | |
Deductions | -6,326 | -204 | -1,200 | |
Balance at end of year | 10,300 | 8,133 | 4,317 | |
Deferred Income Tax Asset Allowance Accounts [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of year | 8,781 | [1] | ||
Additions charged/(credited) to expense | 11,146 | [1] | ||
Deductions | ($19,927) | [1] | ||
[1] | Additions represent increases in valuation allowances against deferred tax assets. Deductions represent decreases in valuation allowances against deferred tax assets |