Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 07, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | 3D SYSTEMS CORP | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Central Index Key | 910,638 | ||
Trading Symbol | ddd | ||
Amendment Flag | false | ||
Document Type | 10-K | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Common Stock, Shares Outstanding | 113,805,067 | ||
Entity Public Float | $ 1,979,637,446 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 136,344 | $ 184,947 |
Accounts receivable, net of reserves — $$10,258 (2017) and $12,920 (2016) | 129,879 | 127,114 |
Inventories | 103,903 | 103,331 |
Insurance proceeds receivable | 50,000 | |
Prepaid expenses and other current assets | 18,296 | 17,558 |
Total current assets | 438,422 | 432,950 |
Property and equipment, net | 97,521 | 79,978 |
Intangible assets, net | 98,783 | 121,501 |
Goodwill | 230,882 | 181,230 |
Deferred income tax asset | 4,020 | 8,123 |
Other assets, net | 27,136 | 25,371 |
Total assets | 896,764 | 849,153 |
Current liabilities: | ||
Current portion of capitalized lease obligations | 644 | 572 |
Accounts payable | 55,607 | 40,514 |
Accrued and other liabilities | 65,899 | 55,187 |
Accrued litigation settlement | 50,000 | |
Customer deposits | 5,765 | 5,857 |
Deferred revenue | 29,214 | 28,275 |
Total current liabilities | 207,129 | 130,405 |
Long term portion of capitalized lease obligations | 7,078 | 7,587 |
Deferred income tax liability | 8,983 | 17,601 |
Other liabilities | 48,754 | 57,988 |
Total liabilities | 271,944 | 213,581 |
Redeemable noncontrolling interests | 8,872 | 8,872 |
Commitments and contingencies (Note 21) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value, authorized 220,000 shares; issued 117,025 (2017) and 115,113 (2016) | 115 | 115 |
Additional paid-in capital | 1,326,250 | 1,307,428 |
Treasury stock, at cost — 2,219 shares (2017) and 1,498 shares (2016) | (8,203) | (2,658) |
Accumulated deficit | (677,772) | (621,787) |
Accumulated other comprehensive loss | (21,536) | (53,225) |
Total 3D Systems Corporation stockholders' equity | 618,854 | 629,873 |
Noncontrolling interests | (2,906) | (3,173) |
Total stockholders' equity | 615,948 | 626,700 |
Total liabilities, redeemable noncontrolling interests and stockholders' equity | $ 896,764 | $ 849,153 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Accounts receivable, reserves | $ 10,258 | $ 12,920 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 220,000,000 | 220,000,000 |
Common stock, shares issued | 117,025,000 | 115,113,000 |
Treasury stock, at cost, shares | 2,219,000 | 1,498,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue: | |||
Products | $ 379,126 | $ 380,383 | $ 408,119 |
Services | 266,943 | 252,582 | 258,044 |
Total revenue | 646,069 | 632,965 | 666,163 |
Cost of sales: | |||
Products | 203,527 | 195,428 | 243,639 |
Services | 137,703 | 127,786 | 130,715 |
Total cost of sales | 341,230 | 323,214 | 374,354 |
Gross profit | 304,839 | 309,751 | 291,809 |
Operating expenses: | |||
Selling, general and administrative | 264,185 | 259,776 | 303,784 |
Research and development | 94,627 | 88,395 | 92,770 |
Impairment of goodwill and other intangible assets | 537,179 | ||
Total operating expenses | 358,812 | 348,171 | 933,733 |
Loss from operations | (53,973) | (38,420) | (641,924) |
Interest and other expense, net | (3,548) | (1,392) | (13,029) |
Income (loss) before income taxes | (57,521) | (39,812) | (654,953) |
Provision (benefit) for income taxes | 7,802 | (547) | 8,972 |
Net loss | (65,323) | (39,265) | (663,925) |
Less: net income (loss) attributable to noncontrolling interests | 868 | (846) | (8,433) |
Net loss attributable to 3D Systems Corporation | $ (66,191) | $ (38,419) | $ (655,492) |
Net loss per share available to 3D Systems Corporation common stockholders — basic and diluted | $ (0.59) | $ (0.35) | $ (5.85) |
Other comprehensive income: | |||
Pension adjustments, net of taxes | $ 220 | $ (902) | $ 338 |
Gain on liquidation of non-US entity | 288 | ||
Foreign currency translation gain (loss) | 31,728 | (12,958) | (16,300) |
Total other comprehensive income | 31,948 | (13,572) | (15,962) |
Less foreign currency translation gain (loss) attributable to noncontrolling interests | 259 | 105 | (820) |
Other comprehensive income (loss) attributable to 3D Systems Corporation | 31,689 | (13,677) | (15,142) |
Comprehensive loss | (33,375) | (52,837) | (679,887) |
Less comprehensive income (loss) attributable to noncontrolling interests | 1,127 | (741) | (9,253) |
Comprehensive loss attributable to 3D Systems Corporation | $ (34,502) | $ (52,096) | $ (670,634) |
CONSOLIDATED STATEMENT OF EQUIT
CONSOLIDATED STATEMENT OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid In Capital [Member] | Treasury Stock [Member] | Accumulated Earnings (Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total 3D Systems Corporation Stockholders' Equity [Member] | Equity Attributable To Noncontrolling Interests [Member] | Total |
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 | 709 | ||||||
Tax benefits (provision) from share-based payment arrangements | (1,243) | (1,243) | (1,243) | |||||
Issuance (repurchase) of stock, Value | $ 1 | 786 | $ (652) | 135 | 135 | |||
Issuance (repurchase) of stock, Shares | 882 | 183 | ||||||
Stock-based compensation expense, Value | 34,733 | 34,733 | 34,733 | |||||
Stock-based compensation expense, Shares | ||||||||
Net income (loss) | (655,492) | (655,492) | (8,433) | (663,925) | ||||
Noncontrolling interests for business combinations | 6,783 | 6,783 | ||||||
Pension adjustment | 338 | 338 | 338 | |||||
Foreign currency translation adjustment | (15,480) | (15,480) | (820) | (16,300) | ||||
Balance, Value at Dec. 31, 2015 | $ 113 | 1,279,738 | $ (1,026) | (583,368) | (39,548) | 655,909 | (1,263) | 654,646 |
Balance, Shares at Dec. 31, 2015 | 113,115 | 892 | ||||||
Issuance (repurchase) of stock, Value | $ 2 | (1,241) | $ (1,632) | (2,871) | (2,871) | |||
Issuance (repurchase) of stock, Shares | 1,998 | 606 | ||||||
Issuance of stock for acquisitions, Shares | ||||||||
Purchase of subsidiary shares from noncontrolling interest | (2,364) | (2,364) | (1,169) | (3,533) | ||||
Stock-based compensation expense, Value | 31,295 | 31,295 | 31,295 | |||||
Stock-based compensation expense, Shares | ||||||||
Net income (loss) | (38,419) | (38,419) | (846) | (39,265) | ||||
Pension adjustment | (902) | (902) | (902) | |||||
Liquidation of non-US entity | 288 | 288 | 288 | |||||
Foreign currency translation adjustment | (13,063) | (13,063) | 105 | (12,958) | ||||
Balance, Value at Dec. 31, 2016 | $ 115 | 1,307,428 | $ (2,658) | (621,787) | (53,225) | 629,873 | (3,173) | 626,700 |
Balance, Shares at Dec. 31, 2016 | 115,113 | 1,498 | ||||||
Issuance (repurchase) of stock, Value | $ (5,545) | (5,545) | (5,545) | |||||
Issuance (repurchase) of stock, Shares | 1,720 | 721 | ||||||
Issuance of stock for acquisitions, Value | 3,208 | 3,208 | 3,208 | |||||
Issuance of stock for acquisitions, Shares | 192 | |||||||
Purchase of subsidiary shares from noncontrolling interest | (1,440) | 50 | (1,390) | (860) | (2,250) | |||
Stock-based compensation expense, Value | 27,260 | 27,260 | 27,260 | |||||
Stock-based compensation expense, Shares | ||||||||
Net income (loss) | (66,191) | (66,191) | 868 | (65,323) | ||||
Pension adjustment | 220 | 220 | 220 | |||||
Foreign currency translation adjustment | 31,419 | 31,419 | 259 | 31,678 | ||||
Balance, Value at Dec. 31, 2017 | $ 115 | 1,326,250 | $ (8,203) | (677,772) | (21,536) | 618,854 | (2,906) | 615,948 |
Balance, Shares at Dec. 31, 2017 | 117,025 | 2,219 | ||||||
Cumulative impact of change in accounting policy | $ (10,206) | $ 10,206 |
CONSOLIDATED STATEMENT OF EQUI6
CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
CONSOLIDATED STATEMENT OF EQUITY [Abstract] | |||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Cash flows from operating activities: | ||||
Net loss | $ (65,323) | $ (39,265) | $ (663,925) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 62,041 | 60,535 | 83,069 | |
Stock-based compensation | 27,260 | 31,295 | 34,733 | |
Lower of cost or market adjustment | 12,883 | 11,053 | 21,550 | |
Impairment of assets | 2,427 | 8,618 | 544,611 | |
Provision for bad debts | 1,051 | 1,552 | 3,766 | |
Provision for arbitration award | 11,282 | |||
Provision for deferred income taxes | (5,567) | (6,566) | (2,875) | |
(Gain) loss on the disposition of property and equipment | 1,465 | (43) | ||
Changes in operating accounts, net of acquisitions: | ||||
Accounts receivable | 3,987 | 26,255 | 20,534 | |
Inventories | (17,716) | (20,656) | (37,216) | |
Prepaid expenses and other current assets | (49,834) | (3,895) | 16,900 | |
Accounts payable | 12,448 | (4,975) | (20,049) | |
Accrued and other current liabilities | 50,209 | (7,670) | (10,320) | |
All other operating activities | (7,925) | (265) | (4,848) | |
Net cash provided by (used in) operating activities | 25,941 | 57,481 | (2,831) | |
Cash flows from investing activities: | ||||
Cash paid for acquisitions, net of cash assumed | (34,291) | (91,799) | ||
Purchases of property and equipment | (30,881) | (16,567) | (22,399) | |
Additions to license and patent costs | (1,159) | (1,132) | (907) | |
Proceeds from disposition of property and equipment | 273 | 350 | ||
Purchase of noncontrolling interest | (2,250) | (3,533) | ||
Other investing activities | (2,351) | (1,000) | (5,750) | |
Net cash used in investing activities | (70,659) | (21,882) | (120,855) | |
Cash flows from financing activities: | ||||
Payments related to net-share settlement of stock-based compensation | (5,545) | (2,871) | (1,108) | |
Payments on earnout consideration | (3,206) | |||
Repayment of capital lease obligations | (437) | (1,055) | (1,049) | |
Net cash used in financing activities | (9,188) | (3,926) | (2,157) | |
Effect of exchange rate changes on cash and cash equivalents | 5,303 | (2,369) | (3,376) | |
Net increase (decrease) increase in cash and cash equivalents | (48,603) | 29,304 | (129,219) | |
Cash and cash equivalents at the beginning of the period | 184,947 | 155,643 | 284,862 | |
Cash and cash equivalents at the end of the period | 136,344 | 184,947 | 155,643 | |
Supplemental Cash Flow Information: | ||||
Cash interest payments | 503 | 839 | 707 | |
Cash income tax payments, net | 6,339 | 11,045 | 12,512 | |
Transfer of equipment from inventory to property and equipment, net | [1] | 9,881 | 12,493 | 9,902 |
Transfer of equipment to inventory from property and equipment, net | [2] | 378 | $ 1,102 | $ 2,764 |
Stock issued for acquisitions of businesses | $ 3,208 | |||
[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 on demand manufacturing services 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. |
Basis Of Presentation
Basis Of Presentation | 12 Months Ended |
Dec. 31, 2017 | |
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 s as a component of total equity in the Consolidated Balance Sheets and the net income (loss) attributable to noncontrolling interests are presented as an adjustment from net loss used to arrive at net loss attributable to 3D Systems Corporation in the consolidated statements of operations and comprehensive loss . 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”). All significant intercompany accounts and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current year presentation. All amounts presented in the accompanying footnotes are presented in thousands, except for per share information. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2 Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience, currently available information and various other assumptions that we believe are reasonable under the circumstances. Actual results could 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 reseller partners. The Company recognizes revenue on sales to reseller partners at the time of sale, when the partner 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, 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 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. In instances in which 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 expiration of the trial period and the customer has purchased the software. 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 and certain other products include a warranty under which the Company provides maintenance for periods up to one year. The Company also offers training, installation and non-contract maintenance services for its products. Additionally, the Company offers extended warranties and maintenance contracts customers can purchase at their option. For initial product warranties, revenue is recognized and estimated costs are accrued at the time of the sale of the product. These cost estimates are established using historical information on the nature, frequency and average cost of claims for each type of printer or other product as well as assumptions about future activity and events. Revisions to expense accruals are made as necessary based on changes in these historical and future factors. For optional warranty or maintenance contracts, revenue is deferred at the time of sale based on the relative fair value of these services and costs are expensed as incurred. Deferred revenue is recognized ratably over the term of the warranty or maintenance period on a straight-line basis. Revenue from training, installation and non-contract maintenance services is recognized at the time of performance of the service. On demand manufacturing and healthcare service sales are included within services revenue and revenue is recognized upon shipment or delivery of the parts or performance of the service, based on the terms of the sales arrangement. Terms of sale Shipping and handling costs billed to customers for equipment sales and sales of materials are included in product revenue in the Consolidated Statements of Operations and Other Comprehensive Loss. Costs incurred by the Company associated with shipping and handling are included in product cost of sales in the Consolidated Statements of Operations and Other Comprehensive Loss. 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 consist of cash and temporary investments with maturities of three months or less when acquired. Investments 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 generally accounted for under the cost method. The Company assesses declines in the fair value of investments to determine whether such declines are other-than-temporary. Other-than-temporary impairments of investments are recorded to interest and other expense, net, in the period in which they become impaired. For the years ended December 31, 2017 and 2016, the Company recorded impairment charges of $1,743 and $1,210 , respectively, related to certain cost-method investments. The aggregate carrying amount of all investments accounted for under the cost method totaled $ 8,263 and $9,116 at December 31, 2017 and 2016, respectively, and is included in other assets, net, on the Company’s Consolidated Balance Sheets. Accounts Receivable and Allowances for Doubtful Accounts Trade accounts receivable are recorded at the invoiced amount and do not bear interest. In evaluating the collectability of accounts receivable, the Company assesses a number of factors, including specific customers’ ability to meet their financial obligations to us, the length of time receivables are past due and historical collection experience. Based on these assessments, the Company may record a reserve for specific customers, as well as a general reserve and allowance for returns and discounts. If circumstances related to specific customers change, or economic conditions deteriorate such that the Company’s past collection experience is no longer relevant, its estimate of the recoverability of accounts receivable could be further reduced from the levels provided for in the Consolidated Financial Statements. The following presents the changes in the balance of our allowance for doubtful accounts: Year Ended Item Balance at beginning of year Additions charged to expense Other Balance at end of year 2017 Allowance for doubtful accounts $ 12,920 $ 1,051 $ (3,713) $ 10,258 2016 Allowance for doubtful accounts 14,139 1,552 (2,771) 12,920 2015 Allowance for doubtful accounts 10,300 3,766 73 14,139 Inventories Inventories are stated at the lower of cost or net realizable value, with cost being determined using the first-in, first-out method. Long-Lived Assets and Goodwill The Company reviews long-lived assets, including intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. Recoverability is assessed as the carrying value of assets held for use based on a review of undiscounted projected cash flows. Impairment losses, where identified, are measured as the excess of the carrying value of the long-lived asset over its estimated fair value as determined by discounted projected cash flows. No impairment charges for intangible assets with finite lives were recorded for the years ended December 31, 2017 and 2016. For the year ended December 31, 2015, the Company recorded non-cash impairment charges of $93,520 arising from the Company’s other intangible assets impairment testing. Goodwill is the excess of cost of an acquired entity over the amounts assigned to assets acquired and liabilities assumed in a business combination. Goodwill is not amortized. Goodwill is tested for impairment annually in the fourth quarter of each year, and is tested for impairment between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Impairment testing for goodwill is done at a reporting unit level, with all goodwill assigned to a reporting unit. The test for goodwill impairment is a two-step process to first identify potential goodwill impairment for each reporting unit and then, if necessary, measure the amount of the impairment loss. Our reporting units are consistent with our geographies in Note 20. We completed the required annual goodwill impairment test during the fourth quarter of 2017. The first step of the goodwill impairment test compares the fair value of each of our reporting units to its carrying value. We estimate the fair value of our reporting units based primarily on the discounted projected cash flows of the underlying operations. The estimated fair value for each of our reporting units was in excess of its respective carrying values as of December 31, 2017. For the year ended December 31, 2015, the results of the first step of annual impairment testing indicated the carrying amount of goodwill assigned to the Americas and EMEA reporting units exceeded fair value. Based on these results, management completed the second step of annual impairment testing for the Americas and EMEA reporting units. Management determined that the fair value of goodwill assigned to the Americas was zero , resulting in a non-cash, non-tax deductible impairment charge of $382,271 . Management determined that the carrying amount of the goodwill assigned to EMEA exceeded fair value by approximately 29% , resulting in a non-cash, non-tax deductible goodwill impairment charge of $61,388 . For a summary of our goodwill by reporting unit, see Note 7. Redeemable Noncontrolling Interests The minority interest shareholders of 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. See Note 21. 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 years ended December 31, 2017 and 2016, the balance of redeemable noncontrolling interests was $8,872 . Changes in the estimated redemption amounts of the put options are adjusted at each reporting period with a corresponding adjustment to equity. 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 Local currencies generally are considered the functional currencies outside the United States. Assets and liabilities for operations in local-currency environments are translated at month-end exchange rates of the period reported. Income and expense items are translated at average exchange rates of each applicable month. Cumulative translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in shareholders’ equity. 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 operations and comprehensive loss 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. 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 (Loss) per Share Basic earnings (loss) per share are calculated on the weighted-average number of common shares outstanding during each period. Diluted earnings per share include shares issuable upon exercise of outstanding stock options and stock-based awards where the conversion of such instruments would be dilutive. See Note 16. Advertising Costs Advertising costs are expensed as incurred. Advertising costs, including trade shows, were $13,683 , $ 12,469 and $ 15,245 for the years ended December 31, 2017, 2016 and 2015, 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 judgements 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. Equity Compensation Plans The Company recognizes compensation expense for its stock-based compensation programs, which include stock options, restricted stock, restricted stock units (RSUs) and performance shares. For service-based awards, 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. For stock options and awards with market conditions, compensation cost is determined at the individual tranche level. The Company recognizes forfeitures when they occur. Income Taxes The Company and the majority of its domestic subsidiaries file a consolidated U.S. federal income tax return while it has four entities that file separate U.S. federal tax returns. 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 (deficit) 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 establishes 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 “more likely than not” that a deferred tax asset will not be realized. The evaluation process includes the consideration of all available evidence regarding historical results and future projections including the estimated timing of reversals of existing taxable temporary differences and potential tax planning strategies. Once a valuation allowance is established, it is maintained until a change in factual circumstances gives rise to sufficient income of the appropriate character and timing that will allow a partial or full utilization of the deferred tax asset. In accordance with ASC 740, “ Income Taxes ,” the impact of an uncertain tax position on the Company’s income tax returns is 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 19 to the Consolidated Financial Statements. Recent Accounting Pronouncements Recently Adopted Accounting Standards In the first quarter of 2017, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2016-09, “ Compensation – Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting ”. The following summarizes the effects of the adoption: Forfeitures - Prior to adoption, share-based compensation expense was recognized on a straight-line basis, net of estimated forfeitures, such that expense was recognized only for share-based awards that were expected to vest. A forfeiture rate was estimated annually and revised, if necessary, in subsequent periods if actual forfeitures differed from initial estimates. Upon adoption, the Company no longer applies a forfeiture rate and instead accounts for forfeitures as they occur. The change was applied on a modified retrospective basis resulting in a cumulative effect adjustment to retained earnings of $10,206 as of January 1, 2017. Prior periods were not adjusted. Statement of Cash Flows - The Company historically accounted for excess tax benefits related to share-based compensation on the Statement of Cash Flows as a financing activity. Upon adoption of this standard, excess tax benefits are classified along with other income tax cash flows as an operating activity. The Company has elected to adopt this portion of the standard on a prospective basis beginning in 2017. Prior periods were not adjusted. Income taxes - Upon adoption of this standard, all excess tax benefits and tax deficiencies related to share-based compensation are recognized as income tax expense or benefit in the income statement. The tax effects of exercised or vested awards are treated as discrete items in the reporting period in which they occur. Prior periods were not adjusted. The impact of adoption was not material to the Consolidated Statements of Earnings and Comprehensive Loss or Consolidated Statements of Cash Flows of the Company. Recently Issued Accounting Standards In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”), in order to create more transparency around how economic results are presented within both the financial statements and in the footnotes and to better align the results of cash flow and fair value hedge accounting with risk management activities. ASU 2017-12 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently in the process of evaluating when it will adopt ASU 2017-12 and its impact on its consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, “ Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting ” (“ASU 2017-09”), in an effort to reduce diversity and clarify what constitutes a modification, as it relates to the change in terms or conditions of a share-based payment award. According to ASU 2017-09, the Company should account for the effects of a modification unless all of the following are met: (1) the fair value of the modified award is the same as the fair value the original award immediately before the original award is modified, (2) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified, and (3) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The amendments in ASU 2017-09 are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017, with early adoption permitted. The Company will adopt ASU 2017-09 beginning January 1, 2018 and does not expect the implementation of this guidance to have a material effect on its consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, “ Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost ” (“ASU 2017-07”), which standardizes the presentation of net benefit cost in the income statement and on the components eligible for capitalization in assets. ASU 2017-07 is effective for fiscal years beginning after December 15, 2017, including interim periods within those annual periods. The amendments in ASU 2017-07 should be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. The Company will adopt ASU 2017-07 in the first quarter of 2018 and does not expect the implementation of this guidance to have a material effect on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, “ Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ” (“ASU 2017-04”), which eliminates the performance of Step 2 from the goodwill impairment test. In performing its annual or interim impairment testing, an entity will instead compare the fair value of the reporting unit with its carrying amount and recognize any impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss. The standard is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual impairment tests performed on testing dates after January 1, 2017. The Company is currently in the process of evaluating when it will adopt ASU 2017-04 and its impact on its consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16, “ Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory ” (“ASU 2016-16”). ASU 2016-16 permits the recognition of income tax consequences related to an intra-entity transfer of an asset other than inventory when the transfer occurs. It is effective for annual reporting periods beginning after December 15, 2017 and interim periods within those annual periods. Early adoption is permitted for any interim or annual period. The Company adopted this standard for the year ended December 31, 2017 and it did not have a material impact on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, “ Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments ” (“ASU 2016-15”). With the objective of reducing the existing diversity in practice, ASU 2016-15 addresses the manner in which certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual reporting periods beginning after December 15, 2017. The amendments should be applied retrospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company adopted this standard for the year ended December 31, 2017 and it did not have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “ Leases (Topic 842) ” (“ASU 2016-02”). ASU 2016-02 requires lessees to recognize assets and liabilities arising from operating leases on the balance sheet. It is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years. Though still evaluating the impact of ASU 2016-02, the Company expects changes to its balance sheet due to the recognition of right-of-use assets and lease liabilities related to its real estate leases, but it does not anticipate material impacts to its results of operations or liquidity. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard outlines a five-step model whereby revenue is recognized as performance obligations within a contract are satisfied. The standard also requires new, expanded disclosures regarding revenue recognition. The FASB has also issued several updates to ASU that are intended to promote a more consistent interpretation and application of the principles outlined in the standard. The new standard supersedes U.S. GAAP guidance on revenue recognition and requires the use of more estimates and judgments than the present standards. The Company will adopt the new standard effective January 1, 2018, by recognizing the cumulative effect of initially applying the new standard, driven predominantly by the acceleration of timing of recognition related to certain promotional discounts, as an adjustment to the opening balance of retained earnings with an offsetting impact within current liabilities. Based on its comprehensive assessment of the new guidance, the Company does not currently expect the adjustment to have a material impact to retained earnings nor on net income on an ongoing basis. However, actual results may differ from |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Acquisitions [Abstract] | |
Acquisitions | Note 3 Acquisitions 2017 Acquisitions On January 31, 2017 , the Company acquired 100 percent of the shares of Vertex-Global Holding B.V. (“Vertex”), a provider of dental materials worldwide under the Vertex and NextDent brands. The fair value of the consideration paid for this acquisition, net of cash acquired, was $37,562 , and consisted of cash and shares. The cash portion of the purchase price is included in cash paid for acquisitions, net of cash assumed, in the Consolidated Statement of Cash Flows. The share portion of the purchase price is included in issuance of stock for acquisitions in the Consolidated Statement of Equity. The operating results of Vertex have been included in the Company’s reported results since the closing date. The purchase price of the acquisition has been allocated to the estimated fair value of net tangible and intangible assets acquired, with any excess purchase price recorded as goodwill. 2016 Acquisitions No acquisitions were made by the Company for the year ended December 31, 2016. 2015 Acquisitions On February 9, 2015 , the Company acquired 100 percent of the outstanding shares and voting rights of Cimatron Ltd. (“Cimatron”), a provider of integrated 3D CAD/CAM software and solutions for manufacturing. The fair value of the consideration paid for this acquisition, net of cash acquired, was $77,984 , all of which was paid in cash. The operations of Cimatron 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 2015 acquisitions. On April 2, 2015 , the Company acquired 65 percent of the equity interests in Wuxi Easyway Model Design and Manufacture Co. Ltd. (“Easyway”), a manufacturing service bureau and distributor of 3D printing and scanning products in China. The fair value of the consideration paid for this acquisition, net of cash acquired, was $11,265 , all of which was paid in cash. Under the terms of the agreement, the Company has an option to acquire the remainder of the equity interests in Easyway between the third and fifth anniversaries of the closing. The operations of Easyway 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 2015 acquisitions. On June 16, 2015 , the Company acquired certain assets of STEAMtrax, LLC, a curricula provider. The fair value of the consideration paid for this acquisition, net of cash acquired, was $2,550 , 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 2015 acquisitions. The Company exited this investment in 2016. On June 17, 2015 , the Company acquired certain assets of NOQUO INC., a software provider. The fair value of the consideration paid for this acquisition, net of cash acquired, was $651 , which was paid with cash and the cancellation of a note. 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 2015 acquisitions. The Company exited this investment in 2016. For all acquisitions made in 2015, factors considered by the Company in determination of goodwill include synergies, vertical integration and strategic fit for the Company. The acquisitions completed during the 2015 are not material relative to the Company’s assets or operating results; therefore, no proforma financial information is provided. 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 consolidated balance sheet at December 31, 2015 as follows: (in thousands) 2015 Fixed assets $ 1,505 Other intangible assets, net 57,066 Goodwill 44,772 Other assets, net of cash acquired 22,449 Liabilities (33,342) Net assets acquired $ 92,450 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventories [Abstract] | |
Inventories | Note 4 Inventories Components of inventories, net , at December 31, 2017 and 2016 are as follows: (in thousands) 2017 2016 Raw materials $ 37,660 $ 38,383 Work in process 3,906 3,109 Finished goods and parts 62,337 61,839 Inventories, net $ 103,903 $ 103,331 During 2017, the Company recorded inventory adjustments totaling $12.9 million resulting from its lower of cost or net realizable value analysis. The charge was effected because of ongoing efforts to focus and prioritize the Company’s portfolio based on year-to-date demand, market trends and a better understanding of where the Company’s offerings meet and will continue to meet customers’ needs and demand. The inventory adjustments related primarily to legacy plastics printers, refurbished and used metals printers and parts which have shown little to no use over extended periods. During 2016, the Company recorded inventory adjustments totaling $10.7 million in connection with the discontinuation of certain products as a result of the Company’s updated strategy . |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property And Equipment [Abstract] | |
Property And Equipment | Note 5 Property and Equipment Property and equipment at December 31, 2017 and 2016 are summarized as follows: (in thousands) 2017 2016 Useful Life (in years) Land $ 903 $ 903 N/A Building 11,276 11,122 25 - 30 Machinery and equipment 134,666 108,826 2 - 7 Capitalized software 8,834 8,651 3 - 5 Office furniture and equipment 4,677 3,130 1 - 5 Leasehold improvements 29,503 24,423 Life of lease (a) Construction in progress 13,527 7,760 N/A Total property and equipment 203,386 164,815 Less: Accumulated depreciation and amortization (105,865) (84,837) Total property and equipment, net $ 97,521 $ 79,978 (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. The Company includes all depreciation from assets attributable to the generation of revenue in the Cost of Sales line item in the statement of operations. Depreciation related to assets that are not attributable to the generation of revenue are included in the Research and Development and Selling and General Administrative line items in the statement of operations. Depreciation expense on property and eq uipment for the years ended 2017 , 2016 and 2015 was $ 25,561 , $24,331 and $20,979 , respectively. For the years ended December 31, 2017, 2016 and 2015, the Company recognized impairment charges of $ 636, $ 7,408 , and $614 , respectively, on property and equipment, net. The charges taken in 2016 were in connection with our updated strate gy and project reprioritization. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Intangible Assets [Abstract] | |
Intangible Assets | Note 6 Intangible Assets Intangible assets other than goodwill at December 31, 2017 and December 31, 2016 are summarized as follows: 2017 2016 (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: Customer relationships $ 105,505 $ (57,796) $ 47,709 $ 99,067 $ (46,252) $ 52,815 1 - 14 6 Acquired technology 54,716 (39,644) 15,072 52,881 (27,543) 25,338 1 - 16 2 Trade names 25,813 (15,552) 10,261 28,110 (16,015) 12,095 1 - 8 6 Patent costs 17,909 (7,338) 10,571 16,263 (5,873) 10,390 1 - 20 15 Trade secrets 19,431 (11,530) 7,901 19,134 (9,383) 9,751 7 4 Acquired patents 16,661 (11,969) 4,692 16,965 (10,674) 6,291 1 - 6 8 Other 20,012 (17,435) 2,577 23,431 (18,610) 4,821 2 - 4 2 Total intangible assets $ 260,047 $ (161,264) $ 98,783 $ 255,851 $ (134,350) $ 121,501 1 - 20 6 The Company includes all amortization from assets attributable to the generation of revenue in the Cost of Sales line item in the statement of operations. Amortization related to assets that are not attributable to the generation of revenue are included in the Research and Development and Selling and General Administrative line items in the statement of operations. Amortizat ion expense related to intangible assets was $ 35,559 , $ 35,124 and $ 61,066 for the years ended December 31, 2017 , 2016 and 2015 , respectively. Amortization of these intangible assets is calculated on a straight-line basis . Annual amortization expense for intangible assets is expected to be $ 29,448 in 2018, $ 20,411 in 2019, $ 17,308 in 2020, $ 12,859 in 2021 and $ 7,493 in 2022. For discussion on intangible asset impairment testing, see Note 2. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
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 December 31, 2015 $ — $ 150,521 $ 37,354 $ 187,875 Acquisitions and adjustments — (137) 189 52 Effect of foreign currency exchange rates — (5,413) (1,284) (6,697) Balance at December 31, 2016 — 144,971 36,259 181,230 Acquisitions and adjustments — 31,438 41 31,479 Effect of foreign currency exchange rates — 15,539 2,634 18,173 Balance at December 31, 2017 $ — $ 191,948 $ 38,934 $ 230,882 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. For discussion on acquisitions , see Note 3. For discussion on goodwill impairment testing, see Note 2. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2017 | |
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 50.0% of contributions on the first 6.0% of the participant’s eligible compensation. The Company will give a minimum match of $1,500 to participants who average a minimum 6.0% deferral contribution rate per plan year. In addition, the Company has several other U.S. and non-U.S. defined contribution plans covering eligible U.S. and no n-U.S. employees, respectively. For the years ended December 31, 2017 , 2016 and 2015 , the Company expensed $2,360 , $1,175 and $956 , respectively, for matching contributions to defined contribution plans. |
Accrued And Other Liabilities
Accrued And Other Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Accrued And Other Liabilities [Abstract] | |
Accrued And Other Liabilities | Note 9 Accrued and Other Liabilities Accrued liabilities at December 31, 2017 and 2016 are summarized below : (in thousands) 2017 2016 Compensation and benefits $ 20,432 $ 22,771 Accrued taxes 13,861 9,831 Arbitration awards 11,282 — Vendor accruals 7,044 8,231 Product warranty liability 5,564 5,219 Accrued earnouts related to acquisitions 2,772 3,238 Accrued other 2,485 2,956 Royalties payable 1,679 2,092 Accrued professional fees 742 810 Accrued interest 38 39 Total $ 65,899 $ 55,187 Other liabilities at December 31, 2017 and 2016 are summarized below: (in thousands) 2017 2016 Long term employee indemnity $ 13,887 $ 11,152 Defined benefit pension obligation 8,290 7,613 Other long term liabilities 7,596 7,183 Long term deferred revenue 7,298 7,464 Long term tax liability 9,340 5,726 Long term earnouts related to acquisitions 2,343 7,568 Arbitration award — 11,282 Total $ 48,754 $ 57,988 Changes in product warranty obligations, including deferred revenue on extended warranty contracts, for the years ended December 31, 2017, 2016 and 2015 are summarized below: (in thousands) Beginning Balance Additional Accrual/ Revenue Deferred Costs Incurred/ Deferred Revenue Amortization Ending Balance Year Ended December 31, 2017 $ 9,051 $ 13,623 $ (12,472) $ 10,202 2016 10,663 12,859 (14,471) 9,051 2015 11,914 15,349 (16,600) 10,663 |
Hedging Activities And Financia
Hedging Activities And Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Hedging Activities And Financial Instruments [Abstract] | |
Hedging Activities And Financial Instruments | Note 10 Hedging Activities and Financial Instruments 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 condensed consolidated statements of operations and comprehensive loss. 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 condensed consolidated balance sheet. The Company had $39,600 in notional foreign exchange contracts outstanding as of December 31 , 2017, for which the fair value was not material. No foreign exchange contracts were outstanding as of December 31, 2016 and 2015. The Company translates foreign currency balance sheets from each international businesses' functional currency (generally the respective local currency) to U.S. dollars at end-of-period exchange rates, and statements of earnings at average exchange rates for each period. The resulting foreign currency translation adjustments are a component of other comprehensive income (loss). The Company does not hedge the fluctuation in reported revenue and earnings resulting from the translation of these international operations' results into U.S. dollars. The impact of translating the Company’s non-U.S. operations’ revenue and earnings into U.S. dollars was not material to the Company’s results of operations for the years ended Dec ember 3 1 , 2017 , 2016 and 201 5 . |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
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, 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”). From time to time, the Company may be required to cause additional material domestic subsidiaries to become Guarantors under the Credit Agreement. The Credit Facility contains customary covenants, some of which require the Company to maintain certain financial ratios that determine the amounts available and terms of borrowings and events of default. The Company was in compliance with all covenants at both December 31 , 2017 and December 31, 2016 . The payment of dividends on the Company’s common stock is restricted under provisions of the Credit Facility, which limits the amount of cash dividends that the Company may pay in any one fiscal year to $30,000 . The Company currently does not pay, and has not paid, any dividends on its common stock, and currently intends to retain any future earnings for use in its business. There was no outstanding balance on the Credit Facility as of December 31, 2017 or 2016. Interest Income and Expense Interest income totaled $ 784 , $807 and $521 for the years ended December 31, 2017, 2016 and 2015, respectively. Interest expense totaled $ 919 , $1,282 and $2,011 for the years ended December 31, 2017 , 2016 and 2015, respectively. |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2017 | |
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 expi re at various dates through 2027 are expected to be renewed or replaced by leases on other properties. Rent expense for the years ended December 31, 2017 , 2016 and 2015 was $14,899 , $13,232 and $13,960 , respectively. The Company’s future minimum lease payments as of December 31, 2017 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: 2018 $ 1,373 $ 15,930 2019 1,143 12,273 2020 1,050 7,495 2021 738 5,875 2022 752 5,097 Later years 6,739 9,738 Total minimum lease payments 11,795 $ 56,408 Less: amounts representing imputed interest (4,073) Present value of minimum lease payments 7,722 Less: current portion of capitalized lease obligations (644) Capitalized lease obligations, excluding current portion $ 7,078 Rock Hill Facility The Company leases its headquarters and research and development facility pursuant to a lease agreement with 3D Fields, LLC . After its initial term ending August 31, 2021 , the lease provides t he Company with the option to renew the lease for two additional five -year terms. The lease also grants the Company the right to cause 3D Fields, LLC , 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 $709 in 2018 through 2020 and $723 in 2021. Under the terms of the lease, t he 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, 2017 and 2016. Other Capital Lease Obligations The Company leases other equipment with lease terms through August 2018 . In accordance with ASC 840 , t he Company has recorded these leases as capitalized leases. The implicit interest rate ranged from 1.75 % to 8.06 % at Dece mber 31, 2017 and 2016 . |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 . |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2017 | |
Stock-Based Compensation Plans [Abstract] | |
Stock-Based Compensation Plans | 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, as further amended and restated on April 1, 2013 (the “Director Plan”). On May 19, 2015, the Company’s stockholders approved the 2015 Incentive Plan of 3D Systems Corporation , as further amended and restated on May 16, 2017 (the “2015 Plan” and, together with the 2004 Stock Plan, the “Incentive Plans”). The 2004 Stock Plan authorizes shares of restricted stock, restricted stock units (“RSU”), stock appreciation rights and the grant of options to purchase shares of the Company’s common stock. The 2004 Stock Plan also designates measures that may be used for performance awards. The Director Plan authorizes shares of restricted stock for non-employee directors of the Company. The 2015 Plan authorizes shares of restricted stock, RSUs , stock appreciation rights, cash incentive awards and the grant of options to purchase shares of the Company’s common stock. The 2015 Plan also designates measures that may be used for performance awards. Generally, awards granted prior to November 13, 2015 become fully-vested on the three -year anniversary of the grant date and awards granted on or after November 13, 2015 vest one third each year over three years. Stock-based compensation expense is included in selling, general and administrative expenses in the consolidated statements of operations and comprehensive income (loss). The following table details the components of stock-based compensation expense recognized in net earnings in each of the past three years: Year Ended December 31, (in thousands) 2017 2016 2015 Restricted Stock $ 22,920 $ 28,612 $ 34,733 Stock Options 4,340 2,683 — Total stock-based compensation expense $ 27,260 $ 31,295 $ 34,733 Restricted Stock The Company determines the fair value of restricted stock and RSUs b ased on the closing price of its stock on the date of grant. The Company generally recognize s compensation expense related to restricted stock and RSUs on a straight-line basis over the period during which the restriction lapses. Forfeitures are recognized in the period in which they occur. A sum mary of restricted stock and RSU activity during 2017 follows: (in thousands, except per share amounts) Number of Shares/Units Weighted Average Grant Date Fair Value Outstanding at beginning of period — unvested 3,904 $ 20.54 Granted 2,156 10.62 Cancelled (420) 15.90 Vested (1,379) 29.36 Outstanding at end of period — unvested 4,261 $ 13.12 Included in the activity above are 393 shares of restricted stock that vest under specified market conditions, which were awarded to certain employees in 2017 and 2016. Each of these employees was generally awarded two equal tranches of market condition restricted stock that immediately vests when the Company’s common stock trades at either $30 or $40 per share for ninety consecutive calendar days. At December 31, 2017, there was $2, 931 of unrecognized pre-tax stock-based compensation expense related to non-vested restricted stock awards with market conditions, which the Company expects to recognize over a weighted-average period of 1.8 years. At Dece mber 31, 2017, there was $33,202 of unrecognized pre-tax stock-based compensation expense related to all other non-vested restricted stock award shares and units, which the Company expects to recognize over a weighted-average period of 1.8 years. Stock Options During the year ended December 31, 2016, the Company awarded certain employees market condition stock options under the 2015 Plan, included in the activity above, that vest under specified market conditions. Each employee was generally awarded two equal tranches of market condition stock options that immediately vest when the Company’s common stock trades at either $30 or $40 per share fo r ninety consecutive calendar days. The Company recognizes compensation expense related to stock options on a straight-line basis over the derived term of the awards. Forfeitures are recognized in the period in which they occur. The fair value of stock options with market conditions is estimated using a binomial lattice Monte Carlo simulation model. The weighted-average fair value and the assumptions used to measure fair value were as follows: Year Ended December 31, 2017 2016 2015 Stock option assumptions: Weighted-average fair value $ — $ 7.80 $ — Expected volatility — 60.0% — Risk-free interest rate — 0.76% - 1.46 — Expected dividend yield — 0% — Derived term in years — 3-4 — Stock option activity for the year ended December 31, 2017 was as follows: Year Ended December 31, 2017 (in thousands, except per share amounts) Number of Shares Weighted Average Exercise Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Stock option activity: Outstanding at beginning of period 2,260 $ 13.92 — — Granted — — — — Exercised — — — — Forfeited and expired (440) 13.26 — — Outstanding at end of period 1,820 $ 14.08 8.50 — In the table above, intrinsic value is calculated as the excess, if any, between the market price of the Company’s stock on the last trading day of the year and the exercise price of the options. Because the market price was lower than the exercise price, the intrinsic value is zero . At December 31, 2017, there was $7,424 of unrecognized pre-tax stock-based compensation expense related to stock options, which the Company expects to recognize over a weigh ted-average period of 1.7 years. |
International Retirement Plan
International Retirement Plan | 12 Months Ended |
Dec. 31, 2017 | |
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 the annuity was $3,207 and $2,760 as of December 31, 2017 and 2016 , respectively. The net present value of that annuity is included in “Other assets, net” on the Company’s consolidated balance sheets at December 31, 2017 and 2016 . The following table provides a reconciliation of the changes in the projected benefit obligation for the years ended December 31, 2017 and 2016: (in thousands) 2017 2016 Reconciliation of benefit obligations: Obligations as of January 1 $ 7,727 $ 6,328 Service cost 184 154 Interest cost 131 159 Actuarial (gain) loss (555) 1,437 Benefit payments (136) (120) Effect of foreign currency exchange rate changes 1,083 (231) Obligations as of December 31 8,434 7,727 Funded status as of December 31 (net of tax benefit) $ (8,434) $ (7,727) For the year ended December 31, 2017 , the Company recorded a $555 gain , net of $244 of actuarial amortization and a $247 tax provision , as a $552 adjustment to “Accumulated other comprehensive income (loss) ” in accordance with ASC 715, “ Compensation – Retirement Benefits .” For the year ended December 31, 2016 , the Company recorded a $1,437 loss, net of $128 of actuarial amortization and a $407 tax benefit , as a $902 adjustment to “Accumulated other comprehensive income (loss) ” . The Company has recognized the following amounts in the consolidated balance sheets at December 31, 2017 and 2016 : (in thousands) 2017 2016 Accrued liabilities $ 144 $ 114 Other liabilities 8,290 7,613 Projected benefit obligation 8,434 7,727 Accumulated other comprehensive income (2,555) (2,775) Total $ 5,879 $ 4,952 The following projected benefit obligation and accumulated benefit obligation were estimated as of December 31, 2017 and 2016 : (in thousands) 2017 2016 Projected benefit obligation $ 8,434 $ 7,727 Accumulated benefit obligation $ 7,570 $ 6,905 The following table shows the components of net periodic benefit costs and other amounts recognized in other comprehensive income (loss) : (in thousands) 2017 2016 Net periodic benefit cost: Service cost $ 184 $ 154 Interest cost 131 159 Amortization of actuarial loss 244 128 Total $ 559 $ 441 Other changes in plan assets and benefit obligations recognized in other comprehensive income: Net (gain) loss (555) 1,437 Total expense recognized in net periodic benefit cost and other comprehensive income $ 4 $ 1,878 The following assumptions are used to determine benefit obligations as of December 31: 2017 2016 Discount rate 1.80% 1.60% Rate of compensation 3.00% 3.00% The following benefit payments, including expected future service cost, are expected to be paid: (in thousands) Estimated future benefit payments: 2018 $ 145 2019 147 2020 163 2021 181 2022 184 2023-2027 1,020 |
Computation Of Net Loss Per Sha
Computation Of Net Loss Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Computation Of Net Loss Per Share [Abstract] | |
Computation Of Net Loss Per Share | Note 16 Computation of Net Loss per Share The Company computes basic loss per share using net loss attributable to 3D Systems Corporation and the weighted average number of common shares outstanding during the applicable period. Diluted loss per share incorporates the additional shares issuable upon assumed exercise of stock options and the release of restricted stock and RSUs, except in such case when their inclusion would be anti-dilutive. (in thousands, except per share amounts) 2017 2016 2015 Numerator for basic and diluted net loss per share: Net loss attributable to 3D Systems Corporation $ (66,191) $ (38,419) $ (655,492) Denominator for basic and diluted net loss per share: Weighted average shares 111,554 111,189 111,969 Net loss per share, basic and diluted $ (0.59) $ (0.35) $ (5.85) For the years ended December 31, 2017, 2016 and 2015, the effect of dilutive securities, including non-vested stock options, restricted stock awards and RSUs, was excluded from the denominator for the calculation of diluted net loss per share because the Company recognized a net loss for the period and their inclusion would be anti-dilutive. Dilutive securities excluded were 5,341 , 5,284 and 1,117 for the years ended December 31, 2017, 2016 and 2015, respectively. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interests [Abstract] | |
Noncontrolling Interests | Note 17 Noncontrolling Interests As of Dec ember 3 1 , 2017, the Company owned approximately 70% of the capital and voting rights of Robtec, a service bureau and distributor of 3D printing and scanning products in Brazil. Robtec was acquired on November 25, 2014 . As of Dec ember 3 1 , 2017, the Company owned approximately 70% of the capital and voting rights of Easyway, a service bureau and distributor of 3D printing and scanning products in China. Approximately 65% of the capital and voting rights of Easyway were acquired on April 2, 2015 , and an additional 5% of the capital and voting rights of Easyway were acquired on July 19, 2017 for $2.3 million . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 18 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 that 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 and earnout consideration. 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 December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents (a) $ 20,244 $ — $ — $ 20,244 Earnout consideration (b) $ — $ — $ 5,115 $ 5,115 Fair Value Measurements as of December 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents (a) $ 25,206 $ — $ — $ 25,206 Earnout consideration (b) $ — $ — $ 10,806 $ 10,806 (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. (b) The fair value of the earnout consideration, which is based on the present value of the expected future payments to be made to the sellers of the acquired businesses, was derived by analyzing the future performance of the acquired businesses using the earnout formula and performance targets specified in each purchase agreement and adjusting those amounts to reflect the ability of the acquired entities to achieve the stated targets. Given the significance of the unobservable inputs, the valuations are classified in Level 3 of the fair value hierarchy. The change in earnout consideration from December 31, 2016 to December 31, 2017 reflects a payment of $3,206 , accretion of $921 and adjustments of $3,406 . The Company did not have any transfers of assets and liabilities between l evel s of the fair value measurement hierarchy during the year ended December 31, 2017 . In addition to the assets and liabilities included in the above table, certain of our assets and liabilities are to be initially measured at fair value on a non-recurring basis. This includes goodwill and other intangible asset s measured at fair value for impairment assessment. For further discussion on the valuation techniques and inputs used in the fair value measurement of goodwill and other intangible assets, see Notes 2, 6 and 7. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | Note 19 Income Taxes The U.S. Tax Cuts and Jobs Act (“Tax Act”) was enacted in December 2017. The Tax Act significantly changed U.S. tax law by, among other things, lowering the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018, implementing a territorial tax system and imposing a one-time transition tax on deemed repatriated earnings of foreign subsidiaries. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. As a result of the reduction in the U.S. corporate income tax rate from 35% to 21% under the Tax Act, the Company revalued its ending net deferred tax liabilities at December 31, 2017 and recognized a provisional $37,889 tax expense that was offset by an adjustment to the Company’s valuatio n allowance of a provisional $37,889 tax benefit. The Tax Act also provided for a one-time transition tax on the deemed repatriation of post-1986 undistributed foreign subsidiary earnings and profits (“E&P”). The Company recognized a provisional $9,474 of income tax expense related to the transit ion tax, which was offset by its cur rent year net operating loss. As such, the Company does not expect any cash tax payment to be made in connection with the transition tax. While the Tax Act provides for a modified territorial tax system, beginning in 2018, global intangible low-taxed income (“GILTI”) provisions will result in an incremental tax on low taxed foreign income. The GILTI provisions require the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. Under U.S. GAAP, the Company is required to make an accounting policy election to either (1) treat taxes due related to GILTI as a current-period expense when incurred (the “period cost method”) or (2) factor such amounts into the measurement of the Company’s deferred taxes (the “deferred method”). The Company is continuing to evaluate the GILTI tax rules and have not yet adopted a policy to account for the related impacts. The SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act and allows the registrant to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. The Company has recognized a net tax expense of $47,362 for the provisional tax impacts related to the one-time transition tax and the revaluation of deferred tax balances which was offset by $ 47,362 of provisional tax benefit associated to the change in the valuation allowance and included these estimates in the consolidated financial statements for the year ended December 31, 2017. The Company is in the process of analyzing the impact of the various provisions of the Tax Act. The ultimate impact may materially differ from these provisional amounts due to, among other things, additional analysis, changes in interpretations and assumptions, additional regulatory guidance th at may be issued, and actions the Company may tak e as a result of the Tax Act. The Company expect s to complete the analysis within the measurement period in accordance with SAB 118. The components of the Company’s income before income taxes are as follows: 2017 2016 2015 Income (loss) before income taxes: Domestic $ (75,965) $ (53,868) $ (580,720) Foreign 18,444 14,056 (74,233) Total $ (57,521) $ (39,812) $ (654,953) The components of income tax provision for the years ended December 31, 2017 , 2016 and 2015 are as follows: 2017 2016 2015 Current: U.S. federal $ (83) $ (2,110) $ 10,753 State 741 30 169 Foreign 12,711 8,099 925 Total 13,369 6,019 11,847 Deferred: U.S. federal — (1,245) (5,252) State 1,097 — (225) Foreign (6,664) (5,321) 2,602 Total (5,567) (6,566) (2,875) Total income tax (benefit) provision $ 7,802 $ (547) $ 8,972 The overall effective tax rate differs from the statutory federal tax rate for the years ended December 31, 2017 , 2016 and 2015 as follows: % of Pretax Income 2017 2016 2015 Tax provision based on the federal statutory rate 35.0 % 35.0 % 35.0 % Increase in valuation allowances 48.8 (58.5) (16.4) Other 2.9 1.7 (0.4) Foreign tax rate change 2.2 Return to provision adjustments 2.0 18.8 (0.7) State taxes, net of federal benefit, before valuation allowance 1.0 3.9 0.9 Deferred tax adjustments (1.1) 13.0 — Uncertain tax positions (1.4) (25.1) (0.5) Nondeductible expenses (3.3) (1.1) (0.1) Deemed income related to foreign operations (4.1) (8.4) (0.6) Employee share-based payments (13.2) — — One-Time transition tax (16.5) — — U.S. Tax Cuts and Jobs Act - rate change (65.9) — — Foreign exchange loss — 9.4 — Impairment of definite lived intangibles — 3.1 — Foreign income tax rate differential — 3.1 (2.0) Impairment of goodwill with no tax basis — — (16.8) Foreign tax credits related to above — 6.5 0.2 Effective tax rate (13.6) % 1.4 % (1.4) % The difference between the Company’s effective tax rate for 2017 and the federal statutory rate was 48.6 percentage points. The difference in the effective rate is due primarily to the impact of the Tax Act, change in valuation allowances that were recorded during the year, as well as the Company’s foreign income inclusions and employee share-based payments that were previously recognized through other comprehensive income. The difference between the Company’s effective tax rate for 2016 and the federal statutory rate was 33.6 percentage points. The Company recorded nondeductible expenses, including non-deductible goodwill impairment charges and a valuation allowance in the U.S. and certain foreign jurisdictions, which contributed to a difference in the effective tax rate. The difference between the Company’s effective tax rate for 2015 and the federal statutory rate was 36.4 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. During the third quarter of 2017, the Company determined that it is more likely than not that the deferred tax assets related to Phenix Systems would not be realized based on the Company’s review of results from operations and other evidence. During the fourth quarter, it was determined that it was more likely than not that Layerwise, located in Belgium, would realize benefits based on results from operations and utilization of existing net operating losses. There were no other changes to the Company’s valuation allowance assertions. In 2016, there were no changes to the Company’s valuation allowance assertions. During the fourth quarter of 2015, based upon the Company’s review of results of operations and forecast estimates in connection with the assessment of deferred tax benefits, the Company determined that it is more likely than not that the deferred tax assets in the US and certain foreign jurisdictions will not be realized. The components of the Company’s net deferred income tax assets and net deferred income tax liabilities at December 31, 2017 and 2016 are as follows: (in thousands) 2017 2016 Deferred income tax assets: Intangibles $ 24,232 $ 40,014 Stock options and restricted stock awards 5,988 14,384 Reserves and allowances 11,308 20,022 Net operating loss carryforwards 35,004 29,398 Tax credit carryforwards 10,908 13,571 Accrued liabilities 3,011 5,330 Deferred revenue 4,629 3,502 Valuation allowance (80,796) (109,913) Total deferred income tax assets 14,284 16,308 Deferred income tax liabilities: Intangibles 11,301 16,968 Property, plant and equipment 7,304 8,818 Other 642 — Total deferred income tax liabilities 19,247 25,786 Net deferred income tax liabilities $ (4,963) $ (9,478) At December 31, 2017, $35,004 of the Company’s deferred income tax assets was attributable to $237,186 of gross net operating loss carryforwards, which consisted of $115,846 loss carryforwards for U.S. federal income tax purposes, $101,563 of loss carryforwards for U.S. state income tax purposes and $19,777 of loss carryforwards for foreign income tax purposes. At December 31, 2016, $29,398 of the Company’s deferred income tax assets was attributable to $148,199 of gross operating loss carryforwards, which consisted of $50,587 loss carryforwards for U.S. federal income tax purposes, $78,274 of loss carryforwards for U.S. state income tax purposes and $19,338 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 2018 . 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. At December 31, 2017, tax credit carryforwards included in the Company’s deferred income tax assets consisted of $2,845 of research and experimentation credit carryforwards for U.S. federal income tax purposes, $3,745 of research and experimentation tax credit carryforwards for U.S. state income tax purposes, $3,549 of foreign tax credits for U.S. federal income tax purposes, $474 of other U.S. federal tax credits, $170 of research and experimentation tax credit carryforwards for foreign income tax purposes and $600 of other state tax credits. Certain state research and experimentation and other state credits begin to expire in 2024 . The Company has recorded a valuation allowance related to the U.S. federal and state tax credits. At December 31, 2016, tax credit carryforwards included in the Company’s deferred income tax assets consisted of $2,544 of research and experimentation credit carryforwards for U.S. federal income tax purposes, $2,649 of research and experimentation tax credit carryforwards for U.S. state income tax purposes, $7,155 of foreign tax credits for U.S. federal income tax purposes, $474 of other U.S. federal tax credits, $149 of research and experimentation tax credit carryforwards for foreign income tax purposes and $600 of other state tax credits. Certain state research and experimentation credits begin to expire in 2017 ; other state credits begin to expire in 2024 . The Company has recorded a valuation allowance related to the U.S. federal and state tax credits. The C ompany ha s provided for $9,474 in tax for the Transition Tax discussed ab ove which has been offset by its 2017 net operating loss. As the Company’s previously unremitted earnings have now been subjected to U.S. federal income tax, any repatriation of these earnings to the U.S. would not be expected to incur significant additional taxes relat ed to such amounts. However, the Company’s estimates are provisional and subject to further analysis. Including interest and penalties, the Company increa sed its unrecognized benefits by $218 for the year ended December 31, 2017 and increased its unrecognized tax benefits by $10,077 for the year ended December 31, 2016. The Company does not anticipate any additional unrecognized tax benefits during the next 12 months that would result in a material change to its consolidated financial position. The Company includes interest and penalties in the Consolidated Financial Statements as a component of income tax expense. Unrecognized Tax Benefits (in thousands) 2017 2016 2015 Balance at January 1 $ (18,251) $ (8,296) $ (1,845) Increases related to prior year tax positions (4,104) (2,658) — Decreases related to prior year tax positions 4,045 — 1,475 Increases related to current year tax positions — (7,297) (7,926) Decreases related to current year tax positions — — — Decreases in unrecognized liability due to settlements with foreign tax authorities — — — Balance at December 31 $ (18,310) $ (18,251) $ (8,296) Tax years 2003 through 2017 remain subject to examination by the U.S. Internal Revenue Service, with most of the years open to examination due to the generation and utilization of various tax credits. State income tax returns are generally subject to examinati on for a period of three to four years after filing the respective tax returns. The impact on such tax returns of any federal changes remains subject to examination by various states for a period of up to one year after formal notification to the states. The Company files income tax returns (which are open to examination beginning in the year shown in parentheses) in Australia ( 2013 ), Belgium ( 2014 ), Brazil ( 2012 ), China ( 2014 ), France ( 2014 ), Germany ( 2013 ), India ( 2013 ), Israel ( 2013 ), Italy ( 2012 ), Japan ( 2012 ), Korea ( 2012 ), Mexico ( 2012 ), Netherlands ( 2012 ), Switzerland ( 2012 ), the United Kingdom ( 2016 ) and Uruguay ( 2012 ). The following presents the changes in the balance of the Company’s d eferred income tax asset valuation allowance : Year Ended Item Balance at beginning of year Additions (reductions) charged to expense Other Balance at end of year 2017 Deferred income tax asset valuation allowance $ 109,913 $ (28,071) $ (1,046) $ 80,796 2016 Deferred income tax asset valuation allowance 107,312 20,450 (17,849) 109,913 2015 Deferred income tax asset valuation allowance — 107,312 — 107,312 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Information [Abstract] | |
Segment Information | Note 20 Segment Information The Company operates as one segment and conducts its business through various offices and facilities located throughout the Americas region (United States, Canada, Brazil, Mexico and Uruguay), EMEA region (Belgium, France, Germany, Israel, Italy, the Netherlands, Switzerland and the United Kingdom), and Asia Pacific region (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) 2017 2016 2015 Revenue from unaffiliated customers: United States $ 322,399 $ 329,553 $ 345,032 Other Americas 11,377 11,332 12,944 EMEA 220,357 193,141 200,104 Asia Pacific 91,936 98,939 108,083 Total revenue $ 646,069 $ 632,965 $ 666,163 (in thousands) 2017 2016 2015 Revenue by class of product and service: Products $ 210,280 $ 223,544 $ 257,379 Materials 168,846 156,839 150,740 Services 266,943 252,582 258,044 Total revenue $ 646,069 $ 632,965 $ 666,163 Year Ended December 31, 2017 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ 2,169 $ 36,914 $ 14,775 $ 20,388 $ 74,246 EMEA 70,709 6,005 13,093 4,945 94,752 Asia Pacific 2,790 — 174 3,936 6,900 Total $ 75,668 $ 42,919 $ 28,042 $ 29,269 $ 175,898 Year Ended December 31, 2016 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ 3,013 $ 28,881 $ 10,958 $ 21,639 $ 64,491 EMEA 65,209 3,365 8,921 6,091 83,586 Asia Pacific 3,046 — 369 3,959 7,374 Total $ 71,268 $ 32,246 $ 20,248 $ 31,689 $ 155,451 Year Ended December 31, 2015 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ 3,073 $ 36,552 $ 17,133 $ 17,602 $ 74,360 EMEA 58,489 4,232 9,643 6,172 78,536 Asia Pacific 3,027 4 79 3,585 6,695 Total $ 64,589 $ 40,788 $ 26,855 $ 27,359 $ 159,591 (in thousands) 2017 2016 2015 Income (loss) from operations: Americas $ (71,951) $ (53,725) $ (596,283) EMEA (292) (1,613) (71,201) Asia Pacific 20,173 19,591 27,432 Subtotal (52,070) (35,747) (640,052) Inter-segment elimination (1,903) (2,673) (1,872) Total $ (53,973) $ (38,420) $ (641,924) (in thousands) 2017 2016 2015 Depreciation and amortization: Americas $ 25,484 $ 25,892 $ 43,613 EMEA 31,135 29,946 34,596 Asia Pacific 5,422 4,697 4,860 Total $ 62,041 $ 60,535 $ 83,069 (in thousands) 2017 2016 2015 Capital expenditures: Americas $ 23,925 $ 8,172 $ 14,062 EMEA 5,227 5,947 7,469 Asia Pacific 1,729 2,448 868 Total $ 30,881 $ 16,567 $ 22,399 At December 31, (in thousands) 2017 2016 2015 Assets: Americas $ 329,550 $ 345,412 $ 382,738 EMEA 454,319 382,163 406,084 Asia Pacific 112,895 121,578 103,137 Total $ 896,764 $ 849,153 $ 891,959 At December 31, (in thousands) 2017 2016 2015 Cash and cash equivalents: Americas $ 51,475 $ 105,750 $ 98,913 EMEA 52,642 44,877 34,388 Asia Pacific 32,227 34,320 22,342 Total $ 136,344 $ 184,947 $ 155,643 At December 31, (in thousands) 2017 2016 2015 Long-lived assets: Americas $ 94,319 $ 96,016 $ 113,364 EMEA 306,988 262,543 285,980 Asia Pacific 57,035 57,644 60,148 Total $ 458,342 $ 416,203 $ 459,492 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | Note 21 Commitments and Contingencies Th e Company leases certain of its facilities and equipment under non-cancelable operating leases. See Note 12. Supply commitments totaled $83,305 and $62,935 as of December 31, 2017 and 2016, respectively. Commitments for printer assemblies and inventory items at December 31, 2017 and 2016 were $57,592 and $51,156 , respectively. Commitments for capital expenditures and operating costs at December 31, 2017 and 2016 were $25,713 and $11,779 , respectively. Certain of the Company’s acquisitions contain earnout provisions under which the sellers of the acquired businesses can earn additional amounts. The total liability recorded for these earnouts as of December 31, 2017 and 2016 was $ 5,115 and $10,806 , respectively. 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 , 2017, performs over the relevant future periods at its 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 Consolidated Balance Sheet at December 31 , 2017 and 2016. 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 its future results of operations. To the extent permitted under Delaware law, the Company indemnifies its 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 Securities and Derivative Litigation The Company and certain of its former executive officers have been named as defendants in a consolidated putative stockholder class action lawsuit pending in the United States District Court for the District of South Carolina. The consolidated action is styled KBC Asset Management NV v. 3D Systems Corporation, et al., Case No. 0:15-cv-02393-MGL. The Amended Consolidated Complaint (the “Complaint”), which was filed on December 9, 2015, alleges that defendants violated the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 promulgated thereunder by making false and misleading statements and omissions and that the former officers are control persons under Section 20(a) of the Exchange Act. The Complaint was filed on behalf of stockholders who purchased shares of the Company’s common stock between October 29, 2013, and May 5, 2015 and seeks monetary damages on behalf of the purported class. Defendants filed a motion to dismiss the Complaint in its entirety on January 14, 2016, which was denied by Memorandum Opinion and Order dated July 25, 2016 (the “Order”). Defendants filed a motion for reconsideration of the Order on August 4, 2016, which was denied by Order dated February 24, 2017. On September 28, 2017, the Court granted Lead Plaintiff’s Motion for Class Certification. On February 15, 2018, following mediation, the parties entered into a Stipulation of Settlement that provides for, among other things, payment of $50 million by the Company’s insurance carriers and a mutual exchange of releases. The Stipulation of Settlement calls for a dismissal of all claims against the Company and the individual defendants with prejudice following Court approval, a denial by defendants of any wrongdoing, and no admission of liability. On February 15, 2018, Lead Plaintiff filed an Unopposed Motion for Preliminary Approv al of Class Action Settlement. On February 21, 2018, the Court entered an Order Preliminarily Approving Settlement and Providing for Notice. The final approval hearing has been scheduled for June 25, 2018. A current liability of $50,000 was recorded for the agreed upon settlement amount and an offsetting receivable of $50,000 was recorded for related insurance proceeds. Nine related derivative complaints have been filed by purported Company stockholders against certain of the Company’s former executive officers and members of its Board of Directors. The Company is named as a nominal defendant in all nine actions. The derivatives complaints are styled as follows: (1) Steyn v. Reichental, et al., Case No. 2015-CP-46-2225, filed on July 27, 2015 in the Court of Common Pleas for the 16th Judicial Circuit, County of York, South Carolina (“Steyn”); (2) Piguing v. Reichental, et al., Case No. 2015-CP-46-2396, filed on August 7, 2015 in the Court of Common Pleas for the 16th Judicial Circuit, County of York, South Carolina (“Piguing”); (3) Booth v. Reichental, et al., Case No. 15-692-RGA, filed on August 6, 2015 in the United States District Court for the District of Delaware; (4) Nally v. Reichental, et al., Case No. 15-cv-03756-MGL, filed on September 18, 2015 in the United States District Court for the District of South Carolina (“Nally”); (5) Gee v. Hull, et al., Case No. BC-610319, filed on February 17, 2016 in the Superior Court for the State of California, County of Los Angeles (“Gee”); (6) Foster v. Reichental, et al., Case No. 0:16-cv-01016-MGL, filed on April 1, 2016 in the United States District Court for the District of South Carolina (“Foster”); (7) Lu v. Hull, et al., Case No. BC629730, filed on August 5, 2016 in the Superior Court for the State of California, County of Los Angeles (“Lu”); (8) Howes v. Reichental, et al., Case No. 0:16-cv-2810-MGL, filed on August 11, 2016 in the United States District Court for the District of South Carolina (“Howes”); and (9) Ameduri v. Reichental, et al., Case No. 0:16-cv-02995-MGL, filed on September 1, 2016 in the United States District Court for the District of South Carolina (“Ameduri”). Steyn and Piguing were consolidated into one action styled as In re 3D Systems Corp. Shareholder Derivative Litig., Lead Case No. 2015-CP-46-2225 in the Court of Common Pleas for the 16th Judicial Circuit, County of York, South Carolina. Gee and Lu were consolidated into one action styled as Gee v. Hull, et al., Case No. BC610319 in the Superior Court for the State of California, County of Los Angeles. Nally, Foster, Howes, and Ameduri were consolidated into one action in the United States District Court for the District of South Carolina with Nally as the lead consolidated case. The derivative complaints allege claims for breach of fiduciary duty, abuse of control, gross mismanagement, waste of corporate assets and unjust enrichment and seek, among other things, monetary damages and certain corporate governance actions. All of the derivative complaints listed above have been stayed until the earlier of the close of discovery or the deadline for appealing a dismissal in the KBC Asset Management NV securities class action. The Company believes the claims alleged in the derivative lawsuits are without merit and intends to defend the Company and its officers and directors vigorously. Ronald Barranco and Print3D Corporation v. 3D Systems Corporation, et. al. On August 23, 2013, Ronald Barranco, a former Company employee, filed two lawsuits against the Company and certain officers in the United States District Court for the District of Hawaii. The first lawsuit (“Barranco I”) is captioned Ronald Barranco and Print3D Corporation v. 3D Systems Corporation, 3D Systems, Inc., and Damon Gregoire, Case No. CV 13-411 LEK RLP, and alleges seven causes of action relating to the Company’s acquisition of Print3D Corporation (of which Mr. Barranco was a 50% shareholder) and the subsequent employment of Mr. Barranco by the Company. The second lawsuit (“Barranco II”) is captioned Ronald Barranco v. 3D Systems Corporation, 3D Systems, Inc., Abraham Reichental, and Damon Gregoire, Case No. CV 13-412 LEK RLP, and alleges the same seven causes of action relating to the Company’s acquisition of certain website domains from Mr. Barranco and the subsequent employment of Mr. Barranco by the Company. Both Barranco I and Barranco II allege the Company breached certain purchase agreements in order to avoid paying Mr. Barranco additional monies pursuant to royalty and earn out provisions in the agreements. The Company and its officers timely filed responsive pleadings on October 22, 2013 seeking, inter alia, to dismiss Barranco I due to a mandatory arbitration agreement and for lack of personal jurisdiction and to dismiss Barranco II for lack of personal jurisdiction. With regard to Barranco I, the Hawaii district court, on February 28, 2014, denied the Company’s motion to dismiss and its motion to transfer venue to South Carolina for the convenience of the parties. However, the Hawaii court recognized that the plaintiff’s claims are all subject to mandatory and binding arbitration in Charlotte, North Carolina. Because the Hawaii court was without authority to compel arbitration outside of Hawaii, the court ordered that the case be transferred to the district court encompassing Charlotte (the United States District Court for the Western District of North Carolina) so that court could compel arbitration in Charlotte. On April 17, 2014, Barranco I was transferred to the United States District Court for the Western District of North Carolina. Plaintiff filed a demand for arbitration on October 29, 2014. On December 9, 2014, the Company filed its answer to plaintiff’s demand for arbitration. On February 2, 2015, plaintiff filed an amended demand that removed Mr. Gregoire as a defendant from the matter, and on February 4, 2015 the Company filed its amended answer. The parties selected an arbitrator and arbitration took place in September 2015 in Charlotte, North Carolina. On September 28, 2015, the arbitrator issued a final award in favor of Mr. Barranco with respect to two alleged breaches of contract and implied covenants arising out of the contract. The arbitrator found that the Company did not commit fraud or make any negligent misrepresentations to Mr. Barranco. Pursuant to the award, the Company is to pay approximately $11,282 , which includes alleged actual damages of $7,254 , fees and expenses of $2,318 and prejudgment interest of $1,710 . The Company disagrees with the single arbitrator’s findings and conclusions and believes the arbitrator’s decision exceeds his authority and disregards the applicable law. As an initial response, the Company filed a motion for modification on September 30, 2015, based on mathematical errors in the computation of damages and fees. On October 16, 2015, the arbitrator issued an order denying the Company’s motion and sua sponte issuing a modified final award in favor of Mr. Barranco in the same above-referenced amounts, but making certain substantive changes to the award, which changes the Company believes were improper and outside the scope of his authority and the American Arbitration Association rules. On November 20, 2015, the Company filed a motion to vacate the arbitration award in the federal court in the United States District Court for the Western District of North Carolina. Claimants also filed a motion to confirm the arbitration award. A hearing was held on the motions on September 29, 2016 in federal court in the Western District of North Carolina. The court requested supplemental briefing by the parties, which briefs were filed on July 11, 2016. On August 31, 2016, the court issued an order granting in part and denying in part Plaintiff’s motion to confirm the arbitration award and for judgment, entering judgment in the principal amount of the arbitration award and denying Plaintiff’s motion for fees and costs. The court denied the Company’s motion to vacate. On September 7, 2016, Plaintiff filed a motion to amend the judgment to include prejudgment interest. The Company opposed that motion and the parties submitted briefing. On September 28, 2016 the Company filed a motion to alter or amend the judgment. Plaintiff opposed the motion and the parties submitted briefing. On May 18, 2017, the court issued an opinion and order denying the Company’s motion to alter or amend and denying Plaintiff’s motion for prejudgment interest. On September 16, 2017, the Company filed a notice of appeal with the United States Court of Appeals for the Fourth Circuit. The appeal is pending. The Company filed its Opening Brief and the Joint Appendix on August 28, 2017. Plaintiff filed its Opening Brief on September 11, 2017. The Company filed its Reply Brief on September 25, 2017. Notwithstanding the Company’s right to appeal, given the arbitrator’s decision, the Company recorded an $11,282 expense provision for this matter in the quarter ended September 30, 2015. The provision is subject to adjustment based on the ultimate outcome of the Company’s appeal. If it is ultimately determined that money is owed following the full appellate process in federal court, the Company intends to fund any amounts to be paid from cash on hand. This amount has been classified as a current liability given the timeline of the appeals process. With regard to Barranco II, the Hawaii district court, on March 17, 2014, denied the Company’s motion to dismiss and its motion to transfer venue to South Carolina. However, the Hawaii court dismissed Count II in plaintiff’s complaint alleging breach of the employment agreement. The Company filed an answer to the complaint in the Hawaii district court on March 31, 2014. On November 19, 2014, the Company filed a motion for summary judgment on all claims which was heard on January 20, 2015. On January 30, 2015, the court entered an order granting in part and denying in part the Company’s motion for summary judgment. The Order narrowed the plaintiff’s claim for breach of contract and dismissed the plaintiff’s claims for fraud and negligent misrepresentation. As a result, Messrs. Reichental and Gregoire were dismissed from the lawsuit. The case was tried to a jury in May 2016, and on May 27, 2016 the jury found that the Company was not liable for either breach of contract or breach of the implied covenant of good faith and fair dealing. Additionally, the jury found in favor of the Company on its counterclaim against Mr. Barranco and determined that Mr. Barranco violated his non-competition covenant with the Company. On July 5, 2017, the court ordered a bench trial regarding causation and damages with respect to the equitable accounting on the Company’s prevailing counterclaim against Mr. Barranco. The bench trial took place on November 20, 2017. The Court ordered the submission of proposed findings of fact and conclusions of law. The Company submitted its proposed Findings of Fact and Conclusions of Law on January 12, 2018. Barranco submitted his on February 2, 2018. The Company submitted its Reply on February 16, 2018. The Court is expected to rule on the accounting thereafter. Export Compliance Matter In October 2017 the Company received an administrative subpoena from the Bureau of Industry and Security of the Department of Commerce (“BIS”) requesting the production of records in connection with possible violations of U.S. export control laws, including with regard to its Quickparts.com, Inc. subsidiary. In addition, while collecting information responsive to the above-referenced subpoena, the Company identified potential violations of the International Traffic in Arms Regulations (“ITAR”) administered by the Directorate of Defense Trade Controls of the Department of State (“DDTC”) and potential violations of the Export Administration Regulations administered by the Bureau of Industry and Security of the Department of Commerce. On February 12, 2018, the Company submitted an initial notice of voluntary disclosure to DDTC in which the Company identified certain potentially unauthorized exports of technical data. The Company is continuing to conduct and internal review and cooperating fully with the investigation, but cannot predict the ultimate resolution of this matter. The Company expects to incur significant legal costs and other expenses in connection with responding to these inquiries. If the U.S. government finds that the Company has violated one or more export control laws or trade sanctions, the Company could be subject to various penalties. By statute, these penalties can include but are not limited to fines, which by statute may be significant, denial of export privileges, and debarment from participation in U.S. government contracts; and any assessment of penalties could also harm the Company’s reputation, create negative investor sentiment, and affect the Company’s share value. In connection with any resolution, the Company may also be required to undertake additional remedial compliance measures and program monitoring. The Company cannot at this time predict when BIS and/or DDTC will conclude their investigations or determine an estimated cost, if any, or range of costs, for any penalties or fines that may be incurred upon resolution of this matter. The Company is involved in various other legal matters incidental to its business. Although the Company cannot predict the results of litigation with certainty, the Company believes that the disposition of all current legal matters will not have a material adverse effect on its consolidated results of operations, consolidated statement of cash flows or consolidated financial position. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 22 Accumulated Other Comprehensive Income (Loss) The changes in the balances of accumulated other comprehensive loss by component are as follows: (in thousands) Foreign currency translation adjustment Defined benefit pension plan Liquidation of non-US entity and purchase of non-controlling interests Total Balance at December 31, 2015 $ (37,675) $ (1,873) $ — $ (39,548) Other comprehensive income (loss) (13,063) (902) 288 (13,677) Balance at December 31, 2016 (50,738) (2,775) 288 (53,225) Other comprehensive income 31,419 220 50 31,689 Balance at December 31, 2017 $ (19,319) $ (2,555) $ 338 $ (21,536) The amounts presented above a re in other comprehensive loss 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 Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2017 | |
Selected Quarterly Financial Data [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Note 23 Selected Quarterly Financial Data (unaudited) The following tables set forth unaudited selected quarterly financial data: 2017 Quarter Ended (in thousands, except per share amounts) December 31 September 30 June 30 March 31 Consolidated revenue $ 177,264 $ 152,907 $ 159,467 $ 156,431 Gross profit 85,458 58,522 80,673 80,186 Total operating expenses 91,161 90,857 87,537 89,257 Loss from operations (a) (5,703) (32,335) (6,864) (9,071) Provision for income taxes 971 3,723 2,067 1,041 Net loss attributable to 3D Systems (10,134) (37,670) (8,416) (9,971) Basic and diluted net loss per share $ (0.08) $ (0.34) $ (0.08) $ (0.09) 2016 Quarter Ended (in thousands, except per share amounts) December 31 September 30 June 30 March 31 Consolidated revenue $ 165,937 $ 156,362 $ 158,111 $ 152,555 Gross profit 82,890 68,937 80,411 77,513 Total operating expenses 78,817 90,954 84,128 94,272 Income (loss) from operations 4,073 (22,017) (3,717) (16,759) Provision (benefit) for income taxes (1,212) (2,214) 1,700 1,179 Net income (loss) attributable to 3D Systems 5,230 (21,213) (4,648) (17,788) Basic and diluted net income (loss) per share $ 0.05 $ (0.19) $ (0.04) $ (0.16) 2015 Quarter Ended (in thousands, except per share amounts) December 31 September 30 June 30 March 31 Consolidated revenue $ 183,363 $ 151,574 $ 170,504 $ 160,722 Gross profit 60,160 71,038 81,627 78,984 Total operating expenses 626,081 105,675 105,469 96,508 Loss from operations (a) (565,921) (34,637) (23,842) (17,524) Provision (benefit) for income taxes 29,535 (3,524) (10,096) (6,943) Net loss attributable to 3D Systems (596,366) (32,249) (13,696) (13,181) Basic and diluted net loss per share $ (5.32) $ (0.29) $ (0.12) $ (0.12) (a) For the quarter ended December 31, 2015, loss from operations includes $ 443,659 of impairment charges related to goodwill and $93,520 of impairment charges related to other intangible assets. In addition, the Company recognized cash and non-cash charges related to the end of life of the Cube printer and shift from consumer products and services, which totaled $ 8,771 and $18,619 , respectively. See Notes 2, 4, 6 and 7 to the Consolidated Financial Statements. 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 (loss) available to common stockholders for such period and the weighted average shares of outstanding common stock for such period. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 24 Subsequent Events There are no subsequent events except as disclosed within the Litigation section of Note 2 1 . |
Significant Accounting Polici32
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies [Abstract] | |
Use Of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates on historical experience, currently available information and various other assumptions that we believe are reasonable under the circumstances. Actual results could 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 reseller partners. The Company recognizes revenue on sales to reseller partners at the time of sale, when the partner 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, 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 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. In instances in which 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 expiration of the trial period and the customer has purchased the software. 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 and certain other products include a warranty under which the Company provides maintenance for periods up to one year. The Company also offers training, installation and non-contract maintenance services for its products. Additionally, the Company offers extended warranties and maintenance contracts customers can purchase at their option. For initial product warranties, revenue is recognized and estimated costs are accrued at the time of the sale of the product. These cost estimates are established using historical information on the nature, frequency and average cost of claims for each type of printer or other product as well as assumptions about future activity and events. Revisions to expense accruals are made as necessary based on changes in these historical and future factors. For optional warranty or maintenance contracts, revenue is deferred at the time of sale based on the relative fair value of these services and costs are expensed as incurred. Deferred revenue is recognized ratably over the term of the warranty or maintenance period on a straight-line basis. Revenue from training, installation and non-contract maintenance services is recognized at the time of performance of the service. On demand manufacturing and healthcare service sales are included within services revenue and revenue is recognized upon shipment or delivery of the parts or performance of the service, based on the terms of the sales arrangement. Terms of sale Shipping and handling costs billed to customers for equipment sales and sales of materials are included in product revenue in the Consolidated Statements of Operations and Other Comprehensive Loss. Costs incurred by the Company associated with shipping and handling are included in product cost of sales in the Consolidated Statements of Operations and Other Comprehensive Loss. 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 Cash and cash equivalents consist of cash and temporary investments with maturities of three months or less when acquired. |
Investments | Investments 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 generally accounted for under the cost method. The Company assesses declines in the fair value of investments to determine whether such declines are other-than-temporary. Other-than-temporary impairments of investments are recorded to interest and other expense, net, in the period in which they become impaired. For the years ended December 31, 2017 and 2016, the Company recorded impairment charges of $1,743 and $1,210 , respectively, related to certain cost-method investments. The aggregate carrying amount of all investments accounted for under the cost method totaled $ 8,263 and $9,116 at December 31, 2017 and 2016, respectively, and is included in other assets, net, on the Company’s Consolidated Balance Sheets. |
Accounts Receivable And Allowances For Doubtful Accounts | Accounts Receivable and Allowances for Doubtful Accounts Trade accounts receivable are recorded at the invoiced amount and do not bear interest. In evaluating the collectability of accounts receivable, the Company assesses a number of factors, including specific customers’ ability to meet their financial obligations to us, the length of time receivables are past due and historical collection experience. Based on these assessments, the Company may record a reserve for specific customers, as well as a general reserve and allowance for returns and discounts. If circumstances related to specific customers change, or economic conditions deteriorate such that the Company’s past collection experience is no longer relevant, its estimate of the recoverability of accounts receivable could be further reduced from the levels provided for in the Consolidated Financial Statements. The following presents the changes in the balance of our allowance for doubtful accounts: Year Ended Item Balance at beginning of year Additions charged to expense Other Balance at end of year 2017 Allowance for doubtful accounts $ 12,920 $ 1,051 $ (3,713) $ 10,258 2016 Allowance for doubtful accounts 14,139 1,552 (2,771) 12,920 2015 Allowance for doubtful accounts 10,300 3,766 73 14,139 |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value, with cost being determined using the first-in, first-out method. |
Long-Lived Assets And Goodwill | Long-Lived Assets and Goodwill The Company reviews long-lived assets, including intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. Recoverability is assessed as the carrying value of assets held for use based on a review of undiscounted projected cash flows. Impairment losses, where identified, are measured as the excess of the carrying value of the long-lived asset over its estimated fair value as determined by discounted projected cash flows. No impairment charges for intangible assets with finite lives were recorded for the years ended December 31, 2017 and 2016. For the year ended December 31, 2015, the Company recorded non-cash impairment charges of $93,520 arising from the Company’s other intangible assets impairment testing. Goodwill is the excess of cost of an acquired entity over the amounts assigned to assets acquired and liabilities assumed in a business combination. Goodwill is not amortized. Goodwill is tested for impairment annually in the fourth quarter of each year, and is tested for impairment between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Impairment testing for goodwill is done at a reporting unit level, with all goodwill assigned to a reporting unit. The test for goodwill impairment is a two-step process to first identify potential goodwill impairment for each reporting unit and then, if necessary, measure the amount of the impairment loss. Our reporting units are consistent with our geographies in Note 20. We completed the required annual goodwill impairment test during the fourth quarter of 2017. The first step of the goodwill impairment test compares the fair value of each of our reporting units to its carrying value. We estimate the fair value of our reporting units based primarily on the discounted projected cash flows of the underlying operations. The estimated fair value for each of our reporting units was in excess of its respective carrying values as of December 31, 2017. For the year ended December 31, 2015, the results of the first step of annual impairment testing indicated the carrying amount of goodwill assigned to the Americas and EMEA reporting units exceeded fair value. Based on these results, management completed the second step of annual impairment testing for the Americas and EMEA reporting units. Management determined that the fair value of goodwill assigned to the Americas was zero , resulting in a non-cash, non-tax deductible impairment charge of $382,271 . Management determined that the carrying amount of the goodwill assigned to EMEA exceeded fair value by approximately 29% , resulting in a non-cash, non-tax deductible goodwill impairment charge of $61,388 . For a summary of our goodwill by reporting unit, see Note 7. |
Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interests The minority interest shareholders of 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. See Note 21. 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 years ended December 31, 2017 and 2016, the balance of redeemable noncontrolling interests was $8,872 . Changes in the estimated redemption amounts of the put options are adjusted at each reporting period with a corresponding adjustment to equity. |
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 Local currencies generally are considered the functional currencies outside the United States. Assets and liabilities for operations in local-currency environments are translated at month-end exchange rates of the period reported. Income and expense items are translated at average exchange rates of each applicable month. Cumulative translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in shareholders’ equity. |
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 operations and comprehensive loss 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. 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 (Loss) Per Share | Earnings (Loss) per Share Basic earnings (loss) per share are calculated on the weighted-average number of common shares outstanding during each period. Diluted earnings per share include shares issuable upon exercise of outstanding stock options and stock-based awards where the conversion of such instruments would be dilutive. See Note 16. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. Advertising costs, including trade shows, were $13,683 , $ 12,469 and $ 15,245 for the years ended December 31, 2017, 2016 and 2015, 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 judgements 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. |
Equity Compensation Plans | Equity Compensation Plans The Company recognizes compensation expense for its stock-based compensation programs, which include stock options, restricted stock, restricted stock units (RSUs) and performance shares. For service-based awards, 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. For stock options and awards with market conditions, compensation cost is determined at the individual tranche level. The Company recognizes forfeitures when they occur. |
Income Taxes | Income Taxes The Company and the majority of its domestic subsidiaries file a consolidated U.S. federal income tax return while it has four entities that file separate U.S. federal tax returns. 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 (deficit) 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 establishes 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 “more likely than not” that a deferred tax asset will not be realized. The evaluation process includes the consideration of all available evidence regarding historical results and future projections including the estimated timing of reversals of existing taxable temporary differences and potential tax planning strategies. Once a valuation allowance is established, it is maintained until a change in factual circumstances gives rise to sufficient income of the appropriate character and timing that will allow a partial or full utilization of the deferred tax asset. In accordance with ASC 740, “ Income Taxes ,” the impact of an uncertain tax position on the Company’s income tax returns is 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 19 to the Consolidated Financial Statements. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Standards In the first quarter of 2017, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) No. 2016-09, “ Compensation – Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting ”. The following summarizes the effects of the adoption: Forfeitures - Prior to adoption, share-based compensation expense was recognized on a straight-line basis, net of estimated forfeitures, such that expense was recognized only for share-based awards that were expected to vest. A forfeiture rate was estimated annually and revised, if necessary, in subsequent periods if actual forfeitures differed from initial estimates. Upon adoption, the Company no longer applies a forfeiture rate and instead accounts for forfeitures as they occur. The change was applied on a modified retrospective basis resulting in a cumulative effect adjustment to retained earnings of $10,206 as of January 1, 2017. Prior periods were not adjusted. Statement of Cash Flows - The Company historically accounted for excess tax benefits related to share-based compensation on the Statement of Cash Flows as a financing activity. Upon adoption of this standard, excess tax benefits are classified along with other income tax cash flows as an operating activity. The Company has elected to adopt this portion of the standard on a prospective basis beginning in 2017. Prior periods were not adjusted. Income taxes - Upon adoption of this standard, all excess tax benefits and tax deficiencies related to share-based compensation are recognized as income tax expense or benefit in the income statement. The tax effects of exercised or vested awards are treated as discrete items in the reporting period in which they occur. Prior periods were not adjusted. The impact of adoption was not material to the Consolidated Statements of Earnings and Comprehensive Loss or Consolidated Statements of Cash Flows of the Company. Recently Issued Accounting Standards In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”), in order to create more transparency around how economic results are presented within both the financial statements and in the footnotes and to better align the results of cash flow and fair value hedge accounting with risk management activities. ASU 2017-12 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently in the process of evaluating when it will adopt ASU 2017-12 and its impact on its consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, “ Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting ” (“ASU 2017-09”), in an effort to reduce diversity and clarify what constitutes a modification, as it relates to the change in terms or conditions of a share-based payment award. According to ASU 2017-09, the Company should account for the effects of a modification unless all of the following are met: (1) the fair value of the modified award is the same as the fair value the original award immediately before the original award is modified, (2) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified, and (3) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The amendments in ASU 2017-09 are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017, with early adoption permitted. The Company will adopt ASU 2017-09 beginning January 1, 2018 and does not expect the implementation of this guidance to have a material effect on its consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-07, “ Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost ” (“ASU 2017-07”), which standardizes the presentation of net benefit cost in the income statement and on the components eligible for capitalization in assets. ASU 2017-07 is effective for fiscal years beginning after December 15, 2017, including interim periods within those annual periods. The amendments in ASU 2017-07 should be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. The Company will adopt ASU 2017-07 in the first quarter of 2018 and does not expect the implementation of this guidance to have a material effect on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, “ Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ” (“ASU 2017-04”), which eliminates the performance of Step 2 from the goodwill impairment test. In performing its annual or interim impairment testing, an entity will instead compare the fair value of the reporting unit with its carrying amount and recognize any impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss. The standard is effective for fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual impairment tests performed on testing dates after January 1, 2017. The Company is currently in the process of evaluating when it will adopt ASU 2017-04 and its impact on its consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16, “ Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory ” (“ASU 2016-16”). ASU 2016-16 permits the recognition of income tax consequences related to an intra-entity transfer of an asset other than inventory when the transfer occurs. It is effective for annual reporting periods beginning after December 15, 2017 and interim periods within those annual periods. Early adoption is permitted for any interim or annual period. The Company adopted this standard for the year ended December 31, 2017 and it did not have a material impact on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, “ Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments ” (“ASU 2016-15”). With the objective of reducing the existing diversity in practice, ASU 2016-15 addresses the manner in which certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual reporting periods beginning after December 15, 2017. The amendments should be applied retrospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company adopted this standard for the year ended December 31, 2017 and it did not have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “ Leases (Topic 842) ” (“ASU 2016-02”). ASU 2016-02 requires lessees to recognize assets and liabilities arising from operating leases on the balance sheet. It is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those fiscal years. Though still evaluating the impact of ASU 2016-02, the Company expects changes to its balance sheet due to the recognition of right-of-use assets and lease liabilities related to its real estate leases, but it does not anticipate material impacts to its results of operations or liquidity. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard outlines a five-step model whereby revenue is recognized as performance obligations within a contract are satisfied. The standard also requires new, expanded disclosures regarding revenue recognition. The FASB has also issued several updates to ASU that are intended to promote a more consistent interpretation and application of the principles outlined in the standard. The new standard supersedes U.S. GAAP guidance on revenue recognition and requires the use of more estimates and judgments than the present standards. The Company will adopt the new standard effective January 1, 2018, by recognizing the cumulative effect of initially applying the new standard, driven predominantly by the acceleration of timing of recognition related to certain promotional discounts, as an adjustment to the opening balance of retained earnings with an offsetting impact within current liabilities. Based on its comprehensive assessment of the new guidance, the Company does not currently expect the adjustment to have a material impact to retained earnings nor on net income on an ongoing basis. However, actual results may differ from the current estimates. In addition, the Company expects to make certain immaterial balance sheet reclassifications to align with the presentation requirements of the new standard. Results for reporting periods beginning after January 1, 2018 will be presented according to ASU 2014-09 while prior period amounts will not be adjusted and will continue to be reported in accordance with the Company’s historic accounting policies. Beginning in the first quarter of 2018, the Company plans to provide expanded revenue recognition disclosures based on the new qualitative and quantitative disclosure requirements of the standard. No other new accounting pronouncements, issued or effective during 2017, have had or are expected to have a significant impact on the Company’s consolidated financial statements . |
Significant Accounting Polici33
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Significant Accounting Policies [Abstract] | |
Schedule Of Allowance For Doubtful Accounts | Year Ended Item Balance at beginning of year Additions charged to expense Other Balance at end of year 2017 Allowance for doubtful accounts $ 12,920 $ 1,051 $ (3,713) $ 10,258 2016 Allowance for doubtful accounts 14,139 1,552 (2,771) 12,920 2015 Allowance for doubtful accounts 10,300 3,766 73 14,139 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
2015 Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Purchase Price Allocations Of Assets Acquired And Liabilities Assumed | (in thousands) 2015 Fixed assets $ 1,505 Other intangible assets, net 57,066 Goodwill 44,772 Other assets, net of cash acquired 22,449 Liabilities (33,342) Net assets acquired $ 92,450 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventories [Abstract] | |
Components Of Inventories | (in thousands) 2017 2016 Raw materials $ 37,660 $ 38,383 Work in process 3,906 3,109 Finished goods and parts 62,337 61,839 Inventories, net $ 103,903 $ 103,331 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property And Equipment [Abstract] | |
Schedule Of Property And Equipment | (in thousands) 2017 2016 Useful Life (in years) Land $ 903 $ 903 N/A Building 11,276 11,122 25 - 30 Machinery and equipment 134,666 108,826 2 - 7 Capitalized software 8,834 8,651 3 - 5 Office furniture and equipment 4,677 3,130 1 - 5 Leasehold improvements 29,503 24,423 Life of lease (a) Construction in progress 13,527 7,760 N/A Total property and equipment 203,386 164,815 Less: Accumulated depreciation and amortization (105,865) (84,837) Total property and equipment, net $ 97,521 $ 79,978 (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, 2017 | |
Intangible Assets [Abstract] | |
Intangible Assets Other Than Goodwill | 2017 2016 (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: Customer relationships $ 105,505 $ (57,796) $ 47,709 $ 99,067 $ (46,252) $ 52,815 1 - 14 6 Acquired technology 54,716 (39,644) 15,072 52,881 (27,543) 25,338 1 - 16 2 Trade names 25,813 (15,552) 10,261 28,110 (16,015) 12,095 1 - 8 6 Patent costs 17,909 (7,338) 10,571 16,263 (5,873) 10,390 1 - 20 15 Trade secrets 19,431 (11,530) 7,901 19,134 (9,383) 9,751 7 4 Acquired patents 16,661 (11,969) 4,692 16,965 (10,674) 6,291 1 - 6 8 Other 20,012 (17,435) 2,577 23,431 (18,610) 4,821 2 - 4 2 Total intangible assets $ 260,047 $ (161,264) $ 98,783 $ 255,851 $ (134,350) $ 121,501 1 - 20 6 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill [Abstract] | |
Changes In The Carrying Amount Of Goodwill By Geographic Reporting Unit | (in thousands) Americas EMEA Asia Pacific Total Balance at December 31, 2015 $ — $ 150,521 $ 37,354 $ 187,875 Acquisitions and adjustments — (137) 189 52 Effect of foreign currency exchange rates — (5,413) (1,284) (6,697) Balance at December 31, 2016 — 144,971 36,259 181,230 Acquisitions and adjustments — 31,438 41 31,479 Effect of foreign currency exchange rates — 15,539 2,634 18,173 Balance at December 31, 2017 $ — $ 191,948 $ 38,934 $ 230,882 |
Accrued And Other Liabilities (
Accrued And Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accrued And Other Liabilities [Abstract] | |
Schedule Of Accrued Liabilities | (in thousands) 2017 2016 Compensation and benefits $ 20,432 $ 22,771 Accrued taxes 13,861 9,831 Arbitration awards 11,282 — Vendor accruals 7,044 8,231 Product warranty liability 5,564 5,219 Accrued earnouts related to acquisitions 2,772 3,238 Accrued other 2,485 2,956 Royalties payable 1,679 2,092 Accrued professional fees 742 810 Accrued interest 38 39 Total $ 65,899 $ 55,187 |
Schedule Of Other Liabilities | (in thousands) 2017 2016 Long term employee indemnity $ 13,887 $ 11,152 Defined benefit pension obligation 8,290 7,613 Other long term liabilities 7,596 7,183 Long term deferred revenue 7,298 7,464 Long term tax liability 9,340 5,726 Long term earnouts related to acquisitions 2,343 7,568 Arbitration award — 11,282 Total $ 48,754 $ 57,988 |
Schedule Of Recognized Warranty Revenue And Incurred Warranty Costs | (in thousands) Beginning Balance Additional Accrual/ Revenue Deferred Costs Incurred/ Deferred Revenue Amortization Ending Balance Year Ended December 31, 2017 $ 9,051 $ 13,623 $ (12,472) $ 10,202 2016 10,663 12,859 (14,471) 9,051 2015 11,914 15,349 (16,600) 10,663 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Lease Obligations [Abstract] | |
Schedule Of Future Minimum Lease Payments For Capitalized And Non-Cancelable Operating Leases | (in thousands) Capitalized Leases Operating Leases Years ending December 31: 2018 $ 1,373 $ 15,930 2019 1,143 12,273 2020 1,050 7,495 2021 738 5,875 2022 752 5,097 Later years 6,739 9,738 Total minimum lease payments 11,795 $ 56,408 Less: amounts representing imputed interest (4,073) Present value of minimum lease payments 7,722 Less: current portion of capitalized lease obligations (644) Capitalized lease obligations, excluding current portion $ 7,078 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stock-Based Compensation Plans [Abstract] | |
Schedule Of Stock-Based Compensation Expense | Year Ended December 31, (in thousands) 2017 2016 2015 Restricted Stock $ 22,920 $ 28,612 $ 34,733 Stock Options 4,340 2,683 — Total stock-based compensation expense $ 27,260 $ 31,295 $ 34,733 |
Schedule Of Shares And Units Of Restricted Common Stock | (in thousands, except per share amounts) Number of Shares/Units Weighted Average Grant Date Fair Value Outstanding at beginning of period — unvested 3,904 $ 20.54 Granted 2,156 10.62 Cancelled (420) 15.90 Vested (1,379) 29.36 Outstanding at end of period — unvested 4,261 $ 13.12 |
Schedule Of Weighted-Average Fair Value Assumptions | Year Ended December 31, 2017 2016 2015 Stock option assumptions: Weighted-average fair value $ — $ 7.80 $ — Expected volatility — 60.0% — Risk-free interest rate — 0.76% - 1.46 — Expected dividend yield — 0% — Derived term in years — 3-4 — |
Schedule Of Stock Option Activity | Year Ended December 31, 2017 (in thousands, except per share amounts) Number of Shares Weighted Average Exercise Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Stock option activity: Outstanding at beginning of period 2,260 $ 13.92 — — Granted — — — — Exercised — — — — Forfeited and expired (440) 13.26 — — Outstanding at end of period 1,820 $ 14.08 8.50 — |
International Retirement Plan (
International Retirement Plan (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
International Retirement Plan [Abstract] | |
Reconciliation Of Changes In Projected Benefit Obligation | (in thousands) 2017 2016 Reconciliation of benefit obligations: Obligations as of January 1 $ 7,727 $ 6,328 Service cost 184 154 Interest cost 131 159 Actuarial (gain) loss (555) 1,437 Benefit payments (136) (120) Effect of foreign currency exchange rate changes 1,083 (231) Obligations as of December 31 8,434 7,727 Funded status as of December 31 (net of tax benefit) $ (8,434) $ (7,727) |
Summary Of Amounts Recognized In Consolidated Balance Sheets | (in thousands) 2017 2016 Accrued liabilities $ 144 $ 114 Other liabilities 8,290 7,613 Projected benefit obligation 8,434 7,727 Accumulated other comprehensive income (2,555) (2,775) Total $ 5,879 $ 4,952 |
Schedule Of Accumulated And Projected Benefit Obligations | (in thousands) 2017 2016 Projected benefit obligation $ 8,434 $ 7,727 Accumulated benefit obligation $ 7,570 $ 6,905 |
Components Of Net Periodic Benefit Costs And Other Amounts Recognized In Other Comprehensive Income (Loss) | (in thousands) 2017 2016 Net periodic benefit cost: Service cost $ 184 $ 154 Interest cost 131 159 Amortization of actuarial loss 244 128 Total $ 559 $ 441 Other changes in plan assets and benefit obligations recognized in other comprehensive income: Net (gain) loss (555) 1,437 Total expense recognized in net periodic benefit cost and other comprehensive income $ 4 $ 1,878 |
Assumptions Used To Determine Benefit Obligations | 2017 2016 Discount rate 1.80% 1.60% Rate of compensation 3.00% 3.00% |
Summary Of Estimated Future Benefit Payments | (in thousands) Estimated future benefit payments: 2018 $ 145 2019 147 2020 163 2021 181 2022 184 2023-2027 1,020 |
Computation Of Net Loss Per S43
Computation Of Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Computation Of Net Loss Per Share [Abstract] | |
Schedule Of Computation Of Net Loss Per Share Reconciliation | (in thousands, except per share amounts) 2017 2016 2015 Numerator for basic and diluted net loss per share: Net loss attributable to 3D Systems Corporation $ (66,191) $ (38,419) $ (655,492) Denominator for basic and diluted net loss per share: Weighted average shares 111,554 111,189 111,969 Net loss per share, basic and diluted $ (0.59) $ (0.35) $ (5.85) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis | Fair Value Measurements as of December 31, 2017 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents (a) $ 20,244 $ — $ — $ 20,244 Earnout consideration (b) $ — $ — $ 5,115 $ 5,115 Fair Value Measurements as of December 31, 2016 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents (a) $ 25,206 $ — $ — $ 25,206 Earnout consideration (b) $ — $ — $ 10,806 $ 10,806 (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. (b) The fair value of the earnout consideration, which is based on the present value of the expected future payments to be made to the sellers of the acquired businesses, was derived by analyzing the future performance of the acquired businesses using the earnout formula and performance targets specified in each purchase agreement and adjusting those amounts to reflect the ability of the acquired entities to achieve the stated targets. Given the significance of the unobservable inputs, the valuations are classified in Level 3 of the fair value hierarchy. The change in earnout consideration from December 31, 2016 to December 31, 2017 reflects a payment of $3,206 , accretion of $921 and adjustments of $3,406 . |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Components Of Income Before Income Taxes | 2017 2016 2015 Income (loss) before income taxes: Domestic $ (75,965) $ (53,868) $ (580,720) Foreign 18,444 14,056 (74,233) Total $ (57,521) $ (39,812) $ (654,953) |
Components Of Income Tax Provision | 2017 2016 2015 Current: U.S. federal $ (83) $ (2,110) $ 10,753 State 741 30 169 Foreign 12,711 8,099 925 Total 13,369 6,019 11,847 Deferred: U.S. federal — (1,245) (5,252) State 1,097 — (225) Foreign (6,664) (5,321) 2,602 Total (5,567) (6,566) (2,875) Total income tax (benefit) provision $ 7,802 $ (547) $ 8,972 |
Schedule Of Effective Tax Rate Reconciliation | % of Pretax Income 2017 2016 2015 Tax provision based on the federal statutory rate 35.0 % 35.0 % 35.0 % Increase in valuation allowances 48.8 (58.5) (16.4) Other 2.9 1.7 (0.4) Foreign tax rate change 2.2 Return to provision adjustments 2.0 18.8 (0.7) State taxes, net of federal benefit, before valuation allowance 1.0 3.9 0.9 Deferred tax adjustments (1.1) 13.0 — Uncertain tax positions (1.4) (25.1) (0.5) Nondeductible expenses (3.3) (1.1) (0.1) Deemed income related to foreign operations (4.1) (8.4) (0.6) Employee share-based payments (13.2) — — One-Time transition tax (16.5) — — U.S. Tax Cuts and Jobs Act - rate change (65.9) — — Foreign exchange loss — 9.4 — Impairment of definite lived intangibles — 3.1 — Foreign income tax rate differential — 3.1 (2.0) Impairment of goodwill with no tax basis — — (16.8) Foreign tax credits related to above — 6.5 0.2 Effective tax rate (13.6) % 1.4 % (1.4) % |
Components Of Net Deferred Income Tax Assets And Net Deferred Income Tax Liabilities | (in thousands) 2017 2016 Deferred income tax assets: Intangibles $ 24,232 $ 40,014 Stock options and restricted stock awards 5,988 14,384 Reserves and allowances 11,308 20,022 Net operating loss carryforwards 35,004 29,398 Tax credit carryforwards 10,908 13,571 Accrued liabilities 3,011 5,330 Deferred revenue 4,629 3,502 Valuation allowance (80,796) (109,913) Total deferred income tax assets 14,284 16,308 Deferred income tax liabilities: Intangibles 11,301 16,968 Property, plant and equipment 7,304 8,818 Other 642 — Total deferred income tax liabilities 19,247 25,786 Net deferred income tax liabilities $ (4,963) $ (9,478) |
Schedule Of Unrecognized Tax Benefits | Unrecognized Tax Benefits (in thousands) 2017 2016 2015 Balance at January 1 $ (18,251) $ (8,296) $ (1,845) Increases related to prior year tax positions (4,104) (2,658) — Decreases related to prior year tax positions 4,045 — 1,475 Increases related to current year tax positions — (7,297) (7,926) Decreases related to current year tax positions — — — Decreases in unrecognized liability due to settlements with foreign tax authorities — — — Balance at December 31 $ (18,310) $ (18,251) $ (8,296) |
Summary Of Deferred Income Tax Asset Valuation Allowance | Year Ended Item Balance at beginning of year Additions (reductions) charged to expense Other Balance at end of year 2017 Deferred income tax asset valuation allowance $ 109,913 $ (28,071) $ (1,046) $ 80,796 2016 Deferred income tax asset valuation allowance 107,312 20,450 (17,849) 109,913 2015 Deferred income tax asset valuation allowance — 107,312 — 107,312 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Information [Abstract] | |
Schedule Of Revenue From Unaffiliated Customers By Product And Service | (in thousands) 2017 2016 2015 Revenue from unaffiliated customers: United States $ 322,399 $ 329,553 $ 345,032 Other Americas 11,377 11,332 12,944 EMEA 220,357 193,141 200,104 Asia Pacific 91,936 98,939 108,083 Total revenue $ 646,069 $ 632,965 $ 666,163 (in thousands) 2017 2016 2015 Revenue by class of product and service: Products $ 210,280 $ 223,544 $ 257,379 Materials 168,846 156,839 150,740 Services 266,943 252,582 258,044 Total revenue $ 646,069 $ 632,965 $ 666,163 |
Schedule Of Intercompany Sales By Geographic Area | Year Ended December 31, 2017 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ 2,169 $ 36,914 $ 14,775 $ 20,388 $ 74,246 EMEA 70,709 6,005 13,093 4,945 94,752 Asia Pacific 2,790 — 174 3,936 6,900 Total $ 75,668 $ 42,919 $ 28,042 $ 29,269 $ 175,898 Year Ended December 31, 2016 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ 3,013 $ 28,881 $ 10,958 $ 21,639 $ 64,491 EMEA 65,209 3,365 8,921 6,091 83,586 Asia Pacific 3,046 — 369 3,959 7,374 Total $ 71,268 $ 32,246 $ 20,248 $ 31,689 $ 155,451 Year Ended December 31, 2015 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ 3,073 $ 36,552 $ 17,133 $ 17,602 $ 74,360 EMEA 58,489 4,232 9,643 6,172 78,536 Asia Pacific 3,027 4 79 3,585 6,695 Total $ 64,589 $ 40,788 $ 26,855 $ 27,359 $ 159,591 |
Schedule Of Capital Expenditures By Geographic Area | (in thousands) 2017 2016 2015 Income (loss) from operations: Americas $ (71,951) $ (53,725) $ (596,283) EMEA (292) (1,613) (71,201) Asia Pacific 20,173 19,591 27,432 Subtotal (52,070) (35,747) (640,052) Inter-segment elimination (1,903) (2,673) (1,872) Total $ (53,973) $ (38,420) $ (641,924) (in thousands) 2017 2016 2015 Depreciation and amortization: Americas $ 25,484 $ 25,892 $ 43,613 EMEA 31,135 29,946 34,596 Asia Pacific 5,422 4,697 4,860 Total $ 62,041 $ 60,535 $ 83,069 (in thousands) 2017 2016 2015 Capital expenditures: Americas $ 23,925 $ 8,172 $ 14,062 EMEA 5,227 5,947 7,469 Asia Pacific 1,729 2,448 868 Total $ 30,881 $ 16,567 $ 22,399 |
Schedule Of Long-Lived Assets By Geographical Area | At December 31, (in thousands) 2017 2016 2015 Assets: Americas $ 329,550 $ 345,412 $ 382,738 EMEA 454,319 382,163 406,084 Asia Pacific 112,895 121,578 103,137 Total $ 896,764 $ 849,153 $ 891,959 At December 31, (in thousands) 2017 2016 2015 Cash and cash equivalents: Americas $ 51,475 $ 105,750 $ 98,913 EMEA 52,642 44,877 34,388 Asia Pacific 32,227 34,320 22,342 Total $ 136,344 $ 184,947 $ 155,643 At December 31, (in thousands) 2017 2016 2015 Long-lived assets: Americas $ 94,319 $ 96,016 $ 113,364 EMEA 306,988 262,543 285,980 Asia Pacific 57,035 57,644 60,148 Total $ 458,342 $ 416,203 $ 459,492 |
Accumulated Other Comprehensi47
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule Of Accumulated Other Comprehensive Income (Loss) By Component | (in thousands) Foreign currency translation adjustment Defined benefit pension plan Liquidation of non-US entity and purchase of non-controlling interests Total Balance at December 31, 2015 $ (37,675) $ (1,873) $ — $ (39,548) Other comprehensive income (loss) (13,063) (902) 288 (13,677) Balance at December 31, 2016 (50,738) (2,775) 288 (53,225) Other comprehensive income 31,419 220 50 31,689 Balance at December 31, 2017 $ (19,319) $ (2,555) $ 338 $ (21,536) |
Selected Quarterly Financial 48
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Selected Quarterly Financial Data [Abstract] | |
Schedule Of Selected Quarterly Financial Data | 2017 Quarter Ended (in thousands, except per share amounts) December 31 September 30 June 30 March 31 Consolidated revenue $ 177,264 $ 152,907 $ 159,467 $ 156,431 Gross profit 85,458 58,522 80,673 80,186 Total operating expenses 91,161 90,857 87,537 89,257 Loss from operations (a) (5,703) (32,335) (6,864) (9,071) Provision for income taxes 971 3,723 2,067 1,041 Net loss attributable to 3D Systems (10,134) (37,670) (8,416) (9,971) Basic and diluted net loss per share $ (0.08) $ (0.34) $ (0.08) $ (0.09) 2016 Quarter Ended (in thousands, except per share amounts) December 31 September 30 June 30 March 31 Consolidated revenue $ 165,937 $ 156,362 $ 158,111 $ 152,555 Gross profit 82,890 68,937 80,411 77,513 Total operating expenses 78,817 90,954 84,128 94,272 Income (loss) from operations 4,073 (22,017) (3,717) (16,759) Provision (benefit) for income taxes (1,212) (2,214) 1,700 1,179 Net income (loss) attributable to 3D Systems 5,230 (21,213) (4,648) (17,788) Basic and diluted net income (loss) per share $ 0.05 $ (0.19) $ (0.04) $ (0.16) 2015 Quarter Ended (in thousands, except per share amounts) December 31 September 30 June 30 March 31 Consolidated revenue $ 183,363 $ 151,574 $ 170,504 $ 160,722 Gross profit 60,160 71,038 81,627 78,984 Total operating expenses 626,081 105,675 105,469 96,508 Loss from operations (a) (565,921) (34,637) (23,842) (17,524) Provision (benefit) for income taxes 29,535 (3,524) (10,096) (6,943) Net loss attributable to 3D Systems (596,366) (32,249) (13,696) (13,181) Basic and diluted net loss per share $ (5.32) $ (0.29) $ (0.12) $ (0.12) (a) For the quarter ended December 31, 2015, loss from operations includes $ 443,659 of impairment charges related to goodwill and $93,520 of impairment charges related to other intangible assets. In addition, the Company recognized cash and non-cash charges related to the end of life of the Cube printer and shift from consumer products and services, which totaled $ 8,771 and $18,619 , respectively. See Notes 2, 4, 6 and 7 to the Consolidated Financial Statements. |
Significant Accounting Polici49
Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Significant Accounting Policies [Line Items] | ||||
Impairment charges on minority investments | $ 1,743 | $ 1,210 | ||
Aggregate carrying investment amount | 8,263 | 9,116 | ||
Redeemable noncontrolling interests | 8,872 | 8,872 | ||
Finite lives impairment charge | $ 93,520 | 0 | 0 | $ 93,520 |
Advertising costs | 13,683 | 12,469 | 15,245 | |
Retained earnings | $ (677,772) | $ (621,787) | ||
Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Sale payment period | 30 days | |||
Ownership of companies, percent | 20.00% | |||
Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Sale payment period | 60 days | |||
Ownership of companies, percent | 50.00% | |||
Americas [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Fair value of goodwill | $ 0 | 0 | ||
Goodwill impairment | $ 382,271 | |||
EMEA [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Carrying value of goodwill exceeds fair value, percent | 29.00% | 29.00% | ||
Goodwill impairment | $ 61,388 |
Significant Accounting Polici50
Significant Accounting Policies (Schedule Of Allowance For Doubtful Accounts) (Details) - Allowance For Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | $ 12,920 | $ 14,139 | $ 10,300 |
Additions charged to expense | 1,051 | 1,552 | 3,766 |
Other | 73 | ||
Other, deductions | (3,713) | (2,771) | |
Balance at end of year | $ 10,258 | $ 12,920 | $ 14,139 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Jul. 19, 2017USD ($) | Jan. 31, 2017USD ($) | Jun. 17, 2015USD ($) | Jun. 16, 2015USD ($) | Apr. 02, 2015USD ($) | Feb. 09, 2015USD ($) | Dec. 31, 2017item |
Business Acquisition [Line Items] | |||||||
Number of businesses acquired | item | 0 | ||||||
Vertex-Global Holding B.V. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired ownership percentage | 100.00% | ||||||
Acquisition date | Jan. 31, 2017 | ||||||
Fair value of consideration paid | $ 37,562 | ||||||
Cimatron [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired ownership percentage | 100.00% | ||||||
Acquisition date | Feb. 9, 2015 | ||||||
Consideration paid in cash | $ 77,984 | ||||||
Easyway [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquired ownership percentage | 5.00% | 65.00% | 70.00% | ||||
Acquisition date | Apr. 2, 2015 | ||||||
Consideration paid in cash | $ 11,265 | ||||||
Fair value of consideration paid | $ 2,300 | ||||||
STEAMtrax [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition date | Jun. 16, 2015 | ||||||
Consideration paid in cash | $ 2,550 | ||||||
Noquo [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition date | Jun. 17, 2015 | ||||||
Fair value of consideration paid | $ 651 |
Acquisitions (Purchase Price Al
Acquisitions (Purchase Price Allocations Of Assets Acquired And Liabilities Assumed) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Acquisitions [Abstract] | |
Fixed assets | $ 1,505 |
Other intangible assets, net | 57,066 |
Goodwill | 44,772 |
Other assets, net of cash acquired | 22,449 |
Liabilities | (33,342) |
Net assets acquired | $ 92,450 |
Inventories (Components Of Inve
Inventories (Components Of Inventories) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Inventories [Abstract] | |||||
Raw materials | $ 37,660 | $ 38,383 | |||
Work in process | 3,906 | 3,109 | |||
Finished goods and parts | 62,337 | 61,839 | |||
Inventories, net | 103,903 | 103,331 | |||
Lower of cost or market adjustment | $ 12,900 | $ 10,700 | $ 12,883 | $ 11,053 | $ 21,550 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Depreciation expense | $ 25,561 | $ 24,331 | $ 20,979 |
Impairment of assets | 2,427 | 8,618 | 544,611 |
Property, Plant and Equipment [Member] | |||
Impairment of assets | $ 636 | $ 7,408 | $ 614 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 203,386 | $ 164,815 | |
Less: Accumulated depreciation and amortization | (105,865) | (84,837) | |
Total property and equipment, net | 97,521 | 79,978 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 903 | 903 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 11,276 | 11,122 | |
Machinery And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 134,666 | 108,826 | |
Capitalized Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 8,834 | 8,651 | |
Office Furniture And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 4,677 | 3,130 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 29,503 | 24,423 | |
Useful Life (in years) | [1] | Life of lease (a) | |
Construction In Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 13,527 | $ 7,760 | |
Minimum [Member] | Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 25 years | ||
Minimum [Member] | Machinery And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 2 years | ||
Minimum [Member] | Capitalized Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 3 years | ||
Minimum [Member] | Office Furniture And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 1 year | ||
Maximum [Member] | Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 30 years | ||
Maximum [Member] | Machinery And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 7 years | ||
Maximum [Member] | Capitalized Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 5 years | ||
Maximum [Member] | Office Furniture And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 5 years | ||
[1] | 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 (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Intangible Assets [Abstract] | |||
Amortization expense | $ 35,559 | $ 35,124 | $ 61,066 |
Annual amortization expense in 2018 | 29,448 | ||
Annual amortization expense in 2019 | 20,411 | ||
Annual amortization expense in 2020 | 17,308 | ||
Annual amortization expense in 2021 | 12,859 | ||
Annual amortization expense in 2022 | $ 7,493 |
Intangible Assets (Intangible A
Intangible Assets (Intangible Assets Other Than Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 260,047 | $ 255,851 |
Intangible assets with finite lives: Accumulated Amortization | (161,264) | (134,350) |
Intangible assets with finite lives: Net | $ 98,783 | 121,501 |
Weighted average useful life remaining (in years) | 6 years | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 105,505 | 99,067 |
Intangible assets with finite lives: Accumulated Amortization | (57,796) | (46,252) |
Intangible assets with finite lives: Net | $ 47,709 | 52,815 |
Weighted average useful life remaining (in years) | 6 years | |
Acquired Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 54,716 | 52,881 |
Intangible assets with finite lives: Accumulated Amortization | (39,644) | (27,543) |
Intangible assets with finite lives: Net | $ 15,072 | 25,338 |
Weighted average useful life remaining (in years) | 2 years | |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 25,813 | 28,110 |
Intangible assets with finite lives: Accumulated Amortization | (15,552) | (16,015) |
Intangible assets with finite lives: Net | $ 10,261 | 12,095 |
Weighted average useful life remaining (in years) | 6 years | |
Patent Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 17,909 | 16,263 |
Intangible assets with finite lives: Accumulated Amortization | (7,338) | (5,873) |
Intangible assets with finite lives: Net | $ 10,571 | 10,390 |
Weighted average useful life remaining (in years) | 15 years | |
Trade Secrets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 19,431 | 19,134 |
Intangible assets with finite lives: Accumulated Amortization | (11,530) | (9,383) |
Intangible assets with finite lives: Net | $ 7,901 | 9,751 |
Intangible assets estimated useful lives | 7 years | |
Weighted average useful life remaining (in years) | 4 years | |
Acquired Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 16,661 | 16,965 |
Intangible assets with finite lives: Accumulated Amortization | (11,969) | (10,674) |
Intangible assets with finite lives: Net | $ 4,692 | 6,291 |
Weighted average useful life remaining (in years) | 8 years | |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 20,012 | 23,431 |
Intangible assets with finite lives: Accumulated Amortization | (17,435) | (18,610) |
Intangible assets with finite lives: Net | $ 2,577 | $ 4,821 |
Weighted average useful life remaining (in years) | 2 years | |
Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 1 year | |
Minimum [Member] | Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 1 year | |
Minimum [Member] | Acquired Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 1 year | |
Minimum [Member] | Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 1 year | |
Minimum [Member] | Patent Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 1 year | |
Minimum [Member] | Acquired Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 1 year | |
Minimum [Member] | Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 2 years | |
Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 20 years | |
Maximum [Member] | Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 14 years | |
Maximum [Member] | Acquired Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 16 years | |
Maximum [Member] | Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 8 years | |
Maximum [Member] | Patent Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 20 years | |
Maximum [Member] | Acquired Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 6 years | |
Maximum [Member] | Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 4 years |
Goodwill (Schedule Of Goodwill)
Goodwill (Schedule Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | ||
Balance at beginning of period | $ 181,230 | $ 187,875 |
Acquisitions and adjustments | 31,479 | 52 |
Effect of foreign currency exchange rates | 18,173 | (6,697) |
Balance at end of period | 230,882 | 181,230 |
Americas [Member] | ||
Goodwill [Line Items] | ||
Balance at beginning of period | ||
Acquisitions and adjustments | ||
Effect of foreign currency exchange rates | ||
Balance at end of period | ||
EMEA [Member] | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 144,971 | 150,521 |
Acquisitions and adjustments | 31,438 | |
Acquisitions and adjustments | (137) | |
Effect of foreign currency exchange rates | 15,539 | (5,413) |
Balance at end of period | 191,948 | 144,971 |
Asia Pacific [Member] | ||
Goodwill [Line Items] | ||
Balance at beginning of period | 36,259 | 37,354 |
Acquisitions and adjustments | 41 | 189 |
Effect of foreign currency exchange rates | 2,634 | (1,284) |
Balance at end of period | $ 38,934 | $ 36,259 |
Employee Benefits (Narrative) (
Employee Benefits (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Benefits [Abstract] | |||
Employer matching contribution percentage | 50.00% | ||
Employee percentage of match | 6.00% | ||
Minimum match | $ 1,500 | ||
Employee benefit expenses | $ 2,360 | $ 1,175 | $ 956 |
Accrued And Other Liabilities60
Accrued And Other Liabilities (Schedule Of Accrued Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accrued And Other Liabilities [Abstract] | ||
Compensation and benefits | $ 20,432 | $ 22,771 |
Accrued taxes | 13,861 | 9,831 |
Arbitration awards | 11,282 | |
Vendor accruals | 7,044 | 8,231 |
Product warranty liability | 5,564 | 5,219 |
Accrued earnouts related to acquisitions | 2,772 | 3,238 |
Accrued other | 2,485 | 2,956 |
Royalties payable | 1,679 | 2,092 |
Accrued professional fees | 742 | 810 |
Accrued interest | 38 | 39 |
Total | $ 65,899 | $ 55,187 |
Accrued And Other Liabilities61
Accrued And Other Liabilities (Schedule Of Other Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accrued And Other Liabilities [Abstract] | ||
Long term employee indemnity | $ 13,887 | $ 11,152 |
Defined benefit pension obligation | 8,290 | 7,613 |
Other long term liabilities | 7,596 | 7,183 |
Long term deferred revenue | 7,298 | 7,464 |
Long term tax liability | 9,340 | 5,726 |
Long term earnouts related to acquisitions | 2,343 | 7,568 |
Arbitration award | 11,282 | |
Total | $ 48,754 | $ 57,988 |
Accrued And Other Liabilities62
Accrued And Other Liabilities (Schedule Of Recognized Warranty Revenue And Incurred Warranty Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accrued And Other Liabilities [Abstract] | |||
Beginning Balance Deferred Warranty Revenue | $ 9,051 | $ 10,663 | $ 11,914 |
Warranty Revenue Deferred | 13,623 | 12,859 | 15,349 |
Warranty Revenue Recognized | (12,472) | (14,471) | (16,600) |
Ending Balance Deferred Warranty Revenue | $ 10,202 | $ 9,051 | $ 10,663 |
Hedging Activities And Financ63
Hedging Activities And Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Hedging Activities And Financial Instruments [Abstract] | |||
Notional foreign exchange contracts | $ 39,600 | $ 0 | $ 0 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | |||
Interest income | $ 784 | $ 807 | $ 521 |
Interest expense | 919 | 1,282 | $ 2,011 |
Deferred tax liability on tax effect basis difference between carrying values and tax basis of the convertible notes | $ 642 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit Agreement initiation date | Oct. 10, 2014 | ||
Credit Agreement term | 5 years | ||
Credit Agreement, maximum borrowing capacity | $ 150,000 | ||
Credit Agreement optional increase in aggregate principal amount | 75,000 | ||
Outstanding borrowings | 0 | $ 0 | |
Credit Agreement maximum cash dividends in a fiscal year | $ 30,000 |
Lease Obligations (Narrative) (
Lease Obligations (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)item | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Rent expense | $ 14,899 | $ 13,232 | $ 13,960 |
Rock Hill Facility [Member] | |||
Lease expiration date | Aug. 31, 2021 | ||
Number of lease renewal terms | item | 2 | ||
Lease renewal terms | 5 years | ||
Payment of base rent in 2018 through 2020 | $ 709 | ||
Payment of base rent in 2021 | $ 723 | ||
Implicit interest rate | 6.93% | 6.93% | |
Other Capital Lease Obligations [Member] | |||
Lease expiration date | Aug. 1, 2018 | ||
Minimum [Member] | Other Capital Lease Obligations [Member] | |||
Implicit interest rate | 1.75% | ||
Maximum [Member] | Other Capital Lease Obligations [Member] | |||
Implicit interest rate | 8.06% |
Lease Obligations (Schedule Of
Lease Obligations (Schedule Of Future Minimum Lease Payments For Capitalized And Non-Cancelable Operating Leases) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Lease Obligations [Abstract] | |
Capitalized Leases, 2018 | $ 1,373 |
Capitalized Leases, 2019 | 1,143 |
Capitalized Leases, 2020 | 1,050 |
Capitalized Leases, 2021 | 738 |
Capitalized Leases, 2022 | 752 |
Capitalized Leases, Later years | 6,739 |
Capitalized Leases, Total minimum lease payments | 11,795 |
Capitalized Leases, Less: amounts representing imputed interest | (4,073) |
Capitalized Leases, Present value of minimum lease payments | 7,722 |
Capitalized Leases, Less current portion of capitalized lease obligations | (644) |
Capitalized Leases, Capitalized lease obligations, excluding current portion | 7,078 |
Operating Leases, 2018 | 15,930 |
Operating Leases, 2019 | 12,273 |
Operating Leases, 2020 | 7,495 |
Operating Leases, 2021 | 5,875 |
Operating Leases, 2022 | 5,097 |
Operating Leases, Later years | 9,738 |
Operating Leases, Total minimum lease payments | $ 56,408 |
Preferred Stock (Narrative) (De
Preferred Stock (Narrative) (Details) - shares | Dec. 31, 2017 | Dec. 31, 2016 |
Preferred Stock [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Stock-Based Compensation Plan68
Stock-Based Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate intrinsic value of stock option exercised | $ 0 | |
Granted Before November 13, 2015 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Granted After November 13, 2015 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Award vesting rights, percentage | 33.33% | |
Restricted Stock Awards And Restricted Stock Unit Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | $ 33,202 | |
Stock Options And Restricted Stock Awards [Member] | 2015 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Trading price for stock award tranche one | $ 30 | |
Trading price for stock award tranche two | $ 40 | |
Stock award tranche granting period | 90 days | |
Restricted Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares awarded | 393 | 393 |
Stock compensation expense | $ 2,931 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of stock options exercised | ||
Stock compensation expense | $ 7,424 | |
Weighted Average [Member] | Restricted Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 1 year 9 months 18 days | |
Weighted Average [Member] | Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 1 year 8 months 12 days |
Stock-Based Compensation Plan69
Stock-Based Compensation Plans (Schedule Of Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 27,260 | $ 31,295 | $ 34,733 |
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 22,920 | 28,612 | $ 34,733 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 4,340 | $ 2,683 |
Stock-Based Compensation Plan70
Stock-Based Compensation Plans (Schedule Of Shares And Units Of Restricted Common Stock) (Details) - Restricted Stock Awards [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at beginning of period — unvested | shares | 3,904 |
Granted, Number of Shares/Units | shares | 2,156 |
Cancelled, Number of Shares/Units | shares | (420) |
Vested, Number of Shares/Units | shares | (1,379) |
Outstanding at end of period — unvested | shares | 4,261 |
Outstanding at beginning of period — unvested, Weighted Average Grant Date Fair Value | $ / shares | $ 20.54 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 10.62 |
Cancelled, Weighted Average Grant Date Fair Value | $ / shares | 15.90 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 29.36 |
Outstanding at end of period — unvested, Weighted Average Grant Date Fair Value | $ / shares | $ 13.12 |
Stock-Based Compensation Plan71
Stock-Based Compensation Plans (Schedule Of Weighted-Average Fair Value Assumptions) (Details) | 12 Months Ended |
Dec. 31, 2016$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted-average fair value | $ 7.80 |
Expected volatility | 60.00% |
Expected dividend yield | 0.00% |
Minimum [Member] | Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 0.76% |
Derived term in years | 3 years |
Maximum [Member] | Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 1.46% |
Derived term in years | 4 years |
Stock-Based Compensation Plan72
Stock-Based Compensation Plans (Schedule Of Stock Option Activity) (Details) - Stock Options [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at beginning of period, Number of Shares | shares | 2,260 |
Granted, Number of Shares | shares | |
Exercised, Number of Shares | shares | |
Forfeited and expired, Number of Shares | shares | (440) |
Outstanding at end of period, Number of Shares | shares | 1,820 |
Outstanding at beginning of period, Weighted Average Exercise | $ / shares | $ 13.92 |
Granted, Weighted Average Exercise | $ / shares | |
Exercised, Weighted Average Exercise | $ / shares | |
Forfeited and expired, Weighted Average Exercise | $ / shares | 13.26 |
Outstanding at end of period, Weighted Average Exercise | $ / shares | $ 14.08 |
Outstanding at end of period, Weighted Average Remaining Term (in years) | 8 years 6 months |
International Retirement Plan73
International Retirement Plan (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Non-Contributory Defined Benefit Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net present value of annuity | $ 3,207 | $ 2,760 |
International Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized net gain (loss) | 555 | (1,437) |
Actuarial amortization | 244 | 128 |
Tax (benefit) provision | 247 | (407) |
Adjustment to AOCI | $ (552) | $ 902 |
International Retirement Plan74
International Retirement Plan (Reconciliation Of Changes In Projected Benefit Obligation) (Details) - International Retirement Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Obligations as of January 1 | $ 7,727 | $ 6,328 |
Service cost | 184 | 154 |
Interest cost | 131 | 159 |
Actuarial (gain) loss | (555) | 1,437 |
Benefit payments | (136) | (120) |
Effect of foreign currency exchange rate changes | 1,083 | (231) |
Obligations as of December 31 | 8,434 | 7,727 |
Funded status as of December 31 (net of tax benefit) | $ (8,434) | $ (7,727) |
International Retirement Plan75
International Retirement Plan (Summary Of Amounts Recognized In Consolidated Balance Sheets) (Details) - International Retirement Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Accrued liabilities | $ 144 | $ 114 | |
Other liabilities | 8,290 | 7,613 | |
Projected benefit obligation | 8,434 | 7,727 | $ 6,328 |
Accumulated other comprehensive income | (2,555) | (2,775) | |
Total | $ 5,879 | $ 4,952 |
International Retirement Plan76
International Retirement Plan (Schedule Of Accumulated And Projected Benefit Obligations) (Details) - International Retirement Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 8,434 | $ 7,727 | $ 6,328 |
Accumulated benefit obligation | $ 7,570 | $ 6,905 |
International Retirement Plan77
International Retirement Plan (Components Of Net Periodic Benefit Costs And Other Amounts Recognized In Other Comprehensive Income) (Details) - International Retirement Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 184 | $ 154 |
Interest cost | 131 | 159 |
Amortization of actuarial loss | 244 | 128 |
Total | 559 | 441 |
Net (gain) loss | (555) | 1,437 |
Total expense recognized in net periodic benefit cost and other comprehensive income | $ 4 | $ 1,878 |
International Retirement Plan78
International Retirement Plan (Assumptions Used To Determine Benefit Obligations) (Details) - International Retirement Plan [Member] | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 1.80% | 1.60% |
Rate of compensation | 3.00% | 3.00% |
International Retirement Plan79
International Retirement Plan (Summary Of Estimated Future Benefit Payments) (Details) - International Retirement Plan [Member] $ in Thousands | Dec. 31, 2017USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 145 |
2,019 | 147 |
2,020 | 163 |
2,021 | 181 |
2,022 | 184 |
2023-2027 | $ 1,020 |
Computation Of Net Loss Per S80
Computation Of Net Loss Per Share (Narrative) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Computation Of Net Loss Per Share [Abstract] | |||
Shares excluded from diluted loss per share calculation | 5,341 | 5,284 | 1,117 |
Computation Of Net Loss Per S81
Computation Of Net Loss Per Share (Schedule Of Computation Of Net Loss Per Share Reconciliation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Computation Of Net Loss Per Share [Abstract] | |||||||||||||||
Net loss attributable to 3D Systems Corporation | $ (66,191) | $ (38,419) | $ (655,492) | ||||||||||||
Weighted average shares | 111,554 | 111,189 | 111,969 | ||||||||||||
Net loss per share — basic and diluted | $ (0.08) | $ (0.34) | $ (0.08) | $ (0.09) | $ 0.05 | $ (0.19) | $ (0.04) | $ (0.16) | $ (5.32) | $ (0.29) | $ (0.12) | $ (0.12) | $ (0.59) | $ (0.35) | $ (5.85) |
Shares excluded from diluted loss per share calculation | 5,341 | 5,284 | 1,117 |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) - USD ($) $ in Millions | Jul. 19, 2017 | Dec. 31, 2017 | Apr. 02, 2015 |
Robtec [Member] | |||
Business Acquisition [Line Items] | |||
Acquired ownership percentage | 70.00% | ||
Easyway [Member] | |||
Business Acquisition [Line Items] | |||
Acquired ownership percentage | 5.00% | 70.00% | 65.00% |
Value of voting rights acquired | $ 2.3 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Fair Value Measurements [Abstract] | |
Fair value of assets transferred from level 1 to level 2 | $ 0 |
Fair value of liabilities transferred from level 1 to level 2 | $ 0 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | $ 20,244 | $ 25,206 |
Earnout consideration | [2] | 5,115 | 10,806 |
Earnout accretion | 921 | ||
Deferred purchase payment provision | 3,206 | ||
Adjustment | 3,406 | ||
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | 20,244 | 25,206 |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | ||
Earnout consideration | [2] | ||
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Earnout consideration | [2] | $ 5,115 | $ 10,806 |
[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. | ||
[2] | The fair value of the earnout consideration, which is based on the present value of the expected future payments to be made to the sellers of the acquired businesses, was derived by analyzing the future performance of the acquired businesses using the earnout formula and performance targets specified in each purchase agreement and adjusting those amounts to reflect the ability of the acquired entities to achieve the stated targets. Given the significance of the unobservable inputs, the valuations are classified in Level 3 of the fair value hierarchy. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Examination [Line Items] | ||||||||||||||||
Provision (benefit) for income taxes | $ 971 | $ 3,723 | $ 2,067 | $ 1,041 | $ (1,212) | $ (2,214) | $ 1,700 | $ 1,179 | $ 29,535 | $ (3,524) | $ (10,096) | $ (6,943) | $ 7,802 | $ (547) | $ 8,972 | |
Tax rate | 35.00% | 35.00% | 35.00% | |||||||||||||
Tax expense from revalue of deferred tax liabilities | $ 37,889 | |||||||||||||||
Income tax expense related to transition tax | 9,474 | |||||||||||||||
Net tax expense related to transition tax and revaluation of deferred tax balances | 47,362 | |||||||||||||||
Difference between effective tax rate and federal statutory rate | 33.60% | 36.40% | ||||||||||||||
Valuation allowance | 80,796 | 109,913 | 80,796 | $ 109,913 | ||||||||||||
Deferred income tax assets | 35,004 | 29,398 | 35,004 | 29,398 | ||||||||||||
Net operating loss carryforwards | 237,186 | 148,199 | 237,186 | 148,199 | ||||||||||||
Loss carryforwards for U.S. federal income tax purposes | 115,846 | 50,587 | 115,846 | 50,587 | ||||||||||||
Loss carryforwards for U.S. state income tax purposes | 101,563 | 78,274 | 101,563 | 78,274 | ||||||||||||
Loss carryforwards for foreign income tax purposes | 19,777 | 19,338 | 19,777 | 19,338 | ||||||||||||
Unrecognized benefits | 218 | 10,077 | ||||||||||||||
Anticipated additional unrecognized tax benefits during the next twelve months | $ 0 | |||||||||||||||
Scenario, Plan [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Tax rate | 21.00% | |||||||||||||||
Australia Tax Authority [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Tax years subject to examination | 2,013 | |||||||||||||||
Belgium Tax Authority [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Tax years subject to examination | 2,014 | |||||||||||||||
Brazil Tax Authority [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Tax years subject to examination | 2,012 | |||||||||||||||
China Tax Authority [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Tax years subject to examination | 2,014 | |||||||||||||||
France Tax Authority [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Tax years subject to examination | 2,014 | |||||||||||||||
German Tax Authority [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Tax years subject to examination | 2,013 | |||||||||||||||
India Tax Authority [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Tax years subject to examination | 2,013 | |||||||||||||||
Israel Tax Authority [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Tax years subject to examination | 2,013 | |||||||||||||||
Italy Tax Authority [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Tax years subject to examination | 2,012 | |||||||||||||||
Japan Tax Authority [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Tax years subject to examination | 2,012 | |||||||||||||||
Korea Tax Authority [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Tax years subject to examination | 2,012 | |||||||||||||||
Mexican Tax Authority [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Tax years subject to examination | 2,012 | |||||||||||||||
Netherlands Tax Authority [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Tax years subject to examination | 2,012 | |||||||||||||||
Switzerland Tax Authority [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Tax years subject to examination | 2,012 | |||||||||||||||
United Kingdom Tax Authority [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Tax years subject to examination | 2,016 | |||||||||||||||
Uruguay Tax Authority [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Tax years subject to examination | 2,012 | |||||||||||||||
Minimum [Member] | U.S. Internal Revenue Service [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Tax years subject to examination | 2,003 | |||||||||||||||
Maximum [Member] | U.S. Internal Revenue Service [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Tax years subject to examination | 2,017 | |||||||||||||||
U.S Federal Income Tax [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Difference in effective rate due to Tax Act | 48.60% | |||||||||||||||
Research and experimentation tax credit carryforwards | 2,845 | 2,544 | $ 2,845 | 2,544 | ||||||||||||
Foreign tax credits | 3,549 | 7,155 | 3,549 | 7,155 | ||||||||||||
Other tax credits | 474 | $ 474 | ||||||||||||||
U.S Federal Income Tax [Member] | Minimum [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Net operating loss carryforwards beginning expiration date | Dec. 31, 2022 | |||||||||||||||
U.S. State Income Tax [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Research and experimentation tax credit carryforwards | 3,745 | 2,649 | $ 3,745 | 2,649 | ||||||||||||
Tax credit carryforwards beginning expiration date | Dec. 31, 2017 | |||||||||||||||
U.S. State Income Tax [Member] | Minimum [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Net operating loss carryforwards beginning expiration date | Dec. 31, 2017 | |||||||||||||||
Foreign Income Tax [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Research and experimentation tax credit carryforwards | 170 | 149 | $ 170 | 149 | ||||||||||||
Foreign Income Tax [Member] | Minimum [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Net operating loss carryforwards beginning expiration date | Dec. 31, 2018 | |||||||||||||||
Other State Income Tax [Member] | ||||||||||||||||
Income Tax Examination [Line Items] | ||||||||||||||||
Other tax credits | $ 600 | $ 600 | $ 600 | $ 600 | ||||||||||||
Tax credit carryforwards beginning expiration date | Dec. 31, 2024 |
Income Taxes (Components Of Inc
Income Taxes (Components Of Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
Income (loss) before income taxes: Domestic | $ (75,965) | $ (53,868) | $ (580,720) |
Income (loss) before income taxes: Foreign | 18,444 | 14,056 | (74,233) |
Income (loss) before income taxes | $ (57,521) | $ (39,812) | $ (654,953) |
Income Taxes (Components Of I87
Income Taxes (Components Of Income Tax Provision) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||||||||||||||
Current: U.S. federal | $ (83) | $ (2,110) | $ 10,753 | ||||||||||||
Current: State | 741 | 30 | 169 | ||||||||||||
Current: Foreign | 12,711 | 8,099 | 925 | ||||||||||||
Current: Total | 13,369 | 6,019 | 11,847 | ||||||||||||
Deferred: U.S. federal | (1,245) | (5,252) | |||||||||||||
Deferred: State | 1,097 | (225) | |||||||||||||
Deferred: Foreign | (6,664) | (5,321) | 2,602 | ||||||||||||
Deferred: Total | (5,567) | (6,566) | (2,875) | ||||||||||||
Total income tax (benefit) provision | $ 971 | $ 3,723 | $ 2,067 | $ 1,041 | $ (1,212) | $ (2,214) | $ 1,700 | $ 1,179 | $ 29,535 | $ (3,524) | $ (10,096) | $ (6,943) | $ 7,802 | $ (547) | $ 8,972 |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
Tax provision based on the federal statutory rate | 35.00% | 35.00% | 35.00% |
Increase in valuation allowances | 48.80% | (58.50%) | (16.40%) |
Other | 2.90% | 1.70% | (0.40%) |
Foreign tax rate change | 2.20% | ||
Return to provision adjustments | 2.00% | 18.80% | (0.70%) |
State taxes, net of federal benefit, before valuation allowance | 1.00% | 3.90% | 0.90% |
Deferred tax adjustments | (1.10%) | 13.00% | |
Uncertain tax positions | (1.40%) | (25.10%) | (0.50%) |
Nondeductible expenses | (3.30%) | (1.10%) | (0.10%) |
Deemed income related to foreign operations | (4.10%) | (8.40%) | (0.60%) |
Employee share-based payments | (13.20%) | ||
One-Time transition tax | (16.50%) | ||
U.S. Tax Cuts and Jobs Act - rate change | (65.90%) | ||
Foreign exchange loss | 9.40% | ||
Impairment of definite lived intangibles | 3.10% | ||
Foreign income tax rate differential | 3.10% | (2.00%) | |
Impairment of goodwill with no tax basis | (16.80%) | ||
Foreign tax credits related to above | 6.50% | 0.20% | |
Effective tax rate | (13.60%) | 1.40% | (1.40%) |
Income Taxes (Components Of Net
Income Taxes (Components Of Net Deferred Income Tax Assets And Net Deferred Income Tax Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Income Taxes [Abstract] | ||
Intangibles | $ 24,232 | $ 40,014 |
Stock options and restricted stock awards | 5,988 | 14,384 |
Reserves and allowances | 11,308 | 20,022 |
Net operating loss carryforwards | 35,004 | 29,398 |
Tax credit carryforwards | 10,908 | 13,571 |
Accrued liabilities | 3,011 | 5,330 |
Deferred revenue | 4,629 | 3,502 |
Valuation allowance | (80,796) | (109,913) |
Total deferred income tax assets | 14,284 | 16,308 |
Intangibles | 11,301 | 16,968 |
Property, plant and equipment | 7,304 | 8,818 |
Other | 642 | |
Total deferred income tax liabilities | 19,247 | 25,786 |
Net deferred income tax liabilities | $ (4,963) | $ (9,478) |
Income Taxes (Schedule Of Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
Balance at January 1 | $ (18,251) | $ (8,296) | $ (1,845) |
Increases related to prior year tax positions | (4,104) | (2,658) | |
Decreases related to prior year tax positions | 4,045 | 1,475 | |
Increases related to current year tax positions | (7,297) | (7,926) | |
Decreases related to current year tax positions | |||
Decreases in unrecognized liability due to settlements with foreign tax authorities | |||
Balance at December 31 | $ (18,310) | $ (18,251) | $ (8,296) |
Income Taxes (Summary Of Deferr
Income Taxes (Summary Of Deferred Income Tax Asset Valuation Allowance) (Details) - Deferred Income Tax Asset Allowance [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance at beginning of year | $ 109,913 | $ 107,312 | |
Additions (reductions) charged to expense | (28,071) | 20,450 | 107,312 |
Other, deductions | (1,046) | (17,849) | |
Balance at end of year | $ 80,796 | $ 109,913 | $ 107,312 |
Segment Information (Schedule O
Segment Information (Schedule Of Revenue From Unaffiliated Customers By Geographic Area) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Number of reportable segments | segment | 1 | ||||||||||||||
Revenue from unaffiliated customers | $ 177,264 | $ 152,907 | $ 159,467 | $ 156,431 | $ 165,937 | $ 156,362 | $ 158,111 | $ 152,555 | $ 183,363 | $ 151,574 | $ 170,504 | $ 160,722 | $ 646,069 | $ 632,965 | $ 666,163 |
Operating Segments [Member] | United States [Member] | |||||||||||||||
Revenue from unaffiliated customers | 322,399 | 329,553 | 345,032 | ||||||||||||
Operating Segments [Member] | Other Americas [Member] | |||||||||||||||
Revenue from unaffiliated customers | 11,377 | 11,332 | 12,944 | ||||||||||||
Operating Segments [Member] | EMEA [Member] | |||||||||||||||
Revenue from unaffiliated customers | 220,357 | 193,141 | 200,104 | ||||||||||||
Operating Segments [Member] | Asia Pacific [Member] | |||||||||||||||
Revenue from unaffiliated customers | $ 91,936 | $ 98,939 | $ 108,083 |
Segment Information (Schedule93
Segment Information (Schedule Of Revenue From Unaffiliated Customers By Product And Service) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue | $ 177,264 | $ 152,907 | $ 159,467 | $ 156,431 | $ 165,937 | $ 156,362 | $ 158,111 | $ 152,555 | $ 183,363 | $ 151,574 | $ 170,504 | $ 160,722 | $ 646,069 | $ 632,965 | $ 666,163 |
Operating Segments [Member] | Products [Member] | |||||||||||||||
Revenue | 210,280 | 223,544 | 257,379 | ||||||||||||
Operating Segments [Member] | Materials [Member] | |||||||||||||||
Revenue | 168,846 | 156,839 | 150,740 | ||||||||||||
Operating Segments [Member] | Services [Member] | |||||||||||||||
Revenue | $ 266,943 | $ 252,582 | $ 258,044 |
Segment Information (Schedule94
Segment Information (Schedule Of Intercompany Sales By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Intercompany sales | $ 177,264 | $ 152,907 | $ 159,467 | $ 156,431 | $ 165,937 | $ 156,362 | $ 158,111 | $ 152,555 | $ 183,363 | $ 151,574 | $ 170,504 | $ 160,722 | $ 646,069 | $ 632,965 | $ 666,163 |
Intercompany Sales [Member] | |||||||||||||||
Intercompany sales | 175,898 | 155,451 | 159,591 | ||||||||||||
Americas [Member] | Intercompany Sales [Member] | |||||||||||||||
Intercompany sales | 75,668 | 71,268 | 64,589 | ||||||||||||
Germany [Member] | Intercompany Sales [Member] | |||||||||||||||
Intercompany sales | 42,919 | 32,246 | 40,788 | ||||||||||||
Other EMEA [Member] | Intercompany Sales [Member] | |||||||||||||||
Intercompany sales | 28,042 | 20,248 | 26,855 | ||||||||||||
Asia Pacific [Member] | Intercompany Sales [Member] | |||||||||||||||
Intercompany sales | 29,269 | 31,689 | 27,359 | ||||||||||||
Americas [Member] | Intercompany Sales [Member] | |||||||||||||||
Intercompany sales | 74,246 | 64,491 | 74,360 | ||||||||||||
Americas [Member] | Americas [Member] | Operating Segments [Member] | |||||||||||||||
Intercompany sales | 2,169 | 3,013 | 3,073 | ||||||||||||
Americas [Member] | Germany [Member] | Operating Segments [Member] | |||||||||||||||
Intercompany sales | 36,914 | 28,881 | 36,552 | ||||||||||||
Americas [Member] | Other EMEA [Member] | Operating Segments [Member] | |||||||||||||||
Intercompany sales | 14,775 | 10,958 | 17,133 | ||||||||||||
Americas [Member] | Asia Pacific [Member] | Operating Segments [Member] | |||||||||||||||
Intercompany sales | 20,388 | 21,639 | 17,602 | ||||||||||||
EMEA [Member] | Operating Segments [Member] | |||||||||||||||
Intercompany sales | 220,357 | 193,141 | 200,104 | ||||||||||||
EMEA [Member] | Intercompany Sales [Member] | |||||||||||||||
Intercompany sales | 94,752 | 83,586 | 78,536 | ||||||||||||
EMEA [Member] | Americas [Member] | Operating Segments [Member] | |||||||||||||||
Intercompany sales | 70,709 | 65,209 | 58,489 | ||||||||||||
EMEA [Member] | Germany [Member] | Operating Segments [Member] | |||||||||||||||
Intercompany sales | 6,005 | 3,365 | 4,232 | ||||||||||||
EMEA [Member] | Other EMEA [Member] | Operating Segments [Member] | |||||||||||||||
Intercompany sales | 13,093 | 8,921 | 9,643 | ||||||||||||
EMEA [Member] | Asia Pacific [Member] | Operating Segments [Member] | |||||||||||||||
Intercompany sales | 4,945 | 6,091 | 6,172 | ||||||||||||
Asia Pacific [Member] | Operating Segments [Member] | |||||||||||||||
Intercompany sales | 91,936 | 98,939 | 108,083 | ||||||||||||
Asia Pacific [Member] | Intercompany Sales [Member] | |||||||||||||||
Intercompany sales | 6,900 | 7,374 | 6,695 | ||||||||||||
Asia Pacific [Member] | Americas [Member] | Operating Segments [Member] | |||||||||||||||
Intercompany sales | 2,790 | 3,046 | 3,027 | ||||||||||||
Asia Pacific [Member] | Germany [Member] | Operating Segments [Member] | |||||||||||||||
Intercompany sales | 4 | ||||||||||||||
Asia Pacific [Member] | Other EMEA [Member] | Operating Segments [Member] | |||||||||||||||
Intercompany sales | 174 | 369 | 79 | ||||||||||||
Asia Pacific [Member] | Asia Pacific [Member] | Operating Segments [Member] | |||||||||||||||
Intercompany sales | $ 3,936 | $ 3,959 | $ 3,585 |
Segment Information (Schedule95
Segment Information (Schedule Of Income (Loss) From Operations By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income (loss) from operations | $ (5,703) | $ (32,335) | $ (6,864) | $ (9,071) | $ 4,073 | $ (22,017) | $ (3,717) | $ (16,759) | $ (565,921) | $ (34,637) | $ (23,842) | $ (17,524) | $ (53,973) | $ (38,420) | $ (641,924) | ||||
Reportable Geographical Components [Member] | |||||||||||||||||||
Income (loss) from operations | (52,070) | (35,747) | (640,052) | ||||||||||||||||
Intercompany Sales [Member] | |||||||||||||||||||
Income (loss) from operations | (1,903) | (2,673) | (1,872) | ||||||||||||||||
Americas [Member] | |||||||||||||||||||
Income (loss) from operations | (71,951) | (53,725) | (596,283) | ||||||||||||||||
EMEA [Member] | |||||||||||||||||||
Income (loss) from operations | (292) | (1,613) | (71,201) | ||||||||||||||||
Asia Pacific [Member] | |||||||||||||||||||
Income (loss) from operations | $ 20,173 | $ 19,591 | $ 27,432 | ||||||||||||||||
[1] | For the quarter ended December 31, 2015, loss from operations includes $443,659 of impairment charges related to goodwill and $93,520 of impairment charges related to other intangible assets. In addition, the Company recognized cash and non-cash charges related to the end of life of the Cube printer and shift from consumer products and services, which totaled $8,771 and $18,619, respectively. See Notes 2, 4, 6 and 7 to the Consolidated Financial Statements. |
Segment Information (Schedule96
Segment Information (Schedule Of Depreciation And Amortization By Geographic Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 62,041 | $ 60,535 | $ 83,069 |
Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 25,484 | 25,892 | 43,613 |
EMEA [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 31,135 | 29,946 | 34,596 |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 5,422 | $ 4,697 | $ 4,860 |
Segment Information (Schedule97
Segment Information (Schedule Of Capital Expenditures By Geographic Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 30,881 | $ 16,567 | $ 22,399 |
Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 23,925 | 8,172 | 14,062 |
EMEA [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 5,227 | 5,947 | 7,469 |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 1,729 | $ 2,448 | $ 868 |
Segment Information (Schedule98
Segment Information (Schedule Of Assets By Geographic Area) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | $ 896,764 | $ 849,153 | $ 891,959 |
Operating Segments [Member] | Americas [Member] | |||
Assets | 329,550 | 345,412 | 382,738 |
Operating Segments [Member] | EMEA [Member] | |||
Assets | 454,319 | 382,163 | 406,084 |
Operating Segments [Member] | Asia Pacific [Member] | |||
Assets | $ 112,895 | $ 121,578 | $ 103,137 |
Segment Information (Schedule99
Segment Information (Schedule Of Cash And Cash Equivalents By Geographic Area) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and cash equivalents | $ 136,344 | $ 184,947 | $ 155,643 | $ 284,862 |
Operating Segments [Member] | Americas [Member] | ||||
Cash and cash equivalents | 51,475 | 105,750 | 98,913 | |
Operating Segments [Member] | EMEA [Member] | ||||
Cash and cash equivalents | 52,642 | 44,877 | 34,388 | |
Operating Segments [Member] | Asia Pacific [Member] | ||||
Cash and cash equivalents | $ 32,227 | $ 34,320 | $ 22,342 |
Segment Information (Schedul100
Segment Information (Schedule Of Long-Lived Assets By Geographic Area) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | |||
Long-lived assets | $ 458,342 | $ 416,203 | $ 459,492 |
Operating Segments [Member] | Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | 94,319 | 96,016 | 113,364 |
Operating Segments [Member] | EMEA [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | 306,988 | 262,543 | 285,980 |
Operating Segments [Member] | Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | $ 57,035 | $ 57,644 | $ 60,148 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Thousands | Sep. 28, 2015USD ($) | Aug. 23, 2013lawsuit | Dec. 31, 2017USD ($)lawsuit | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) |
Other Commitments [Line Items] | |||||
Supply commitments | $ 83,305 | $ 62,935 | |||
Total liabilities recorded for earnouts | 5,115 | 10,806 | |||
Redeemable noncontrolling interests | 8,872 | 8,872 | |||
Accrued litigation settlement | 50,000 | ||||
Insurance proceeds receivable | $ 50,000 | ||||
Number of stockholder class action lawsuits | lawsuit | 2 | 9 | |||
Percentage of ownership for officer | 50.00% | ||||
Provision for arbitration award | $ 11,282 | ||||
Alleged actual damages | $ 7,254 | ||||
Fees and expenses | 2,318 | ||||
Prejudgment interest | $ 1,710 | ||||
Printer Assemblies And Inventory Items [Member] | |||||
Other Commitments [Line Items] | |||||
Supply commitments | $ 57,592 | 51,156 | |||
Capital Expenditures And Operating Costs [Member] | |||||
Other Commitments [Line Items] | |||||
Supply commitments | $ 25,713 | $ 11,779 |
Accumulated Other Comprehens102
Accumulated Other Comprehensive Income (Loss) (Schedule Of Accumulated Other Comprehensive Income (Loss) By Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Beginning Balance | $ (53,225) | $ (39,548) |
Other comprehensive income (loss) | 31,689 | (13,677) |
Ending Balance | (21,536) | (53,225) |
Foreign Currency Translation Adjustment [Member] | ||
Beginning Balance | (50,738) | (37,675) |
Other comprehensive income (loss) | 31,419 | (13,063) |
Ending Balance | (19,319) | (50,738) |
Defined Benefit Pension Plan [Member] | ||
Beginning Balance | (2,775) | (1,873) |
Other comprehensive income (loss) | 220 | (902) |
Ending Balance | (2,555) | (2,775) |
Liquidation Of Non-US Entity And Purchase Of Non-controlling Interests [Member] | ||
Beginning Balance | 288 | |
Other comprehensive income (loss) | 50 | 288 |
Ending Balance | $ 338 | $ 288 |
Selected Quarterly Financial103
Selected Quarterly Financial Data (Schedule Of Selected Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
Selected Quarterly Financial Data [Abstract] | |||||||||||||||||||
Consolidated revenue | $ 177,264 | $ 152,907 | $ 159,467 | $ 156,431 | $ 165,937 | $ 156,362 | $ 158,111 | $ 152,555 | $ 183,363 | $ 151,574 | $ 170,504 | $ 160,722 | $ 646,069 | $ 632,965 | $ 666,163 | ||||
Gross profit | 85,458 | 58,522 | 80,673 | 80,186 | 82,890 | 68,937 | 80,411 | 77,513 | 60,160 | 71,038 | 81,627 | 78,984 | 304,839 | 309,751 | 291,809 | ||||
Total operating expenses | 91,161 | 90,857 | 87,537 | 89,257 | 78,817 | 90,954 | 84,128 | 94,272 | 626,081 | 105,675 | 105,469 | 96,508 | 358,812 | 348,171 | 933,733 | ||||
Income (loss) from operations | (5,703) | (32,335) | (6,864) | (9,071) | 4,073 | (22,017) | (3,717) | (16,759) | (565,921) | [1] | (34,637) | [1] | (23,842) | [1] | (17,524) | [1] | (53,973) | (38,420) | (641,924) |
Provision (benefit) for income taxes | 971 | 3,723 | 2,067 | 1,041 | (1,212) | (2,214) | 1,700 | 1,179 | 29,535 | (3,524) | (10,096) | (6,943) | 7,802 | (547) | 8,972 | ||||
Net income (loss) attributable to 3D Systems | $ (10,134) | $ (37,670) | $ (8,416) | $ (9,971) | $ 5,230 | $ (21,213) | $ (4,648) | $ (17,788) | $ (596,366) | $ (32,249) | $ (13,696) | $ (13,181) | $ (66,191) | $ (38,419) | $ (655,492) | ||||
Basic and diluted net income (loss) per share | $ (0.08) | $ (0.34) | $ (0.08) | $ (0.09) | $ 0.05 | $ (0.19) | $ (0.04) | $ (0.16) | $ (5.32) | $ (0.29) | $ (0.12) | $ (0.12) | $ (0.59) | $ (0.35) | $ (5.85) | ||||
Impairment of goodwill and other intangible assets | $ 443,659 | $ 537,179 | |||||||||||||||||
Finite lives impairment charge | $ 93,520 | $ 0 | $ 0 | 93,520 | |||||||||||||||
Cash charge related to shift from consumer products and services | 8,771 | ||||||||||||||||||
Non-cash charge related to shift from consumer products and services | $ 18,619 | ||||||||||||||||||
[1] | For the quarter ended December 31, 2015, loss from operations includes $443,659 of impairment charges related to goodwill and $93,520 of impairment charges related to other intangible assets. In addition, the Company recognized cash and non-cash charges related to the end of life of the Cube printer and shift from consumer products and services, which totaled $8,771 and $18,619, respectively. See Notes 2, 4, 6 and 7 to the Consolidated Financial Statements. |