Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 21, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-34220 | ||
Entity Registrant Name | 3D SYSTEMS CORPORATION | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 95-4431352 | ||
City Area Code | 803 | ||
Local Phone Number | 326-3900 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | DDD | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Common Stock, Shares Outstanding | 118,514,324 | ||
Entity Central Index Key | 0000910638 | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Address, Address Line One | 333 Three D Systems Circle | ||
Entity Address, City or Town | Rock Hill | ||
Entity Address, State or Province | SC | ||
Entity Address, Postal Zip Code | 29730 | ||
Entity Public Float | $ 998,362,110 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement for its 2020 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Current assets: | |||
Cash and cash equivalents | $ 133,665 | $ 109,998 | |
Accounts receivable, net of reserves — $8,762 (2019) and $8,423 (2018) | 109,408 | 126,618 | |
Inventories | 111,106 | 133,161 | |
Prepaid expenses and other current assets | 18,991 | 27,697 | |
Total current assets | 373,170 | 397,474 | |
Property and equipment, net | [1] | 92,940 | 107,718 |
Property, Plant and Equipment, Net | [1] | 92,940 | 107,718 |
Intangible assets, net | 48,338 | 68,275 | |
Goodwill | 223,176 | 221,334 | |
Right of use assets | 36,890 | ||
Deferred income tax asset | 5,408 | 4,217 | |
Other assets | 27,390 | 26,814 | |
Total assets | 807,312 | 825,832 | |
Current liabilities: | |||
Current portion of long term debt | 2,506 | 0 | |
Current right of use liabilities | 9,569 | ||
Current portion of capitalized lease obligations | 654 | ||
Accounts payable | 49,851 | 66,722 | |
Accrued and other liabilities | 63,095 | 59,265 | |
Customer deposits | 5,712 | 4,987 | |
Deferred revenue | 32,231 | 32,432 | |
Total current liabilities | 162,964 | 164,060 | |
Long-term debt, net of deferred financing costs | 45,215 | 25,000 | |
Long-term right of use liabilities | 35,402 | ||
Long-term portion of capitalized lease obligations | 6,392 | ||
Deferred income tax liability | 4,027 | 6,190 | |
Other liabilities | 45,808 | 39,331 | |
Total liabilities | 293,416 | 240,973 | |
Redeemable noncontrolling interests ("RNCI") | 0 | 8,872 | |
Commitments and contingencies | |||
Stockholders’ equity: | |||
Common stock, $0.001 par value, authorized 220,000 shares; issued 121,266 (2019) and 118,650 (2018) | 120 | 117 | |
Additional paid-in capital | 1,371,564 | 1,355,503 | |
Treasury stock, at cost — 3,670 shares (2019) and 2,946 shares (2018) | (18,769) | (15,572) | |
Accumulated deficit | (793,709) | (722,701) | |
Accumulated other comprehensive loss | (37,047) | (38,978) | |
Total 3D Systems Corporation stockholders' equity | 522,159 | 578,369 | |
Noncontrolling interests | (8,263) | (2,382) | |
Total stockholders’ equity | 513,896 | 575,987 | |
Total liabilities, redeemable noncontrolling interests and stockholders’ equity | $ 807,312 | 825,832 | |
Capitalized lease assets | $ 4,466 | ||
[1] | Prior year balance includes $4,466 of capitalized lease assets accounted for under ASC 840. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, reserves | $ 8,762 | $ 8,423 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 220,000 | 220,000 |
Common stock, shares issued (in shares) | 121,266 | 118,650 |
Treasury stock, at cost, shares (in shares) | 3,670 | 2,946 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue: | |||
Total revenue | $ 629,094 | $ 687,660 | $ 646,069 |
Cost of sales: | |||
Total cost of sales | 351,053 | 363,266 | 341,230 |
Gross profit | 278,041 | 324,394 | 304,839 |
Operating expenses: | |||
Selling, general and administrative | 254,355 | 272,287 | 264,185 |
Research and development | 80,790 | 95,298 | 94,627 |
Total operating expenses | 335,145 | 367,585 | 358,812 |
Loss from operations | (57,104) | (43,191) | (53,973) |
Interest and other expense, net | (7,996) | (37) | (3,548) |
Loss before income taxes | (65,100) | (43,228) | (57,521) |
Provision for income taxes | (4,532) | (2,035) | (7,802) |
Net loss | (69,632) | (45,263) | (65,323) |
Less: net income attributable to noncontrolling interests | 248 | 242 | 868 |
Net loss attributable to 3D Systems Corporation | $ (69,880) | $ (45,505) | $ (66,191) |
Net loss per share available to 3D Systems Corporation common stockholders - basic and diluted (in usd per share) | $ (0.61) | $ (0.41) | $ (0.59) |
Products | |||
Revenue: | |||
Total revenue | $ 384,577 | $ 429,215 | $ 391,596 |
Cost of sales: | |||
Total cost of sales | 229,821 | 229,793 | 216,446 |
Services | |||
Revenue: | |||
Total revenue | 244,517 | 258,445 | 254,473 |
Cost of sales: | |||
Total cost of sales | $ 121,232 | $ 133,473 | $ 124,784 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (69,632) | $ (45,263) | $ (65,323) |
Other comprehensive income (loss), net of taxes: | |||
Pension adjustments | (1,060) | (92) | 220 |
Derivative financial instruments | (318) | 0 | 0 |
Gain on liquidation of non-US entity | 0 | 0 | 50 |
Foreign currency translation | 2,996 | (17,068) | 31,678 |
Total other comprehensive income (loss), net of taxes: | 1,618 | (17,160) | 31,948 |
Total comprehensive loss, net of taxes | (68,014) | (62,423) | (33,375) |
Comprehensive income attributable to noncontrolling interests | 191 | 524 | 1,127 |
Comprehensive loss attributable to 3D Systems Corporation | $ (68,205) | $ (62,947) | $ (34,502) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Cash flows from operating activities: | ||||
Net loss | $ (69,632) | $ (45,263) | $ (65,323) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Depreciation and amortization | 50,396 | 59,293 | 62,041 | |
Stock-based compensation | 23,587 | 29,253 | 27,260 | |
Lower of cost or market adjustment | 0 | 0 | 12,883 | |
Provision for bad debts | 1,308 | 1,824 | 1,051 | |
Loss on the disposition of property, equipment and other assets | 2,282 | 0 | 0 | |
Provision for deferred income taxes | (3,354) | (2,990) | (5,567) | |
Impairment of assets | 1,728 | 1,998 | 2,427 | |
Changes in operating accounts: | ||||
Accounts receivable | 15,071 | 599 | 3,987 | |
Inventories | 18,447 | (34,035) | (17,716) | |
Prepaid expenses and other current assets | 9,150 | 40,922 | (49,834) | |
Accounts payable | (16,846) | 11,559 | 12,448 | |
Deferred revenue and customer deposits | 677 | (2,383) | (121) | |
Accrued and other current liabilities | 960 | (47,851) | 50,330 | |
All other operating activities | (2,193) | (8,130) | (7,739) | |
Net cash provided by operating activities | 31,581 | 4,796 | 26,127 | |
Cash flows from investing activities: | ||||
Purchases of property and equipment | (23,985) | (40,694) | (30,881) | |
Cash paid for acquisition | 0 | 0 | (34,291) | |
Proceeds from sale of assets | 1,620 | 333 | 273 | |
Purchase of noncontrolling interest | (2,500) | 0 | (2,250) | |
Other investing activities | (2,007) | (1,466) | (3,510) | |
Net cash used in investing activities | (26,872) | (41,827) | (70,659) | |
Cash flows from financing activities: | ||||
Proceeds from borrowings | 100,000 | 25,000 | 0 | |
Repayment of borrowings/long term debt | (76,768) | 0 | 0 | |
Payments related to net-share settlement of stock based compensation | (3,194) | (7,367) | (5,545) | |
Payments on earnout consideration | 0 | (2,675) | (3,206) | |
Other financing activities | (1,338) | (694) | (437) | |
Net cash provided by (used in) financing activities | 18,700 | 14,264 | (9,188) | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 289 | (3,145) | 5,303 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 23,698 | (25,912) | (48,417) | |
Cash, cash equivalents and restricted cash at the beginning of the period | [1] | 110,919 | 136,831 | 185,248 |
Cash, cash equivalents and restricted cash at the end of the period | [1] | 134,617 | 110,919 | 136,831 |
Supplemental cash flow information | ||||
Cash interest payments | 3,715 | 542 | 503 | |
Cash income tax payments, net | 10,722 | 8,964 | 6,339 | |
Transfer of equipment from inventory to property and equipment, net | [2] | 3,187 | 5,612 | 9,881 |
Transfer of equipment to inventory from property and equipment, net | [3] | 32 | 2,563 | 378 |
Issuance of stock for acquisitions | 0 | 0 | 3,208 | |
Purchase of noncontrolling interest | [4] | $ (11,000) | $ 0 | $ 0 |
[1] | The amounts for cash and cash equivalents shown above include restricted cash of $952, $921 and $487 as of December 31, 2019, 2018 and 2017, respectively, which were included in Other assets, net, in the consolidated balance sheets. | |||
[2] | Inventory is transferred from inventory to property and equipment at cost when we require additional machines for training or demonstration or for placement into on demand manufacturing services locations. | |||
[3] | In general, an asset is transferred from Property and equipment, net, into inventory at its net book value when we have identified a potential sale for a used machine. | |||
[4] | Purchase of noncontrolling interest to be paid in installments over a four-year period recorded to Accrued and other current liabilities and Other liabilities on the consolidated balance sheets. |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Cash Flows [Abstract] | |||
Restricted cash included in other assets | $ 952 | $ 921 | $ 487 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid In Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total 3D Systems Corporation Stockholders' Equity | Equity Attributable to Noncontrolling Interests |
Beginning Balance at Dec. 31, 2016 | $ 626,700 | $ 115 | $ 1,307,428 | $ (2,658) | $ (621,787) | $ (53,225) | $ 629,873 | $ (3,173) |
Issuance (repurchase) of stock | (5,545) | (5,545) | (5,545) | |||||
Issuance of stock for acquisitions | 3,208 | 3,208 | ||||||
Acquisition of noncontrolling interest | (2,300) | (1,440) | (1,440) | (860) | ||||
Stock-based compensation expense | 27,260 | 27,260 | 27,260 | |||||
Net income (loss) | (65,323) | (66,191) | (66,191) | 868 | ||||
Liquidation of non-US entity | 50 | 50 | 50 | |||||
Pension adjustment | 220 | 220 | 220 | |||||
Derivative financial instruments | 0 | |||||||
Foreign currency translation adjustment | 31,678 | 31,419 | 31,419 | 259 | ||||
Ending Balance at Dec. 31, 2017 | $ 615,948 | 115 | 1,326,250 | (8,203) | (677,772) | (21,536) | 618,854 | (2,906) |
Common stock, par value (in dollars per share) | $ 0.001 | |||||||
Issuance (repurchase) of stock | $ (7,367) | 2 | (7,369) | (7,367) | ||||
Issuance of stock for acquisitions | 0 | |||||||
Stock-based compensation expense | 29,253 | 29,253 | 29,253 | |||||
Net income (loss) | (45,263) | (45,505) | (45,505) | 242 | ||||
Liquidation of non-US entity | 0 | |||||||
Pension adjustment | (92) | (92) | (92) | |||||
Derivative financial instruments | 0 | |||||||
Foreign currency translation adjustment | (17,068) | (17,350) | (17,350) | 282 | ||||
Ending Balance at Dec. 31, 2018 | $ 575,987 | 117 | 1,355,503 | (15,572) | (722,701) | (38,978) | 578,369 | (2,382) |
Common stock, par value (in dollars per share) | $ 0.001 | |||||||
Issuance (repurchase) of stock | $ (3,194) | 3 | (3,197) | (3,194) | ||||
Issuance of stock for acquisitions | 0 | |||||||
Acquisition of noncontrolling interest | (13,342) | (7,526) | 256 | (7,270) | (6,072) | |||
Adjustment of RNCI carrying value | (1,128) | (1,128) | (1,128) | |||||
Stock-based compensation expense | 23,587 | 23,587 | 23,587 | |||||
Net income (loss) | (69,632) | (69,880) | (69,880) | 248 | ||||
Liquidation of non-US entity | 0 | |||||||
Pension adjustment | (1,060) | (1,060) | (1,060) | |||||
Derivative financial instruments | (318) | (318) | (318) | |||||
Foreign currency translation adjustment | 2,996 | 3,053 | 3,053 | (57) | ||||
Ending Balance at Dec. 31, 2019 | $ 513,896 | $ 120 | $ 1,371,564 | $ (18,769) | $ (793,709) | $ (37,047) | $ 522,159 | $ (8,263) |
Common stock, par value (in dollars per share) | $ 0.001 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | (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 (“3D Systems” or the “Company” or “we” or “us”). A non-controlling interest in a subsidiary is considered an ownership interest in a majority-owned subsidiary that is not attributable to the parent. We include noncontrolling interests 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. Our 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. Beginning in 2018, we classify product warranty revenue and related expenses within the “Products” line items of the consolidated statements of operations. All dollar 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, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | (2) Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires us 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. We base our 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 We account for revenue in accordance with ASC Topic 606, “Revenue from Contracts with Customers,” which we adopted on January 1, 2018, using the modified-retrospective method. See Recent Accounting Pronouncements in this Note 2 and Note 4 for further discussion of the adoption. 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. We assess 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, 2019 and 2018, we recorded impairment charges of $927 and $1,373, respectively, related to certain cost-method investments. The aggregate carrying amount of all investments accounted for under the cost method totaled $8,327 and $8,483 at December 31, 2019 and 2018, respectively, and is included in other assets, net, on our 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, we assess 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, we 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 our past collection experience is no longer relevant, our 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 2019 Allowance for doubtful accounts $ 8,423 $ 1,308 $ (969) $ 8,762 2018 Allowance for doubtful accounts 10,258 1,824 (3,659) 8,423 2017 Allowance for doubtful accounts 12,920 1,051 (3,713) 10,258 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 We review 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 for 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, 2019 and 2018. 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, first to 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 21. We completed the required annual goodwill impairment test during the fourth quarter of 2019. The first step of the goodwill impairment test compared the fair value of each of our reporting units to their carrying value. We estimated 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 their respective carrying values as of December 31, 2019. For a summary of our goodwill by reporting unit, see Note 9. Redeemable Noncontrolling Interests Owners of noncontrolling interests in a certain subsidiary held the right to require us to acquire either a portion of or all of the remaining ownership interests held by them. The owners’ ability to exercise the “put option” right was subject to the satisfaction of certain conditions, including conditions requiring notice in advance of exercise and timing restrictions of the exercise date. The “put option” right was recorded as mezzanine equity on the consolidated balance sheet at December 31, 2018 at its estimated redemption amount. On November 19, 2019, we and the noncontrolling interest owners entered into an agreement to amend and restate the subsidiary's operating agreement, specifically amending the terms to the “put option” right and the exercise procedures thereof. On November 25, 2019, the noncontrolling interest owners exercised the “put option” right for all of the remaining ownership interests held by them. This amount has been adjusted to the current redemption price of $10,000 and recorded in accrued and other liabilities on the consolidated balance sheet at December 31, 2019. See Note 18 for further discussion. Contingencies We follow 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 We are exposed to market risk from changes in interest rates, foreign currency exchange rates and commodity prices, which may adversely affect our results of operations and financial condition. We seek to minimize these risks through regular operating and financing activities and, when we consider it to be appropriate, through the use of derivative financial instruments. We do not purchase, hold or sell derivative financial instruments for trading or speculative purposes. We use derivative financial instruments to manage our exposure to changes in interest rates on outstanding debt instruments. In doing so, we have elected to prepare and maintain the documentation to qualify for hedge accounting treatment under ASC 815, “ Derivatives and Hedging ,” and therefore, related gains and losses (realized or unrealized) related to derivative instruments are recognized in accumulated other comprehensive income (loss) and are reclassified into earnings when the underlying transaction is recognized in net earnings 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. We and our subsidiaries conduct business in various countries using both their functional currencies and other currencies to effect cross border transactions. As a result, we and our subsidiaries 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, we endeavor to match assets and liabilities in the same currency on our U.S. balance sheet and those of our subsidiaries in order to reduce these risks. We, when we consider it to be appropriate, enter into foreign currency contracts to hedge the exposure arising from those transactions. See Note 13. For our hedges of foreign exchange rates and commodity prices, we have elected to not prepare and maintain the documentation to qualify for hedge accounting treatment under ASC 815, “ Derivatives and Hedging ,” and therefore, changes in fair value 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. We are exposed to credit risk if the counterparties to such transactions are unable to perform their obligations. However, we seek 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 17. Advertising Costs Advertising costs are expensed as incurred. Advertising costs, including trade shows, were $13,732, $13,562 and $13,683 for the years ended December 31, 2019, 2018 and 2017, respectively. Pension costs We sponsor a retirement benefit for one of our 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 require us to make assumptions and judgements that can significantly affect these measurements. Our critical assumptions 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 our reported pension obligations and related pension expense. See Note 16. Equity Compensation Plans We recognize compensation expense for our stock-based compensation programs, which include stock options, restricted stock, restricted stock units (“RSU”) 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. We recognize forfeitures when they occur. Income Taxes We and the majority of our domestic subsidiaries file a consolidated U.S. federal income tax return, while four of our domestic entities file separate U.S. federal income tax returns. Our non-U.S. subsidiaries file income tax returns in their respective jurisdictions. 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. We establish a valuation allowance for those jurisdictions in which the expiration date of tax benefit carryforwards or projected taxable earnings leads us 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 our 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. We include interest and penalties accrued in the consolidated financial statements as a component of income tax expense. See Note 20 for further discussion. Recent Accounting Pronouncements Recently Adopted Accounting Standards On January 1, 2019, we adopted the FASB ASU No. 2016-02, “ Leases (Topic 842), ” which requires the recognition of right-of-use (“ROU”) assets and related operating and finance lease liabilities on the balance sheet. We adopted ASU 2016-02 effective January 1, 2019 using the cumulative-effect adjustment transition method, which applies the provisions of the standard at the effective date without adjusting the comparative periods presented. As permitted under ASU 2016-02, we applied the practical expedients that allowed us to not (1) reassess historical lease classifications, (2) recognize short-term leases on the balance sheet, nor (3) separate lease and non-lease components for its real estate leases. As a result of the adoption of ASU 2016-02 on January 1, 2019, we recorded operating lease liabilities and ROU assets of $38,415. The adoption of ASU 2016-02 had an immaterial impact on our consolidated statement of operations and consolidated statement of cash flows for the year ended December 31, 2019. For additional information about leases, see Note 5. 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. We adopted ASU 2017-12 in the third quarter of 2019 and the implementation of this guidance did not have a material effect on our consolidated financial statements. Recently Issued Accounting Standards In August 2018, the FASB issued ASU 2018-15, “ Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) ,” which aligns the requirements for capitalizing implementation costs incurred in a service contract hosting arrangement with those of developing or obtaining internal-use software. This standard is effective for interim and annual reporting periods beginning after December 15, 2019, and early adoption is permitted. We have elected not to adopt the provisions of this ASU early and are evaluating the impact the new standard will have on our 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. We have elected not to adopt the provisions of this standard early. In June 2016, the FASB issued ASU 2016-13, “ Measurement of Credit Losses on Financial Instruments ” (“ASU 2016-13”), which provides guidance regarding the measurement of credit losses for financial assets and certain other instruments that are not accounted for at fair value through net income, including trade and other receivables, debt securities, net investment in leases, and off-balance sheet credit exposures. The new guidance requires companies to replace the current incurred loss impairment methodology with a methodology that measures all expected credit losses for financial assets based on historical experience, current conditions, and reasonable and supportable forecasts. The guidance expands the disclosure requirements regarding credit losses, including the credit loss methodology and credit quality indicators. In May 2019, the FASB issued ASU 2019-05, “ Financial Instruments—Credit Losses (Topic 326), ” which provides transition relief to entities adopting ASU 2016-13 by allowing entities to elect the fair value option on certain financial instruments. ASU 2016-13 will be effective for annual reporting periods, including interim reporting within those periods, beginning after December 15, 2019. Early adoption is permitted for annual reporting periods, including interim periods after December 15, 2018 and will be applied using a modified retrospective approach. We elected not to early adopt the provisions of this ASU and we do not expect there to be a material impact to the consolidated financial statements upon adoption of this standard in 2020. In December 2019, the FASB issued ASU 2019-12, “ Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes ,” which simplifies the accounting for income taxes by eliminating some exceptions to the general approach in Accounting Standards Codification 740, Income Taxes. It also clarifies certain aspects of the existing guidance to promote more consistent application. This standard is effective for calendar-year public business entities in 2021 and interim periods within that year, and early adoption is permitted. We are currently not early adopting and are in the process of evaluating the impact the new standard will have on our consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | (3) Acquisitions 2019 Acquisitions We made no acquisitions for the year ended December 31, 2019. 2018 Acquisitions We made no acquisitions for the year ended December 31, 2018. 2017 Acquisitions On January 31, 2017 , we 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 our 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. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Revenue Recognition [Abstract] | |
Revenue | (4) Revenue We account for revenue in accordance with ASC Topic 606, “Revenue from Contracts with Customers,” which we adopted on January 1, 2018, using the modified-retrospective method. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASC Topic 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. At December 31, 2019, we had $107,882 of outstanding performance obligations. We expect to recognize approximately 92 percent of our remaining performance obligations as revenue within the next twelve months, an additional 5 percent by the end of 2021 and the balance thereafter. Revenue Recognition Revenue is recognized when control of the promised products or services is transferred to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We enter into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Many of our contracts with customers include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative stand-alone selling price (“SSP”). Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. The amount of consideration received and revenue recognized may vary based on changes in marketing incentive programs offered to our customers. Our marketing incentive programs take many forms, including volume discounts, trade-in allowances, rebates and other discounts. A majority of our revenue is recognized at the point in time when products are shipped or services are delivered to customers. Please see below for further discussion. Hardware and Materials Revenue from hardware and material sales is recognized when control has transferred to the customer, which typically occurs when the goods have been shipped to the customer, risk of loss has transferred to the customer and we have a present right to payment for the hardware. In limited circumstances, when printer or other hardware sales include substantive customer acceptance provisions, revenue is recognized either when customer acceptance has been obtained, customer acceptance provisions have lapsed, or we have objective evidence that the criteria specified in the customer acceptance provisions have been satisfied. Printers and certain other products include a warranty under which we provide maintenance for periods up to one year. For these initial product warranties, 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. Software We also market and sell software tools that enable our customers to capture and customize content using our printers, design optimization and simulation software, and reverse engineering and inspection software. Software does not require significant modification or customization and the license provides the customer with a right to use the software as it exists when made available. Revenue from these software licenses is recognized either upon delivery of the product or of a key code which allows the customer to download the software. Customers may purchase post-sale support. Generally, the first year is included but subsequent years are optional. This optional support is considered a separate obligation from the software and is deferred at the time of sale and subsequently recognized ratably over future periods. Services We offer training, installation and non-contract maintenance services for our products. Additionally, we offer maintenance contracts customers can purchase at their option. For maintenance contracts, revenue is deferred at the time of sale based on the stand-alone selling prices of these services and costs are expensed as incurred. Deferred revenue is recognized ratably over the term of the 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 arrangement. Terms of sale Shipping and handling activities are treated as fulfillment costs rather than as an additional promised service. We accrue the costs of shipping and handling when the related revenue is recognized. Our incurred costs associated with shipping and handling are included in product cost of sales. 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 our general credit terms. Creditworthiness is considered, among other things, in evaluating our relationship with customers with past due balances. Our terms of sale generally provide payment terms that are customary in the countries where we transact business. To reduce credit risk in connection with certain sales, we may, depending upon the circumstances, require significant deposits or payment in full prior to shipment. For maintenance services, we either bill customers on a time-and-materials basis or sell maintenance contracts that provide for payment in advance on either an annual or other periodic basis. See Note 21 for additional information related to revenue by reportable segment and major lines of business. Significant Judgments Our contracts with customers often include promises to transfer multiple products and services to a customer. For such arrangements, we allocate revenues to each performance obligation based on its relative SSP. Judgment is required to determine the SSP for each distinct performance obligation in a contract. For the majority of items, we estimate SSP using historical transaction data. We use a range of amounts to estimate SSP when we sell each of the products and services separately and need to determine whether there is a discount to be allocated based on the relative SSP of the various products and services. In instances where SSP is not directly observable, such as when the product or service is not sold separately, we determine the SSP using information that may include market conditions and other observable inputs. In some circumstances, we have more than one SSP for individual products and services due to the stratification of those products and services by customers, geographic region or other factors. In these instances, it may use information such as the size of the customer and geographic region in determining the SSP. The determination of SSP is an ongoing process and information is reviewed regularly in order to ensure SSP reflects the most current information or trends. The nature of our marketing incentives may lead to consideration that is variable. Judgment is exercised at contract inception to determine the most likely outcome of the contract and resulting transaction price. Ongoing assessments are performed to determine if updates are needed to the original estimates. Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer deposits and deferred revenues (contract liabilities) on the consolidated balance sheets. Timing of revenue recognition may differ from the timing of invoicing to customers. We record a receivable when revenue is recognized at the time of invoicing, or unbilled receivables when revenue is recognized prior to invoicing. For most of our contracts, customers are invoiced when products are shipped or when services are performed resulting in billed accounts receivables for the remainder of the owed contract price. Unbilled receivables generally result from items being shipped where the customer has not been charged, but for which revenue had been recognized. In our on demand manufacturing business, customers may be required to pay in full before work begins on their orders, resulting in customer deposits. We typically bill in advance for installation, training and maintenance contracts as well as extended warranties, resulting in deferred revenue. Changes in contract asset and liability balances were not materially impacted by any other factors for the period ended December 31, 2019. Through December 31, 2019, we recognized revenue of $26,486 related to our contract liabilities at January 1, 2019. Through December 31, 2018, we recognized revenue of $37,206 related to our contract liabilities at January 1, 2018. Practical Expedients and Exemptions We generally expense sales commissions when incurred because the amortization period would be one year or less. These costs are recorded within selling, general and administrative expenses. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | (5) Leases We have various lease agreements for our facilities, equipment and vehicles with remaining lease terms ranging from one one Most of our leases do not provide an implicit rate, therefore we use our incremental borrowing rate based on the information available at the commencement date to determine the present value of the future lease payments. Certain of our leases include variable costs. Variable costs include non-lease components that were incurred based upon actual terms rather than contractually fixed amounts. In addition, variable costs are incurred for lease payments that are indexed to a change in rate or index. Because the ROU asset recorded on the balance sheet was determined based upon factors considered at the commencement date, subsequent changes in the rate or index that were not contemplated in the ROU asset balances recorded on the balance sheet result in variable expenses being incurred when paid during the lease term. Components of lease cost (income) were as follows: (in thousands) Year Ended December 31, 2019 Operating lease cost $ 14,743 Finance lease cost - amortization expense 737 Finance lease cost - interest expense 477 Short-term lease cost 114 Variable lease cost 245 Sublease income (84) Total $ 16,232 Rent expense for the years ended December 31, 2018 and 2017, accounted for under the previous guidance at ASC 840 Leases , was $15,809 and $14,899, respectively. Balance sheet classifications at December 31, 2019 are summarized below: December 31, 2019 (in thousands) Right of use assets Current right of use liabilities Long-term right of use liabilities Operating Leases $ 28,571 $ 9,231 $ 24,835 Finance Leases 8,319 338 10,567 Total $ 36,890 $ 9,569 $ 35,402 Our future minimum lease payments as of December 31, 2019 under operating lease and finance leases, with initial or remaining lease terms in excess of one year, were as follows: December 31, 2019 (in thousands) Operating Leases Finance Leases Years ending December 31: 2020 $ 11,013 $ 965 2021 7,611 1,473 2022 6,295 1,475 2023 5,341 1,469 2024 3,817 1,420 Thereafter 6,728 8,242 Total lease payments 40,805 15,044 Less: imputed interest (6,739) (4,139) Present value of lease liabilities $ 34,066 $ 10,905 Supplemental cash flow information related to our operating leases for the period ending December 31, 2019, was as follows: (in thousands) December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow from operating leases $ 15,602 Operating cash outflow from finance leases $ 456 Financing cash outflow from finance leases $ 725 Weighted-average remaining lease terms and discount rate for our operating leases for the period ending December 31, 2019, were as follows: December 31, 2019 Operating Financing Weighted-average remaining lease term 5.3 years 10.4 years Weighted-average discount rate 6.49 % 6.03 % |
Leases | (5) Leases We have various lease agreements for our facilities, equipment and vehicles with remaining lease terms ranging from one one Most of our leases do not provide an implicit rate, therefore we use our incremental borrowing rate based on the information available at the commencement date to determine the present value of the future lease payments. Certain of our leases include variable costs. Variable costs include non-lease components that were incurred based upon actual terms rather than contractually fixed amounts. In addition, variable costs are incurred for lease payments that are indexed to a change in rate or index. Because the ROU asset recorded on the balance sheet was determined based upon factors considered at the commencement date, subsequent changes in the rate or index that were not contemplated in the ROU asset balances recorded on the balance sheet result in variable expenses being incurred when paid during the lease term. Components of lease cost (income) were as follows: (in thousands) Year Ended December 31, 2019 Operating lease cost $ 14,743 Finance lease cost - amortization expense 737 Finance lease cost - interest expense 477 Short-term lease cost 114 Variable lease cost 245 Sublease income (84) Total $ 16,232 Rent expense for the years ended December 31, 2018 and 2017, accounted for under the previous guidance at ASC 840 Leases , was $15,809 and $14,899, respectively. Balance sheet classifications at December 31, 2019 are summarized below: December 31, 2019 (in thousands) Right of use assets Current right of use liabilities Long-term right of use liabilities Operating Leases $ 28,571 $ 9,231 $ 24,835 Finance Leases 8,319 338 10,567 Total $ 36,890 $ 9,569 $ 35,402 Our future minimum lease payments as of December 31, 2019 under operating lease and finance leases, with initial or remaining lease terms in excess of one year, were as follows: December 31, 2019 (in thousands) Operating Leases Finance Leases Years ending December 31: 2020 $ 11,013 $ 965 2021 7,611 1,473 2022 6,295 1,475 2023 5,341 1,469 2024 3,817 1,420 Thereafter 6,728 8,242 Total lease payments 40,805 15,044 Less: imputed interest (6,739) (4,139) Present value of lease liabilities $ 34,066 $ 10,905 Supplemental cash flow information related to our operating leases for the period ending December 31, 2019, was as follows: (in thousands) December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow from operating leases $ 15,602 Operating cash outflow from finance leases $ 456 Financing cash outflow from finance leases $ 725 Weighted-average remaining lease terms and discount rate for our operating leases for the period ending December 31, 2019, were as follows: December 31, 2019 Operating Financing Weighted-average remaining lease term 5.3 years 10.4 years Weighted-average discount rate 6.49 % 6.03 % |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | (6) Inventories Components of inventories at December 31, 2019 and 2018 are summarized as follows: (in thousands) 2019 2018 Raw materials $ 42,066 $ 49,624 Work in process 5,496 2,969 Finished goods and parts 63,544 80,568 Inventories $ 111,106 $ 133,161 We record a reserve to the carrying value of our inventory to reflect the rapid technological change in our industry that impacts the market for our products. The inventory reserve was $12,812 and $10,310 as of December 31, 2019 and 2018, respectively. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | (7) Property and Equipment Property and equipment at December 31, 2019 and 2018 are summarized as follows: (in thousands) 2019 2018 Useful Life (in years) Land $ 541 $ 903 N/A Building 5,093 12,408 25-30 Machinery and equipment 158,753 151,429 2-7 Capitalized software 22,928 18,357 3-5 Office furniture and equipment 4,618 4,955 1-5 Leasehold improvements 33,444 31,514 Life of lease a Construction in progress 9,944 15,083 N/A Total property and equipment 235,321 234,649 Less: Accumulated depreciation and amortization (142,381) (126,931) Total property and equipment, net b $ 92,940 $ 107,718 a. Leasehold improvements are amortized on a straight-line basis over the shorter of (i) their estimated useful life, or (ii) the estimated or contractual life of the related lease. b. Prior year balance includes $4,466 of capitalized lease assets accounted for under ASC 840. We include 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 equipment for the years ended December 31, 2019, 2018 and 2017 was $29,982, $29,302 and $25,561, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | (8) Intangible Assets Intangible assets, net, other than goodwill, at December 31, 2019 and 2018 are summarized as follows: 2019 2018 (in thousands) Gross a Accumulated Amortization Net Gross a Accumulated Amortization Net Weighted Average Useful Life Remaining (in years) Intangible assets with finite lives: Customer relationships $ 103,661 $ (77,021) $ 26,640 $ 103,332 $ (67,129) $ 36,203 4 Acquired technology 54,378 (51,875) 2,503 52,691 (47,546) 5,145 1 Trade names 23,907 (19,133) 4,774 25,096 (17,669) 7,427 4 Patent costs 11,760 (9,535) 2,225 11,032 (8,382) 2,650 15 Trade secrets 19,494 (15,714) 3,780 19,374 (13,574) 5,800 2 Acquired patents 16,215 (14,706) 1,509 16,212 (13,160) 3,052 7 Other 26,256 (19,349) 6,907 26,551 (18,553) 7,998 1 Total intangible assets $ 255,671 $ (207,333) $ 48,338 $ 254,288 $ (186,013) $ 68,275 5 a. Change in gross carrying amounts consists primarily of charges for license and patent costs and foreign currency translation. Amortization expense related to intangible assets was $20,312, $29,722 and $35,559 for the years ended December 31, 2019 2018 and 2017, respectively. Annual amortization expense for intangible assets is expected to be $16,936 in 2020, $12,488 in 2021, $7,370 in 2022, $2,418 in 2023 and $1,320 in 2024. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | (9) Goodwill The following are the changes in the carrying amount of goodwill by geographic reporting unit: (in thousands) Americas EMEA APAC Total Balance at December 31, 2017 $ — $ 191,948 $ 38,934 $ 230,882 Acquisitions and adjustments — (331) — (331) Effect of foreign currency exchange rates — (7,597) (1,620) (9,217) Balance at December 31, 2018 — 184,020 37,314 221,334 Effect of foreign currency exchange rates — 2,675 (833) 1,842 Balance at December 31, 2019 $ — $ 186,695 $ 36,481 $ 223,176 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, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefits | (10) Employee Benefits We sponsor a Section 401(k) plan (the “Plan”) covering substantially all our 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. We match 50.0% of contributions on the first 6.0% of the participant’s eligible compensation. We will give a minimum match of one thousand five hundred dollars to participants who average a minimum 6.0% deferral contribution rate per plan year. In addition, we have several other U.S. and non-U.S. defined contribution plans covering eligible U.S. and non-U.S. employees, respectively. |
Accrued and Other Liabilities
Accrued and Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued and Other Liabilities | (11) Accrued and Other Liabilities Accrued liabilities at December 31, 2019 and 2018 are summarized as follows: (in thousands) 2019 2018 Compensation and benefits $ 21,139 $ 23,787 Accrued taxes 9,840 17,246 Vendor accruals 9,734 6,895 Payable to owners of redeemable noncontrolling interests 10,000 — Arbitration awards 2,256 2,256 Product warranty liability 2,908 3,788 Accrued other 4,223 2,219 Accrued professional fees 1,545 1,657 Royalties payable 1,450 1,417 Total $ 63,095 $ 59,265 Other liabilities at December 31, 2019 and 2018 are summarized as follows: (in thousands) 2019 2018 Long term employee indemnity $ 14,408 $ 13,609 Long term tax liability 5,011 4,168 Defined benefit pension obligation 10,357 8,518 Long term deferred revenue 7,370 8,121 Other long term liabilities 8,662 4,915 Total $ 45,808 $ 39,331 Changes in product warranty obligations, including deferred revenue on extended warranty contracts, for the years ended December 31, 2019, 2018 and 2017, are summarized below: (in thousands) Beginning Balance Additional Accrual/ Revenue Deferred Costs Incurred/ Deferred Revenue Amortization Ending Balance Year Ended December 31, 2019 $ 7,660 $ 8,124 $ (9,592) $ 6,192 2018 10,202 9,347 (11,889) 7,660 2017 9,051 13,623 (12,472) 10,202 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | (12) Borrowings Credit Facility On February 27, 2019, we, as borrower, and certain of our subsidiaries, as guarantors, entered into a 5-year $100,000 senior secured term loan facility (the “Term Facility”) and a 5-year $100,000 senior secured revolving credit facility (the “Revolving Facility” and, together with the Term Facility, the “Senior Credit Facility”). The Senior Credit Facility replaced our prior $150,000 5-year revolving, unsecured credit facility (the “Prior Credit Agreement”), which was terminated on February 27, 2019 in connection with the entry into the Senior Credit Facility. The proceeds of the Senior Credit Facility were used to refinance existing indebtedness of $25,000 outstanding under the Prior Credit Agreement and to support working capital and general corporate purposes. Pursuant to the Senior Credit Facility, the guarantors guarantee, among other things, all our obligations and each other guarantor's obligations under the Senior Credit Facility. From time to time, we may be required to cause additional domestic subsidiaries to become guarantors under the Senior Credit Facility. The Senior Credit Facility is scheduled to mature on February 26, 2024, at which time all amounts outstanding thereunder will be due and payable. However, the maturity date of the Revolving Facility may be extended at our election with the consent of the lenders subject to the terms set forth in the Senior Credit Facility. The Senior Credit Facility contains customary covenants, some of which require us to maintain certain financial ratios that determine the amounts available and terms of borrowings and events of default. We were in compliance with all covenants at December 31, 2019. The payment of dividends on our common stock is restricted under provisions of the Senior Credit Facility, which limits the amount of cash dividends that we may pay in any one fiscal year to $30,000. We currently do not pay, and have not paid, any dividends on our common stock, and currently intend to retain any future earnings for use in our business. Borrowings under the Senior Credit Facility are subject to interest at varying spreads above quoted market rates and a commitment fee is paid on the total unused commitment. At December 31, 2019, our floating interest rate was 3.80% and commitment fees for the years ended December 31, 2019 and 2018 totaled $374 and $370, respectively. Subject to certain terms and conditions contained in the Revolving Facility, we have the right to request up to four increases to the amount of the Revolving Facility in an aggregate amount not to exceed $100,000. At December 31, 2019, we had a balance of $48,232 outstanding on the Term Facility, whereby future payments under the Term Facility are expected to be $2,506 in 2020, $4,385 in 2021, $6,890 in 2022, $7,517 in 2023 and $26,934 in 2024. Unamortized deferred financing costs were $511. As a result of the Term Facility, we have exposure to floating interest rates. To manage interest expense, we entered into a floating to fixed interest rate swap to reduce exposure to changes in floating interest rates on the Term Facility. The interest rate swap has a notional value of $40.0 million and will expire on February 26, 2024, concurrent with the Term Facility. The notional value will decline over the term of the interest rate swap as amortization payments reduce the principal amount of the Term Facility. As a result of the interest rate swap, the percentage of total principal debt (excluding capital leases) that is subject to floating interest rates is approximately 17%. We designated the swap as a cash flow hedge for accounting treatment purposes. See Note 13 for additional information. Interest Income and Expense Interest income totaled $1,209, $789 and $784 for the years ended December 31, 2019, 2018 and 2017, respectively. |
Hedging Activities and Financia
Hedging Activities and Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Hedging Activities and Financial Instruments | (13) Hedging Activities and Financial Instruments Derivatives Designated as Hedging Instruments On July 8, 2019, we entered into an interest rate swap contract, designated as a cash flow hedge, to minimize the risk associated with the variability of cash flows in interest payments from variable-rate debt due to fluctuations in the one-month USD-LIBOR, subject to a 0% floor, through February 26, 2024. Changes in the interest rate swap are expected to offset the changes in cash flows attributable to fluctuations of the one-month USD-LIBOR for the interest payments associated with our variable-rate debt. The notional amount and fair value of the derivative on our balance sheet at December 31, 2019 are disclosed below: (in thousands) Balance Sheet location Notional amount Fair value Interest rate swap contract Other liabilities $ 40,000 $ (318) Amounts released from accumulated other comprehensive loss (AOCL) and reclassified into “Interest and other expense, net” did not have a material impact on our consolidated statements of operations and comprehensive loss for the year ended December 31, 2019. The net amount of AOCL expected to be reclassified to earnings in the next 12 months is not expected to have a material impact on our consolidated statements of operations and comprehensive loss. Derivatives Not Designated as Hedging Instruments We conduct business in various countries using both the functional currencies of those countries and other currencies to effect cross border transactions. As a result, we 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, we endeavor to match assets and liabilities in the same currency on our balance sheet and those of our subsidiaries in order to reduce these risks. When appropriate, we enter into foreign currency contracts to hedge exposures arising from those transactions. We have elected not to prepare and maintain the documentation to qualify for hedge accounting treatment under ASC 815, “ Derivatives and Hedging ,” and therefore, all gains and losses (realized or unrealized) are recognized in “Interest and other expense, net” in the consolidated statements of 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 consolidated balance sheet. We had $102,407 and $75,304 in notional foreign exchange contracts outstanding as of December 31, 2019 and 2018, respectively. The fair values of these contracts were not material. We translate 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). |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Preferred Stock | (14) Preferred StockWe had $5,000 shares of preferred stock that were authorized but unissued at December 31, 2019 and 2018. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | (15) Stock-Based Compensation Effective May 19, 2004, we adopted our 2004 Incentive Stock Plan, as further amended and restated on February 3, 2015 (the “2004 Stock Plan”), and our 2004 Restricted Stock Plan for Non-Employee Directors, as further amended and restated on April 1, 2013 (the “Director Plan”). On May 19, 2015, our 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 2015 Plan authorizes shares of restricted stock, RSUs, stock appreciation rights, cash incentive awards and the grant of options to purchase shares of our common stock. The 2015 Plan also designates measures that may be used for performance awards. The Director Plan authorizes shares of restricted stock for our non-employee directors. The 2004 Stock Plan authorized shares of restricted stock, RSUs, stock appreciation rights and the grant of options to purchase shares of our common stock. The 2004 Stock Plan also designated measures that may be used for performance awards. The 2004 Stock Plan was superseded by the 2015 Plan and, as of December 31, 2019, there were no outstanding awards under the 2004 Stock Plan as the final vesting of awards granted under the 2004 Stock Plan occurred during 2018. Generally, awards granted prior to November 13, 2015 become fully-vested on the 3-year anniversary of the grant date and awards granted on or after November 13, 2015 vest one third each year over 3 years. Stock-based compensation expense (income) 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 (income) recognized in net earnings in each of the past three years: Year Ended December 31, (in thousands) 2019 2018 2017 Restricted Stock $ 25,154 $ 24,933 $ 22,920 Stock Options (1,567) 4,320 4,340 Total stock-based compensation expense $ 23,587 $ 29,253 $ 27,260 Restricted Stock We determine the fair value of restricted stock and RSUs based on the closing price of our stock on the date of grant. We generally recognize 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 summary of restricted stock and RSU activity during December 31, 2019 follows: (in thousands, except per share amounts) Number of Shares/Units Weighted Average Grant Date Fair Value Outstanding at beginning of period — unvested 3,831 $ 14.03 Granted 3,107 9.68 Canceled (795) 11.97 Vested (1,670) 13.53 Outstanding at end of period — unvested 4,473 $ 11.42 Included in the outstanding balance above are 241 shares of restricted stock that vest under specified market conditions and 370 shares of restricted stock that vest under specified Company performance measures. The specified market condition shares were awarded to certain employees in 2017 and 2016 and were generally awarded in two equal tranches of market condition restricted stock that immediately vests when our common stock trades at either $30 or $40 per share for ninety Some RSUs are granted with a performance measure derived from non-GAAP-based management targets. Depending on our performance with respect to this metric, the number of RSUs earned may be less than, equal to or greater than the original number of RSUs awarded, subject to a payout range. At December 31, 2019, there was $69 of unrecognized pre-tax stock-based compensation expense related to non-vested restricted stock awards with market conditions, which we expect to recognize over a weighted-average period of 0.4 years. At December 31, 2019, there was $33,334 of unrecognized pre-tax stock-based compensation expense related to all other non-vested restricted stock award shares and units, which we expect to recognize over a weighted-average period of 1.8 years. Stock Options During the year ended December 31, 2016, we 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 our common stock trades at either $30 or $40 per share for ninety We recognize 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. Stock option activity for the year ended December 31, 2019 was as follows: Year Ended December 31, 2019 (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 1,780 $ 14.10 — — Granted — — — — Exercised — — — — Forfeited and expired (540) 13.34 — — Outstanding at end of period 1,240 $ 14.43 6.5 — In the table above, intrinsic value is calculated as the excess, if any, between the market price of our 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, 2019, there was $181 of unrecognized pre-tax stock-based compensation expense related to stock options, which we expect to recognize over a weighted-average period of 0.4 years. |
International Retirement Plan
International Retirement Plan | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
International Retirement Plan | (16) International Retirement Plan We sponsor a non-contributory defined benefit pension plan for certain employees of a non-U.S. subsidiary initiated by a predecessor of the subsidiary. We maintain insurance contracts that provide an annuity that is used to fund the current obligations under this plan. The following table provides a reconciliation of the changes in the projected benefit obligation for the years ended December 31, 2019 and 2018: (in thousands) 2019 2018 Reconciliation of benefit obligations: Obligations as of January 1 $ 8,658 $ 8,434 Service cost 166 155 Interest cost 151 148 Actuarial loss (gain) 1,815 453 Benefit payments (139) (145) Effect of foreign currency exchange rate changes (154) (387) Benefit obligations as of December 31 10,497 8,658 Fair value of assets as of December 31 a 3,343 3,224 Funded status as of December 31, net of tax benefit $ (7,154) $ (5,434) a. No change in underlying asset value for the periods. We recognized the following amounts in the consolidated balance sheets at December 31, 2019 and 2018: (in thousands) 2019 2018 Other assets $ 3,343 $ 3,224 Accrued liabilities (140) (140) Other liabilities (10,357) (8,518) Net liability $ (7,154) $ (5,434) The following projected benefit obligation and accumulated benefit obligation were estimated as of December 31, 2019 and 2018: (in thousands) 2019 2018 Projected benefit obligation $ 10,497 $ 8,658 Accumulated benefit obligation $ 9,351 $ 7,587 The following table shows the components of net periodic benefit costs and the amounts recognized in “Accumulated other comprehensive income (loss)” as of December 31, 2019, 2018 and 2017: (in thousands) 2019 2018 2017 Net periodic benefit cost: Service cost $ 166 $ 155 $ 184 Interest cost 151 148 131 Amortization of actuarial loss 200 177 244 Total net periodic pension cost 517 480 559 Other changes in plan assets and benefit obligations recognized in other comprehensive income: Net loss (gain) 1,815 453 (558) Amortization of prior years' unrecognized loss (200) (177) (244) Tax (benefit) provision (555) (88) 247 Total recognized as accumulated other comprehensive income (loss) 1,060 188 (555) Total expense recognized in net periodic benefit cost and other comprehensive income $ 1,577 $ 668 $ 4 The following assumptions are used to determine benefit obligations as of as of December 31, 2019 and 2018: 2019 2018 Discount rate 0.8% 1.8% Rate of compensation 3.0% 3.5% The following benefit payments, including expected future service cost, are expected to be paid: (in thousands) Estimated future benefit payments: 2020 $ 168 2021 175 2022 181 2023 185 2024 187 2025-2029 1,277 |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | (17) Net Loss Per Share We compute 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. Year Ended December 31, (in thousands, except per share amounts) 2019 2018 2017 Numerator for basic and diluted net loss per share: Net loss attributable to 3D Systems Corporation $ (69,880) $ (45,505) $ (66,191) Denominator for basic and diluted net loss per share: Weighted average shares 113,811 112,327 111,554 Net loss per share - basic and diluted $ (0.61) $ (0.41) $ (0.59) For the years ended December 31, 2019, 2018 and 2017 the effect of dilutive securities, including non-vested stock options and restricted stock awards/units, was excluded from the denominator for the calculation of diluted net loss per share because we recognized a net loss for the period and their inclusion would be anti-dilutive. Dilutive securities excluded were 5,822, 5,015 and 5,341 shares for the years ended December 31, 2019, 2018 and 2017, respectively. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | (18) Noncontrolling Interests As of December 31, 2019, we 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. Subsequent to our year-end, on January 7, 2020, we made a payment equal to the current redemption price of $10,000 for all of the remaining ownership interests held and brought our ownership of the capital and voting rights to 100%. See Redeemable Noncontrolling Interests in Note 2 for additional discussion. As of December 31, 2019, we owned 100% 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 $2,300. The remaining 30% of the capital and voting rights of Easyway were acquired on January 21, 2019 for $13,500 to be paid in installments over four years, with the first installment of $2,500 paid in March 2019. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (19) Fair Value Measurements ASC 820, “ Fair Value Measurements and Disclosures ,” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy 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. The above standard applies to cash equivalents, Israeli severance funds and derivatives. We utilize the market approach to measure fair value for 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, 2019 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents a $ 20,869 $ — $ — $ 20,869 Israeli severance funds b $ — $ 7,449 $ — $ 7,449 Derivative financial instruments c $ — $ (318) $ — $ (318) Fair Value Measurements as of December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents a $ 6,141 $ — $ — $ 6,141 Israeli severance funds b $ — $ 6,822 $ — $ 6,822 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. We partially fund a liability for our Israeli severance requirement through monthly deposits into fund accounts, the value of these contributions are recorded to non-current assets on the consolidated balance sheet. c. Derivative instruments are reported based on published market prices for similar assets or are estimated based on published market prices for similar assets or are estimated based on observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices and spot and future exchange rates. See Note 13 for additional information on our derivative financial instruments. We did not have any transfers of assets and liabilities between Level 1, Level 2 and Level 3 of the fair value measurement hierarchy during the year ended December 31, 2019. 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 assets measured at fair value for impairment assessment, in addition to redeemable noncontrolling interests. For further discussion on the valuation techniques and inputs used in the fair value measurement of goodwill and other intangible assets, see Notes 2, 8 and 9. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (20) 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, extending the carryforward period for newly generated net operating losses, implementing a territorial tax system, and imposing a one-time transition tax on deemed repatriated earnings of foreign subsidiaries. The SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of GAAP in situations when a registrant did 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 allowed the registrant to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. We applied this guidance when accounting for the enactment date effects of the Tax Act in 2017, and at December 31, 2017, we provided for provisional amounts related to the Tax Act, including, re-measurement of deferred tax assets and liabilities, one-time transition tax, and tax on global intangible low-taxed Income Inclusion (“GILTI”). For the report year ending December 31, 2018, we had completed our accounting for all of the enactment date income tax effects of the Tax Act, and we recorded an adjustment of a $1,524 tax benefit, which was offset by an adjustment to our valuation allowance of $1,524 tax expense. The Tax Act provides for a modified territorial tax system with GILTI provisions effective in 2018, which applies an incremental tax on low taxed foreign income. The GILTI provisions require us to include in our U.S. income tax return any foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The components of our income before income taxes are as follows: 2019 2018 2017 Income (Loss) before income taxes: Domestic $ (79,821) $ (59,233) $ (75,965) Foreign 14,721 16,005 18,444 Total $ (65,100) $ (43,228) $ (57,521) The components of income tax provision for the years ended December 31, 2019, 2018 and 2017 are as follows: 2019 2018 2017 Current: U.S. federal $ (135) $ (5,882) $ (83) State 801 286 741 Foreign 7,220 10,621 12,711 Total 7,886 5,025 13,369 Deferred: U.S. federal (1,008) (322) — State — 3 1,097 Foreign (2,346) (2,671) (6,664) Total (3,354) (2,990) (5,567) Total income tax provision $ 4,532 $ 2,035 $ 7,802 The overall effective tax rate differs from the statutory federal tax rate for the years ended December 31, 2019, 2018 and 2017 as follows: % of Pretax Loss 2019 2018 2017 Tax provision based on the federal statutory rate 21.0 % 21.0 % 35.0 % Increase in valuation allowances (21.3) (34.8) 48.8 Global intangible low-taxed income inclusion (7.0) (6.6) — One-Time transition tax — (2.8) (16.5) Nondeductible expenses (1.8) (2.3) (3.3) Taxes related to distributions (0.8) (2.3) — Foreign income tax rate differential 1.0 (1.5) — Deemed income related to foreign operations (0.5) (1.5) (4.1) Tax rate change (1.1) (1.4) 2.2 Employee share-based payments — 0.1 (13.2) Other (0.9) 0.6 2.9 Deferred and payable adjustments 3.3 0.9 (1.1) ASU 842 Adoption (0.1) — — State taxes, net of federal benefit, before valuation allowance 2.8 2.4 1.0 Return to provision adjustments (2.5) 2.7 2.0 Other tax credits (1.9) 5.1 — U.S. Tax Cuts and Jobs Act - rate change adjustment — 6.4 (65.9) Uncertain tax positions and audit settlements 2.8 9.4 (1.4) Effective tax rate (7.0) % (4.6) % (13.6) % The difference between our effective tax rate for 2019 and the federal statutory rate was 28.0 percentage points. The difference in the effective rate is primarily due to valuation allowance changes, provisions for GILTI, prior period adjustments, and adjustments to uncertain tax positions. The difference between our effective tax rate for 2018 and the federal statutory rate was 25.6 percentage points. The difference in the effective rate is primarily due to the impact of the Tax Act, including adjustments related to the Tax Act, the new provisions for GILTI, tax credits, adjustments to uncertain tax positions related to statute of limitations expiration and change in valuation allowances. The difference between our 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 our foreign income inclusions and employee share-based payments that were previously recognized through other comprehensive income. In 2019 and 2018, there were no significant changes to our valuation allowance assertions. We continue to review results of operations and forecast estimates to determine if it is more likely than not that the deferred tax assets will be realized. During the third quarter of 2017, we determined that it is more likely than not that the deferred tax assets related to Phenix Systems would not be realized based on our review of results from operations and other evidence. During the fourth quarter of 2017, 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 our valuation allowance assertions. The components of our net deferred income tax assets and net deferred income tax (liabilities) at December 31, 2019 and 2018 are as follows: (in thousands) 2019 2018 Deferred income tax assets: Intangibles $ 20,624 $ 22,530 Stock options and restricted stock awards 6,065 5,916 Reserves and allowances 11,959 15,656 Net operating loss carryforwards 57,782 41,356 Tax credit carryforwards 12,749 13,669 Accrued liabilities 3,218 3,040 Deferred revenue 3,940 5,036 Lease Tax Asset 5,970 — 163(j) Limitation Carryforward 1,519 — Valuation allowance (109,643) (95,398) Total deferred income tax assets 14,183 11,805 Deferred income tax liabilities: Intangibles 4,495 6,994 Property, plant and equipment 3,282 5,265 Lease Tax Liability 4,195 — Liabilities related to distributions — 997 Other 830 522 Total deferred income tax liabilities 12,802 13,778 Net deferred income tax assets/( liabilities) $ 1,381 $ (1,973) At December 31, 2019, $57,782 of our deferred income tax assets was attributable to $369,516 of gross net operating loss carryforwards, which consisted of $194,962 of loss carryforwards for U.S. federal income tax purposes, $139,691 of loss carryforwards for U.S. state income tax purposes and $36,894 of loss carryforwards for foreign income tax purposes. The net operating loss carryforwards for U.S. federal income tax purposes begin to expire in 2035. The net operating loss carryforwards for U.S. state income tax purposes began to expire in 2018. In addition, certain loss carryforwards for foreign income tax purposes begin to expire in 2020 and certain other loss carryforwards for foreign purposes do not expire. At December 31, 2019, tax credit carryforwards included in our deferred income tax assets consisted of $2,934 of research and experimentation credit carryforwards for U.S. federal income tax purposes, $4,037 of research and experimentation tax credit carryforwards for U.S. state income tax purposes, $4,026 of foreign tax credits for U.S. federal income tax purposes, $1,021 of research and experimentation tax credit carryforwards for foreign income tax purposes and $729 of other state tax credits. Certain state research and experimentation and other state credits begin to expire in 2021. We have recorded a valuation allowance related to the U.S. federal and state tax credits. Due to the one time transition tax, our previously unremitted earnings have now been subjected to U.S. federal income tax, although, other additional taxes such as, withholding tax, could be applicable. We intend to permanently reinvest its earnings outside the U.S. and as such, it has not provided for any additional taxes on approximately $181,002 of unremitted earnings. We believe the unrecognized deferred tax liability related to these earnings is approximately $21,210. Including interest and penalties, we decreased our unrecognized benefits by $857 for the year ended December 31, 2019 and increased our unrecognized tax benefits by $3,293 for the year ended December 31, 2019. The decrease was primarily related to the release of unrecognized tax benefits due to the expiration of statute of limitations and effective settlement of an audit. We do 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 total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is $4,920.We include interest and penalties in the consolidated financial statements as a component of income tax expense. Unrecognized Tax Benefits* (in thousands) 2019 2018 2017 Balance at January 1 $ (13,031) $ (18,310) $ (18,251) Increases related to prior year tax positions (2,684) (1,400) (4,104) Decreases related to prior year tax positions 857 8,272 4,045 Increases related to current year tax positions (609) (1,593) — Balance at December 31 $ (15,467) $ (13,031) $ (18,310) *The unrecognized tax benefit balance includes an insignificant amount of interest and penalties. Tax years 2013 and 2014 remain subject to examination by the U.S. Internal Revenue Service (“IRS”) for certain credit carryforwards, while tax years 2016 through 2018 remain open to examination by the IRS. State income tax returns are generally subject to examination for a period of three to four years after filing the respective tax returns. We file income tax returns (which are open to examination beginning in the year shown in parentheses) in Australia (2015), Belgium (2016), Brazil (2014), China (2016), France (2016), Germany (2015), India (2014), Israel (2015), Italy (2014), Japan (2014), Korea (2014), Mexico (2014), Netherlands (2014), Switzerland (2014), the United Kingdom (2018) and Uruguay (2014). The following presents the changes in the balance of our 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 2019 Deferred income tax asset valuation allowance $ 95,398 $ 14,245 $ — $ 109,643 2018 Deferred income tax asset valuation allowance 80,796 14,602 — 95,398 2017 Deferred income tax asset valuation allowance 109,913 (28,071) (1,046) 80,796 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | (21) Segment Information We operate as one segment and conduct our 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 APAC region (Australia, China, India, Japan and Korea). We have 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 our geographical locations is based on the location of the selling entity. For the years ended December 31, 2019 and 2018, one customer accounted for approximately 11% and 13% of our consolidated revenue. No single customer accounted for more than 10% of our consolidated revenue for the year ended December 31, 2017. Summarized financial information concerning our geographical operations is shown in the following tables: Year Ended December 31, (in thousands) 2019 2018 2017 Revenue from unaffiliated customers: United States $ 306,650 $ 332,611 $ 322,399 Other Americas 9,175 8,154 11,377 EMEA 240,403 237,462 220,357 APAC 72,866 109,433 91,936 Total revenue $ 629,094 $ 687,660 $ 646,069 Year Ended December 31, (in thousands) 2019 2018 2017 Revenue by class of product and service: Products $ 215,519 $ 259,124 $ 222,750 Materials 169,058 170,091 168,846 Services 244,517 258,445 254,473 Total revenue $ 629,094 $ 687,660 $ 646,069 Year Ended December 31, 2019 Intercompany Sales to (in thousands) Americas EMEA APAC Total Americas $ 1,764 $ 40,704 $ 16,428 $ 58,896 EMEA 66,832 47,395 4,982 119,209 APAC 5,146 2,132 3,136 10,414 Total intercompany sales $ 73,742 $ 90,231 $ 24,546 $ 188,519 Year Ended December 31, 2018 Intercompany Sales to (in thousands) Americas EMEA APAC Total Americas $ 2,342 $ 59,206 $ 22,962 $ 84,510 EMEA 75,875 28,075 7,209 111,159 APAC 4,633 32 3,570 8,235 Total intercompany sales $ 82,850 $ 87,313 $ 33,741 $ 203,904 Year Ended December 31, 2017 Intercompany Sales to (in thousands) Americas EMEA APAC Total Americas $ 2,169 $ 51,689 $ 20,388 $ 74,246 EMEA 70,709 19,098 4,945 94,752 APAC 2,790 174 3,936 6,900 Total $ 75,668 $ 70,961 $ 29,269 $ 175,898 Year Ended December 31, (in thousands) 2019 2018 2017 (Loss) income from operations: Americas $ (80,042) $ (69,081) $ (79,429) EMEA 14,623 5,283 7,483 APAC 8,315 20,607 17,973 Total $ (57,104) $ (43,191) $ (53,973) Year Ended December 31, (in thousands) 2019 2018 2017 Depreciation and amortization: Americas $ 23,569 $ 25,005 $ 25,484 EMEA 24,125 30,191 31,135 APAC 2,702 4,097 5,422 Total $ 50,396 $ 59,293 $ 62,041 Year Ended December 31, (in thousands) 2019 2018 2017 Capital expenditures: Americas $ 12,591 $ 19,668 $ 23,925 EMEA 11,120 20,057 5,227 APAC 274 969 1,729 Total $ 23,985 $ 40,694 $ 30,881 At December 31, (in thousands) 2019 2018 Assets: Americas $ 263,758 $ 284,676 EMEA 447,810 433,326 APAC 95,744 107,830 Total $ 807,312 $ 825,832 At December 31, (in thousands) 2019 2018 Cash and cash equivalents: Americas $ 63,374 $ 39,316 EMEA 44,283 41,581 APAC 26,008 29,101 Total $ 133,665 $ 109,998 At December 31, (in thousands) 2019 2018 Long-lived assets: United States $ 64,986 $ 77,812 Other Americas 958 1,144 EMEA 67,510 82,659 APAC 7,824 9,912 Total $ 141,278 $ 171,527 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (22) Commitments and Contingencies We lease certain of our facilities and equipment under non-cancelable operating and finance leases. See Note 5. Supply commitments totaled $53,562 and $54,972 as of December 31, 2019 and 2018, respectively. Commitments for printer assemblies and inventory items at December 31, 2019 and 2018 were $34,570 and $27,851, respectively. Commitments for operating costs and capital expenditures at December 31, 2019 and 2018 were $18,992 and $27,121, respectively. Indemnification In the normal course of business, we periodically enter into agreements to indemnify customers or suppliers against claims of intellectual property infringement made by third parties arising from the use of our products. Historically, costs related to these indemnification provisions have not been significant, and we are unable to estimate the maximum potential impact of these indemnification provisions on its future results of operations. To the extent permitted under Delaware law, we indemnify our directors and officers for certain events or occurrences while the director or officer is, or was, serving at our request in such capacity, subject to limited exceptions. The maximum potential amount of future payments we could be required to make under these indemnification obligations is unlimited; however, we have directors and officers insurance coverage that may enable us 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 Derivative Litigation Nine related derivative complaints were filed by purported Company stockholders against certain of our former executive officers and members of our Board of Directors. We are named as a nominal defendant in all nine actions. The derivative 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 alleged claims for breach of fiduciary duty, abuse of control, gross mismanagement, waste of corporate assets and unjust enrichment and sought, among other things, monetary damages and certain corporate governance actions. Following negotiations with the assistance of a mediator, the parties to the nine derivative actions listed above reached a global agreement to resolve all of the actions for a monetary amount equal to $2,150 in fees paid to plaintiffs’ counsel, which amount was fully insured by our insurance carriers, and on September 19, 2019 executed a Stipulation and Agreement of Settlement. On September 20, 2019, the plaintiffs filed a motion to seek approval of the global settlement in the derivative action captioned Nally v. Reichental, et al ., Case No. 15-cv-03756-MGL (D.S.C. Sept. 18, 2015), pending before Hon. Mary Geiger Lewis of the U.S. District Court for the District of South Carolina (the “Court”). On October 2, 2019, the Court entered an Order Preliminarily Approving Settlement that, among other things, approved the form and manner of notice of the settlement and scheduled a final settlement hearing. On December 19, 2019, the Court held the final settlement hearing to determine whether the terms of the settlement were fair, reasonable, and adequate and whether judgment should be entered dismissing the actions before the Court with prejudice. The same day, the Court entered a Final Order and Judgment fully and finally approving the global settlement, which became effective on January 21, 2020. Pursuant to the terms of the Stipulation and Agreement of Settlement, the parties to the remaining derivative actions pending in Court of Common Pleas for the 16th Judicial Circuit, County of York, South Carolina, the Superior Court for the State of California, County of Los Angeles, and the United States District Court for the District of Delaware have filed stipulations of voluntary dismissal with prejudice in each respective court. On January 27, 2020, the United States District Court for the District of Delaware, on February 3, 2020, the Supreme Court for the State of California, County of Los Angeles and on February 19, 2020, the court of Common Pleas for the 16th Judicial Circuit County of York, South Carolina entered the Stipulation and Order of Dismissal with prejudice. 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 us and certain of our 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 our acquisition of Print3D Corporation (of which Mr. Barranco was a 50% shareholder) and our subsequent employment of Mr. Barranco. 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 our acquisition of certain website domains from Mr. Barranco and our subsequent employment of Mr. Barranco. Both Barranco I and Barranco II allege we breached certain purchase agreements in order to avoid paying Mr. Barranco additional monies pursuant to royalty and earn out provisions in the agreements. With regard to Barranco I, the Hawaii district court, on February 28, 2014, denied our motion to dismiss and our motion to transfer venue to South Carolina for the convenience of the parties. However, the Hawaii court recognized that Barranco’s claims were all subject to mandatory and binding arbitration in Charlotte, North Carolina. 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 Barranco with respect to two alleged breaches of contract and implied covenants arising out of the contract. The arbitrator found that we did not commit fraud or make any negligent misrepresentations to Barranco. Pursuant to the award, we were directed 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. On August 3, 2018, following an unsuccessful appeal to the federal court in the Western District of North Carolina and the United States Court of Appeals for the Fourth Circuit, we paid $9,127 of the Barranco I judgment, net setoff. On September 28, 2018, the parties filed a Consent Stipulation Resolving Motion for Setoff of Judgment, stipulating that subject only to vacatur or amendment reducing the Barranco II judgment in Barranco’s appeal to the Ninth Circuit related to the Barranco II action discussed below, the Barranco II judgment in the amount of $2,182 was setoff against the Barranco I judgment (“Stipulated Setoff”). We paid Barranco the $101 balance remaining due after the Stipulated Setoff. With regard to Barranco II, the case was tried to a jury in Hawaii district court in May 2016, and on May 27, 2016 the jury found that we were not liable for either breach of contract or breach of the implied covenant of good faith and fair dealing. Additionally, the jury found in our favor on our counterclaim against Barranco and determined that Barranco violated his non-competition covenant with us. On March 30, 2018, the court entered Findings of Fact and Conclusions of Law and Order requiring Barranco to disgorge, and us recover, $523, representing all but four months of the full amount paid to Barranco as salary during his employment with us as well as a portion of the up front and buyout payments made to Barranco in connection with the purchase of certain web domains. In addition, the court ordered Barranco to pay pre-judgment interest to us to be calculated beginning as of his first breach of the non-competition covenant in August 2011. Judgment was entered thereafter on April 2, 2018. On September 13, 2018, the Hawaii district court entered its Amended Judgment in a Civil Case, awarding us a final amended judgment of $2,182. On September 19, 2018, Barranco filed an Amended Notice of Appeal. On January 13, 2019, Barranco filed Appellant’s Opening Brief in the Ninth Circuit. On March 15, 2019, we filed our Answering Brief. On April 14, 2019, Barranco filed his Reply Brief. Oral Arguments took place on October 24, 2019. We intend to defend the appeal. Export Controls and Government Contracts Compliance Matter In October 2017, we 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 our Quickparts.com, Inc. subsidiary. In addition, while collecting information responsive to the above-referenced subpoena, our internal investigation 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 BIS. On June 8, 2018 and thereafter, we submitted voluntary disclosures to BIS and DDTC identifying numerous potentially unauthorized exports of technical data. As part of our ongoing review of trade compliance risks and our cooperation with the government, on November 20, 2019, we submitted to the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) an initial notice of voluntary disclosure regarding potential violations of economic sanctions related to Iran. We are continuing to investigate this issue and will file a final disclosure with OFAC when our review is complete. We have and will continue to implement compliance enhancements to our export controls, trade sanctions, and government contracting compliance program to address the issues identified through our ongoing internal investigation and will cooperate with DDTC and BIS, as well as the U.S. Departments of Justice, Defense, Homeland Security and Treasury in their ongoing reviews of these matters. In addition, on July 19, 2019, we received a notice of immediate suspension of federal contracting from the United States Air Force, pending the outcome of an ongoing investigation. The suspension applied to 3D Systems, its subsidiaries and affiliates, and was related to the potential export controls violations involving our On Demand manufacturing business described above. Under the suspension, we were generally prohibited from receiving new federal government contracts or subcontracts from any executive branch agency as described in the provisions of 48 C.F.R Subpart 9.4 of the Federal Acquisition Regulation. The suspension allowed us to continue to perform current federal contracts, and also to receive awards of new subcontracts for items under $35 and for items considered commercially available off-the-shelf items. The Air Force lifted the suspension on September 6, 2019 following the execution of a two Although we cannot predict the ultimate resolution of these matters, we have incurred and expect to continue to incur significant legal costs and other expenses in connection with responding to the U.S. government agencies. Other We are involved in various other legal matters incidental to our business. Although we cannot predict the results of the litigation with certainty, we believe that the disposition of all these various other legal matters will not have a material adverse effect, individually or in the aggregate, on our consolidated results of operations, consolidated cash flows or consolidated financial position. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Accumulated Other Comprehensive Loss | (23) Accumulated Other Comprehensive 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 Derivative financial instruments Liquidation of non-US entity and purchase of non-controlling interests Total Balance at December 31, 2017 $ (19,319) $ (2,555) $ — $ 338 $ (21,536) Other comprehensive income (loss) (18,751) (92) — — (18,843) Amounts reclassified from accumulated other comprehensive income 1,401 — — — 1,401 Balance at December 31, 2018 (36,669) (2,647) — 338 (38,978) Other comprehensive income (loss) 3,053 (1,060) (318) 256 1,931 Balance at December 31, 2019 $ (33,616) $ (3,707) $ (318) $ 594 $ (37,047) Amounts reclassified out of accumulated other comprehensive loss are as follows: (in thousands) 2019 2018 Statement of Operations Caption Currency translation adjustments: Gain on dissolution $ — $ 1,401 Interest and other expense, net The amounts presented in the table above are in other comprehensive loss and are net of taxes. For additional information about foreign currency translation, see Note 13. For additional information about the pension plan, see Note 16. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (unaudited) | (24) Selected Quarterly Financial Data (unaudited) The following tables set forth unaudited selected quarterly financial data: 2019 Quarter Ended (in thousands, except per share amounts) December 31 September 30 June 30 March 31 Consolidated revenue $ 164,570 $ 155,272 $ 157,272 $ 151,980 Gross profit 71,756 67,281 73,299 65,705 Total operating expenses 76,455 79,215 92,465 87,010 Loss from operations (4,699) (11,934) (19,166) (21,305) Benefit (provision) for income taxes 1,260 (2,010) (1,938) (1,844) Net loss attributable to 3D Systems (4,714) (16,843) (23,929) (24,394) Basic and diluted net loss per share $ (0.04) $ (0.15) $ (0.21) $ (0.22) 2018 Quarter Ended (in thousands, except per share amounts) December 31 September 30 June 30 March 31 Consolidated revenue $ 180,712 $ 164,511 $ 176,568 $ 165,869 Gross profit 82,553 77,810 86,162 77,869 Total operating expenses 89,572 88,794 93,884 95,335 Loss from operations (7,019) (10,984) (7,722) (17,466) Benefit (provision) for income taxes 4,051 (1,593) (2,539) (1,954) Net loss attributable to 3D Systems (4,136) (11,550) (8,862) (20,957) Basic and diluted net income (loss) per share $ (0.04) $ (0.10) $ (0.08) $ (0.19) 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 Income (loss) from operations (5,703) (32,335) (6,864) (9,071) Provision for income taxes (971) (3,723) (2,067) (1,041) Net income (loss) attributable to 3D Systems (10,134) (37,670) (8,416) (9,971) Basic and diluted net income (loss) per share $ (0.08) $ (0.34) $ (0.08) $ (0.09) 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, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | (25) Subsequent Events There are no subsequent events except as disclosed within Note 18. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires us 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. We base our 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 RecognitionWe account for revenue in accordance with ASC Topic 606, “Revenue from Contracts with Customers,” which we adopted on January 1, 2018, using the modified-retrospective method. Revenue Recognition Revenue is recognized when control of the promised products or services is transferred to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We enter into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Many of our contracts with customers include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative stand-alone selling price (“SSP”). Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. The amount of consideration received and revenue recognized may vary based on changes in marketing incentive programs offered to our customers. Our marketing incentive programs take many forms, including volume discounts, trade-in allowances, rebates and other discounts. A majority of our revenue is recognized at the point in time when products are shipped or services are delivered to customers. Please see below for further discussion. Hardware and Materials Revenue from hardware and material sales is recognized when control has transferred to the customer, which typically occurs when the goods have been shipped to the customer, risk of loss has transferred to the customer and we have a present right to payment for the hardware. In limited circumstances, when printer or other hardware sales include substantive customer acceptance provisions, revenue is recognized either when customer acceptance has been obtained, customer acceptance provisions have lapsed, or we have objective evidence that the criteria specified in the customer acceptance provisions have been satisfied. Printers and certain other products include a warranty under which we provide maintenance for periods up to one year. For these initial product warranties, 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. Software We also market and sell software tools that enable our customers to capture and customize content using our printers, design optimization and simulation software, and reverse engineering and inspection software. Software does not require significant modification or customization and the license provides the customer with a right to use the software as it exists when made available. Revenue from these software licenses is recognized either upon delivery of the product or of a key code which allows the customer to download the software. Customers may purchase post-sale support. Generally, the first year is included but subsequent years are optional. This optional support is considered a separate obligation from the software and is deferred at the time of sale and subsequently recognized ratably over future periods. Services We offer training, installation and non-contract maintenance services for our products. Additionally, we offer maintenance contracts customers can purchase at their option. For maintenance contracts, revenue is deferred at the time of sale based on the stand-alone selling prices of these services and costs are expensed as incurred. Deferred revenue is recognized ratably over the term of the 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 arrangement. Terms of sale Shipping and handling activities are treated as fulfillment costs rather than as an additional promised service. We accrue the costs of shipping and handling when the related revenue is recognized. Our incurred costs associated with shipping and handling are included in product cost of sales. 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 our general credit terms. Creditworthiness is considered, among other things, in evaluating our relationship with customers with past due balances. Our terms of sale generally provide payment terms that are customary in the countries where we transact business. To reduce credit risk in connection with certain sales, we may, depending upon the circumstances, require significant deposits or payment in full prior to shipment. For maintenance services, we either bill customers on a time-and-materials basis or sell maintenance contracts that provide for payment in advance on either an annual or other periodic basis. See Note 21 for additional information related to revenue by reportable segment and major lines of business. Significant Judgments Our contracts with customers often include promises to transfer multiple products and services to a customer. For such arrangements, we allocate revenues to each performance obligation based on its relative SSP. Judgment is required to determine the SSP for each distinct performance obligation in a contract. For the majority of items, we estimate SSP using historical transaction data. We use a range of amounts to estimate SSP when we sell each of the products and services separately and need to determine whether there is a discount to be allocated based on the relative SSP of the various products and services. In instances where SSP is not directly observable, such as when the product or service is not sold separately, we determine the SSP using information that may include market conditions and other observable inputs. In some circumstances, we have more than one SSP for individual products and services due to the stratification of those products and services by customers, geographic region or other factors. In these instances, it may use information such as the size of the customer and geographic region in determining the SSP. The determination of SSP is an ongoing process and information is reviewed regularly in order to ensure SSP reflects the most current information or trends. The nature of our marketing incentives may lead to consideration that is variable. Judgment is exercised at contract inception to determine the most likely outcome of the contract and resulting transaction price. Ongoing assessments are performed to determine if updates are needed to the original estimates. Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer deposits and deferred revenues (contract liabilities) on the consolidated balance sheets. Timing of revenue recognition may differ from the timing of invoicing to customers. We record a receivable when revenue is recognized at the time of invoicing, or unbilled receivables when revenue is recognized prior to invoicing. For most of our contracts, customers are invoiced when products are shipped or when services are performed resulting in billed accounts receivables for the remainder of the owed contract price. Unbilled receivables generally result from items being shipped where the customer has not been charged, but for which revenue had been recognized. In our on demand manufacturing business, customers may be required to pay in full before work begins on their orders, resulting in customer deposits. We typically bill in advance for installation, training and maintenance contracts as well as extended warranties, resulting in deferred revenue. Changes in contract asset and liability balances were not materially impacted by any other factors for the period ended December 31, 2019. Through December 31, 2019, we recognized revenue of $26,486 related to our contract liabilities at January 1, 2019. Through December 31, 2018, we recognized revenue of $37,206 related to our contract liabilities at January 1, 2018. Practical Expedients and Exemptions We generally expense sales commissions when incurred because the amortization period would be one year or less. These costs are recorded within selling, general and administrative expenses. |
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. We assess 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. |
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, we assess 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, we 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 our past collection experience is no longer relevant, our estimate of the recoverability of accounts receivable could be further reduced from the levels provided for in the consolidated financial statements. |
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 We review 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 for 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, 2019 and 2018. 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, first to 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 21. We completed the required annual goodwill impairment test during the fourth quarter of 2019. The first step of the goodwill impairment test compared the fair value of each of our reporting units to their carrying value. We estimated 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 their respective carrying values as of December 31, 2019. |
Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interests Owners of noncontrolling interests in a certain subsidiary held the right to require us to acquire either a portion of or all of the remaining ownership interests held by them. The owners’ ability to exercise the “put option” right was subject to the satisfaction of certain conditions, including conditions requiring notice in advance of exercise and timing restrictions of the exercise date. The “put option” right was recorded as mezzanine equity on the consolidated balance sheet at December 31, 2018 at its estimated redemption amount. |
Contingencies | Contingencies We follow 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 We are exposed to market risk from changes in interest rates, foreign currency exchange rates and commodity prices, which may adversely affect our results of operations and financial condition. We seek to minimize these risks through regular operating and financing activities and, when we consider it to be appropriate, through the use of derivative financial instruments. We do not purchase, hold or sell derivative financial instruments for trading or speculative purposes. We use derivative financial instruments to manage our exposure to changes in interest rates on outstanding debt instruments. In doing so, we have elected to prepare and maintain the documentation to qualify for hedge accounting treatment under ASC 815, “ Derivatives and Hedging ,” and therefore, related gains and losses (realized or unrealized) related to derivative instruments are recognized in accumulated other comprehensive income (loss) and are reclassified into earnings when the underlying transaction is recognized in net earnings 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. We and our subsidiaries conduct business in various countries using both their functional currencies and other currencies to effect cross border transactions. As a result, we and our subsidiaries 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, we endeavor to match assets and liabilities in the same currency on our U.S. balance sheet and those of our subsidiaries in order to reduce these risks. We, when we consider it to be appropriate, enter into foreign currency contracts to hedge the exposure arising from those transactions. See Note 13. For our hedges of foreign exchange rates and commodity prices, we have elected to not prepare and maintain the documentation to qualify for hedge accounting treatment under ASC 815, “ Derivatives and Hedging ,” and therefore, changes in fair value 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. We are exposed to credit risk if the counterparties to such transactions are unable to perform their obligations. However, we seek 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 ShareBasic 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. |
Advertising Costs | Advertising CostsAdvertising costs are expensed as incurred. |
Pension Costs | Pension costsWe sponsor a retirement benefit for one of our 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 require us to make assumptions and judgements that can significantly affect these measurements. Our critical assumptions 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 our reported pension obligations and related pension expense. |
Equity Compensation Plans | Equity Compensation PlansWe recognize compensation expense for our stock-based compensation programs, which include stock options, restricted stock, restricted stock units (“RSU”) 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. We recognize forfeitures when they occur. |
Income Taxes | Income Taxes We and the majority of our domestic subsidiaries file a consolidated U.S. federal income tax return, while four of our domestic entities file separate U.S. federal income tax returns. Our non-U.S. subsidiaries file income tax returns in their respective jurisdictions. 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. We establish a valuation allowance for those jurisdictions in which the expiration date of tax benefit carryforwards or projected taxable earnings leads us 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 our 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. We include interest and penalties accrued in the consolidated financial statements as a component of income tax expense. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Standards On January 1, 2019, we adopted the FASB ASU No. 2016-02, “ Leases (Topic 842), ” which requires the recognition of right-of-use (“ROU”) assets and related operating and finance lease liabilities on the balance sheet. We adopted ASU 2016-02 effective January 1, 2019 using the cumulative-effect adjustment transition method, which applies the provisions of the standard at the effective date without adjusting the comparative periods presented. As permitted under ASU 2016-02, we applied the practical expedients that allowed us to not (1) reassess historical lease classifications, (2) recognize short-term leases on the balance sheet, nor (3) separate lease and non-lease components for its real estate leases. As a result of the adoption of ASU 2016-02 on January 1, 2019, we recorded operating lease liabilities and ROU assets of $38,415. The adoption of ASU 2016-02 had an immaterial impact on our consolidated statement of operations and consolidated statement of cash flows for the year ended December 31, 2019. For additional information about leases, see Note 5. 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. We adopted ASU 2017-12 in the third quarter of 2019 and the implementation of this guidance did not have a material effect on our consolidated financial statements. Recently Issued Accounting Standards In August 2018, the FASB issued ASU 2018-15, “ Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) ,” which aligns the requirements for capitalizing implementation costs incurred in a service contract hosting arrangement with those of developing or obtaining internal-use software. This standard is effective for interim and annual reporting periods beginning after December 15, 2019, and early adoption is permitted. We have elected not to adopt the provisions of this ASU early and are evaluating the impact the new standard will have on our 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. We have elected not to adopt the provisions of this standard early. In June 2016, the FASB issued ASU 2016-13, “ Measurement of Credit Losses on Financial Instruments ” (“ASU 2016-13”), which provides guidance regarding the measurement of credit losses for financial assets and certain other instruments that are not accounted for at fair value through net income, including trade and other receivables, debt securities, net investment in leases, and off-balance sheet credit exposures. The new guidance requires companies to replace the current incurred loss impairment methodology with a methodology that measures all expected credit losses for financial assets based on historical experience, current conditions, and reasonable and supportable forecasts. The guidance expands the disclosure requirements regarding credit losses, including the credit loss methodology and credit quality indicators. In May 2019, the FASB issued ASU 2019-05, “ Financial Instruments—Credit Losses (Topic 326), ” which provides transition relief to entities adopting ASU 2016-13 by allowing entities to elect the fair value option on certain financial instruments. ASU 2016-13 will be effective for annual reporting periods, including interim reporting within those periods, beginning after December 15, 2019. Early adoption is permitted for annual reporting periods, including interim periods after December 15, 2018 and will be applied using a modified retrospective approach. We elected not to early adopt the provisions of this ASU and we do not expect there to be a material impact to the consolidated financial statements upon adoption of this standard in 2020. In December 2019, the FASB issued ASU 2019-12, “ Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes ,” which simplifies the accounting for income taxes by eliminating some exceptions to the general approach in Accounting Standards Codification 740, Income Taxes. It also clarifies certain aspects of the existing guidance to promote more consistent application. This standard is effective for calendar-year public business entities in 2021 and interim periods within that year, and early adoption is permitted. We are currently not early adopting and are in the process of evaluating the impact the new standard will have on our consolidated financial statements. |
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. The above standard applies to cash equivalents, Israeli severance funds and derivatives. We utilize the market approach to measure fair value for financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Allowance for Doubtful Accounts | 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 2019 Allowance for doubtful accounts $ 8,423 $ 1,308 $ (969) $ 8,762 2018 Allowance for doubtful accounts 10,258 1,824 (3,659) 8,423 2017 Allowance for doubtful accounts 12,920 1,051 (3,713) 10,258 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Components of Lease Cost | Components of lease cost (income) were as follows: (in thousands) Year Ended December 31, 2019 Operating lease cost $ 14,743 Finance lease cost - amortization expense 737 Finance lease cost - interest expense 477 Short-term lease cost 114 Variable lease cost 245 Sublease income (84) Total $ 16,232 |
Balance Sheet Classifications | Balance sheet classifications at December 31, 2019 are summarized below: December 31, 2019 (in thousands) Right of use assets Current right of use liabilities Long-term right of use liabilities Operating Leases $ 28,571 $ 9,231 $ 24,835 Finance Leases 8,319 338 10,567 Total $ 36,890 $ 9,569 $ 35,402 |
Future Minimum Lease Payments - Finance Leases | Our future minimum lease payments as of December 31, 2019 under operating lease and finance leases, with initial or remaining lease terms in excess of one year, were as follows: December 31, 2019 (in thousands) Operating Leases Finance Leases Years ending December 31: 2020 $ 11,013 $ 965 2021 7,611 1,473 2022 6,295 1,475 2023 5,341 1,469 2024 3,817 1,420 Thereafter 6,728 8,242 Total lease payments 40,805 15,044 Less: imputed interest (6,739) (4,139) Present value of lease liabilities $ 34,066 $ 10,905 |
Future Minimum Lease Payments - Operating Leases | Our future minimum lease payments as of December 31, 2019 under operating lease and finance leases, with initial or remaining lease terms in excess of one year, were as follows: December 31, 2019 (in thousands) Operating Leases Finance Leases Years ending December 31: 2020 $ 11,013 $ 965 2021 7,611 1,473 2022 6,295 1,475 2023 5,341 1,469 2024 3,817 1,420 Thereafter 6,728 8,242 Total lease payments 40,805 15,044 Less: imputed interest (6,739) (4,139) Present value of lease liabilities $ 34,066 $ 10,905 |
Supplemental Cash Flow Information | Supplemental cash flow information related to our operating leases for the period ending December 31, 2019, was as follows: (in thousands) December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow from operating leases $ 15,602 Operating cash outflow from finance leases $ 456 Financing cash outflow from finance leases $ 725 Weighted-average remaining lease terms and discount rate for our operating leases for the period ending December 31, 2019, were as follows: December 31, 2019 Operating Financing Weighted-average remaining lease term 5.3 years 10.4 years Weighted-average discount rate 6.49 % 6.03 % |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Components Of Inventories | Components of inventories at December 31, 2019 and 2018 are summarized as follows: (in thousands) 2019 2018 Raw materials $ 42,066 $ 49,624 Work in process 5,496 2,969 Finished goods and parts 63,544 80,568 Inventories $ 111,106 $ 133,161 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment at December 31, 2019 and 2018 are summarized as follows: (in thousands) 2019 2018 Useful Life (in years) Land $ 541 $ 903 N/A Building 5,093 12,408 25-30 Machinery and equipment 158,753 151,429 2-7 Capitalized software 22,928 18,357 3-5 Office furniture and equipment 4,618 4,955 1-5 Leasehold improvements 33,444 31,514 Life of lease a Construction in progress 9,944 15,083 N/A Total property and equipment 235,321 234,649 Less: Accumulated depreciation and amortization (142,381) (126,931) Total property and equipment, net b $ 92,940 $ 107,718 a. Leasehold improvements are amortized on a straight-line basis over the shorter of (i) their estimated useful life, or (ii) the estimated or contractual life of the related lease. b. Prior year balance includes $4,466 of capitalized lease assets accounted for under ASC 840. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Other Than Goodwill | Intangible assets, net, other than goodwill, at December 31, 2019 and 2018 are summarized as follows: 2019 2018 (in thousands) Gross a Accumulated Amortization Net Gross a Accumulated Amortization Net Weighted Average Useful Life Remaining (in years) Intangible assets with finite lives: Customer relationships $ 103,661 $ (77,021) $ 26,640 $ 103,332 $ (67,129) $ 36,203 4 Acquired technology 54,378 (51,875) 2,503 52,691 (47,546) 5,145 1 Trade names 23,907 (19,133) 4,774 25,096 (17,669) 7,427 4 Patent costs 11,760 (9,535) 2,225 11,032 (8,382) 2,650 15 Trade secrets 19,494 (15,714) 3,780 19,374 (13,574) 5,800 2 Acquired patents 16,215 (14,706) 1,509 16,212 (13,160) 3,052 7 Other 26,256 (19,349) 6,907 26,551 (18,553) 7,998 1 Total intangible assets $ 255,671 $ (207,333) $ 48,338 $ 254,288 $ (186,013) $ 68,275 5 a. Change in gross carrying amounts consists primarily of charges for license and patent costs and foreign currency translation. |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following are the changes in the carrying amount of goodwill by geographic reporting unit: (in thousands) Americas EMEA APAC Total Balance at December 31, 2017 $ — $ 191,948 $ 38,934 $ 230,882 Acquisitions and adjustments — (331) — (331) Effect of foreign currency exchange rates — (7,597) (1,620) (9,217) Balance at December 31, 2018 — 184,020 37,314 221,334 Effect of foreign currency exchange rates — 2,675 (833) 1,842 Balance at December 31, 2019 $ — $ 186,695 $ 36,481 $ 223,176 |
Accrued and Other Liabilities (
Accrued and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule Of Accrued Liabilities | Accrued liabilities at December 31, 2019 and 2018 are summarized as follows: (in thousands) 2019 2018 Compensation and benefits $ 21,139 $ 23,787 Accrued taxes 9,840 17,246 Vendor accruals 9,734 6,895 Payable to owners of redeemable noncontrolling interests 10,000 — Arbitration awards 2,256 2,256 Product warranty liability 2,908 3,788 Accrued other 4,223 2,219 Accrued professional fees 1,545 1,657 Royalties payable 1,450 1,417 Total $ 63,095 $ 59,265 |
Schedule Of Other Liabilities | Other liabilities at December 31, 2019 and 2018 are summarized as follows: (in thousands) 2019 2018 Long term employee indemnity $ 14,408 $ 13,609 Long term tax liability 5,011 4,168 Defined benefit pension obligation 10,357 8,518 Long term deferred revenue 7,370 8,121 Other long term liabilities 8,662 4,915 Total $ 45,808 $ 39,331 |
Schedule Of Recognized Warranty Revenue And Incurred Warranty Costs | Changes in product warranty obligations, including deferred revenue on extended warranty contracts, for the years ended December 31, 2019, 2018 and 2017, are summarized below: (in thousands) Beginning Balance Additional Accrual/ Revenue Deferred Costs Incurred/ Deferred Revenue Amortization Ending Balance Year Ended December 31, 2019 $ 7,660 $ 8,124 $ (9,592) $ 6,192 2018 10,202 9,347 (11,889) 7,660 2017 9,051 13,623 (12,472) 10,202 |
Hedging Activities and Financ_2
Hedging Activities and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional and Fair Value amount on Balance Sheet | The notional amount and fair value of the derivative on our balance sheet at December 31, 2019 are disclosed below: (in thousands) Balance Sheet location Notional amount Fair value Interest rate swap contract Other liabilities $ 40,000 $ (318) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Expense | The following table details the components of stock-based compensation expense (income) recognized in net earnings in each of the past three years: Year Ended December 31, (in thousands) 2019 2018 2017 Restricted Stock $ 25,154 $ 24,933 $ 22,920 Stock Options (1,567) 4,320 4,340 Total stock-based compensation expense $ 23,587 $ 29,253 $ 27,260 |
Schedule of Shares and Units of Restricted Common Stock | A summary of restricted stock and RSU activity during December 31, 2019 follows: (in thousands, except per share amounts) Number of Shares/Units Weighted Average Grant Date Fair Value Outstanding at beginning of period — unvested 3,831 $ 14.03 Granted 3,107 9.68 Canceled (795) 11.97 Vested (1,670) 13.53 Outstanding at end of period — unvested 4,473 $ 11.42 |
Schedule of Stock Option Activity | Stock option activity for the year ended December 31, 2019 was as follows: Year Ended December 31, 2019 (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 1,780 $ 14.10 — — Granted — — — — Exercised — — — — Forfeited and expired (540) 13.34 — — Outstanding at end of period 1,240 $ 14.43 6.5 — |
International Retirement Plan (
International Retirement Plan (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Reconciliation of Changes in Projected Benefit Obligation | The following table provides a reconciliation of the changes in the projected benefit obligation for the years ended December 31, 2019 and 2018: (in thousands) 2019 2018 Reconciliation of benefit obligations: Obligations as of January 1 $ 8,658 $ 8,434 Service cost 166 155 Interest cost 151 148 Actuarial loss (gain) 1,815 453 Benefit payments (139) (145) Effect of foreign currency exchange rate changes (154) (387) Benefit obligations as of December 31 10,497 8,658 Fair value of assets as of December 31 a 3,343 3,224 Funded status as of December 31, net of tax benefit $ (7,154) $ (5,434) |
Summary of Amounts Recognized in Consolidated Balance Sheets | We recognized the following amounts in the consolidated balance sheets at December 31, 2019 and 2018: (in thousands) 2019 2018 Other assets $ 3,343 $ 3,224 Accrued liabilities (140) (140) Other liabilities (10,357) (8,518) Net liability $ (7,154) $ (5,434) |
Schedule of Accumulated and Projected Benefit Obligations | The following projected benefit obligation and accumulated benefit obligation were estimated as of December 31, 2019 and 2018: (in thousands) 2019 2018 Projected benefit obligation $ 10,497 $ 8,658 Accumulated benefit obligation $ 9,351 $ 7,587 The following table shows the components of net periodic benefit costs and the amounts recognized in “Accumulated other comprehensive income (loss)” as of December 31, 2019, 2018 and 2017: (in thousands) 2019 2018 2017 Net periodic benefit cost: Service cost $ 166 $ 155 $ 184 Interest cost 151 148 131 Amortization of actuarial loss 200 177 244 Total net periodic pension cost 517 480 559 Other changes in plan assets and benefit obligations recognized in other comprehensive income: Net loss (gain) 1,815 453 (558) Amortization of prior years' unrecognized loss (200) (177) (244) Tax (benefit) provision (555) (88) 247 Total recognized as accumulated other comprehensive income (loss) 1,060 188 (555) Total expense recognized in net periodic benefit cost and other comprehensive income $ 1,577 $ 668 $ 4 |
Assumptions Used to Determine Benefit Obligations | The following assumptions are used to determine benefit obligations as of as of December 31, 2019 and 2018: 2019 2018 Discount rate 0.8% 1.8% Rate of compensation 3.0% 3.5% |
Summary of Estimated Future Benefit Payments | The following benefit payments, including expected future service cost, are expected to be paid: (in thousands) Estimated future benefit payments: 2020 $ 168 2021 175 2022 181 2023 185 2024 187 2025-2029 1,277 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule Of Net Loss Per Share Reconciliation | Year Ended December 31, (in thousands, except per share amounts) 2019 2018 2017 Numerator for basic and diluted net loss per share: Net loss attributable to 3D Systems Corporation $ (69,880) $ (45,505) $ (66,191) Denominator for basic and diluted net loss per share: Weighted average shares 113,811 112,327 111,554 Net loss per share - basic and diluted $ (0.61) $ (0.41) $ (0.59) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurements as of December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents a $ 20,869 $ — $ — $ 20,869 Israeli severance funds b $ — $ 7,449 $ — $ 7,449 Derivative financial instruments c $ — $ (318) $ — $ (318) Fair Value Measurements as of December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents a $ 6,141 $ — $ — $ 6,141 Israeli severance funds b $ — $ 6,822 $ — $ 6,822 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. We partially fund a liability for our Israeli severance requirement through monthly deposits into fund accounts, the value of these contributions are recorded to non-current assets on the consolidated balance sheet. c. Derivative instruments are reported based on published market prices for similar assets or are estimated based on published market prices for similar assets or are estimated based on observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices and spot and future exchange rates. See Note 13 for additional information on our derivative financial instruments. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of Income Before Income Taxes | The components of our income before income taxes are as follows: 2019 2018 2017 Income (Loss) before income taxes: Domestic $ (79,821) $ (59,233) $ (75,965) Foreign 14,721 16,005 18,444 Total $ (65,100) $ (43,228) $ (57,521) |
Components of Income Tax Provision | The components of income tax provision for the years ended December 31, 2019, 2018 and 2017 are as follows: 2019 2018 2017 Current: U.S. federal $ (135) $ (5,882) $ (83) State 801 286 741 Foreign 7,220 10,621 12,711 Total 7,886 5,025 13,369 Deferred: U.S. federal (1,008) (322) — State — 3 1,097 Foreign (2,346) (2,671) (6,664) Total (3,354) (2,990) (5,567) Total income tax provision $ 4,532 $ 2,035 $ 7,802 |
Schedule of Effective Tax Rate Reconciliation | The overall effective tax rate differs from the statutory federal tax rate for the years ended December 31, 2019, 2018 and 2017 as follows: % of Pretax Loss 2019 2018 2017 Tax provision based on the federal statutory rate 21.0 % 21.0 % 35.0 % Increase in valuation allowances (21.3) (34.8) 48.8 Global intangible low-taxed income inclusion (7.0) (6.6) — One-Time transition tax — (2.8) (16.5) Nondeductible expenses (1.8) (2.3) (3.3) Taxes related to distributions (0.8) (2.3) — Foreign income tax rate differential 1.0 (1.5) — Deemed income related to foreign operations (0.5) (1.5) (4.1) Tax rate change (1.1) (1.4) 2.2 Employee share-based payments — 0.1 (13.2) Other (0.9) 0.6 2.9 Deferred and payable adjustments 3.3 0.9 (1.1) ASU 842 Adoption (0.1) — — State taxes, net of federal benefit, before valuation allowance 2.8 2.4 1.0 Return to provision adjustments (2.5) 2.7 2.0 Other tax credits (1.9) 5.1 — U.S. Tax Cuts and Jobs Act - rate change adjustment — 6.4 (65.9) Uncertain tax positions and audit settlements 2.8 9.4 (1.4) Effective tax rate (7.0) % (4.6) % (13.6) % |
Components of Net Deferred Income Tax Assets and Net Deferred Income Tax Liabilities | The components of our net deferred income tax assets and net deferred income tax (liabilities) at December 31, 2019 and 2018 are as follows: (in thousands) 2019 2018 Deferred income tax assets: Intangibles $ 20,624 $ 22,530 Stock options and restricted stock awards 6,065 5,916 Reserves and allowances 11,959 15,656 Net operating loss carryforwards 57,782 41,356 Tax credit carryforwards 12,749 13,669 Accrued liabilities 3,218 3,040 Deferred revenue 3,940 5,036 Lease Tax Asset 5,970 — 163(j) Limitation Carryforward 1,519 — Valuation allowance (109,643) (95,398) Total deferred income tax assets 14,183 11,805 Deferred income tax liabilities: Intangibles 4,495 6,994 Property, plant and equipment 3,282 5,265 Lease Tax Liability 4,195 — Liabilities related to distributions — 997 Other 830 522 Total deferred income tax liabilities 12,802 13,778 Net deferred income tax assets/( liabilities) $ 1,381 $ (1,973) |
Schedule of Unrecognized Tax Benefits | Unrecognized Tax Benefits* (in thousands) 2019 2018 2017 Balance at January 1 $ (13,031) $ (18,310) $ (18,251) Increases related to prior year tax positions (2,684) (1,400) (4,104) Decreases related to prior year tax positions 857 8,272 4,045 Increases related to current year tax positions (609) (1,593) — Balance at December 31 $ (15,467) $ (13,031) $ (18,310) *The unrecognized tax benefit balance includes an insignificant amount of interest and penalties. |
Summary of Deferred Income Tax Asset Valuation Allowance | The following presents the changes in the balance of our 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 2019 Deferred income tax asset valuation allowance $ 95,398 $ 14,245 $ — $ 109,643 2018 Deferred income tax asset valuation allowance 80,796 14,602 — 95,398 2017 Deferred income tax asset valuation allowance 109,913 (28,071) (1,046) 80,796 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from Unaffiliated Customers by Product and Service | Summarized financial information concerning our geographical operations is shown in the following tables: Year Ended December 31, (in thousands) 2019 2018 2017 Revenue from unaffiliated customers: United States $ 306,650 $ 332,611 $ 322,399 Other Americas 9,175 8,154 11,377 EMEA 240,403 237,462 220,357 APAC 72,866 109,433 91,936 Total revenue $ 629,094 $ 687,660 $ 646,069 Year Ended December 31, (in thousands) 2019 2018 2017 Revenue by class of product and service: Products $ 215,519 $ 259,124 $ 222,750 Materials 169,058 170,091 168,846 Services 244,517 258,445 254,473 Total revenue $ 629,094 $ 687,660 $ 646,069 |
Schedule of Intercompany Sales by Geographic Area | Year Ended December 31, 2019 Intercompany Sales to (in thousands) Americas EMEA APAC Total Americas $ 1,764 $ 40,704 $ 16,428 $ 58,896 EMEA 66,832 47,395 4,982 119,209 APAC 5,146 2,132 3,136 10,414 Total intercompany sales $ 73,742 $ 90,231 $ 24,546 $ 188,519 Year Ended December 31, 2018 Intercompany Sales to (in thousands) Americas EMEA APAC Total Americas $ 2,342 $ 59,206 $ 22,962 $ 84,510 EMEA 75,875 28,075 7,209 111,159 APAC 4,633 32 3,570 8,235 Total intercompany sales $ 82,850 $ 87,313 $ 33,741 $ 203,904 Year Ended December 31, 2017 Intercompany Sales to (in thousands) Americas EMEA APAC Total Americas $ 2,169 $ 51,689 $ 20,388 $ 74,246 EMEA 70,709 19,098 4,945 94,752 APAC 2,790 174 3,936 6,900 Total $ 75,668 $ 70,961 $ 29,269 $ 175,898 |
Schedule of Income (Loss) from Operations by Geographic Area | Year Ended December 31, (in thousands) 2019 2018 2017 (Loss) income from operations: Americas $ (80,042) $ (69,081) $ (79,429) EMEA 14,623 5,283 7,483 APAC 8,315 20,607 17,973 Total $ (57,104) $ (43,191) $ (53,973) |
Schedule of Segment Reporting Information by Segment | Year Ended December 31, (in thousands) 2019 2018 2017 Depreciation and amortization: Americas $ 23,569 $ 25,005 $ 25,484 EMEA 24,125 30,191 31,135 APAC 2,702 4,097 5,422 Total $ 50,396 $ 59,293 $ 62,041 Year Ended December 31, (in thousands) 2019 2018 2017 Capital expenditures: Americas $ 12,591 $ 19,668 $ 23,925 EMEA 11,120 20,057 5,227 APAC 274 969 1,729 Total $ 23,985 $ 40,694 $ 30,881 At December 31, (in thousands) 2019 2018 Assets: Americas $ 263,758 $ 284,676 EMEA 447,810 433,326 APAC 95,744 107,830 Total $ 807,312 $ 825,832 At December 31, (in thousands) 2019 2018 Cash and cash equivalents: Americas $ 63,374 $ 39,316 EMEA 44,283 41,581 APAC 26,008 29,101 Total $ 133,665 $ 109,998 At December 31, (in thousands) 2019 2018 Long-lived assets: United States $ 64,986 $ 77,812 Other Americas 958 1,144 EMEA 67,510 82,659 APAC 7,824 9,912 Total $ 141,278 $ 171,527 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive 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 Derivative financial instruments Liquidation of non-US entity and purchase of non-controlling interests Total Balance at December 31, 2017 $ (19,319) $ (2,555) $ — $ 338 $ (21,536) Other comprehensive income (loss) (18,751) (92) — — (18,843) Amounts reclassified from accumulated other comprehensive income 1,401 — — — 1,401 Balance at December 31, 2018 (36,669) (2,647) — 338 (38,978) Other comprehensive income (loss) 3,053 (1,060) (318) 256 1,931 Balance at December 31, 2019 $ (33,616) $ (3,707) $ (318) $ 594 $ (37,047) Amounts reclassified out of accumulated other comprehensive loss are as follows: (in thousands) 2019 2018 Statement of Operations Caption Currency translation adjustments: Gain on dissolution $ — $ 1,401 Interest and other expense, net |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | The following tables set forth unaudited selected quarterly financial data: 2019 Quarter Ended (in thousands, except per share amounts) December 31 September 30 June 30 March 31 Consolidated revenue $ 164,570 $ 155,272 $ 157,272 $ 151,980 Gross profit 71,756 67,281 73,299 65,705 Total operating expenses 76,455 79,215 92,465 87,010 Loss from operations (4,699) (11,934) (19,166) (21,305) Benefit (provision) for income taxes 1,260 (2,010) (1,938) (1,844) Net loss attributable to 3D Systems (4,714) (16,843) (23,929) (24,394) Basic and diluted net loss per share $ (0.04) $ (0.15) $ (0.21) $ (0.22) 2018 Quarter Ended (in thousands, except per share amounts) December 31 September 30 June 30 March 31 Consolidated revenue $ 180,712 $ 164,511 $ 176,568 $ 165,869 Gross profit 82,553 77,810 86,162 77,869 Total operating expenses 89,572 88,794 93,884 95,335 Loss from operations (7,019) (10,984) (7,722) (17,466) Benefit (provision) for income taxes 4,051 (1,593) (2,539) (1,954) Net loss attributable to 3D Systems (4,136) (11,550) (8,862) (20,957) Basic and diluted net income (loss) per share $ (0.04) $ (0.10) $ (0.08) $ (0.19) 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 Income (loss) from operations (5,703) (32,335) (6,864) (9,071) Provision for income taxes (971) (3,723) (2,067) (1,041) Net income (loss) attributable to 3D Systems (10,134) (37,670) (8,416) (9,971) Basic and diluted net income (loss) per share $ (0.08) $ (0.34) $ (0.08) $ (0.09) |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Significant Accounting Policies [Line Items] | ||||||||||||||||
Impairment charges on minority investments | $ 927,000 | $ 1,373,000 | ||||||||||||||
Carrying amount of cost method investments | $ 8,327,000 | $ 8,483,000 | 8,327,000 | 8,483,000 | ||||||||||||
Finite lives impairment charge | 0 | 0 | ||||||||||||||
Payable to owners of redeemable noncontrolling interests | 10,000,000 | 0 | 10,000,000 | 0 | ||||||||||||
Advertising costs | 13,732,000 | 13,562,000 | $ 13,683,000 | |||||||||||||
Accumulated deficit | (793,709,000) | (722,701,000) | (793,709,000) | (722,701,000) | ||||||||||||
Consolidated revenue | $ 155,272,000 | $ 157,272,000 | $ 151,980,000 | 180,712,000 | $ 164,511,000 | $ 176,568,000 | $ 165,869,000 | $ 177,264,000 | $ 152,907,000 | $ 159,467,000 | $ 156,431,000 | |||||
Net loss attributable to 3D Systems Corporation | (4,714,000) | $ (16,843,000) | $ (23,929,000) | $ (24,394,000) | (4,136,000) | $ (11,550,000) | $ (8,862,000) | $ (20,957,000) | $ (10,134,000) | $ (37,670,000) | $ (8,416,000) | $ (9,971,000) | (69,880,000) | (45,505,000) | $ (66,191,000) | |
Other assets | 27,390,000 | $ 26,814,000 | 27,390,000 | $ 26,814,000 | ||||||||||||
Operating leases, ROU assets | 28,571,000 | 28,571,000 | ||||||||||||||
Operating leases, liabilities | $ 34,066,000 | $ 34,066,000 | ||||||||||||||
Accounting Standards Update 2016-02 | ||||||||||||||||
Significant Accounting Policies [Line Items] | ||||||||||||||||
Operating leases, ROU assets | $ 38,415,000 | |||||||||||||||
Operating leases, liabilities | $ 38,415,000 |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule of Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of year | $ 8,423 | $ 10,258 | $ 12,920 |
Additions charged to expense | 1,308 | 1,824 | 1,051 |
Other | (969) | (3,659) | (3,713) |
Balance at end of year | $ 8,762 | $ 8,423 | $ 10,258 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Jan. 31, 2017USD ($) | Dec. 31, 2019business | Dec. 31, 2018business |
Business Acquisition [Line Items] | |||
Number of businesses acquired | business | 0 | 0 | |
Vertex-Global Holding B.V. | |||
Business Acquisition [Line Items] | |||
Acquired ownership percentage | 100.00% | ||
Value of voting rights acquired | $ | $ 37,562 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue Recognition [Abstract] | ||
Outstanding performance obligation | $ 107,882 | |
Amounts included in contract liability at the beginning of period | $ 26,486 | $ 37,206 |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Axis]: 2020-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation (as a precentage) | 92.00% | |
Performance obligations expected to be satisfied, expected timing | 12 months | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Axis]: 2021-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation (as a precentage) | 5.00% | |
Performance obligations expected to be satisfied, expected timing | 1 year |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lessee, Lease, Description [Line Items] | |||
Lease renewal term | 1 year | ||
Rent expense | $ 15,809 | $ 14,899 | |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease term | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease term | 17 years |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 14,743 |
Finance lease cost - amortization expense | 737 |
Finance lease cost - interest expense | 477 |
Short-term lease cost | 114 |
Variable lease cost | 245 |
Sublease income | (84) |
Total | $ 16,232 |
Leases - Balance Sheet Classifi
Leases - Balance Sheet Classifications (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Operating leases, ROU assets | $ 28,571 |
Right of use assets | 8,319 |
Right of use assets | 36,890 |
Operating leases, current ROU liabilities | 9,231 |
Current right of use liabilities | 338 |
Current right of use liabilities | 9,569 |
Operating leases, noncurrent ROU liabilities | 24,835 |
Long-term right of use liabilities | 10,567 |
Long-term right of use liabilities | $ 35,402 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Operating Leases | |
2020 | $ 11,013 |
2021 | 7,611 |
2022 | 6,295 |
2023 | 5,341 |
2024 | 3,817 |
Thereafter | 6,728 |
Total lease payments | 40,805 |
Less: imputed interest | (6,739) |
Present value of lease liabilities | 34,066 |
Finance Leases | |
2020 | 965 |
2021 | 1,473 |
2022 | 1,475 |
2023 | 1,469 |
2024 | 1,420 |
Thereafter | 8,242 |
Total lease payments | 15,044 |
Less: imputed interest | (4,139) |
Present value of lease liabilities | $ 10,905 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flows (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash outflow from operating leases | $ 15,602 |
Operating cash outflow from finance leases | 456 |
Financing cash outflow from finance leases | $ 725 |
Leases - Lease Weighted Average
Leases - Lease Weighted Average (Details) | Dec. 31, 2019 |
Weighted-average remaining lease term | |
Operating | 5 years 3 months 18 days |
Financing | 10 years 4 months 24 days |
Weighted-average discount rate | |
Operating | 6.49% |
Financing | 6.03% |
Inventories (Components Of Inve
Inventories (Components Of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 42,066 | $ 49,624 |
Work in process | 5,496 | 2,969 |
Finished goods and parts | 63,544 | 80,568 |
Inventories | 111,106 | 133,161 |
Inventory reserve | $ 12,812 | $ 10,310 |
Property and Equipment (Schedul
Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 235,321 | $ 234,649 | |
Less: Accumulated depreciation and amortization | (142,381) | (126,931) | |
Total property and equipment, net b | [1] | 92,940 | 107,718 |
Capitalized lease assets | 4,466 | ||
Land | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 541 | 903 | |
Building | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 5,093 | 12,408 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 158,753 | 151,429 | |
Capitalized software | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 22,928 | 18,357 | |
Office furniture and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 4,618 | 4,955 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 33,444 | 31,514 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 9,944 | $ 15,083 | |
Minimum | Building | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 25 years | ||
Minimum | Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 2 years | ||
Minimum | Capitalized software | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 3 years | ||
Minimum | Office furniture and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 1 year | ||
Maximum | Building | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 30 years | ||
Maximum | Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 7 years | ||
Maximum | Capitalized software | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 5 years | ||
Maximum | Office furniture and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 5 years | ||
[1] | Prior year balance includes $4,466 of capitalized lease assets accounted for under ASC 840. |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Depreciation expense | $ 29,982 | $ 29,302 | $ 25,561 |
Impairment of assets | 1,728 | 1,998 | 2,427 |
Property, Plant and Equipment | |||
Impairment of assets | $ 181 | $ 625 | $ 636 |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 20,312 | $ 29,722 | $ 35,559 |
Annual amortization expense in 2020 | 16,936 | ||
Annual amortization expense in 2021 | 12,488 | ||
Annual amortization expense in 2022 | 7,370 | ||
Annual amortization expense in 2023 | 2,418 | ||
Annual amortization expense in 2024 | $ 1,320 |
Intangible Assets (Intangible A
Intangible Assets (Intangible Assets Other Than Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 255,671 | $ 254,288 |
Intangible assets with finite lives: Accumulated Amortization | (207,333) | (186,013) |
Intangible assets with finite lives: Net | $ 48,338 | 68,275 |
Weighted average useful life remaining (in years) | 5 years | |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 103,661 | 103,332 |
Intangible assets with finite lives: Accumulated Amortization | (77,021) | (67,129) |
Intangible assets with finite lives: Net | $ 26,640 | 36,203 |
Weighted average useful life remaining (in years) | 4 years | |
Acquired technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 54,378 | 52,691 |
Intangible assets with finite lives: Accumulated Amortization | (51,875) | (47,546) |
Intangible assets with finite lives: Net | $ 2,503 | 5,145 |
Weighted average useful life remaining (in years) | 1 year | |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 23,907 | 25,096 |
Intangible assets with finite lives: Accumulated Amortization | (19,133) | (17,669) |
Intangible assets with finite lives: Net | $ 4,774 | 7,427 |
Weighted average useful life remaining (in years) | 4 years | |
Patent costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 11,760 | 11,032 |
Intangible assets with finite lives: Accumulated Amortization | (9,535) | (8,382) |
Intangible assets with finite lives: Net | $ 2,225 | 2,650 |
Weighted average useful life remaining (in years) | 15 years | |
Trade secrets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 19,494 | 19,374 |
Intangible assets with finite lives: Accumulated Amortization | (15,714) | (13,574) |
Intangible assets with finite lives: Net | $ 3,780 | 5,800 |
Weighted average useful life remaining (in years) | 2 years | |
Acquired patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 16,215 | 16,212 |
Intangible assets with finite lives: Accumulated Amortization | (14,706) | (13,160) |
Intangible assets with finite lives: Net | $ 1,509 | 3,052 |
Weighted average useful life remaining (in years) | 7 years | |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 26,256 | 26,551 |
Intangible assets with finite lives: Accumulated Amortization | (19,349) | (18,553) |
Intangible assets with finite lives: Net | $ 6,907 | $ 7,998 |
Weighted average useful life remaining (in years) | 1 year |
Goodwill (Schedule of Goodwill)
Goodwill (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||
Balance at beginning of period | $ 221,334 | $ 230,882 |
Acquisitions and adjustments | (331) | |
Effect of foreign currency exchange rates | 1,842 | (9,217) |
Balance at end of period | 223,176 | 221,334 |
Americas | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 0 | 0 |
Acquisitions and adjustments | 0 | |
Effect of foreign currency exchange rates | 0 | 0 |
Balance at end of period | 0 | 0 |
EMEA | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 184,020 | 191,948 |
Acquisitions and adjustments | (331) | |
Effect of foreign currency exchange rates | 2,675 | (7,597) |
Balance at end of period | 186,695 | 184,020 |
APAC | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 37,314 | 38,934 |
Acquisitions and adjustments | 0 | |
Effect of foreign currency exchange rates | (833) | (1,620) |
Balance at end of period | $ 36,481 | $ 37,314 |
Employee Benefits (Narrative) (
Employee Benefits (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Employer matching contribution percentage | 50.00% | ||
Employee percentage of match | 6.00% | ||
Minimum match | $ 1,500 | ||
Employee benefit expenses | $ 2,688,000 | $ 2,606,000 | $ 2,360,000 |
Accrued and Other Liabilities_2
Accrued and Other Liabilities (Schedule Of Accrued Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Compensation and benefits | $ 21,139 | $ 23,787 |
Accrued taxes | 9,840 | 17,246 |
Vendor accruals | 9,734 | 6,895 |
Payable to owners of redeemable noncontrolling interests | 10,000 | 0 |
Arbitration awards | 2,256 | 2,256 |
Product warranty liability | 2,908 | 3,788 |
Accrued other | 4,223 | 2,219 |
Accrued professional fees | 1,545 | 1,657 |
Royalties payable | 1,450 | 1,417 |
Total | $ 63,095 | $ 59,265 |
Accrued and Other Liabilities_3
Accrued and Other Liabilities (Schedule Of Other Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Long term employee indemnity | $ 14,408 | $ 13,609 |
Long term tax liability | 5,011 | 4,168 |
Defined benefit pension obligation | 10,357 | 8,518 |
Long term deferred revenue | 7,370 | 8,121 |
Other long term liabilities | 8,662 | 4,915 |
Total | $ 45,808 | $ 39,331 |
Accrued and Other Liabilities_4
Accrued and Other Liabilities (Schedule of Recognized Warranty Revenue and Incurred Warranty Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Warrant Obligation [Roll Forward] | ||||
Beginning Balance | $ 6,192 | $ 7,660 | $ 10,202 | $ 9,051 |
Additional Accrual/ Revenue Deferred | 8,124 | 9,347 | 13,623 | |
Warranty Revenue Recognized | (9,592) | (11,889) | (12,472) | |
Ending Balance | $ 6,192 | $ 7,660 | $ 10,202 | $ 9,051 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) | Feb. 27, 2019USD ($)credit_increase | Feb. 26, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Line of Credit Facility [Line Items] | |||||
Limit on annual cash dividends paid | $ 30,000,000 | ||||
Debt subject to floating interest rates | 17.00% | ||||
Current portion of long term debt | $ 2,506,000 | $ 0 | |||
Interest income | 1,209,000 | 789,000 | $ 784,000 | ||
Interest expense | 4,442,000 | 1,188,000 | $ 919,000 | ||
Term Loan Facility | |||||
Line of Credit Facility [Line Items] | |||||
Credit agreement term | 5 years | ||||
Credit agreement, maximum borrowing capacity | $ 100,000,000 | ||||
Outstanding borrowings | 48,232,000 | ||||
2020 | 2,506,000 | ||||
2021 | 4,385,000 | ||||
2022 | 6,890,000 | ||||
2023 | 7,517,000 | ||||
2024 | 26,934,000 | ||||
Unamortized deferred financing costs | $ 511,000 | ||||
Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Credit agreement term | 5 years | 5 years | |||
Credit agreement, maximum borrowing capacity | $ 100,000,000 | ||||
Outstanding borrowings | $ 25,000,000 | ||||
Floating interest rate | 3.80% | ||||
Number of credit increases | credit_increase | 4 | ||||
Commitment fee amount | $ 374,000 | $ 370,000 | |||
Credit Agreement | Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Credit agreement, maximum borrowing capacity | $ 150,000,000 |
Hedging Activities And Financ_3
Hedging Activities And Financial Instruments (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Derivative financial instruments | $ (318,000) | |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Foreign currency contracts | 102,407,000 | $ 75,304,000 |
Level 2 | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative financial instruments | $ (318,000) | |
Interest Rate Contract | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Floor interest rate (as a percentage) | 0.00% | |
Notional interest rate contracts outstanding | $ 40,000,000 |
Preferred Stock (Narrative) (De
Preferred Stock (Narrative) (Details) - shares | Dec. 31, 2019 | Dec. 31, 2018 |
Equity [Abstract] | ||
Preferred stock, shares authorized (in shares) | 5,000 | 5,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019USD ($)tranche$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Aggregate intrinsic value of stock option exercised | $ 0 |
Granted Before November 13, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Granted After November 13, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Vesting percentage | 33.33% |
2015 Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares outstanding (in shares) | shares | 0 |
Restricted Stock - Market Conditions | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares awarded (in shares) | shares | 241,000 |
Restricted Stock - Performance Measures | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares awarded (in shares) | shares | 370,000 |
Restricted Stock Awards And Restricted Stock Unit Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock compensation expense | $ 33,334,000 |
Restricted Stock Awards And Restricted Stock Unit Awards | Weighted Average | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 1 year 9 months 18 days |
Stock Options and Restricted Stock Awards | 2015 Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of tranches | tranche | 2 |
Trading Price For Stock Award Tranche One (in usd per share) | $ / shares | $ 30 |
Trading Price For Stock Award Tranche Two (in usd per share) | $ / shares | $ 40 |
Stock award tranche granting period | 90 days |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock compensation expense | $ 69,000 |
Restricted Stock | Weighted Average | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 4 months 24 days |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock compensation expense | $ 181,000 |
Stock Options | Weighted Average | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 4 months 24 days |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Stock-based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 23,587 | $ 29,253 | $ 27,260 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 25,154 | 24,933 | 22,920 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ (1,567) | $ 4,320 | $ 4,340 |
Stock-Based Compensation (Sch_2
Stock-Based Compensation (Schedule of Shares and Units of Restricted Common Stock) (Details) - Restricted Stock Units (RSUs) shares in Thousands | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Number of Shares/Units | |
Outstanding at beginning of period — unvested (in shares) | shares | 3,831 |
Granted (in shares) | shares | 3,107 |
Cancelled (in shares) | shares | (795) |
Vested (in shares) | shares | (1,670) |
Outstanding at end of period — unvested (in shares) | shares | 4,473 |
Weighted Average Grant Date Fair Value | |
Outstanding at beginning of period — unvested (in usd per share) | $ / shares | $ 14.03 |
Granted (in usd per share) | $ / shares | 9.68 |
Cancelled (in usd per share) | $ / shares | 11.97 |
Vested (in usd per share) | $ / shares | 13.53 |
Outstanding at end of period — unvested (in usd per share) | $ / shares | $ 11.42 |
Stock-Based Compensation (Sch_3
Stock-Based Compensation (Schedule of Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Number of Shares | |
Outstanding at beginning of period (in shares) | shares | 1,780 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | 0 |
Forfeited and expired (in shares) | shares | (540) |
Outstanding at end of period (in shares) | shares | 1,240 |
Weighted Average Exercise | |
Outstanding at beginning of period (in usd per share) | $ / shares | $ 14.10 |
Granted (in usd per share) | $ / shares | 0 |
Exercised (in usd per share) | $ / shares | 0 |
Forfeited and expired (in usd per share) | $ / shares | 13.34 |
Outstanding at end of period (in usd per share) | $ / shares | $ 14.43 |
Weighted Average Remaining Contractual Term (in years) | 6 years 6 months |
Aggregate Intrinsic Value (in thousands) | $ | $ 0 |
International Retirement Plan_2
International Retirement Plan (Reconciliation of Changes In Projected Benefit Obligation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Obligations as of January 1 | $ 8,658 | $ 8,434 | |
Service cost | 166 | 155 | $ 184 |
Interest cost | 151 | 148 | 131 |
Actuarial loss (gain) | 1,815 | 453 | |
Benefit payments | (139) | (145) | |
Effect of foreign currency exchange rate changes | (154) | (387) | |
Benefit obligations as of December 31 | 10,497 | 8,658 | $ 8,434 |
Fair value of assets as of December 31 | 3,343 | 3,224 | |
Funded status as of December 31, net of tax benefit | $ (7,154) | $ (5,434) |
International Retirement Plan_3
International Retirement Plan (Summary of Amounts Recognized in Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Retirement Benefits [Abstract] | ||
Other assets | $ 3,343 | $ 3,224 |
Accrued liabilities | (140) | (140) |
Other liabilities | (10,357) | (8,518) |
Net liability | $ (7,154) | $ (5,434) |
International Retirement Plan_4
International Retirement Plan (Schedule of Accumulated And Projected Benefit Obligations) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Retirement Benefits [Abstract] | |||
Projected benefit obligation | $ 10,497 | $ 8,658 | $ 8,434 |
Accumulated benefit obligation | $ 9,351 | $ 7,587 |
International Retirement Plan_5
International Retirement Plan (Components of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 166 | $ 155 | $ 184 |
Interest cost | 151 | 148 | 131 |
Amortization of actuarial loss | 200 | 177 | 244 |
Total net periodic pension cost | 517 | 480 | 559 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Net loss (gain) | 1,815 | 453 | (558) |
Amortization of prior years' unrecognized loss | (200) | (177) | (244) |
Tax (benefit) provision | (555) | (88) | 247 |
Total recognized as accumulated other comprehensive income (loss) | 1,060 | 188 | (555) |
Total expense recognized in net periodic benefit cost and other comprehensive income | $ 1,577 | $ 668 | $ 4 |
International Retirement Plan_6
International Retirement Plan (Assumptions Used to Determine Benefit Obligations) (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Retirement Benefits [Abstract] | ||
Discount rate | 0.80% | 1.80% |
Rate of compensation | 3.00% | 3.50% |
International Retirement Plan_7
International Retirement Plan (Summary of Estimated Future Benefit Payments) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Retirement Benefits [Abstract] | |
2020 | $ 168 |
2021 | 175 |
2022 | 181 |
2023 | 185 |
2024 | 187 |
2025-2029 | $ 1,277 |
Net Loss Per Share (Schedule Of
Net Loss Per Share (Schedule Of Net Loss Per Share Reconciliation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||||||
Net loss attributable to 3D Systems Corporation | $ (4,714) | $ (16,843) | $ (23,929) | $ (24,394) | $ (4,136) | $ (11,550) | $ (8,862) | $ (20,957) | $ (10,134) | $ (37,670) | $ (8,416) | $ (9,971) | $ (69,880) | $ (45,505) | $ (66,191) |
Weighted average shares (in shares) | 113,811 | 112,327 | 111,554 | ||||||||||||
Net loss per share — basic and diluted (in dollars per share) | $ (0.04) | $ (0.15) | $ (0.21) | $ (0.22) | $ (0.04) | $ (0.10) | $ (0.08) | $ (0.19) | $ (0.08) | $ (0.34) | $ (0.08) | $ (0.09) | $ (0.61) | $ (0.41) | $ (0.59) |
Net Loss Per Share (Narrative)
Net Loss Per Share (Narrative) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Shares excluded from diluted loss per share calculation (in shares) | 5,822 | 5,015 | 5,341 |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) - USD ($) $ in Thousands | Jan. 07, 2020 | Jan. 21, 2019 | Jul. 19, 2017 | Mar. 31, 2019 | Dec. 31, 2019 | Apr. 02, 2015 |
Subsequent Event | ||||||
Business Acquisition [Line Items] | ||||||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 10,000 | |||||
Robtec | ||||||
Business Acquisition [Line Items] | ||||||
Ownership percentage | 70.00% | |||||
Robtec | Subsequent Event | ||||||
Business Acquisition [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Easyway | ||||||
Business Acquisition [Line Items] | ||||||
Acquired ownership percentage | 30.00% | 5.00% | 100.00% | 65.00% | ||
Value of voting rights acquired | $ 13,500 | $ 2,300 | ||||
Purchase of noncontrolling interest | $ 2,500 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 20,869 | $ 6,141 |
Israeli severance funds | 7,449 | 6,822 |
Derivative financial instruments | (318) | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 20,869 | 6,141 |
Israeli severance funds | 0 | 0 |
Derivative financial instruments | 0 | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Israeli severance funds | 7,449 | 6,822 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Israeli severance funds | 0 | $ 0 |
Derivative financial instruments | $ 0 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Total income tax provision | $ (1,260) | $ 2,010 | $ 1,938 | $ 1,844 | $ (4,051) | $ 1,593 | $ 2,539 | $ 1,954 | $ 971 | $ 3,723 | $ 2,067 | $ 1,041 | $ 4,532 | $ 2,035 | $ 7,802 |
Effective income tax rate | (7.00%) | (4.60%) | (13.60%) | ||||||||||||
Unremitted earnings | $ 181,002 | ||||||||||||||
Unrecognized deferred tax liability | 21,210 | 21,210 | |||||||||||||
Tax benefit from revalue of deferred tax liabilities | $ 1,524 | ||||||||||||||
Adjustment to valuation allowance | $ 1,524 | ||||||||||||||
Deferred income tax assets | 57,782 | 57,782 | |||||||||||||
Net operating loss carryforwards | 369,516 | 369,516 | |||||||||||||
Loss carryforwards for U.S. federal income tax purposes | 194,962 | 194,962 | |||||||||||||
Loss carryforwards for U.S. state income tax purposes | 139,691 | 139,691 | |||||||||||||
Loss carryforwards for foreign income tax purposes | 36,894 | 36,894 | |||||||||||||
Unrecognized tax benefits, period decrease | 857 | ||||||||||||||
Unrecognized tax benefits, period increase | 3,293 | ||||||||||||||
Unrecognized tax benefits that would impact effective tax rate | 4,920 | $ 4,920 | |||||||||||||
Domestic Tax Authority | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Difference in effective rate due to Tax Act (as a percentage) | 0.280 | 0.256 | 0.486 | ||||||||||||
Research and experimentation tax credit carryforwards | 2,934 | $ 2,934 | |||||||||||||
Foreign tax credits | 4,026 | 4,026 | |||||||||||||
State and Local Jurisdiction | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Research and experimentation tax credit carryforwards | 4,037 | 4,037 | |||||||||||||
Foreign Tax Authority | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Research and experimentation tax credit carryforwards | 1,021 | 1,021 | |||||||||||||
Other State Income Tax | |||||||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||||||
Other tax credits | $ 729 | $ 729 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (79,821) | $ (59,233) | $ (75,965) |
Foreign | 14,721 | 16,005 | 18,444 |
Loss before income taxes | $ (65,100) | $ (43,228) | $ (57,521) |
Income Taxes (Components of I_2
Income Taxes (Components of Income Tax Provision) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||||||||||||||
U.S. federal | $ (135) | $ (5,882) | $ (83) | ||||||||||||
State | 801 | 286 | 741 | ||||||||||||
Foreign | 7,220 | 10,621 | 12,711 | ||||||||||||
Total | 7,886 | 5,025 | 13,369 | ||||||||||||
Deferred: | |||||||||||||||
U.S. federal | (1,008) | (322) | 0 | ||||||||||||
State | 0 | 3 | 1,097 | ||||||||||||
Foreign | (2,346) | (2,671) | (6,664) | ||||||||||||
Total | (3,354) | (2,990) | (5,567) | ||||||||||||
Total income tax provision (benefit) | $ (1,260) | $ 2,010 | $ 1,938 | $ 1,844 | $ (4,051) | $ 1,593 | $ 2,539 | $ 1,954 | $ 971 | $ 3,723 | $ 2,067 | $ 1,041 | $ 4,532 | $ 2,035 | $ 7,802 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Tax provision based on the federal statutory rate | 21.00% | 21.00% | 35.00% |
Increase in valuation allowances | (21.30%) | (34.80%) | 48.80% |
Global intangible low-taxed income inclusion | (7.00%) | (6.60%) | 0.00% |
One-Time transition tax | 0.00% | (2.80%) | (16.50%) |
Nondeductible expenses | (1.80%) | (2.30%) | (3.30%) |
Taxes related to distributions | (0.80%) | (2.30%) | 0.00% |
Foreign income tax rate differential | 1.00% | (1.50%) | 0.00% |
Deemed income related to foreign operations | (0.50%) | (1.50%) | (4.10%) |
Tax rate change | (1.10%) | (1.40%) | 2.20% |
Employee share-based payments | 0.00% | 0.10% | (13.20%) |
Other | (0.90%) | 0.60% | 2.90% |
Deferred and payable adjustments | 3.30% | 0.90% | (1.10%) |
ASU 842 Adoption | (0.10%) | 0.00% | 0.00% |
State taxes, net of federal benefit, before valuation allowance | 2.80% | 2.40% | 1.00% |
Return to provision adjustments | (2.50%) | 2.70% | 2.00% |
Other tax credits | (1.90%) | 5.10% | 0.00% |
U.S. Tax Cuts and Jobs Act - rate change adjustment | 0 | 0.064 | (0.659) |
Uncertain tax positions and audit settlements | 2.80% | 9.40% | (1.40%) |
Effective tax rate | (7.00%) | (4.60%) | (13.60%) |
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, 2019 | Dec. 31, 2018 |
Deferred income tax assets: | ||
Intangibles | $ 20,624 | $ 22,530 |
Stock options and restricted stock awards | 6,065 | 5,916 |
Reserves and allowances | 11,959 | 15,656 |
Net operating loss carryforwards | 57,782 | 41,356 |
Tax credit carryforwards | 12,749 | 13,669 |
Accrued liabilities | 3,218 | 3,040 |
Deferred revenue | 3,940 | 5,036 |
Lease Tax Asset | 5,970 | 0 |
163(j) Limitation Carryforward | 1,519 | 0 |
Valuation allowance | (109,643) | (95,398) |
Total deferred income tax assets | 14,183 | 11,805 |
Deferred income tax liabilities: | ||
Intangibles | 4,495 | 6,994 |
Property, plant and equipment | 3,282 | 5,265 |
Lease Tax Liability | 4,195 | 0 |
Liabilities related to distributions | 0 | 997 |
Other | 830 | 522 |
Total deferred income tax liabilities | 12,802 | 13,778 |
Net deferred income tax liabilities | $ (1,973) | |
Net deferred income tax asset | $ 1,381 |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unrecognized Tax Benefits* | |||
Balance at January 1 | $ (13,031) | $ (18,310) | $ (18,251) |
Increases related to prior year tax positions | (2,684) | (1,400) | (4,104) |
Decreases related to prior year tax positions | 857 | 8,272 | 4,045 |
Increases related to current year tax positions | (609) | (1,593) | 0 |
Balance at December 31 | $ (15,467) | $ (13,031) | $ (18,310) |
Income Taxes (Summary of Deferr
Income Taxes (Summary of Deferred Income Tax Asset Valuation Allowance) (Details) - Deferred income tax asset valuation allowance - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Beginning Balance | $ 95,398 | $ 80,796 | $ 109,913 |
Additions (reductions) charged to expense | 14,245 | 14,602 | (28,071) |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | 0 | 0 | (1,046) |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | $ 109,643 | $ 95,398 | $ 80,796 |
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, 2019USD ($) | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Number of reportable segments | segment | 1 | |||
Revenue from unaffiliated customers | $ 164,570 | $ 629,094 | $ 687,660 | $ 646,069 |
United States | ||||
Revenue from unaffiliated customers | 306,650 | 332,611 | 322,399 | |
Other Americas | ||||
Revenue from unaffiliated customers | 9,175 | 8,154 | 11,377 | |
APAC | ||||
Revenue from unaffiliated customers | $ 72,866 | $ 109,433 | $ 91,936 | |
Customer One | Revenue from Contract with Customer Benchmark | Customer Concentration Risk | ||||
Concentration risk (as a percentage) | 11.00% | 13.00% |
Segment Information (Schedule_2
Segment Information (Schedule Of Revenue From Unaffiliated Customers By Product And Service) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total revenue | $ 164,570 | $ 629,094 | $ 687,660 | $ 646,069 |
Products | ||||
Total revenue | 215,519 | 259,124 | 222,750 | |
Materials | ||||
Total revenue | 169,058 | 170,091 | 168,846 | |
Services | ||||
Total revenue | $ 244,517 | $ 258,445 | $ 254,473 |
Segment Information (Schedule_3
Segment Information (Schedule Of Intercompany Sales By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total revenue | $ 164,570 | $ 629,094 | $ 687,660 | $ 646,069 |
Intercompany Sales | ||||
Total revenue | 188,519 | 203,904 | 175,898 | |
Americas | Intercompany Sales | ||||
Total revenue | 73,742 | 82,850 | 75,668 | |
EMEA | Intercompany Sales | ||||
Total revenue | 90,231 | 87,313 | 70,961 | |
APAC | Intercompany Sales | ||||
Total revenue | 24,546 | 33,741 | 29,269 | |
Americas | Intercompany Sales | ||||
Total revenue | 58,896 | 84,510 | 74,246 | |
Americas | Americas | Operating Segments | ||||
Total revenue | 1,764 | 2,342 | 2,169 | |
Americas | EMEA | Operating Segments | ||||
Total revenue | 40,704 | 59,206 | 51,689 | |
Americas | APAC | Operating Segments | ||||
Total revenue | 16,428 | 22,962 | 20,388 | |
EMEA | ||||
Total revenue | 240,403 | 237,462 | 220,357 | |
EMEA | Intercompany Sales | ||||
Total revenue | 119,209 | 111,159 | 94,752 | |
EMEA | Americas | Operating Segments | ||||
Total revenue | 66,832 | 75,875 | 70,709 | |
EMEA | EMEA | Operating Segments | ||||
Total revenue | 47,395 | 28,075 | 19,098 | |
EMEA | APAC | Operating Segments | ||||
Total revenue | 4,982 | 7,209 | 4,945 | |
APAC | ||||
Total revenue | 72,866 | 109,433 | 91,936 | |
APAC | Intercompany Sales | ||||
Total revenue | 10,414 | 8,235 | 6,900 | |
APAC | Americas | Operating Segments | ||||
Total revenue | 5,146 | 4,633 | 2,790 | |
APAC | EMEA | Operating Segments | ||||
Total revenue | 2,132 | 32 | 174 | |
APAC | APAC | Operating Segments | ||||
Total revenue | $ 3,136 | $ 3,570 | $ 3,936 |
Segment Information (Schedule_4
Segment Information (Schedule Of Income (Loss) From Operations By Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Income (loss) from operations | $ (4,699) | $ (11,934) | $ (19,166) | $ (21,305) | $ (7,019) | $ (10,984) | $ (7,722) | $ (17,466) | $ (5,703) | $ (32,335) | $ (6,864) | $ (9,071) | $ (57,104) | $ (43,191) | $ (53,973) |
Reportable Geographical Components | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Income (loss) from operations | (57,104) | (43,191) | (53,973) | ||||||||||||
Americas | Operating Segments | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Income (loss) from operations | (80,042) | (69,081) | (79,429) | ||||||||||||
EMEA | Operating Segments | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Income (loss) from operations | 14,623 | 5,283 | 7,483 | ||||||||||||
APAC | Operating Segments | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Income (loss) from operations | $ 8,315 | $ 20,607 | $ 17,973 |
Segment Information (Schedule_5
Segment Information (Schedule of Depreciation and Amortization by Geographic Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 50,396 | $ 59,293 | $ 62,041 |
Americas | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 23,569 | 25,005 | 25,484 |
EMEA | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 24,125 | 30,191 | 31,135 |
APAC | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 2,702 | $ 4,097 | $ 5,422 |
Segment Information (Schedule_6
Segment Information (Schedule of Capital Expenditures By Geographic Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 23,985 | $ 40,694 | $ 30,881 |
Americas | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 12,591 | 19,668 | 23,925 |
EMEA | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 11,120 | 20,057 | 5,227 |
APAC | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 274 | $ 969 | $ 1,729 |
Segment Information (Schedule_7
Segment Information (Schedule of Assets by Geographic Area) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | $ 807,312 | $ 825,832 |
Americas | ||
Assets | 263,758 | 284,676 |
EMEA | ||
Assets | 447,810 | 433,326 |
APAC | ||
Assets | $ 95,744 | $ 107,830 |
Segment Information (Schedule_8
Segment Information (Schedule of Cash and Cash Equivalents By Geographic Area) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents: | $ 133,665 | $ 109,998 |
Americas | ||
Cash and cash equivalents: | 63,374 | 39,316 |
EMEA | ||
Cash and cash equivalents: | 44,283 | 41,581 |
APAC | ||
Cash and cash equivalents: | $ 26,008 | $ 29,101 |
Segment Information (Schedule_9
Segment Information (Schedule of Long-lived Assets by Geographic Area) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 141,278 | $ 171,527 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 64,986 | 77,812 |
Other Americas | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 958 | 1,144 |
EMEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 67,510 | 82,659 |
APAC | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 7,824 | $ 9,912 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) | Sep. 06, 2019 | Sep. 28, 2018USD ($) | Sep. 13, 2018USD ($) | Aug. 03, 2018USD ($) | Mar. 30, 2018USD ($) | Sep. 28, 2015USD ($) | Aug. 23, 2013lawsuit | Dec. 31, 2019USD ($)lawsuit | Jul. 19, 2019USD ($) | Dec. 31, 2018USD ($) |
Loss Contingencies [Line Items] | ||||||||||
Supply commitments | $ 53,562,000 | $ 54,972,000 | ||||||||
Redeemable noncontrolling interests ("RNCI") | $ 0 | 8,872,000 | ||||||||
Number of stockholder class action lawsuits | lawsuit | 9 | |||||||||
Maximum of awards allowed to be received | $ 35,000 | |||||||||
Agreement term (in years) | 2 years | |||||||||
Printer Assemblies and Inventory Items | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Supply commitments | $ 34,570,000 | 27,851,000 | ||||||||
Capital Expenditures and Operating Costs | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Supply commitments | 18,992,000 | $ 27,121,000 | ||||||||
Ronald Barranco and Print3D Corporation v. 3D Systems Corporation, et. al. | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Number of stockholder class action lawsuits | lawsuit | 2 | |||||||||
Percentage of ownership for officer (percent) | 50.00% | |||||||||
Provision for arbitration award | $ 11,282,000 | |||||||||
Amount awarded | $ 2,182,000 | 7,254,000 | ||||||||
Fees and expenses | 2,318,000 | |||||||||
Prejudgment interest | $ 1,710,000 | |||||||||
Settlement paid | $ 101,000 | $ 9,127,000 | ||||||||
Damages awarded | $ 523,000 | |||||||||
Derivative Litigation | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Amount awarded | $ 2,150,000 | |||||||||
Judicial Ruling | Ronald Barranco and Print3D Corporation v. 3D Systems Corporation, et. al. | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Amount awarded | $ 2,182,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss By Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | $ 575,987 | $ 615,948 |
Other comprehensive income (loss) | 1,931 | (18,843) |
Amounts reclassified from accumulated other comprehensive income | 1,401 | |
Ending Balance | 513,896 | 575,987 |
Foreign currency translation adjustment | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (36,669) | (19,319) |
Other comprehensive income (loss) | 3,053 | (18,751) |
Amounts reclassified from accumulated other comprehensive income | 1,401 | |
Ending Balance | (33,616) | (36,669) |
Defined benefit pension plan | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (2,647) | (2,555) |
Other comprehensive income (loss) | (1,060) | (92) |
Amounts reclassified from accumulated other comprehensive income | 0 | |
Ending Balance | (3,707) | (2,647) |
Derivative financial instruments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | 0 | 0 |
Other comprehensive income (loss) | (318) | 0 |
Amounts reclassified from accumulated other comprehensive income | 0 | |
Ending Balance | (318) | 0 |
Liquidation of non-US entity and purchase of non-controlling interests | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | 338 | 338 |
Other comprehensive income (loss) | 256 | 0 |
Amounts reclassified from accumulated other comprehensive income | 0 | |
Ending Balance | 594 | 338 |
Accumulated Other Comprehensive Income (Loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (38,978) | (21,536) |
Ending Balance | $ (37,047) | $ (38,978) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Schedule of Amounts Reclassified From AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest and other expense, net | $ 7,996 | $ 37 | $ 3,548 |
Reclassification from AOCI | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest and other expense, net | $ 0 | $ 1,401 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Consolidated revenue | $ 155,272 | $ 157,272 | $ 151,980 | $ 180,712 | $ 164,511 | $ 176,568 | $ 165,869 | $ 177,264 | $ 152,907 | $ 159,467 | $ 156,431 | ||||
Gross profit | $ 71,756 | 67,281 | 73,299 | 65,705 | 82,553 | 77,810 | 86,162 | 77,869 | 85,458 | 58,522 | 80,673 | 80,186 | $ 278,041 | $ 324,394 | $ 304,839 |
Total operating expenses | 76,455 | 79,215 | 92,465 | 87,010 | 89,572 | 88,794 | 93,884 | 95,335 | 91,161 | 90,857 | 87,537 | 89,257 | 335,145 | 367,585 | 358,812 |
Loss from operations | (4,699) | (11,934) | (19,166) | (21,305) | (7,019) | (10,984) | (7,722) | (17,466) | (5,703) | (32,335) | (6,864) | (9,071) | (57,104) | (43,191) | (53,973) |
Benefit (provision) for income taxes | 1,260 | (2,010) | (1,938) | (1,844) | 4,051 | (1,593) | (2,539) | (1,954) | (971) | (3,723) | (2,067) | (1,041) | (4,532) | (2,035) | (7,802) |
Net loss attributable to 3D Systems | $ (4,714) | $ (16,843) | $ (23,929) | $ (24,394) | $ (4,136) | $ (11,550) | $ (8,862) | $ (20,957) | $ (10,134) | $ (37,670) | $ (8,416) | $ (9,971) | $ (69,880) | $ (45,505) | $ (66,191) |
Net loss per share available to 3D Systems Corporation common stockholders - basic and diluted (in usd per share) | $ (0.04) | $ (0.15) | $ (0.21) | $ (0.22) | $ (0.04) | $ (0.10) | $ (0.08) | $ (0.19) | $ (0.08) | $ (0.34) | $ (0.08) | $ (0.09) | $ (0.61) | $ (0.41) | $ (0.59) |
Uncategorized Items - ddd-20191
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 576,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 10,206,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 576,000 |
Additional Paid-in Capital [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (10,206,000) |
Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 576,000 |