Stratasys (SSYS) 6-K 16 May 17 2017 Q1 Condensed Consolidated Financial Statements Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	STRATASYS LTD.
Entity Central Index Key	1,517,396
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Trading Symbol	SSYS
Document Type	6-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,017

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 297,246	$ 280,328
Accounts receivable, net	115,099	120,411
Inventories	116,018	117,521
Net investment in sales-type leases	10,844	11,717
Prepaid expenses	6,371	7,571
Other current assets	19,411	15,491
Total current assets	564,989	553,039
Non-current assets
Net investment in sales-type leases - long-term	9,655	12,126
Property, plant and equipment, net	206,722	208,415
Goodwill	385,808	385,629
Other intangible assets, net	169,302	177,458
Other non-current assets	31,626	29,382
Total non-current assets	803,113	813,010
Total assets	1,368,102	1,366,049
Current liabilities
Accounts payable	44,805	40,933
Current portion of long-term debt	3,714	3,714
Accrued expenses and other current liabilities	28,582	32,207
Accrued compensation and related benefits	42,797	34,186
Obligations in connection with acquisitions	4,315	3,619
Deferred revenues	50,673	49,952
Total current liabilities	174,886	164,611
Non-current liabilities
Long-term debt	21,357	22,286
Deferred tax liabilities	4,916	5,952
Deferred revenues - long-term	12,942	12,922
Other non-current liabilities	24,293	22,251
Total non-current liabilities	63,508	63,411
Total liabilities	238,394	228,022
Contingencies (see note 9)
Redeemable non-controlling interests	1,939	2,029
Equity
Ordinary shares, NIS 0.01 nominal value, authorized 180,000 thousands shares; 52,728 thousands shares and 52,639 thousands shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	142	142
Additional paid-in capital	2,637,561	2,633,129
Accumulated other comprehensive loss	(12,243)	(13,479)
Accumulated deficit	(1,497,782)	(1,483,925)
Equity attributable to Stratasys Ltd.	1,127,678	1,135,867
Non-controlling interests	91	131
Total equity	1,127,769	1,135,998
Total liabilities and equity	$ 1,368,102	$ 1,366,049

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, par value (in NIS per share)	$ 0.01	$ 0.01
Common stock, shares authorized	180,000	180,000
Common stock, shares issued	52,728	52,639
Common stock, shares outstanding	52,728	52,639

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net sales
Products	$ 115,087	$ 118,634
Services	48,075	49,272
Total net sales	163,162	167,906
Cost of sales
Products	54,480	56,938
Services	31,802	29,799
Total cost of sales	86,282	86,737
Gross profit	76,880	81,169
Operating expenses
Research and development, net	24,634	25,115
Selling, general and administrative	64,179	76,387
Change in fair value of obligations in connection with acquisitions	696	727
Total operating expenses	89,509	102,229
Operating loss	(12,629)	(21,060)
Financial income, net	256	180
Loss before income taxes	(12,373)	(20,880)
Income taxes expenses	1,326	2,291
Share in loss of associated company	(288)
Net loss	(13,987)	(23,171)
Net loss attributable to non-controlling interest	(130)	(30)
Net loss attributable to Stratasys Ltd.	$ (13,857)	$ (23,141)
Net loss per ordinary share attributable to Stratasys Ltd.
Basic	$ (0.26)	$ (0.44)
Diluted	$ (0.26)	$ (0.44)
Weighted average ordinary shares outstanding
Basic	52,690	52,098
Diluted	52,690	52,098
Comprehensive loss
Net loss	$ (13,987)	$ (23,171)
Other comprehensive income, net of tax:
Foreign currency translation adjustments	713	3,341
Unrealized gains on derivatives designated as cash flow hedges	523	931
Other comprehensive income, net of tax	1,236	4,272
Comprehensive loss	(12,751)	(18,899)
Less: comprehensive loss attributable to non-controlling interests	(130)	(30)
Comprehensive loss attributable to Stratasys Ltd.	$ (12,621)	$ (18,869)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities
Net loss	$ (13,987)	$ (23,171)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	16,566	23,496
Stock-based compensation	3,904	5,623
Foreign currency translation loss	(2,744)	(4,189)
Deferred income taxes	(791)	(889)
Change in fair value of obligations in connection with acquisitions	696	727
Other items	1,265	614
Change in cash attributable to changes in operating assets and liabilities:
Accounts receivable, net	6,145	15,558
Inventories	1,028	363
Net investment in sales-type leases	3,344	(1,913)
Other current assets and prepaid expenses	(597)	2,089
Other non-current assets	275	287
Accounts payable	3,845	(951)
Other current liabilities	4,043	11,663
Deferred revenues	333	(79)
Other non-current liabilities	2,035	2,356
Net cash provided by operating activities	25,360	31,584
Cash flows from investing activities
Purchase of property and equipment	(6,315)	(7,585)
Investment in unconsolidated entities	(2,548)	(4,000)
Purchase of intangible assets	(515)	(245)
Proceeds from maturities of short-term bank deposits		1,558
Investment in short-term bank deposits		67,264
Other investing activities	(80)	(70)
Net cash used in investing activities	(9,458)	(77,606)
Cash flows from financing activities
Repayment of current portion of long-term debt	(929)
Proceeds from exercise of stock options	528	122
Net cash provided by (used in) financing activities	(401)	122
Effect of exchange rate changes on cash and cash equivalents	1,417	1,484
Net change in cash and cash equivalents	16,918	(44,416)
Cash and cash equivalents, beginning of period	280,328	257,592
Cash and cash equivalents, end of period	297,246	213,176
Supplemental disclosures of cash flow information:
Transfer of fixed assets to inventory	129	503
Transfer of inventory to fixed assets	$ 1,357	$ 939

Basis of Presentation and Conso

Basis of Presentation and Consolidation	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	Note 1. Basis of Presentation and Consolidation Stratasys Ltd. (collectively with its subsidiaries, the “Company”) is a 3D solutions company, offering additive manufacturing (“AM”) solutions for the creation of parts used in the processes of designing and manufacturing products and for the direct manufacture of end parts across a broad range of vertical markets. The Company’s solutions include products ranging from entry-level desktop 3D printers to systems for rapid prototyping (“RP”) and large production systems for direct digital manufacturing (“DDM”). The Company also develops, manufactures and sells materials for use with its systems and provides related service offerings. The Company also provides a variety of custom manufacturing solutions through its direct manufacturing printed parts service as well as 3D printing related professional services offerings. The condensed consolidated interim financial statements include the accounts of Stratasys Ltd. and its subsidiaries. All intercompany accounts and transactions, including profits from intercompany sales not yet realized outside the Company, have been eliminated in consolidation. The consolidated interim financial information herein is unaudited; however, such information reflects all adjustments (consisting of normal, recurring adjustments), which are, in the opinion of management, necessary for a fair statement of results for the interim period. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results to be expected for the full year. Certain financial information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. The reader is referred to the audited consolidated financial statements and notes thereto for the year ended December 31, 2016, filed with the U.S. Securities and Exchange Commission (the “SEC”) as part of the Company’s Annual Report on Form 20-F for such year on March 9, 2017. Recently issued and adopted accounting pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) which simplifies certain aspects of the accounting for share-based payments, including, among other items, accounting for income taxes and allowing an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures as they occur, rather than to account for them based on an estimate of expected forfeitures. This ASU became effective for the Company on January 1, 2017. Upon the adoption of this ASU, the Company recorded a cumulative-effect adjustment to its net operating losses of approximately $5 million as of January 1, 2017 offset with an increase to its valuation allowance with respect to previously unrecognized excess tax benefits. Under the new ASU, excess tax benefits or deficiencies related to stock option exercises and restricted stock unit vesting are recognized in the statement of operations. The adoption of this ASU does not have a material impact on the Company’s results of operations as excess tax benefits generated from the vesting of share-based awards will be recognized in the consolidated statements of operations, but offset with consideration of the valuation allowance in the Company’s US operations. In addition, upon the adoption of this ASU, the Company has elected as an accounting policy to record forfeitures as they occur, using a modified retrospective transition method. The total cumulative-effect adjustment to retained earnings as of January 1, 2017 was immaterial. Prior periods have not been restated. In January 2017, the FASB issued an ASU which eliminates the requirement to determine the implied fair value of the reporting unit’s goodwill by measuring the reporting unit’s assets and liabilities at fair value in a hypothetical analysis as if the reporting unit was acquired in a business combination, as part of the second step of goodwill impairment testing. Under the new guidance, goodwill impairment testing will be performed by comparing the fair value of the reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The new ASU is effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for annual or interim goodwill impairment testing performed after January 1, 2017. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements. In November 2016, the FASB issued an ASU which requires entities to include amounts generally described as restricted cash and restricted cash equivalents in cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU is effective for annual reporting periods (including interim periods within those annual reporting periods) beginning after December 15, 2017. Early adoption is permitted and should be adopted retrospectively. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated statements of cash flows. In October 2016, the FASB issued an ASU which eliminates the exception for an intra-entity transfer of an asset other than inventory. This ASU requires that the income tax consequences of an intra-entity asset transfer other than inventory are recognized at the time of the transfer, rather than when the transferred asset is sold to a third party or otherwise recovered through use. The ASU is effective for annual reporting periods (including interim periods within those annual reporting periods) beginning after December 15, 2017. Early adoption is permitted as of the beginning of an annual reporting period (as of the first interim period if an entity issues interim financial statements). The new guidance requires adoption on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements. In February 2016, the FASB issued a new ASU which revises lease accounting guidance. Under the new guidance, lessees will be required to recognize a right-of-use asset and a lease liability for all leases, other than leases that meet the definition of a short-term lease. The liability and the right-of-use asset arising from the lease will be measured as the present value of the lease payments. The new standard is effective for fiscal year beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition approach. The Company is currently evaluating the impact of the adoption of the new lease accounting guidance on its consolidated financial statements. In May 2014, the FASB issued guidance on revenue from contracts with customers that will supersede the current revenue recognition guidance. The new revenue recognition standard provides a unified model to determine when and how revenue is recognized. The core principle of the new revenue recognition standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new revenue recognition standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. This standard may be applied retrospectively to each prior period presented (“full retrospective approach”) or retrospectively with the cumulative effect recognized as of the date of adoption (“modified retrospective approach”). The Company has developed a project plan to analyze the potential impact this guidance will have on its consolidated financial statements and related disclosures as well as its business processes, systems and controls. This includes reviewing revenue contracts across all revenue streams and evaluates potential differences that would result from applying the requirements under the new guidance. Based on the analysis conducted to date, the Company expects to adopt this standard using the modified retrospective approach and is still currently evaluating all the potential impacts of the adoption of this standard. Therefore, the Company cannot reasonably estimate quantitative information related to the impact of this standard on its consolidated financial statements at this time.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Inventories	Note 2. Inventories Inventories, net consisted of the following: March 31, December 31, 2017 2016 U.S. $ in thousands Finished goods $ 64,814 $ 62,728 Work-in-process 2,337 2,389 Raw materials 48,867 52,404 $ 116,018 $ 117,521

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Note 3. Goodwill and Other Intangible Assets Goodwill Changes in the carrying amount of the Company’s goodwill for the three months ended March 31, 2017, were as follows: U.S. $ in millions Goodwill as of January 1, 2017 $ 385.6 Translation differences 0.2 Goodwill as of March 31, 2017 $ 385.8 Other Intangible Assets Other intangible assets consisted of the following: March 31, 2017 December 31, 2016 Carrying Amount, Net Carrying Amount, Net Net of Accumulated Book Net of Accumulated Book Impairment Amortization Value Impairment Amortization Value U.S. $ in thousands Developed technology $ 304,766 $ (204,090 ) $ 100,676 $ 304,766 $ (198,632 ) $ 106,134 Patents 19,485 (12,733 ) 6,752 19,009 (12,257 ) 6,752 Trademarks and trade names 27,820 (17,204 ) 10,616 27,819 (16,849 ) 10,970 Customer relationships 106,697 (56,539 ) 50,158 106,571 (54,258 ) 52,313 Capitalized software development costs 19,541 (18,441 ) 1,100 19,540 (18,251 ) 1,289 $ 478,309 $ (309,007 ) $ 169,302 $ 477,705 $ (300,247 ) $ 177,458 Amortization expense relating to intangible assets for the three-month periods ended March 31, 2017 and 2016 was approximately $8.7 million and $14.7 million, respectively. The decrease in amortization expense was primarily due to change in the estimated useful lives of certain intangibles assets. As of March 31, 2017, estimated amortization expense relating to intangible assets currently subject to amortization for each of the following periods was as follows: Estimated amortization expense (U.S. $ in thousands) Remaining 9 months of 2017 $ 26,030 2018 33,156 2019 32,226 2020 31,899 2021 31,340 Thereafter 14,651 Total $ 169,302

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2017
Net loss per ordinary share attributable to Stratasys Ltd.
Loss Per Share	Note 4. Loss Per Share The following table presents the numerator and denominator of the basic and diluted net loss per share computations for the three months ended March 31, 2017 and 2016: Three months ended March 31, 2017 2016 In thousands, except per share amounts Numerator: Net loss attributable to Stratasys Ltd.– for the computation of basic and diluted net loss per share $ (13,857 ) $ (23,141 ) Denominator: Weighted average shares – for the computation of basic and diluted net loss per share 52,690 52,098 Net loss per share attributable to Stratasys Ltd. Basic $ (0.26 ) $ (0.44 ) Diluted $ (0.26 ) $ (0.44 ) The computation of diluted net loss per share excluded share awards of 2.49 million shares and 3.56 million shares for the three months ended March 31, 2017 and 2016, respectively, because their inclusion would have had an anti-dilutive effect on the diluted net loss per share.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Note 5. Income Taxes The Company had a negative effective tax rate of 10.7% for the three-month period ended March 31, 2017 as compared to a negative effective tax rate of 11.0% for the three-month period ended March 31, 2016. The Company’s effective tax rate was primarily impacted by different geographic mix of earnings and losses.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 6. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A hierarchy has been established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that are developed using market data, such as publicly available information about actual events or transactions, and that reflect the assumptions that market participants would use when pricing the asset or liability. Unobservable inputs are inputs for which market data are not available and that are developed using the best information available about the assumptions that market participants would use when pricing the asset or liability. The fair value hierarchy is categorized into three Levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2 inputs include inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Financial instruments measured at fair value The following tables summarize the Company’s financial assets and liabilities that are carried at fair value on a recurring basis, by fair value hierarchy, in its consolidated balance sheets: March 31, 2017 (U.S. $ in thousands) Level 2 Level 3 Total Assets: Foreign exchange forward contracts not designated as hedging instruments $ 913 $ - $ 913 Foreign exchange forward contracts designated as hedging instruments 498 - 498 Liabilities: Foreign exchange forward contracts not designated as hedging instruments (54 ) - (54 ) Obligations in connection with acquisitions - (3,315 ) (3,315 ) $ 1,357 $ (3,315 ) $ (1,958 ) December 31, 2016 (U.S. $ in thousands) Level 2 Level 3 Total Assets: Foreign exchange forward contracts not designated as hedging instruments $ 1,440 $ - $ 1,440 Foreign exchange forward contracts designated as hedging instruments 37 - 37 Liabilities: Foreign exchange forward contracts not designated as hedging instruments (48 ) - (48 ) Foreign exchange forward contracts designated as hedging instruments (61 ) - (61 ) Obligations in connection with acquisitions - (2,619 ) (2,619 ) $ 1,368 $ (2,619 ) $ (1,251 ) The Company’s foreign exchange forward contracts are classified as Level 2, as they are not actively traded and are valued using pricing models that use observable market inputs, including interest rate curves and both forward and spot prices for currencies (Level 2 inputs). Other financial instruments consist mainly of cash and cash equivalents, current and non-current receivables, net investment in sales-type leases, bank loan, accounts payable and other current liabilities. The fair value of these financial instruments approximates their carrying values. Other fair value disclosures The following table provides a reconciliation of the changes for those financial liabilities where fair value measurements are estimated utilizing Level 3 inputs, which consist of obligations in connection with acquisitions: Three months ended Year ended (U.S. $ in thousands) Fair value at the beginning of the period $ 2,619 $ 6,991 Settlements - (3,500 ) Change in fair value recognized in earnings 696 (872 ) Fair value at the end of the period $ 3,315 $ 2,619 The Company’s obligations in connection with acquisitions as of March 31, 2017, which are estimated utilizing Level 3 inputs, are related to the deferred payments for the Company’s acquisition of Solid Concepts Inc. (the “Solid Concepts transaction”). As part of the Solid Concepts transaction, which was completed in July 2014, the Company is obligated to pay additional deferred payments in three separate annual installments after the Solid Concepts transaction date (“deferred payments”). Subject to certain requirements for cash payments, the Company retains the discretion to settle the deferred payments in its shares, cash or any combination of the two. The deferred payments are also subject to certain adjustments based on the Company’s share price. During the third quarter of 2016, the Company issued 152,633 ordinary shares valued at $3.1 million and paid cash of $0.4 million to settle the second annual installment of the deferred payments. The deferred payments are classified as liabilities and are measured at fair value in the Company’s consolidated balance sheets. The fair value of the deferred payments was determined based on the closing market price of the Company’s ordinary shares on the Solid Concepts transaction date, adjusted to reflect a discount for lack of marketability for the applicable periods. The discount for lack of marketability was calculated based on the historical volatility of the Company’s share price and thus represents a Level 3 measurement within the fair value hierarchy. As of March 31, 2017, the fair value of the remaining deferred payments was $3.3 million. As of March 31, 2017, the total amount of the remaining deferred payments, which does not reflect a discount for lack of marketability, was approximately $3.5 million, based on the Company’s share price as of that date. The fair value of the deferred payments is primarily linked to the Company’s share price. An increase of 10% in the Company’s share price as of March 31, 2017 would have increased the fair value of the remaining deferred payments by $0.3 million. In addition, changes in Level 3 inputs that were used in the fair value calculation might change the fair value of the deferred payments. A decrease of 10% in the Company’s share price volatility used in the calculation for discount for lack of marketability as of March 31, 2017 would have increased the fair value of the Company’s deferred payments liability by approximately $0.1 million. With respect to the fair-value revaluations of the deferred payments, the Company recorded loss of $0.7 million for each of the three-month periods ended March 31, 2017 and 2016. Such fair-value revaluations are presented under change in fair value of obligations in connection with acquisitions in the Company’s consolidated statements of operations and comprehensive loss.

Derivative instruments and hedg

Derivative instruments and hedging activities	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative instruments and hedging activities	Note 7. Derivative instruments and hedging activities As the Company conducts its operations globally, it is exposed to global market risks and to the risk that its earnings, cash flows and equity could be adversely impacted by fluctuations in foreign currency exchange rates. The Company enters into transactions involving foreign currency exchange derivative financial instruments. The Company manages its foreign currency exposures on a consolidated basis, which allows the Company to net exposures and take advantage of any natural hedging. The transactions are designed to manage the Company’s net exposure to foreign currency exchange rates and to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates. The Company does not enter into derivative transactions for trading purposes. The Company is primarily exposed to foreign exchange risk with respect to recognized assets and liabilities and forecasted transactions denominated in the New Israeli Shekel (“NIS”), the Euro and the Japanese Yen. The gains and losses on the hedging instruments offset losses and gains on the hedged items. Financial markets and currency volatility may limit the Company’s ability to hedge these exposures. The following table summarizes the condensed consolidated balance sheets classification and fair values of the Company’s derivative instruments: Fair Value Notional Amount March 31, December 31, March 31, December 31, Balance sheet location 2017 2016 2017 2016 U.S. $ in thousands Assets derivatives -Foreign exchange contracts, not designated as hedging instruments Other current assets $ 913 $ 1,440 $ 64,241 $ 39,982 Assets derivatives -Foreign exchange contracts, designated as cash flow hedge Other current assets 498 37 9,522 8,348 Liability derivatives -Foreign exchange contracts, not Accrued expenses and other designated as hedging instruments current liabilities (54 ) (48 ) 8,224 13,273 Liability derivatives -Foreign exchange contracts, Accrued expenses and other designated as hedging instruments current liabilities - (61 ) - 7,534 $ 1,357 $ 1,368 $ 81,987 $ 69,137 As of March 31, 2017, the notional amounts of the Company’s outstanding exchange forward contracts, not designated as hedging instruments, were $72.5 million and were used to reduce foreign currency exposures of the Euro, New Israeli Shekel (the “NIS”), Japanese Yen, Korean Won and Chinese Yuan. With respect to such derivatives, losses of $0.3 million and $2.9 million were recognized under financial income, net for the three-month periods ended March 31, 2017 and 2016, respectively. Such losses partially offset the revaluation changes of foreign currencies the balance sheet items, which are also recognized under financial income, net. As of March 31, 2017, the Company had in effect foreign exchange forward contracts, designated as cash flow hedge for accounting purposes, for the conversion of $9.5 million into NIS. The Company uses short-term cash flow hedge contracts to reduce its exposure to variability in expected future cash flows resulting mainly from payroll costs denominated in NIS. The changes in fair value of those contracts are included in the Company’s accumulated other comprehensive loss. These contracts mature through July 2017.

Equity

Equity	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Equity	Note 8. Equity a. Stock-based compensation plans Stock-based compensation expenses for equity-classified Three Months Ended March 31, 2017 2016 U.S $ in thousands Cost of sales $ 643 $ 723 Research and development, net 849 1,359 Selling, general and administrative 2,412 3,541 Total stock-based compensation expenses $ 3,904 $ 5,623 A summary of the Company’s stock option activity for the three months ended March 31, 2017 is as follows: Weighted Average Number of Options Exercise Price Options outstanding as of January 1, 2017 2,615,461 $ 37.21 Exercised (35,769 ) 14.75 Forfeited (220,977 ) 40.37 Options outstanding as of March 31, 2017 2,358,715 $ 37.25 Options exercisable as of March 31, 2017 1,533,280 $ 38.62 The outstanding options generally have a term of ten years from the grant date. Options granted become exercisable over the vesting period, which is normally a four-year period beginning on the grant date, subject to the employee’s continuous service to the Company. The fair value of stock options is determined using the Black-Scholes model. During the three-month periods ended March 31, 2017 and 2016, the Company issued 35,769 shares and 13,820 shares, respectively, upon the exercise of stock options. This resulted in an increase in equity of $0.5 million and $0.1 million for the three-month periods ended March 31, 2017 and 2016, respectively. As of March 31, 2017, the unrecognized compensation cost of $10.5 million equity-classified A summary of the Company’s RSUs activity for the three months ended March 31, 2017 is as follows: Weighted Average Number of RSUs Grant Date Fair Value Unvested RSUs outstanding as of January 1, 2017 267,756 $ 81.35 Forfeited (33,120 ) 70.44 Vested (49,523 ) 82.12 Unvested RSUs outstanding as of March 31, 2017 185,113 83.10 The fair value of RSUs is determined based on the quoted price of the Company’s ordinary shares on the date of the grant. As of March 31, 2017, the unrecognized compensation cost of $8.9 million RSUs is expense over b. Accumulated other comprehensive income (loss) The following table presents the changes in the components of accumulated other comprehensive income (loss), net of taxes , Three months ended March 31, 2017 Net unrealized gain Foreign currency (loss) on cash flow translation hedges adjustments Total U.S. $ in thousands Balance as of January 1, 2017 $ (24 ) $ (13,455 ) $ (13,479 ) Other comprehensive income before reclassifications 793 713 1,506 Amounts reclassified from accumulated other comprehensive income (270 ) - (270 ) Other comprehensive income 523 713 1,236 Balance as of March 31, 2017 $ 499 $ (12,742 ) $ (12,243 ) Three months ended March 31, 2016 Net unrealized gain Foreign currency (loss) on cash flow translation hedges adjustments Total U.S. $ in thousands Balance as of January 1, 2016 $ (107 ) $ (10,667 ) $ (10,774 ) Other comprehensive loss before reclassifications 863 3,341 4,204 Amounts reclassified from accumulated other comprehensive income 68 - 68 Other comprehensive income 931 3,341 4,272 Balance as of March 31, 2016 $ 824 $ (7,326 ) $ (6,502 )

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Note 9. Contingencies Claims Related to Company Equity On March 4, 2013, five current or former minority shareholders (two of whom were former directors) of the Company filed two lawsuits against the Company in an Israeli central district court. The lawsuits demanded that the Company amend its capitalization table such that certain share issuances prior to the Stratasys-Objet merger to certain of Objet’s shareholders named as defendants would be cancelled, with a consequent issuance of additional shares to the plaintiffs to account for the subsequent dilution to which they have been subject. The lawsuits also named as defendants Elchanan Jaglom, Chairman of the Company’s board of directors, in one of the lawsuits, Ilan Levin, the Company’s Chief Executive Officer and director, various shareholders of the Company who were also shareholders of Objet, and David Reis, a director. The Company filed its statements of defense in May 2013 denying the plaintiffs’ claims. In 2015, the court dismissed the lawsuit of one of the former directors due to lack of cause. In February 2017, the parties reached an agreement pursuant to which all claims were settled at no material cost to the Company. Notice of the settlement was provided and the suits were subsequently dismissed. Securities Law Class Actions On February 5, 2015, a lawsuit styled as a class action was commenced in the United States District Court for the District of Minnesota, naming the Company and certain of the Company’s officers as defendants. Similar actions were filed on February 9 and 20, 2015 in the Southern District of New York and the Eastern District of New York, respectively. The lawsuits allege violations of the Securities Exchange Act of 1934 in connection with allegedly false and misleading statements concerning the Company’s business and prospects. The plaintiffs seek damages and awards of reasonable costs and expenses, including attorneys’ fees. On April 15, 2015, the cases were consolidated for all purposes, and on April 24, 2015, the Court entered an order appointing lead plaintiffs and approving their selection of lead counsel for the putative class. On July 1, 2015, lead plaintiffs filed their consolidated complaint. On August 31, 2015, the defendants moved to dismiss the consolidated complaint for failure to state a claim. The Court heard the motion on December 11, 2015. On June 30, 2016, the Court granted defendants’ motion to dismiss with prejudice and entered judgment in favor of defendants. On July 29, 2016, lead plaintiffs filed a notice of appeal to the United States Court of Appeals for the Eighth Circuit from the Court’s judgment. On September 22, 2016, lead plaintiffs filed the opening initial brief in support of their appeal. On October 24, 2016, defendants filed their answering brief to the appeal. On November 18, 2016, lead plaintiffs filed their reply brief in support of the appeal. Oral arguments for appeal were held on March 9, 2017. A decision is pending. The Company is a party to various other legal proceedings, the outcome of which, in the opinion of management, will not have a significant adverse effect on the financial position or profitability of the Company.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories, net consisted of the following: March 31, December 31, 2017 2016 U.S. $ in thousands Finished goods $ 64,814 $ 62,728 Work-in-process 2,337 2,389 Raw materials 48,867 52,404 $ 116,018 $ 117,521

Goodwill and Other Intangible16

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in the Carrying Amount of Goodwill	Changes in the carrying amount of the Company’s goodwill for the three months ended March 31, 2017, were as follows: U.S. $ in millions Goodwill as of January 1, 2017 $ 385.6 Translation differences 0.2 Goodwill as of March 31, 2017 $ 385.8
Schedule of Other Intangible Assets	Other intangible assets consisted of the following: March 31, 2017 December 31, 2016 Carrying Amount, Net Carrying Amount, Net Net of Accumulated Book Net of Accumulated Book Impairment Amortization Value Impairment Amortization Value U.S. $ in thousands Developed technology $ 304,766 $ (204,090 ) $ 100,676 $ 304,766 $ (198,632 ) $ 106,134 Patents 19,485 (12,733 ) 6,752 19,009 (12,257 ) 6,752 Trademarks and trade names 27,820 (17,204 ) 10,616 27,819 (16,849 ) 10,970 Customer relationships 106,697 (56,539 ) 50,158 106,571 (54,258 ) 52,313 Capitalized software development costs 19,541 (18,441 ) 1,100 19,540 (18,251 ) 1,289 $ 478,309 $ (309,007 ) $ 169,302 $ 477,705 $ (300,247 ) $ 177,458
Schedule of Estimated Amortization Expense Relating to Intangible Assets	As of March 31, 2017, estimated amortization expense relating to intangible assets currently subject to amortization for each of the following periods was as follows: Estimated amortization expense (U.S. $ in thousands) Remaining 9 months of 2017 $ 26,030 2018 33,156 2019 32,226 2020 31,899 2021 31,340 Thereafter 14,651 Total $ 169,302

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Net loss per ordinary share attributable to Stratasys Ltd.
Schedule of Computations of Numerator and Denominator of Basic and Diluted Income (Loss) Per Share	The following table presents the numerator and denominator of the basic and diluted net loss per share computations for the three months ended March 31, 2017 and 2016: Three months ended March 31, 2017 2016 In thousands, except per share amounts Numerator: Net loss attributable to Stratasys Ltd.– for the computation of basic and diluted net loss per share $ (13,857 ) $ (23,141 ) Denominator: Weighted average shares – for the computation of basic and diluted net loss per share 52,690 52,098 Net loss per share attributable to Stratasys Ltd. Basic $ (0.26 ) $ (0.44 ) Diluted $ (0.26 ) $ (0.44 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Carried at Fair Value on a Recurring Basis	The following tables summarize the Company’s financial assets and liabilities that are carried at fair value on a recurring basis, by fair value hierarchy, in its consolidated balance sheets: March 31, 2017 (U.S. $ in thousands) Level 2 Level 3 Total Assets: Foreign exchange forward contracts not designated as hedging instruments $ 913 $ - $ 913 Foreign exchange forward contracts designated as hedging instruments 498 - 498 Liabilities: Foreign exchange forward contracts not designated as hedging instruments (54 ) - (54 ) Obligations in connection with acquisitions - (3,315 ) (3,315 ) $ 1,357 $ (3,315 ) $ (1,958 ) December 31, 2016 (U.S. $ in thousands) Level 2 Level 3 Total Assets: Foreign exchange forward contracts not designated as hedging instruments $ 1,440 $ - $ 1,440 Foreign exchange forward contracts designated as hedging instruments 37 - 37 Liabilities: Foreign exchange forward contracts not designated as hedging instruments (48 ) - (48 ) Foreign exchange forward contracts designated as hedging instruments (61 ) - (61 ) Obligations in connection with acquisitions - (2,619 ) (2,619 ) $ 1,368 $ (2,619 ) $ (1,251 )
Schedule of Reconciliation of Fair Value Measurements of Assets and Liabilities Utilizing Level 3 Inputs	The following table provides a reconciliation of the changes for those financial liabilities where fair value measurements are estimated utilizing Level 3 inputs, which consist of obligations in connection with acquisitions: Three months ended Year ended (U.S. $ in thousands) Fair value at the beginning of the period $ 2,619 $ 6,991 Settlements - (3,500 ) Change in fair value recognized in earnings 696 (872 ) Fair value at the end of the period $ 3,315 $ 2,619

Derivative instruments and he19

Derivative instruments and hedging activities (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of balance sheet classification and fair values of derivative instruments	The following table summarizes the condensed consolidated balance sheets classification and fair values of the Company’s derivative instruments: Fair Value Notional Amount March 31, December 31, March 31, December 31, Balance sheet location 2017 2016 2017 2016 U.S. $ in thousands Assets derivatives -Foreign exchange contracts, not designated as hedging instruments Other current assets $ 913 $ 1,440 $ 64,241 $ 39,982 Assets derivatives -Foreign exchange contracts, designated as cash flow hedge Other current assets 498 37 9,522 8,348 Liability derivatives -Foreign exchange contracts, not Accrued expenses and other designated as hedging instruments current liabilities (54 ) (48 ) 8,224 13,273 Liability derivatives -Foreign exchange contracts, Accrued expenses and other designated as hedging instruments current liabilities - (61 ) - 7,534 $ 1,357 $ 1,368 $ 81,987 $ 69,137

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Schedule of Share-based Compensation Expense	Stock-based compensation expenses for equity-classified Three Months Ended March 31, 2017 2016 U.S $ in thousands Cost of sales $ 643 $ 723 Research and development, net 849 1,359 Selling, general and administrative 2,412 3,541 Total stock-based compensation expenses $ 3,904 $ 5,623
Summary of Stock Options Activity	A summary of the Company’s stock option activity for the three months ended March 31, 2017 is as follows: Weighted Average Number of Options Exercise Price Options outstanding as of January 1, 2017 2,615,461 $ 37.21 Exercised (35,769 ) 14.75 Forfeited (220,977 ) 40.37 Options outstanding as of March 31, 2017 2,358,715 $ 37.25 Options exercisable as of March 31, 2017 1,533,280 $ 38.62
Summary of RSUs activity	A summary of the Company’s RSUs activity for the three months ended March 31, 2017 is as follows: Weighted Average Number of RSUs Grant Date Fair Value Unvested RSUs outstanding as of January 1, 2017 267,756 $ 81.35 Forfeited (33,120 ) 70.44 Vested (49,523 ) 82.12 Unvested RSUs outstanding as of March 31, 2017 185,113 83.10
Schedule of Accumulated other comprehensive income (loss)	The following table presents the changes in the components of accumulated other comprehensive income (loss), net of taxes , Three months ended March 31, 2017 Net unrealized gain Foreign currency (loss) on cash flow translation hedges adjustments Total U.S. $ in thousands Balance as of January 1, 2017 $ (24 ) $ (13,455 ) $ (13,479 ) Other comprehensive income before reclassifications 793 713 1,506 Amounts reclassified from accumulated other comprehensive income (270 ) - (270 ) Other comprehensive income 523 713 1,236 Balance as of March 31, 2017 $ 499 $ (12,742 ) $ (12,243 ) Three months ended March 31, 2016 Net unrealized gain Foreign currency (loss) on cash flow translation hedges adjustments Total U.S. $ in thousands Balance as of January 1, 2016 $ (107 ) $ (10,667 ) $ (10,774 ) Other comprehensive loss before reclassifications 863 3,341 4,204 Amounts reclassified from accumulated other comprehensive income 68 - 68 Other comprehensive income 931 3,341 4,272 Balance as of March 31, 2016 $ 824 $ (7,326 )

Basis of Presentation and Con21

Basis of Presentation and Consolidation (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cumulative-effect adjustment to net operating loss from adoption of new accounting pronouncement	$ 5

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Finished goods	$ 64,814	$ 62,728
Work-in-process	2,337	2,389
Raw materials	48,867	52,404
Total Inventory	$ 116,018	$ 117,521

Goodwill and Other Intangible23

Goodwill and Other Intangible Assets (Schedule of Changes in the Carrying Amount of Goodwill) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill as of January 1, 2017	$ 385,629
Translation differences	200
Goodwill as of March 31, 2017	$ 385,808

Goodwill and Other Intangible24

Goodwill and Other Intangible Assets (Schedule of Other Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 478,309	$ 477,705
Accumulated Amortization	(309,007)	(300,247)
Net Book Value	169,302	177,458
Developed Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	304,766	304,766
Accumulated Amortization	(204,090)	(198,632)
Net Book Value	100,676	106,134
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	19,485	19,009
Accumulated Amortization	(12,733)	(12,257)
Net Book Value	6,752	6,752
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	27,820	27,819
Accumulated Amortization	(17,204)	(16,849)
Net Book Value	10,616	10,970
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	106,697	106,571
Accumulated Amortization	(56,539)	(54,258)
Net Book Value	50,158	52,313
Capitalized Software Development Costs [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	19,541	19,540
Accumulated Amortization	(18,441)	(18,251)
Net Book Value	$ 1,100	$ 1,289

Goodwill and Other Intangible25

Goodwill and Other Intangible Assets (Schedule of Estimated Amortization Expense Relating to Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining nine months of 2017	$ 26,030
2,018	33,156
2,019	32,226
2,020	31,899
2,021	31,340
Thereafter	14,651
Net Book Value	169,302
Amortization of intangible assets	$ 8,700	$ 14,700

Loss Per Share (Narrative) (Det

Loss Per Share (Narrative) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net loss per ordinary share attributable to Stratasys Ltd.
Antidilutive securities excluded from computation of net loss per share	2,490	3,560

Loss Per Share (Schedule of Com

Loss Per Share (Schedule of Computations of Numerator and Denominator of Basic and Diluted Income (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net loss attributable to Stratasys Ltd. - for the computation of basic and diluted net loss per share	$ (13,857)	$ (23,141)
Denominator:
Weighted average shares - denominator for basic and diluted net loss per share	52,690	52,098
Net loss per share attributable to Stratasys Ltd.
Basic	$ (0.26)	$ (0.44)
Diluted	$ (0.26)	$ (0.44)

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Effective Income Tax Rate, Continuing Operations	(10.70%)	(11.00%)

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value of obligations in connection with acquisitions	$ 696		$ 727
Solid Concepts Inc [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining obligations in connection with acquisitions	3,300
Increase to fair value of deferred payments if Company's share price increased by 10%	3,500
Increase to fair value of deferred payments if there was a 10% change in share price volatility used in calculation of discount	300
Increased fair value of deferred payments liability	$ 100
Solid Concepts Inc [Member] | Ordinary Shares [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ordinary shares issued as consideration for business acquisition		152,633
Value of ordinary shares issued as consideration for business acquisition		$ 3,100
Cash given as consideration for business acquisition		$ 400

Fair Value Measurement (Schedul

Fair Value Measurement (Schedule of Fair Value Measurements) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	$ (1,958)	$ (1,251)
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,357	1,368
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(3,315)	(2,619)
Foreign Exchange Future [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	913	1,440
Derivative liabilities	(54)	(48)
Foreign Exchange Future [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	913	1,440
Derivative liabilities	(54)	(48)
Foreign Exchange Future [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets
Derivative liabilities
Foreign Exchange Future Two [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	498	37
Derivative liabilities		(61)
Foreign Exchange Future Two [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	498	37
Derivative liabilities		(61)
Foreign Exchange Future Two [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets
Derivative liabilities
Obligations in connection with acquisitions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(3,315)	(2,619)
Obligations in connection with acquisitions [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities
Obligations in connection with acquisitions [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	$ (3,315)	$ (2,619)

Fair Value Measurement (Sched31

Fair Value Measurement (Schedule of Reconciliation of Fair Value Measurements of Assets and Liabilities Utilizing Level 3 Inputs) (Details)) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Reconciliation of Fair Value Measurements of Assets and Liabilities Utilizing Level 3 Inputs [Roll Forward]
Fair value at the beginning of period	$ 2,619	$ 6,991
Settlements		(3,500)
Change in fair value recognized in earnings	696	(872)
Fair value at the end of period	$ 3,315	$ 2,619

Derivative instruments and he32

Derivative instruments and hedging activities (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivatives, Fair Value [Line Items]
Assets derivatives - Notional amount	$ 72.5
Loss on derivative instrument	0.3	$ 2.9
Other current assets [Member] | Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Conversion To NIS [Member]
Derivatives, Fair Value [Line Items]
Assets derivatives - Notional amount	$ 9.5

Derivatives and Hedging Activit

Derivatives and Hedging Activities (Schedule of Balance Sheet Classification and Fair Values of Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Notional amount of derivative asset	$ 72,500
Fair value	1,357	$ 1,368
Notional amount	81,987	69,137
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Other current assets [Member] | Cash Flow Hedge [Member]
Derivatives, Fair Value [Line Items]
Fair value derivative asset	64,241	37
Notional amount of derivative asset	9,522	8,348
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | Accrued expenses and other current liabilities [Member] | Cash Flow Hedge [Member]
Derivatives, Fair Value [Line Items]
Fair value derivative liability		(61)
Notional amount of derivative liability		7,534
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other current assets [Member]
Derivatives, Fair Value [Line Items]
Fair value derivative asset	913	1,440
Notional amount of derivative asset	498	39,982
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Accrued expenses and other current liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair value derivative liability	(54)	(48)
Notional amount of derivative liability	$ 8,224	$ 13,273

Equity (Narrative) (Details)

Equity (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options exercised	35,769	13,820
Increase in equity	$ 0.5	$ 0.1
Stock option term	10 years
Vesting period	4 years
Unrecognized compensation cost	$ 10.5
Weighted average period for recognition	2 years 3 months 18 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 8.9
Weighted average period for recognition	1 year 8 months 12 days

Equity (Schedule of Stock-based

Equity (Schedule of Stock-based Compensation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expenses	$ 3,904	$ 5,623
Cost of sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expenses	643	723
Research and development, net [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expenses	849	1,359
Selling, general and administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expenses	$ 2,412	$ 3,541

Equity (Schedule of Stock Optio

Equity (Schedule of Stock Option Activity) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Number of Options:
Balance, beginning	2,615,461
Exercised	(35,769)	(13,820)
Forfeited	(220,977)
Balance, ending	2,358,715
Exercisable	1,533,280
Weighted Average Exercise Price:
Balance, beginning	$ 37.21
Exercised	14.75
Forfeited	40.37
Balance, ending	37.25
Exercisable	$ 38.62

Equity (Summary of RSUs activit

Equity (Summary of RSUs activity) (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Number of RSUs
Unvested RSUs outstanding, beginning | shares	267,756
Forfeited | shares	(33,120)
Vested | shares	(49,523)
Unvested RSUs outstanding, ending | shares	185,113
Weighted Average Grant Date Fair Value
Unvested RSUs outstanding, beginning | $ / shares	$ 81.35
Forfeited | $ / shares	70.44
Vested | $ / shares	82.12
Unvested RSUs outstanding, ending | $ / shares	$ 83.10

Equity (Schedule of Accumulated

Equity (Schedule of Accumulated other comprehensive income (loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of beginning of period	$ (13,479)	$ (10,774)
Other comprehensive income (loss) before reclassifications	1,506	4,204
Amounts reclassified from accumulated other comprehensive income	(270)	68
Other comprehensive income	1,236	4,272
Balance as of end of period	(12,243)	(6,502)
Net unrealized gain (loss) on cash flow hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of beginning of period	(24)	(107)
Other comprehensive income (loss) before reclassifications	793	863
Amounts reclassified from accumulated other comprehensive income	(270)	68
Other comprehensive income	523	931
Balance as of end of period	499	824
Foreign currency translation adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of beginning of period	(13,455)	(10,667)
Other comprehensive income (loss) before reclassifications	713	3,341
Amounts reclassified from accumulated other comprehensive income
Other comprehensive income	713	3,341
Balance as of end of period	$ (12,742)	$ (7,326)