Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 29, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | 3D SYSTEMS CORP | |
Entity Central Index Key | 910,638 | |
Trading Symbol | ddd | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 111,998,183 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 171,217 | $ 284,862 |
Accounts receivable, net of allowance for doubtful accounts of $15,559 (2015) and $10,300 (2014) | 149,492 | 168,441 |
Inventories, net | 130,735 | 96,645 |
Prepaid expenses and other current assets | 29,237 | 15,769 |
Current deferred income tax asset | 22,099 | 14,973 |
Total current assets | 502,780 | 580,690 |
Property and equipment, net | 86,984 | 81,881 |
Intangible assets, net | 287,486 | 251,561 |
Goodwill | 627,131 | 589,537 |
Long term deferred income tax asset | 705 | 816 |
Other assets, net | 20,867 | 21,485 |
Total assets | 1,525,953 | 1,525,970 |
Current liabilities: | ||
Current portion of debt capitalized lease obligations | 528 | 684 |
Accounts payable | 63,687 | 64,378 |
Accrued and other liabilities | 45,364 | 44,219 |
Customer deposits | 7,636 | 6,946 |
Deferred revenue | 39,575 | 32,264 |
Total current liabilities | 156,790 | 148,491 |
Long term portion of capitalized lease obligations | 8,486 | 8,905 |
Long term deferred income tax liability | 31,153 | 30,679 |
Other liabilities | 33,503 | 34,898 |
Total liabilities | 229,932 | 222,973 |
Redeemable noncontrolling interests | 8,872 | 8,872 |
Stockholders’ equity: | ||
Common stock, $0.001 par value, authorized 220,000 shares; issued 112,325 (2015) and 112,233 (2014) | 112 | 112 |
Additional paid-in capital | 1,266,862 | 1,245,462 |
Treasury stock, at cost: 342 shares (2015) and 709 shares (2014) | (235) | (374) |
Accumulated earnings | 45,247 | 72,124 |
Accumulated other comprehensive loss | (30,384) | (24,406) |
Total 3D Systems Corporation stockholders' equity | 1,281,602 | 1,292,918 |
Noncontrolling interests | 5,547 | 1,207 |
Total stockholders' equity | 1,287,149 | 1,294,125 |
Total liabilities, redeemable noncontrolling interests and stockholders' equity | $ 1,525,953 | $ 1,525,970 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 15,559 | $ 10,300 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 220,000,000 | 220,000,000 |
Common stock, shares issued | 112,325,000 | 112,233,000 |
Treasury stock, shares | 342,000 | 709,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue: | ||||
Products | $ 104,577 | $ 99,984 | $ 204,399 | $ 201,178 |
Services | 65,927 | 51,528 | 126,827 | 98,092 |
Total revenue | 170,504 | 151,512 | 331,226 | 299,270 |
Cost of sales: | ||||
Products | 57,484 | 51,232 | 107,960 | 98,048 |
Services | 31,393 | 27,882 | 62,655 | 53,352 |
Total cost of sales | 88,877 | 79,114 | 170,615 | 151,400 |
Gross profit | 81,627 | 72,398 | 160,611 | 147,870 |
Operating expenses: | ||||
Selling, general and administrative | 79,738 | 50,322 | 154,030 | 99,042 |
Research and development | 25,731 | 17,714 | 47,947 | 34,949 |
Total operating expenses | 105,469 | 68,036 | 201,977 | 133,991 |
Income (loss) from operations | (23,842) | 4,362 | (41,366) | 13,879 |
Interest and other expense, net | 89 | 1,476 | 2,656 | 2,524 |
Income (loss) before income taxes | (23,931) | 2,886 | (44,022) | 11,355 |
Provision (benefit) for income taxes | (10,096) | 694 | (17,039) | 4,253 |
Net income (loss) | (13,835) | 2,192 | (26,983) | 7,102 |
Less net income (loss) attributable to noncontrolling interests | (139) | 67 | (106) | 100 |
Net income (loss) attributable to 3D Systems Corporation | $ (13,696) | $ 2,125 | $ (26,877) | $ 7,002 |
Net income (loss) per share available to 3D Systems common stockholders – basic and diluted | $ (0.12) | $ 0.02 | $ (0.24) | $ 0.07 |
Other comprehensive income (loss): | ||||
Pension adjustments, net of taxes | $ (3) | $ 26 | $ 262 | $ 45 |
Foreign currency translation gain (loss) | 13,011 | 1,621 | (7,946) | 1,634 |
Other comprehensive income (loss) | 13,008 | 1,647 | (7,684) | 1,679 |
Less foreign currency translation gain (loss) attributable to noncontrolling interests | (1,581) | (24) | (1,706) | 2 |
Other comprehensive income (loss) attributable to 3D Systems Corporation | 14,589 | 1,671 | (5,978) | 1,677 |
Comprehensive income (loss) | (827) | 3,839 | (34,667) | 8,781 |
Less comprehensive income (loss) attributable to noncontrolling interests | (1,720) | 43 | (1,812) | 102 |
Comprehensive income (loss) attributable to 3D Systems Corporation | $ 893 | $ 3,796 | $ (32,855) | $ 8,679 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | ||
Cash flows from operating activities: | |||
Net income (loss) | $ (26,983) | $ 7,102 | |
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | |||
Benefit of deferred income taxes | (14,773) | (13,249) | |
Depreciation and amortization | 41,895 | 24,390 | |
Non-cash interest on convertible notes | 193 | ||
Provision for bad debts | 5,135 | 3,141 | |
Provision for obsolete inventory | 3,657 | 2,712 | |
Stock-based compensation | 20,050 | 15,638 | |
Loss on the disposition of property and equipment | 711 | 296 | |
Changes in operating accounts: | |||
Accounts receivable | 25,899 | (7,013) | |
Inventories | (37,774) | (18,423) | |
Prepaid expenses and other current assets | (13,332) | (6,630) | |
Accounts payable | (3,827) | 12,983 | |
Accrued liabilities | (11,393) | (3,029) | |
Customer deposits | 678 | 1,818 | |
Deferred revenue | 2,411 | 1,544 | |
Other operating assets and liabilities | 1,293 | (2,143) | |
Net cash provided by (used in) operating activities | (6,353) | 19,330 | |
Cash flows from investing activities: | |||
Purchases of property and equipment | (12,196) | (8,965) | |
Additions to license and patent costs | (560) | (382) | |
Cash paid for acquisitions, net of cash assumed | (91,799) | (53,526) | |
Other investing activities | (1,750) | (300) | |
Net cash used in investing activities | (106,305) | (63,173) | |
Cash flows from financing activities: | |||
Tax benefits from share-based payment arrangements | 547 | 6,368 | |
Proceeds from issuance of common stock | 299,749 | ||
Proceeds from acceptance of restricted stock, net | 942 | 1,437 | |
Repayment of capital lease obligations | (526) | (88) | |
Net cash provided by financing activities | 963 | 307,466 | |
Effect of exchange rate changes on cash | (1,950) | 323 | |
Net increase (decrease) in cash and cash equivalents | (113,645) | 263,946 | |
Cash and cash equivalents at the beginning of the period | 284,862 | 306,316 | |
Cash and cash equivalents at the end of the period | 171,217 | 570,262 | |
Supplemental Cash Flow Information: | |||
Cash interest payments | 283 | 608 | |
Cash income tax payments | 8,552 | 9,594 | |
Transfer of equipment from inventory to property and equipment, net | [1] | 4,403 | 5,454 |
Transfer of equipment to inventory from property and equipment, net | [2] | $ 3,923 | 3,447 |
Stock issued for acquisitions of businesses | $ 20,250 | ||
[1] | Inventory is transferred from inventory to property and equipment at cost when the Company requires additional machines for training or demonstration or for placement into Quickparts' locations. | ||
[2] | In general, an asset is transferred from property and equipment, net into inventory at its net book value when the Company has identified a potential sale for a used machine. |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Stockholders’ Equity - 6 months ended Jun. 30, 2015 - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid In Capital [Member] | Treasury Stock [Member] | Accumulated Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total 3D Ssytems Corporation Stockholders' Equity [Member] | Equity Attributable To Noncontrolling Interest Member] | Total | |
Balance, Value at Dec. 31, 2014 | $ 112 | $ 1,245,462 | $ (374) | $ 72,124 | $ (24,406) | $ 1,292,918 | $ 1,207 | $ 1,294,125 | |
Balance, Shares at Dec. 31, 2014 | 112,233 | 709 | |||||||
Tax benefits from share-based payment arrangements, Value | 547 | 547 | 547 | ||||||
Tax benefits from share-based payment arrangements, Shares | |||||||||
Issuance (repurchase) of restricted stock, net, Value | 803 | $ 139 | 942 | 942 | |||||
Issuance (repurchase) of restricted stock, net, Shares | 92 | (367) | |||||||
Stock-based compensation expense, Value | 20,050 | 20,050 | 20,050 | ||||||
Net income (loss) | $ (26,877) | (26,877) | $ (106) | (26,983) | |||||
Noncontrolling interests for business combinations | 6,152 | 6,152 | |||||||
Pension adjustment | $ 262 | 262 | 262 | ||||||
Foreign currency translation adjustment | (6,240) | (6,240) | (1,706) | (7,946) | |||||
Balance, Value at Jun. 30, 2015 | $ 112 | $ 1,266,862 | $ (235) | $ 45,247 | $ (30,384) | [1] | $ 1,281,602 | $ 5,547 | $ 1,287,149 |
Balance, Shares at Jun. 30, 2015 | 112,325 | 342 | |||||||
[1] | Accumulated other comprehensive loss of $30,384 consists of foreign currency translation loss of $28,435 and a cumulative unrealized pension loss of $1,949. |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Stockholders’ Equity (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accumulated other comprehensive income (loss) | $ (30,384) | $ (24,406) |
Foreign Currency Translation Adjustments [Member] | ||
Accumulated other comprehensive income (loss) | (28,435) | (22,195) |
Defined Benefit Pension Plan [Member] | ||
Accumulated other comprehensive income (loss) | $ (1,949) | $ (2,211) |
Basis Of Presentation
Basis Of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | (1) Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of 3D Systems Corporation and its subsidiaries (collectively, the “Company”). All significant intercompany transactions and balances have been eliminated in consolidation. The unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to interim reports. Accordingly, they do not include all the information and notes required by GAAP for complete financial statements and should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K (“Form 10-K”) for the year ended December 31, 2014. In the opinion of management, the unaudited condensed consolidated financial statements contain all adjustments, consisting of adjustments of a normal recurring nature, necessary to present fairly the financial position, results of operations and cash flows for the periods presented. The results of operations for the quarter and six months ended June 30, 2015 are not necessarily indicative of the results to be expected for the full year. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results may differ from those estimates and assumptions. Certain prior period amounts presented in the condensed consolidated financial statements and accompanying footnotes have been reclassified to conform to current year presentation. All amounts presented in the accompanying footnotes are presented in thousands, except for per share information. Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2015-03, “ Simplifying the Presentation of Debt Issuance Costs ” (“ASU 2015-03”), which changes the presentation of debt issuance costs in financial statements. ASU 2015-03 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. It is effective for annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The new guidance will be applied retrospectively to each prior period presented. The Company is currently in the process of evaluating the impact of adoption of ASU 2015-03 on its consolidated balance sheets. In July 2015, the FASB issued Accounting Standards Update No. 2015-11, “ Simplifying the Measurement of Inventory ” (“ASU 2015-11”). ASU 2015-11 requires an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using last-in, first-out (“LIFO”) or the retail inventory method. It is effective for annual reporting periods beginning after December 15, 2016. The amendments should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is currently in the process of evaluating the impact of adoption of ASU 2015-11 on its consolidated balance sheets. No other new accounting pronouncements, issued or effective during the second quarter of 2015, have had or are expected to have a significant impact on the Company’s consolidated financial statements. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Acquisitions [Abstract] | |
Acquisitions | (2) Acquisitions The Company completed three acquisitions in the second quarter of 2015, which are discussed below. On April 2, 2015 , the Company acquired 65% of the equity interests in Wuxi Easyway Model Design and Manufacture Co. Ltd. (“Easyway”), a manufacturing service bureau and distributor of 3D printing and scanning products in China. The fair value of the consideration paid for this acquisition, net of cash acquired, was $11,265 , all of which was paid in cash. Also, upon the final determination of the net working capital adjustment, up to $1,500 of additional cash consideration could be payable. Under the terms of the agreement, the Company has an option to acquire the remainder of the equity interests in Easyway between the third and fifth anniversary of the closing. The operations of Easyway have been integrated into the Company and revenue is included in products and services. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes the second quarter 2015 acquisitions. Factors considered in determination of goodwill include synergies, vertical integration and strategic fit for the Company. On June 16, 2015 , the Company acquired certain assets of STEAMtrax, LLC (“STEAMtrax”), a curricula provider. The fair value of the consideration paid for this acquisition, net of cash acquired, was $2,550 , all of which was paid in cash. The operations of STEAMtrax have been integrated into the Company and revenue will be included in products and services. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes the second quarter 2015 acquisitions. Factors considered in determination of goodwill include synergies, vertical integration and strategic fit for the Company. On June 17, 2015 , the Company acquired certain assets of NOQUO INC. (“Noquo”), a software provider. The fair value of the consideration paid for this acquisition, net of cash acquired, was $651 , which was paid with cash and the cancellation of a note. The operations of Noquo have been integrated into the Company and revenue will be included in services. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes the second quarter 2015 acquisitions. Factors considered in determination of goodwill include synergies, vertical integration and strategic fit for the Company. The acquisitions completed in the second quarter are not material relative to the Company’s assets or operating results; therefore, no proforma financial information is provided. The Company’s purchase price allocations for the acquired companies are preliminary and subject to revision as more detailed analyses are completed and additional information about the fair value of assets and liabilities becomes available. The amounts related to the acquisitions are allocated to the assets acquired and the liabilities assumed and are included in the Company’s unaudited condensed consolidated balance sheet at June 30, 2015 as follows: (in thousands) 2015 Fixed assets $ Other intangible assets, net Goodwill Other assets, net of cash acquired Liabilities Net assets acquired $ |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2015 | |
Inventories [Abstract] | |
Inventories | (3) Inventories Components of inventories, net as of June 30, 2015 and December 31, 2014 were as follows: (in thousands) 2015 2014 Raw materials $ $ Work in process Finished goods and parts Inventories, net $ $ |
Property And Equipment
Property And Equipment | 6 Months Ended |
Jun. 30, 2015 | |
Property And Equipment [Abstract] | |
Property And Equipment | (4) Property and Equipment Property and equipment as of June 30, 2015 and December 31, 2014 were as follows: (in thousands) 2015 2014 Useful Life (in years) Land $ $ N/A Building 25 Machinery and equipment 3 - 7 Capitalized software 3 - 5 Office furniture and equipment 3 - 5 Leasehold improvements Life of lease (a) Rental equipment 5 Construction in progress N/A Total property and equipment Less: Accumulated depreciation and amortization Total property and equipment, net $ $ (a) Leasehold improvements are amortized on a straight-line basis over the shorter of (i) their estimated useful lives and (ii) the estimated or contractual life of the related lease. For the quarter and six months ended June 30, 2015, depreciation and amortization expense on property and equipment was $ 4,691 and $ 9,400 , respectively, compared to $ 3,456 and $6,492 , respectively, for the quarter and six months ended June 30, 2014. |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Intangible Assets [Abstract] | |
Intangible Assets | (5) Intangible Assets Intangible assets other than goodwill as of June 30, 2015 and December 31, 2014 were as follows: 2015 2014 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Useful Life (in years) Weighted Average Useful Life Remaining (in years) Intangible assets with finite lives: Licenses $ $ $ — $ $ $ — N/A N/A Patent costs 5 - 20 3 Acquired technology 3 - 10 4 Internally developed software 1 - 8 <1 Customer relationships 3 - 11 2 Non-compete agreements 3 - 11 3 Trade names 2 - 10 5 Other 4 - 10 1 Intangible assets with indefinite lives: Trademarks — — — — N/A N/A Total intangible assets $ $ $ $ $ $ 1 - 20 4 For the quarter and six months ended June 30, 2015, the Company capitalized $ 357 and $ 560 , respectively, of costs incurred to internally develop and extend patents in the United States and various other countries, compared to $172 and $382 , respectively, for the quarter and six months ended June 30, 2014. For the quarter and six months ended June 30, 2015, amortization expense on intangible assets was $17,481 and $ 31,997 , respectively, compared to $8,211 and 17,414 , respectively, for the quarter and six months ended June 30, 2014. For the years ended 2015, 2016, 2017, 2018, and 2019, annual amortization expense on intangible assets is expected to be $61,040 , $54,704 , $47,189 , $39,046 and $28,471 , respectively. |
Accrued And Other Liabilities
Accrued And Other Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Accrued And Other Liabilities [Abstract] | |
Accrued And Other Liabilities | (6) Accrued and Other Liabilities Accrued liabilities as of June 30, 2015 and December 31, 2014 were as follows: (in thousands) 2015 2014 Compensation and benefits $ $ Vendor accruals Accrued professional fees Accrued taxes Royalties payable Accrued interest Accrued earnouts related to acquisitions Accrued other Total $ $ Other liabilities as of June 30, 2015 and December 31, 2014 were as follows: (in thousands) 2015 2014 Defined benefit pension obligation $ $ Long term tax liability Long term earnouts related to acquisitions Long term deferred revenue Other long term liabilities Total $ $ |
Hedging Activities And Financia
Hedging Activities And Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Hedging Activities And Financial Instruments [Abstract] | |
Hedging Activities And Financial Instruments | (7) Hedging Activities and Financial Instruments The Company conducts business in various countries using both the functional currencies of those countries and other currencies to effect cross border transactions. As a result, the Company is subject to the risk that fluctuations in foreign exchange rates between the dates that those transactions are entered into and their respective settlement dates will result in a foreign exchange gain or loss. When practicable, the Company endeavors to match assets and liabilities in the same currency on its balance sheet and those of its subsidiaries in order to reduce these risks. When appropriate, the Company enters into foreign currency contracts to hedge exposures arising from those transactions. The Company has elected not to prepare and maintain the documentation to qualify for hedge accounting treatment under Accounting Standards Codification (“ASC”) 815, “Derivatives and Hedging,” and therefore, all gains and losses (realized or unrealized) are recognized in "Interest and other expense, net” in the condensed consolidated statements of operations and comprehensive income (loss). Depending on their fair value at the end of the reporting period, derivatives are recorded either in prepaid expenses and other current assets or in accrued liabilities on the condensed consolidated balance sheet. There were no foreign currency contracts outstanding as of June 30, 2015 or December 31, 2014. For the quarter and six months ended June 30, 2015, the condensed consolidated statements of operations include a foreign currency transaction gain of $428 and a loss of $1,767 , respectively, compared to foreign currency transaction losses of $1,140 and $1,345 , respectively, for the quarter and six months ended June 30, 2014. For the quarter and six months ended June 30, 2015, the total impact of foreign currency translation on accumulated other comprehensive income (loss) reflects a gain of $14,592 and a loss of $6, 240 , respectively, compared to gains of $1,645 and $1,632 , respectively, for the quarter and six months ended June 30, 2014. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2015 | |
Borrowings [Abstract] | |
Borrowings | (8) Borrowings Credit Facility On October 10, 2014 , the Company and certain of its subsidiaries entered into a $150,000 five -year revolving, unsecured credit facility (the “Credit Agreement”) with PNC Bank, National Association, as Administrative Agent, PNC Capital Markets LLC, as Sole Lead Arranger and Sole Bookrunner, HSBC Bank USA, N.A., as Syndication Agent, and the other lenders party thereto (collectively, the “Lenders”). The Credit Agreement comprises a revolving loan facility that provides for advances in the initial aggregate principal amount of up to $150,000 (the “Credit Facility”). Subject to certain terms and conditions contained in the Credit Agreement, the Company may, at its option, request an increase in the aggregate principal amount available under the Credit Facility by an additional $75,000 . The Credit Agreement includes provisions for the issuance of letters of credit and swingline loans. The Credit Agreement is guaranteed by certain of the Company’s material domestic subsidiaries (the “Guarantors”). From time to time, the Company may be required to cause additional material domestic subsidiaries to become Guarantors under the Credit Agreement. Generally, amounts outstanding under the Credit Facility bear interest, at the Company’s option, at either the Base Rate or the LIBOR Rate, in each case, plus an applicable margin. Base Rate advances bear interest at a rate per annum equal to the sum of (i) the highest of (A) the Administrative Agent’s prime rate, (B) the Federal Funds Open Rate plus 0.5% or (C) the Daily LIBOR Rate for a one month interest period plus 1% , and (ii) an applicable margin that ranges from 0.25% to 0.50% based upon the Company’s consolidated total leverage ratio. LIBOR Rate advances bear interest at a rate based upon the London interbank offered rate for the applicable interest period, plus an applicable margin that ranges from 1.25% to 1.50% based upon the Company’s consolidated total leverage ratio. Under the terms of the Credit Agreement, (i) accrued interest on each loan bearing interest at the Base Rate is payable quarterly in arrears and (ii) accrued interest on each loan bearing interest at the LIBOR Rate is payable in arrears on the earlier of (A) quarterly and (B) the last day of each applicable interest payment date for each loan. The Credit Facility is scheduled to mature on October 10, 2019 , at which time all amounts outstanding thereunder will be due and payable. The Company is required to pay certain fees in connection with the Credit Facility, including a quarterly commitment fee equal to the product of the amount of the average daily available revolving commitments under the Credit Agreement multiplied by a percentage that ranges from 0.20% to 0.25% depending upon the Company’s leverage ratio, as well as customary administrative fees. The Credit Agreement contains customary representations, warranties, covenants and default provisions for a Credit Facility of this type, including, but not limited to, financial covenants, limitations on liens and the incurrence of debt, covenants to preserve corporate existence and comply with laws and covenants regarding the use of proceeds of the Credit Facility. The financial covenants include a maximum consolidated total leverage ratio, which is the ratio of consolidated total funded indebtedness to consolidated EBITDA (earnings before interest, taxes, depreciation and amortization expense), as defined in the Credit Agreement, of 3.00 to 1.00, and a minimum interest coverage ratio, which is the ratio of Consolidated EBITDA to cash interest expense, of 3.50 to 1.00. The Company is only required to be in compliance with the financial covenants as of the end of any fiscal quarter in which there are any loans outstanding at any time during such fiscal quarter. The payment of dividends on the Company’s common stock is restricted under provisions of the Credit Facility, which limits the amount of cash dividends that the Company may pay in any one fiscal year to $30,000 . The Company currently does not pay, and has not paid, any dividends on its common stock, and currently intends to retain any future earnings for use in its business. There was no outstanding balance on the Credit Facility as of June 30, 2015 or December 31, 2014. Capitalized Lease Obligations The Company’s capitalized lease obligations primarily includes a lease agreement that was entered into during 2006 with respect to the Company’s corporate headquarters located in Rock Hill, SC. Capitalized lease obligations decreased to $8,996 at June 30, 2015 from $9,434 at December 31, 2014, primarily due to the normal scheduled timing of payments. Other debt In connection with its acquisition of LayerWise in the third quarter of 2014, the Company assumed a portion of LayerWise’s outstanding bank debt, consisting of revolving credit facilities and term loans. The term loans bear interest at rates ranging from 1.34% to 5.40% as of June 30, 2015. The outstanding balance on the term loans was $18 and $127 as of June 30, 2015 and December 31, 2014, respectively. There were no borrowings outstanding under the revolving credit facilities as of June 30, 2015 or December 31, 2014. There is a 0.125% commitment fee on the unused portion of the facilities. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 6 Months Ended |
Jun. 30, 2015 | |
Stock-Based Compensation Plans [Abstract] | |
Stock-Based Compensation Plans | (9) Stock-based Compensation Plans Effective May 19, 2004, the Company adopted its 2004 Incentive Stock Plan, as further amended and restated on February 3, 2015 (the “2004 Stock Plan”) and its 2004 Restricted Stock Plan for Non-Employee Directors (the “2004 Director Plan”). On May 19, 2015, the Company’s stockholders approved the 2015 Incentive Plan of 3D Systems Corporation (the “2015 Plan”, together with the 2004 Stock Plan, the “Incentive Plans”). The 2015 Plan authorizes awards of restricted stock, restricted stock units, stock appreciation rights, cash incentive awards and the grant of options to purchase the Company’s common stock. The 2015 Plan also designates measures that may be used for performance awards. The maximum number of shares of common stock reserved for issuance under the 2015 Plan is 6,300 . Generally, each restricted stock award or restricted stock unit award is made with a vesting period of three years to five years from the date of grant. The purpose of the 2015 Plan is to provide an incentive that permits the persons responsible for the Company’s growth to share directly in that growth and to better align their interests with the interests of the Company’s stockholders. Any person who is an employee or director of or consultant to the Company, or a subsidiary or an affiliate of the Company, is eligible to be considered for the grant of performance awards pursuant to the 2015 Plan. The 2015 Plan is administered by the Compensation Committee of the Board of Directors or a subcommittee thereof, which, pursuant to the provisions of the 2015 Plan, has the authority to determine recipients of awards under that plan, the number of shares to be covered by such awards and the terms and conditions of each award. Notwithstanding the foregoing, only the full Board of Directors may grant and administer awards under the 2015 Plan to non-employee directors. The 2015 Plan may be amended, altered or discontinued at the sole discretion of the Board of Directors at any time. The Company records stock-based compensation expense in selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive income (loss). Stock-based compensation expense for the quarter and six months ended June 30, 2015 and 2014 was as follows: Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Restricted stock awards $ $ $ $ The number of shares and units of restricted common stock awarded and the weighted average fair value per share and unit for the quarter and six months ended June 30, 2015 and 2014 were as follows: Quarter Ended June 30, 2015 2014 (in thousands, except per share amounts) Number of Shares/Units Weighted Average Fair Value Number of Shares/Units Weighted Average Fair Value Restricted stock awards: Granted under the Incentive Plans, non-executive employees $ $ Granted under the Incentive Plans, executive officers — — Granted under the 2004 Director Plan, non-employee directors Total restricted stock awards $ $ Six Months Ended June 30, 2015 2014 (in thousands, except per share amounts) Number of Shares/Units Weighted Average Fair Value Number of Shares/Units Weighted Average Fair Value Restricted stock awards: Granted under the Incentive Plans, non-executive employees $ $ Granted under the Incentive Plans, executive officers Granted under the 2004 Director Plan, non-employee directors Total restricted stock awards $ $ For the quarter and six months ended June 30, 2015, the Company recorded $ 543 of stock compensation expense related to non-employee directors, compared to $849 for the quarter and six months ended June 30, 2014. As of June 30, 2015 and 2014, shares or units under awards that remained subject to acceptance were 248 and 138 , respectively. |
International Retirement Plan
International Retirement Plan | 6 Months Ended |
Jun. 30, 2015 | |
International Retirement Plan [Abstract] | |
International Retirement Plan | (10) International Retirement Plan The following table shows the components of net periodic benefit costs and other amounts recognized in the condensed consolidated statements of operations and comprehensive income (loss) for the quarter and six months ended June 30, 2015 and 2014: Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Total $ $ $ $ |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings (Loss) Per Share [Abstract] | |
Earnings Per Share | (11) Earnings (Loss) Per Share The Company presents basic and diluted earnings (loss) per share (“EPS”) amounts. Basic EPS is calculated by dividing net income (loss) attributable to 3D Systems Corporation available to common stockholders by the weighted average number of common shares outstanding during the applicable period. Diluted EPS is calculated by dividing net income (loss) by the weighted average number of common and common equivalent shares outstanding during the applicable period. The following table reconciles basic weighted average outstanding shares to diluted weighted average outstanding for the quarter and six months ended June 30, 2015 and 2014: Quarter Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) 2015 2014 2015 2014 Numerator for basic and diluted net earnings per share: Net income (loss) attributable to 3D Systems Corporation $ $ $ $ Denominator for basic and diluted net earnings per share: Weighted average shares Earnings (loss) per share, basic and diluted $ $ $ $ Interest expense excluded from diluted earnings per share calculation (a) $ — $ $ — $ 5.50% Convertible notes shares excluded from diluted earnings per share calculation (a) — — Restricted stock units excluded from diluted earnings per share calculation (b) — — (a) Average outstanding diluted earnings (loss) per share calculation excludes shares that may be issued upon conversion of the outstanding senior convertible notes since the effect of their inclusion would have been anti-dilutive. (b) Average outstanding diluted earnings (loss) per share calculation excludes restricted stock units since the effect of their inclusion would have been anti-dilutive. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | (12) Fair Value Measurements ASC 820, “Fair Value Measurements and Disclosures,” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs that may be used to measure fair value: · Level 1 - Quoted prices in active markets for identical assets or liabilities; · Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or · Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. For the Company, the above standard applies to cash equivalents and redeemable noncontrolling interests. The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurements as of June 30, 2015 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents (a) $ $ — $ — $ Redeemable noncontrolling interests (b) $ — $ — $ $ (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) Redeemable noncontrolling interests represents a put option that owners of interests in a certain subsidiary have the right, in certain circumstances, to require the Company to acquire either a portion of, or all of, the remaining ownership interests held by them. The Company determines the fair value of the redeemable noncontrolling interests based on unobservable inputs considering the assumptions that market participants would make in pricing the obligation. Given the significance of the unobservable inputs, the valuations are classified in level 3 of the fair value hierarchy. See Note 15. The Company 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 quarter and six months ended June 30, 2015. In addition to the financial assets included in the above table, certain of our non-financial assets and liabilities are to be initially measured at fair value on a non-recurring basis. This includes items such as non-financial assets and liabilities initially measured at fair value in a business combination (but not measured at fair value in subsequent periods) and non-financial, long-lived assets measured at fair value for an impairment assessment. In general, non-financial assets and liabilities including goodwill, other intangible assets and property and equipment are measured at fair value when there is an indication of impairment and are recorded at fair value only when impairment is recognized. The Company has not recorded any impairments related to such assets and has had no other significant non-financial assets or non-financial liabilities requiring adjustments or write-downs to fair value as of June 30, 2015 or December 31, 2014. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | (13) Income Taxes For the quarter and six months ended June 30, 2015, the Company’s effective tax rate was 42.2 % and 38.7 %, respectively, compared to 24.0 % and 37.5 %, respectively, for the quarter and six months ended June 30, 2014. The Company has not provided for any taxes on the unremitted earnings of its foreign subsidiaries, as the Company intends to permanently reinvest all such earnings outside of the U.S. We believe a calculation of the deferred tax liability associated with these undistributed earnings is impracticable. Tax years 2011 through 2014 remain subject to examination by the U.S. Internal Revenue Service. The Company has utilized U.S. loss carryforwards causing the years 1997 to 2007 to be subject to examination. The Company files income tax returns (which are open to examination beginning in the year shown in parentheses) in Australia ( 2009 ), Belgium ( 2010 ), Brazil ( 2014 ), China ( 2010 ), France ( 2011 ), Germany ( 2011 ), India ( 2012 ), Israel ( 2010 ), Italy ( 2009 ), Japan ( 2008 ), Korea ( 2009 ), Mexico ( 2014 ), Netherlands ( 2007 ), Switzerland ( 2008 ), the United Kingdom ( 2009 ) and Uruguay ( 2014 ). |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Information [Abstract] | |
Segment Information | (14) Segment Information The Company operates in one reportable business segment. The Company conducts its business through subsidiaries in the United States, a subsidiary in Israel that operates a research and production facility and sales and service offices, a subsidiary in Switzerland that operates a research and production facility, subsidiaries in France and Brazil that operate production facilities and sales and service offices, and other subsidiaries that operate sales and service offices in Europe (Belgium, Germany, the United Kingdom, Italy and the Netherlands), Israel and in the Asia Pacific region (Australia, China, India, Japan and Korea). The Company has historically disclosed summarized financial information for the geographic areas of operations as if they were segments in accordance with ASC 280, “Segment Reporting.” Financial information concerning the Company’s geographical locations is based on the location of the selling entity. Such summarized financial information concerning the Company’s geographical operations is shown in the following tables: Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Revenue from unaffiliated customers: Americas $ $ $ $ Germany Other EMEA Asia Pacific Total revenue $ $ $ $ Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Revenue by class of product and service: Products $ $ $ $ Materials Services Total revenue $ $ $ $ Quarter Ended June 30, 2015 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ $ $ $ $ Germany — — Other EMEA Asia Pacific — Total $ $ $ $ $ Quarter Ended June 30, 2014 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ — $ $ $ $ Germany — — Other EMEA Asia Pacific — Total $ $ $ $ $ Six Months Ended June 30, 2015 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ $ $ $ $ Germany — — Other EMEA Asia Pacific — Total $ $ $ $ $ Six Months Ended June 30, 2014 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ — $ $ $ $ Germany — — Other EMEA Asia Pacific — Total $ $ $ $ $ Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Income (loss) from operations: Americas $ $ $ $ Germany Other EMEA Asia Pacific Subtotal Inter-segment elimination Total $ $ $ $ June 30, December 31, (in thousands) 2015 2014 Assets: Americas $ $ Germany Other EMEA Asia Pacific Total $ $ June 30, December 31, (in thousands) 2015 2014 Cash and cash equivalents: Americas $ $ Germany Other EMEA Asia Pacific Total $ $ |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | (15) Commitments and Contingencies The Company leases office space and certain furniture and fixtures under various non-cancelable operating leases. For the quarter and six months ended June 30, 2015, rent expense under operating leases was $ 3,408 and $6,612 , respectively, compared to $ 2,598 and $ 4,910 , respectively, for the quarter and six months ended, June 30, 2014. As of June 30, 2015 and December 31, 2014, the Company had supply commitments on printer assemblies that totaled $63,849 and $56,620 , respectively. Certain of the Company’s acquisitions contain earnout provisions under which the sellers of the acquired businesses can earn additional amounts. As of the June 30, 2015 and December 31, 2014, the total liabilities recorded for these earnouts were $ 9,582 and $ 9,155 , respectively. Put Options Owners of interests in a certain subsidiary have the right in certain circumstances to require the Company to acquire either a portion of or all of the remaining ownership interests held by them. The owners’ ability to exercise any such “put option” right is subject to the satisfaction of certain conditions, including conditions requiring notice in advance of exercise. In addition, these rights cannot be exercised prior to a specified exercise date. The exercise of these rights at their earliest contractual date would result in obligations of the Company to fund the related amounts in 2019. Management estimates, assuming that the subsidiary owned by the Company at June 30, 2015, performs over the relevant future periods at their forecasted earnings levels, that these rights, if exercised, could require the Company, in future periods, to pay approximately $ 8,872 to the owners of such rights to acquire such ownership interests in the relevant subsidiary. This amount has been recorded as redeemable noncontrolling interests on the balance sheet at June 30, 2015 and December 31, 2014. The ultimate amount payable relating to this transaction will vary because it is dependent on the future results of operations of the subject business. The following table presents changes in the redeemable noncontrolling interest for the six months ended June 30, 2015 and year ended December 31, 2014: (in thousands) 2015 2014 Beginning balance $ $ — Changes in redemption value — Currency translation adjustments — Ending balance $ $ Litigation The Company and certain of its executive officers have been named as defendants in two putative stockholder class action lawsuits filed in the United States District Court for the District of South Carolina on June 12, 2015 and June 23, 2015. The lawsuits are styled City of Bristol Pension Fund v. 3D Systems Corporation, et al. , Case No. 0:15-cv-02393-MGL (D.S.C.) and Joshua Romano v. 3D Systems Corporation, et al. , Case No. 0:15-cv-02518-MGL (D.S.C.). The complaints are substantially identical and allege that defendants violated the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 promulgated thereunder by making false and misleading statements and omissions and that the officers are control persons under Section 20(a) of the Exchange Act. The complaints are filed on behalf of stockholders who purchased shares of the Company’s common stock between October 29, 2013, and October 22, 2014 and seek monetary damages on behalf of the purported class. On July 27, 2015, a related derivative complaint was filed by a purported Company stockholder against certain of the Company’s executive officers and members of its Board of Directors in the Court of Common Pleas for the 16th Judicial Circuit, County of York, South Carolina, styled Steyn v. Reichental, et al. , Case No. 2015-CP-4602225. The action was brought derivatively on behalf of the Company, which is also named as a nominal defendant. The complaint alleges claims for breach of fiduciary duty, waste of corporate assets, and unjust enrichment and seeks, among other things, monetary damages and certain corporate governance actions. The Company believes the claims alleged in the putative stockholder class action lawsuits and the derivative lawsuit are without merit and intends to defend the Company and its officers and directors vigorously. The Company is involved in various other legal matters incidental to its business. Although the Company cannot predict the results of litigation with certainty, the Company believes that the disposition of these legal matters will not have a material adverse effect on our consolidated results of operations or consolidated financial position. Indemnification In the normal course of business the Company periodically enters into agreements to indemnify customers or suppliers against claims of intellectual property infringement made by first parties arising from the use of the Company’s 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 our future results of operations. To the extent permitted under Delaware law, the Company indemnifies directors and officers for certain events or occurrences while the director or officer is, or was, serving at the Company’s request in such capacity, subject to limited exceptions. The maximum potential amount of future payments the Company could be required to make under these indemnification obligations is unlimited; however, the Company has directors and officers insurance coverage that may enable the Company to recover future amounts paid, subject to a deductible and the policy limits. There is no assurance that the policy limits will be sufficient to cover all damages, if any. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | (16) Accumulated Other Comprehensive Income (Loss) The changes in the balances of accumulated other comprehensive income (loss) by component are as follows: (in thousands) Foreign currency translation adjustment Defined benefit pension plan Total Balance at December 31, 2014 $ $ $ Other comprehensive income (loss) Balance at June 30, 2015 $ $ $ The amounts presented above are included in other comprehensive income (loss) and are net of taxes. For additional information about foreign currency translation, see Note 7. For additional information about the pension plan, see Note 10. |
Noncontrolling Interest
Noncontrolling Interest | 6 Months Ended |
Jun. 30, 2015 | |
Noncontrolling Interests [Abstract] | |
Noncontrolling Interest | (17) Noncontrolling Interests As of June 30, 2015, the Company owned approximately 95% of the capital and voting rights of Phenix Systems, a global provider of direct metal 3D printers. Phenix Systems was acquired on July 15, 2013 . As of June 30, 2015 , the Company owned approximately 70% of the capital and voting rights of Robtec, a service bureau and distributor of 3D printing and scanning products. Robtec was acquired on November 25, 2014 . As of June 30, 2015, the Company owned approximately 65% of the capital and voting rights of Easyway, a manufacturing service bureau and distributor of 3D printing and scanning products in China. Easyway was acquired on April 2, 2015 . See Note 2. |
Basis Of Presentation (Policy)
Basis Of Presentation (Policy) | 6 Months Ended |
Jun. 30, 2015 | |
Basis Of Presentation [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2015-03, “ Simplifying the Presentation of Debt Issuance Costs ” (“ASU 2015-03”), which changes the presentation of debt issuance costs in financial statements. ASU 2015-03 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. It is effective for annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The new guidance will be applied retrospectively to each prior period presented. The Company is currently in the process of evaluating the impact of adoption of ASU 2015-03 on its consolidated balance sheets. In July 2015, the FASB issued Accounting Standards Update No. 2015-11, “ Simplifying the Measurement of Inventory ” (“ASU 2015-11”). ASU 2015-11 requires an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using last-in, first-out (“LIFO”) or the retail inventory method. It is effective for annual reporting periods beginning after December 15, 2016. The amendments should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is currently in the process of evaluating the impact of adoption of ASU 2015-11 on its consolidated balance sheets. No other new accounting pronouncements, issued or effective during the second quarter of 2015, have had or are expected to have a significant impact on the Company’s consolidated financial statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Acquisitions [Abstract] | |
Purchase Price Allocation To Assets Acquired And Liabilities Assumed | (in thousands) 2015 Fixed assets $ Other intangible assets, net Goodwill Other assets, net of cash acquired Liabilities Net assets acquired $ |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventories [Abstract] | |
Components Of Inventories | (in thousands) 2015 2014 Raw materials $ $ Work in process Finished goods and parts Inventories, net $ $ |
Property And Equipment (Tables)
Property And Equipment (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Property And Equipment [Abstract] | |
Schedule Of Property And Equipment | (in thousands) 2015 2014 Useful Life (in years) Land $ $ N/A Building 25 Machinery and equipment 3 - 7 Capitalized software 3 - 5 Office furniture and equipment 3 - 5 Leasehold improvements Life of lease (a) Rental equipment 5 Construction in progress N/A Total property and equipment Less: Accumulated depreciation and amortization Total property and equipment, net $ $ Leasehold improvements are amortized on a straight-line basis over the shorter of (i) their estimated useful lives and (ii) the estimated or contractual life of the related lease. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Intangible Assets [Abstract] | |
Intangible Assets Other Than Goodwill | 2015 2014 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Useful Life (in years) Weighted Average Useful Life Remaining (in years) Intangible assets with finite lives: Licenses $ $ $ — $ $ $ — N/A N/A Patent costs 5 - 20 3 Acquired technology 3 - 10 4 Internally developed software 1 - 8 <1 Customer relationships 3 - 11 2 Non-compete agreements 3 - 11 3 Trade names 2 - 10 5 Other 4 - 10 1 Intangible assets with indefinite lives: Trademarks — — — — N/A N/A Total intangible assets $ $ $ $ $ $ 1 - 20 4 |
Accrued And Other Liabilities (
Accrued And Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accrued And Other Liabilities [Abstract] | |
Schedule Of Accrued Liabilities | (in thousands) 2015 2014 Compensation and benefits $ $ Vendor accruals Accrued professional fees Accrued taxes Royalties payable Accrued interest Accrued earnouts related to acquisitions Accrued other Total $ $ |
Schedule Of Other Liabilities | (in thousands) 2015 2014 Defined benefit pension obligation $ $ Long term tax liability Long term earnouts related to acquisitions Long term deferred revenue Other long term liabilities Total $ $ |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Stock-Based Compensation Plans [Abstract] | |
Schedule Of Stock-Based Compensation Expense | Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Restricted stock awards $ $ $ $ |
Schedule Of Restricted Stock Units Award Activity | Quarter Ended June 30, 2015 2014 (in thousands, except per share amounts) Number of Shares/Units Weighted Average Fair Value Number of Shares/Units Weighted Average Fair Value Restricted stock awards: Granted under the Incentive Plans, non-executive employees $ $ Granted under the Incentive Plans, executive officers — — Granted under the 2004 Director Plan, non-employee directors Total restricted stock awards $ $ Six Months Ended June 30, 2015 2014 (in thousands, except per share amounts) Number of Shares/Units Weighted Average Fair Value Number of Shares/Units Weighted Average Fair Value Restricted stock awards: Granted under the Incentive Plans, non-executive employees $ $ Granted under the Incentive Plans, executive officers Granted under the 2004 Director Plan, non-employee directors Total restricted stock awards $ $ |
International Retirement Plan (
International Retirement Plan (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
International Retirement Plan [Abstract] | |
Components Of Net Periodic Benefit Costs And Other Amounts Recognized In Other Comprehensive Income | Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Service cost $ $ $ $ Interest cost Total $ $ $ $ |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Measurements [Abstract] | |
Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis | Fair Value Measurements as of June 30, 2015 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents (a) $ $ — $ — $ Redeemable noncontrolling interests (b) $ — $ — $ $ (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. Redeemable noncontrolling interests represents a put option that owners of interests in a certain subsidiary have the right, in certain circumstances, to require the Company to acquire either a portion of, or all of, the remaining ownership interests held by them. The Company determines the fair value of the redeemable noncontrolling interests based on unobservable inputs considering the assumptions that market participants would make in pricing the obligation. Given the significance of the unobservable inputs, the valuations are classified in level 3 of the fair value hierarchy. See Note 15. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Information [Abstract] | |
Schedule Of Revenue From Unaffiliated Customers By Product | Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Revenue from unaffiliated customers: Americas $ $ $ $ Germany Other EMEA Asia Pacific Total revenue $ $ $ $ Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Revenue by class of product and service: Products $ $ $ $ Materials Services Total revenue $ $ $ $ |
Schedule Of Intercompany Sales By Geographic Area | Quarter Ended June 30, 2015 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ $ $ $ $ Germany — — Other EMEA Asia Pacific — Total $ $ $ $ $ Quarter Ended June 30, 2014 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ — $ $ $ $ Germany — — Other EMEA Asia Pacific — Total $ $ $ $ $ Six Months Ended June 30, 2015 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ $ $ $ $ Germany — — Other EMEA Asia Pacific — Total $ $ $ $ $ Six Months Ended June 30, 2014 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ — $ $ $ $ Germany — — Other EMEA Asia Pacific — Total $ $ $ $ $ |
Schedule Of Income Or Loss From Operations By Geographic Area | Quarter Ended June 30, Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Income (loss) from operations: Americas $ $ $ $ Germany Other EMEA Asia Pacific Subtotal Inter-segment elimination Total $ $ $ $ |
Schedule Of Assets By Geographic Area | June 30, December 31, (in thousands) 2015 2014 Assets: Americas $ $ Germany Other EMEA Asia Pacific Total $ $ |
Schedule Of Cash Equivalents By Geographic Area | June 30, December 31, (in thousands) 2015 2014 Cash and cash equivalents: Americas $ $ Germany Other EMEA Asia Pacific Total $ $ |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Changes In Redeemable Noncontrolling Interests | (in thousands) 2015 2014 Beginning balance $ $ — Changes in redemption value — Currency translation adjustments — Ending balance $ $ |
Accumulated Other Comprehensi36
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | (in thousands) Foreign currency translation adjustment Defined benefit pension plan Total Balance at December 31, 2014 $ $ $ Other comprehensive income (loss) Balance at June 30, 2015 $ $ $ |
Acquisitions (Fiscal Year 2015
Acquisitions (Fiscal Year 2015 Acquisitions) (Narrative) (Details) $ in Thousands | Jun. 17, 2015USD ($) | Jun. 16, 2015USD ($) | Apr. 02, 2015USD ($) | Jun. 30, 2015USD ($)item | Jun. 30, 2015 |
Business Acquisition [Line Items] | |||||
Number of businesses acquired | item | 3 | ||||
Easyway [Member] | |||||
Business Acquisition [Line Items] | |||||
Date of acquisition | Apr. 2, 2015 | ||||
Business Combination, Additional Cash Consideration | $ 1,500 | ||||
Fair value of the consideration paid | $ 11,265 | ||||
Business acquisition, ownership percentage | 65.00% | 65.00% | 65.00% | ||
STEAMtrax [Member] | |||||
Business Acquisition [Line Items] | |||||
Date of acquisition | Jun. 16, 2015 | ||||
Fair value of the consideration paid | $ 2,550 | ||||
Noquo [Member] | |||||
Business Acquisition [Line Items] | |||||
Date of acquisition | Jun. 17, 2015 | ||||
Fair value of the consideration paid | $ 651 |
Acquisitions (Purchase Price Al
Acquisitions (Purchase Price Allocation To Assets Acquired And Liabilities Assumed) (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Acquisitions [Abstract] | |
Fixed assets | $ 1,218 |
Other intangible assets, net | 6,366 |
Goodwill | 7,192 |
Other assets, net of cash acquired | 5,409 |
Liabilities | (5,719) |
Net assets acquired | $ 14,466 |
Inventories (Components Of Inve
Inventories (Components Of Inventories) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Inventories [Abstract] | ||
Raw materials | $ 60,579 | $ 46,850 |
Work in process | 2,332 | 2,304 |
Finished goods and parts | 67,824 | 47,491 |
Inventories, net | $ 130,735 | $ 96,645 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Property And Equipment [Abstract] | ||||
Depreciation and amortization expense | $ 4,691 | $ 3,456 | $ 9,400 | $ 6,492 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2014 | ||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 147,925 | $ 134,611 | |
Less: Accumulated depreciation and amortization | (60,941) | (52,730) | |
Total property and equipment, net | 86,984 | 81,881 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 903 | 541 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 10,960 | 9,370 | |
Property and equipment, useful life, in years | 25 years | ||
Machinery And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 99,074 | 84,443 | |
Capitalized Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 3,949 | 3,693 | |
Office Furniture And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 4,743 | 3,478 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 14,870 | 12,447 | |
Leasehold improvements useful life | [1] | Life of lease (a) | |
Rental Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 509 | 557 | |
Property and equipment, useful life, in years | 5 years | ||
Construction In Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 12,917 | $ 20,082 | |
Minimum [Member] | Machinery And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, useful life, in years | 3 years | ||
Minimum [Member] | Capitalized Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, useful life, in years | 3 years | ||
Minimum [Member] | Office Furniture And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, useful life, in years | 3 years | ||
Maximum [Member] | Machinery And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, useful life, in years | 7 years | ||
Maximum [Member] | Capitalized Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, useful life, in years | 5 years | ||
Maximum [Member] | Office Furniture And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, useful life, in years | 5 years | ||
[1] | Leasehold improvements are amortized on a straight-line basis over the shorter of (i) their estimated useful lives and (ii) the estimated or contractual life of the related lease. |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Intangible Assets [Abstract] | ||||
Costs incurred to acquire intangible assets | $ 357 | $ 172 | $ 560 | $ 382 |
Amortization expense for intangible assets | 17,481 | $ 8,211 | 31,997 | $ 17,414 |
Annual estimated amortization expense, in 2015 | 61,040 | 61,040 | ||
Annual estimated amortization expense, in 2016 | 54,704 | 54,704 | ||
Annual estimated amortization expense, in 2017 | 47,189 | 47,189 | ||
Annual estimated amortization expense, in 2018 | 39,046 | 39,046 | ||
Annual estimated amortization expense, in 2019 | $ 28,471 | $ 28,471 |
Intangible Assets (Intangible A
Intangible Assets (Intangible Assets Other Than Goodwill) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Accumulated Amortization | $ (122,973) | $ (97,121) |
Intangible assets, Gross | 410,459 | 348,682 |
Intangible assets, Net | $ 287,486 | 251,561 |
Weighted average useful life | 4 years | |
Trademarks [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | 2,110 | |
Licenses [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 5,875 | 5,875 |
Intangible assets with finite lives: Accumulated Amortization | (5,875) | (5,875) |
Patent Costs [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | 21,304 | 20,733 |
Intangible assets with finite lives: Accumulated Amortization | (7,906) | (7,369) |
Intangible assets with finite lives: Net | $ 13,398 | 13,364 |
Weighted average useful life | 3 years | |
Acquired Technology [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 74,096 | 57,383 |
Intangible assets with finite lives: Accumulated Amortization | (24,427) | (18,241) |
Intangible assets with finite lives: Net | $ 49,669 | 39,142 |
Weighted average useful life | 4 years | |
Internally Developed Software [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 9,072 | 9,073 |
Intangible assets with finite lives: Accumulated Amortization | (6,238) | (5,517) |
Intangible assets with finite lives: Net | 2,834 | 3,556 |
Customer Relationships [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | 193,015 | 157,139 |
Intangible assets with finite lives: Accumulated Amortization | (47,426) | (36,975) |
Intangible assets with finite lives: Net | $ 145,589 | 120,164 |
Weighted average useful life | 2 years | |
Non-Compete Agreements [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 35,526 | 35,469 |
Intangible assets with finite lives: Accumulated Amortization | (14,301) | (11,784) |
Intangible assets with finite lives: Net | $ 21,225 | 23,685 |
Weighted average useful life | 3 years | |
Trade Names [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 29,881 | 21,800 |
Intangible assets with finite lives: Accumulated Amortization | (5,890) | (4,455) |
Intangible assets with finite lives: Net | $ 23,991 | 17,345 |
Weighted average useful life | 5 years | |
Other [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 41,690 | 39,100 |
Intangible assets with finite lives: Accumulated Amortization | (10,910) | (6,905) |
Intangible assets with finite lives: Net | $ 30,780 | $ 32,195 |
Weighted average useful life | 1 year | |
Minimum [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 1 year | |
Minimum [Member] | Patent Costs [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 5 years | |
Minimum [Member] | Acquired Technology [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 3 years | |
Minimum [Member] | Internally Developed Software [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 1 year | |
Minimum [Member] | Customer Relationships [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 3 years | |
Minimum [Member] | Non-Compete Agreements [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 3 years | |
Minimum [Member] | Trade Names [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 2 years | |
Minimum [Member] | Other [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 4 years | |
Maximum [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 20 years | |
Maximum [Member] | Patent Costs [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 20 years | |
Maximum [Member] | Acquired Technology [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 10 years | |
Maximum [Member] | Internally Developed Software [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 8 years | |
Weighted average useful life | 1 year | |
Maximum [Member] | Customer Relationships [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 11 years | |
Maximum [Member] | Non-Compete Agreements [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 11 years | |
Maximum [Member] | Trade Names [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 10 years | |
Maximum [Member] | Other [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets, useful life | 10 years |
Accrued And Other Liabilities44
Accrued And Other Liabilities (Schedule Of Accrued Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current Accrued Liabilities [Line Items] | ||
Compensation and benefits | $ 22,000 | $ 20,726 |
Vendor accruals | 14,431 | 10,451 |
Accrued professional fees | 1,267 | 532 |
Accrued taxes | 2,794 | 8,577 |
Royalties payable | 1,214 | 1,796 |
Accrued interest | 116 | 43 |
Accrued other | 3,265 | 1,909 |
Total | 45,364 | 44,219 |
Other Current Liabilities [Member] | ||
Current Accrued Liabilities [Line Items] | ||
Accrued earnouts related to acquisitions | $ 277 | $ 185 |
Accrued And Other Liabilities45
Accrued And Other Liabilities (Schedule Of Other Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Noncurrent Accrued Liabilities [Line Items] | ||
Defined benefit pension obligation | $ 6,452 | $ 7,062 |
Long-term tax liability | 3,084 | 2,029 |
Long-term deferred revenue | 7,673 | 7,627 |
Other long-term liabilities | 6,989 | 9,210 |
Total | 33,503 | 34,898 |
Other Noncurrent Liabilities [Member] | ||
Noncurrent Accrued Liabilities [Line Items] | ||
Long term earnouts related to acquisitions | $ 9,305 | $ 8,970 |
Hedging Activities And Financ46
Hedging Activities And Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Foreign currency derivative contracts | $ 0 | $ 0 | $ 0 | ||
Foreign currency translation on accumulated other comprehensive income (loss) | 14,592 | $ 1,645 | (6,240) | $ 1,632 | |
Interest Expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Foreign currency gain (loss) | $ 428 | $ (1,140) | $ (1,767) | $ (1,345) |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) $ in Thousands | Oct. 10, 2014USD ($) | Jun. 30, 2015USD ($)item | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | |||
Line of credit, initiation date | Oct. 10, 2014 | ||
Capitalized leases | $ 8,996 | $ 9,434 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured credit facility, maximum borrowing capacity | $ 150,000 | ||
Debt Instrument, Term | 5 years | ||
Debt maturity date | Oct. 10, 2019 | ||
Potential increase under credit facility | $ 75,000 | ||
Ratio of total funded indebtedness to consolidated EBITDA | item | 3 | ||
Ratio of Consolidated EBITDA to cash interest expense | item | 3.50 | ||
Balance on credit facility | $ 0 | 0 | |
Revolving Credit Facility [Member] | Federal Funds Effective Swap Rate [Member] | |||
Debt Instrument [Line Items] | |||
Variable basis spread | 0.50% | ||
Revolving Credit Facility [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Variable basis spread | 1.00% | ||
LayerWise NV [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Balance on credit facility | $ 0 | 0 | |
Commitment fee percentage | 0.125% | ||
LayerWise NV [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Balance on loan | $ 18 | $ 127 | |
Minimum [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Quarterly commitment fee percentage | 0.20% | ||
Minimum [Member] | Revolving Credit Facility [Member] | Leverage Ratio [Member] | |||
Debt Instrument [Line Items] | |||
Variable basis spread | 0.25% | ||
Minimum [Member] | Revolving Credit Facility [Member] | LIBOR Rate Plus Levarage Ratio Margin [Member] | |||
Debt Instrument [Line Items] | |||
Variable basis spread | 1.25% | ||
Minimum [Member] | LayerWise NV [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 1.34% | ||
Maximum [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Quarterly commitment fee percentage | 0.25% | ||
Maxiimum cash dividends in a fiscal year | $ 30,000 | ||
Maximum [Member] | Revolving Credit Facility [Member] | Leverage Ratio [Member] | |||
Debt Instrument [Line Items] | |||
Variable basis spread | 0.50% | ||
Maximum [Member] | Revolving Credit Facility [Member] | LIBOR Rate Plus Levarage Ratio Margin [Member] | |||
Debt Instrument [Line Items] | |||
Variable basis spread | 1.50% | ||
Maximum [Member] | LayerWise NV [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.40% |
Stock-Based Compensation Plan48
Stock-Based Compensation Plans (Narrative) (Details) - Title of Individual with Relationship to Entity [Domain] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
2004 Restricted Stock Plan For Non Employee Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation expense | $ 543 | $ 849 | ||
Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock awards granted | 275,000 | 160,000 | 548,000 | 393,000 |
Restricted Stock Awards [Member] | 2004 Incentive Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock awards remaining to grant | 248,000 | 138,000 | ||
Minimum [Member] | 2015 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation award vesting period | 3 years | |||
Maximum [Member] | 2015 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved for issuance | 6,300 | 6,300 | ||
Share-based compensation award vesting period | 5 years |
Stock-Based Compensation Plan49
Stock-Based Compensation Plans (Schedule Of Stock-Based Compensation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation expense | $ 9,721 | $ 8,362 | $ 20,050 | $ 15,638 |
Stock-Based Compensation Plan50
Stock-Based Compensation Plans (Schedule Of Restricted Stock Units Award Activity) (Details) - Restricted Stock Awards [Member] - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock awards granted | 275 | 160 | 548 | 393 |
Restricted stock awards granted, weighted average exercise price | $ 22.67 | $ 50.20 | $ 26 | $ 68.15 |
Incentive Plans [Member] | Non-Executive Employee [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock awards granted | 226 | 143 | 439 | 346 |
Restricted stock awards granted, weighted average exercise price | $ 22.68 | $ 50.31 | $ 25.86 | $ 68.42 |
Incentive Plans [Member] | Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock awards granted | 25 | 85 | 30 | |
Restricted stock awards granted, weighted average exercise price | $ 22.61 | $ 27.50 | $ 75.76 | |
2004 Director Plan [Member] | Non-Employee Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock awards granted | 24 | 17 | 24 | 17 |
Restricted stock awards granted, weighted average exercise price | $ 22.61 | $ 49.26 | $ 22.61 | $ 49.26 |
International Retirement Plan51
International Retirement Plan (Components Of Net Periodic Benefit Costs And Other Amounts Recognized In Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
International Retirement Plan [Abstract] | ||||
Service cost | $ 49 | $ 43 | $ 96 | $ 88 |
Interest cost | 66 | 60 | 128 | 122 |
Total | $ 115 | $ 103 | $ 224 | $ 210 |
Earnings (Loss) Per Share (Sche
Earnings (Loss) Per Share (Schedule Of Earnings Per Share Reconciliation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Earnings (Loss) Per Share, Basic And Diluted [Abstract] | |||||
Net income (loss) attributable to 3D Systems Corporation - numerator for basic and diluted net earnings per share | $ (13,696) | $ 2,125 | $ (26,877) | $ 7,002 | |
Earnings (loss) per share, basic and diluted | $ (0.12) | $ 0.02 | $ (0.24) | $ 0.07 | |
Weighted average shares - denominator for basic and diluted net earnings per share | 112,017 | 106,407 | 111,875 | 104,985 | |
Interest expense excluded from diluted earnings per share calculation | [1] | $ 206 | $ 362 | ||
5.5% Convertible notes shares excluded from diluted earnings per share calculation | [1] | 876 | 876 | ||
Restricted stock units excluded from diluted earnings per share calculation | [2] | $ 40 | $ 37 | ||
[1] | Average outstanding diluted earnings (loss) per share calculation excludes shares that may be issued upon conversion of the outstanding senior convertible notes since the effect of their inclusion would have been anti-dilutive. | ||||
[2] | Average outstanding diluted earnings (loss) per share calculation excludes restricted stock units since the effect of their inclusion would have been anti-dilutive. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value Measurements [Abstract] | ||
Fair value assets transferred from level 1 to level 2 | $ 0 | |
Fair value of liabilities transferred from level 1 to level 2 | 0 | |
Asset impairments | $ 0 | $ 0 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) $ in Thousands | Jun. 30, 2015USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | [1] | $ 63,656 |
Redeemable noncontrolling interest | [2] | 8,872 |
Redeemable Noncontrolling Interest, Equity, Fair Value | [2] | 8,872 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | [1] | 63,656 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Redeemable noncontrolling interest | [2] | 8,872 |
Redeemable Noncontrolling Interest, Equity, Fair Value | [2] | $ 8,872 |
[1] | Cash equivalents include funds held in money market instruments and are reported at their current carrying value, which approximates fair value due to the short-term nature of these instruments and are included in cash and cash equivalents in the consolidated balance sheet. | |
[2] | Redeemable noncontrolling interests represents a put option that owners of interests in a certain subsidiary have the right, in certain circumstances, to require the Company to acquire either a portion of, or all of, the remaining ownership interests held by them. The Company determines the fair value of the redeemable noncontrolling interests based on unobservable inputs considering the assumptions that market participants would make in pricing the obligation. Given the significance of the unobservable inputs, the valuations are classified in level 3 of the fair value hierarchy. See Note 15. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Taxes [Line Items] | ||||
Effective tax rate | 42.20% | 24.00% | 38.70% | 37.50% |
U.S. Internal Revenue Service [Member] | Minimum [Member] | ||||
Income Taxes [Line Items] | ||||
Tax years subject to examination | 2,011 | |||
U.S. Internal Revenue Service [Member] | Maximum [Member] | ||||
Income Taxes [Line Items] | ||||
Tax years subject to examination | 2,014 | |||
U.S. Internal Revenue Service, Loss Carryforward [Member] | Minimum [Member] | ||||
Income Taxes [Line Items] | ||||
Tax years subject to examination | 1,997 | |||
U.S. Internal Revenue Service, Loss Carryforward [Member] | Maximum [Member] | ||||
Income Taxes [Line Items] | ||||
Tax years subject to examination | 2,007 | |||
Australia Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Tax years subject to examination | 2,009 | |||
Belgium Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Tax years subject to examination | 2,010 | |||
Brazil Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Tax years subject to examination | 2,014 | |||
China Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Tax years subject to examination | 2,010 | |||
France Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Tax years subject to examination | 2,011 | |||
German Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Tax years subject to examination | 2,011 | |||
India Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Tax years subject to examination | 2,012 | |||
Israel Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Tax years subject to examination | 2,010 | |||
Italy Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Tax years subject to examination | 2,009 | |||
Japan Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Tax years subject to examination | 2,008 | |||
Korea Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Tax years subject to examination | 2,009 | |||
Mexican Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Tax years subject to examination | 2,014 | |||
Netherlands Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Tax years subject to examination | 2,007 | |||
Switzerland Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Tax years subject to examination | 2,008 | |||
United Kingdom Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Tax years subject to examination | 2,009 | |||
Uruguay Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Tax years subject to examination | 2,014 |
Segment Information (Schedule O
Segment Information (Schedule Of Revenue From Unaffiliated Customers By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Revenue from unaffiliated customers | $ 170,504 | $ 151,512 | $ 331,226 | $ 299,270 |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from unaffiliated customers | 90,396 | 78,895 | 176,658 | 146,927 |
Germany [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from unaffiliated customers | 21,345 | 19,562 | 42,595 | 43,387 |
Other EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from unaffiliated customers | 30,958 | 22,453 | 58,412 | 46,192 |
Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue from unaffiliated customers | $ 27,805 | $ 30,602 | $ 53,561 | $ 62,764 |
Segment Information (Schedule57
Segment Information (Schedule Of Revenue From Unaffiliated Customers By Product) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 170,504 | $ 151,512 | $ 331,226 | $ 299,270 |
Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 68,176 | 61,948 | 130,891 | 122,701 |
Materials [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 36,401 | 38,036 | 73,508 | 78,477 |
Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 65,927 | $ 51,528 | $ 126,827 | $ 98,092 |
Segment Information (Schedule58
Segment Information (Schedule Of Intercompany Sales By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Intercompany sales | $ 170,504 | $ 151,512 | $ 331,226 | $ 299,270 |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 90,396 | 78,895 | 176,658 | 146,927 |
Germany [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 21,345 | 19,562 | 42,595 | 43,387 |
Other EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 30,958 | 22,453 | 58,412 | 46,192 |
Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 27,805 | 30,602 | 53,561 | 62,764 |
Intercompany Sales To Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 18,249 | 11,709 | 34,270 | 22,643 |
Intercompany Sales To Americas [Member] | Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 840 | 1,320 | ||
Intercompany Sales To Americas [Member] | Germany [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 206 | 446 | 206 | 855 |
Intercompany Sales To Americas [Member] | Other EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 16,399 | 10,932 | 31,314 | 20,975 |
Intercompany Sales To Americas [Member] | Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 804 | 331 | 1,430 | 813 |
Intercompany Sales To Germany [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 10,557 | 10,458 | 21,345 | 22,725 |
Intercompany Sales To Germany [Member] | Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 9,676 | 9,925 | 19,810 | 20,862 |
Intercompany Sales To Germany [Member] | Other EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 881 | 548 | 1,535 | 1,878 |
Intercompany Sales To Germany [Member] | Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | (15) | (15) | ||
Intercompany Sales To Other EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 7,179 | 6,736 | 14,697 | 13,493 |
Intercompany Sales To Other EMEA [Member] | Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 5,366 | 4,710 | 11,203 | 9,657 |
Intercompany Sales To Other EMEA [Member] | Germany [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 1,089 | 1,350 | 1,893 | 2,828 |
Intercompany Sales To Other EMEA [Member] | Other EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 719 | 676 | 1,583 | 1,008 |
Intercompany Sales To Other EMEA [Member] | Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 5 | 18 | ||
Intercompany Sales To Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 7,798 | 4,862 | 14,175 | 8,445 |
Intercompany Sales To Asia Pacific [Member] | Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 3,469 | 3,450 | 8,442 | 5,796 |
Intercompany Sales To Asia Pacific [Member] | Other EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 3,745 | 891 | 4,391 | 1,446 |
Intercompany Sales To Asia Pacific [Member] | Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 584 | 521 | 1,342 | 1,203 |
Intercompany Sales [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 43,783 | 33,765 | 84,487 | 67,306 |
Intercompany Sales [Member] | Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 19,351 | 18,085 | 40,775 | 36,315 |
Intercompany Sales [Member] | Germany [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 1,295 | 1,796 | 2,099 | 3,683 |
Intercompany Sales [Member] | Other EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | 21,744 | 13,047 | 38,823 | 25,307 |
Intercompany Sales [Member] | Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intercompany sales | $ 1,393 | $ 837 | $ 2,790 | $ 2,001 |
Segment Information (Schedule59
Segment Information (Schedule Of Income Or Loss From Operations By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Income (loss) from operations | $ (23,842) | $ 4,362 | $ (41,366) | $ 13,879 |
Subtotal [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from operations | (23,330) | 4,994 | (40,347) | 14,629 |
Inter-Segment Elimination [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from operations | (512) | (632) | (1,019) | (750) |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from operations | (29,186) | (7,036) | (52,292) | (9,066) |
Germany [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from operations | (548) | 451 | 1,292 | 648 |
Other EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from operations | (938) | 2,124 | (2,273) | 4,525 |
Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from operations | $ 7,342 | $ 9,455 | $ 12,926 | $ 18,522 |
Segment Information (Schedule60
Segment Information (Schedule Of Assets By Geographic Area) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Assets | $ 1,525,953 | $ 1,525,970 |
Americas [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 958,813 | 1,018,113 |
Germany [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 56,051 | 47,524 |
Other EMEA [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 412,414 | 382,259 |
Asia Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 98,675 | $ 78,074 |
Segment Information (Schedule61
Segment Information (Schedule Of Cash And Cash Equivalents By Geographic Area) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | $ 171,217 | $ 284,862 | $ 570,262 | $ 306,316 |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | 124,534 | 245,219 | ||
Germany [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | 9,873 | 6,640 | ||
Other EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | 20,286 | 15,556 | ||
Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | $ 16,524 | $ 17,447 |
Commitments And Contingencies62
Commitments And Contingencies (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)lawsuit | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Commitments And Contingencies [Abstract] | |||||
Rent expense under operating leases | $ 3,408 | $ 2,598 | $ 6,612 | $ 4,910 | |
Supply commitments, printer assembly | 63,849 | 63,849 | $ 56,620 | ||
Accrued liability recorded for earnouts | $ 9,582 | 9,582 | $ 9,155 | ||
Estimated Amount Owed To Subsidiary Owners If Future Earning Levels Are Met | $ 8,872 | ||||
Shareholder class action lawsuits, number | lawsuit | 2 |
Commitments And Contingencies63
Commitments And Contingencies (Changes In Redeemable Noncontrolling Interests) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Commitments And Contingencies [Abstract] | |
Changes in redemption value | $ 8,550 |
Currency translation adjustments | 322 |
Balance at June 30 | $ 8,872 |
Accumulated Other Comprehensi64
Accumulated Other Comprehensive Income (Loss) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance, AOCI | $ (24,406) |
Other comprehensive income (loss) | (5,978) |
Ending Balance, AOCI | (30,384) |
Foreign Currency Translation Adjustments [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance, AOCI | (22,195) |
Other comprehensive income (loss) | (6,240) |
Ending Balance, AOCI | (28,435) |
Defined Benefit Pension Plan [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance, AOCI | (2,211) |
Other comprehensive income (loss) | 262 |
Ending Balance, AOCI | $ (1,949) |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) | 6 Months Ended | |
Jun. 30, 2015 | Apr. 02, 2015 | |
Phenix Systems [Member] | ||
Business Acquisition [Line Items] | ||
Business acquisition, ownership percentage | 95.00% | |
Date of acquisition | Jul. 15, 2013 | |
Robtec [Member] | ||
Business Acquisition [Line Items] | ||
Business acquisition, ownership percentage | 70.00% | |
Date of acquisition | Nov. 25, 2014 | |
Easyway [Member] | ||
Business Acquisition [Line Items] | ||
Business acquisition, ownership percentage | 65.00% | 65.00% |
Date of acquisition | Apr. 2, 2015 |