Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 07, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
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 Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 2,048,138,460 | ||
Entity Common Stock, Shares Outstanding | 111,627,748 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 155,643 | $ 284,862 |
Accounts receivable, net of reserves — $14,139 (2015) and $10,300 (2014) | 157,406 | 168,441 |
Inventories, net of reserves — $28,225 (2015) and $6,675 (2014) | 105,877 | 96,645 |
Prepaid expenses and other current assets | 13,541 | 15,769 |
Current deferred income tax asset | 14,973 | |
Total current assets | 432,467 | 580,690 |
Property and equipment, net | 85,995 | 81,881 |
Intangible assets, net | 157,466 | 251,561 |
Goodwill | 187,875 | 589,537 |
Long term deferred income tax asset | 3,216 | 816 |
Other assets, net | 26,256 | 25,825 |
Total assets | 893,275 | 1,530,310 |
Current liabilities: | ||
Current portion of debt and capitalized lease obligations | 529 | 684 |
Accounts payable | 46,869 | 64,378 |
Accrued and other liabilities | 54,699 | 43,554 |
Customer deposits | 8,229 | 6,946 |
Deferred revenue | 35,145 | 32,264 |
Total current liabilities | 145,471 | 147,826 |
Long term portion of capitalized lease obligations | 8,187 | 8,905 |
Long term deferred income tax liability | 17,944 | 30,679 |
Other liabilities | 58,155 | 39,903 |
Total liabilities | 229,757 | 227,313 |
Redeemable noncontrolling interests | 8,872 | 8,872 |
Stockholders’ equity: | ||
Common stock, $0.001 par value, authorized 220,000 shares; issued 113,115 (2015) and 112,233 (2014) | 113 | 112 |
Additional paid-in capital | 1,279,738 | 1,245,462 |
Treasury stock, at cost: 892 shares (2015) and 709 shares (2014) | (1,026) | (374) |
Accumulated earnings (deficit) | (583,368) | 72,124 |
Accumulated other comprehensive loss | (39,548) | (24,406) |
Total 3D Systems Corporation stockholders' equity | 655,909 | 1,292,918 |
Noncontrolling interests | (1,263) | 1,207 |
Total stockholders' equity | 654,646 | 1,294,125 |
Total liabilities, redeemable noncontrolling interests and stockholders' equity | $ 893,275 | $ 1,530,310 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, net of reserves | $ 14,139 | $ 10,300 |
Inventories, net of reserves | $ 28,225 | $ 6,675 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 220,000,000 | 220,000,000 |
Common stock, shares issued | 113,115,000 | 112,233,000 |
Treasury stock, at cost, shares | 892,000 | 709,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue: | |||
Products | $ 408,119 | $ 442,198 | $ 356,032 |
Services | 258,044 | 211,454 | 157,368 |
Total revenue | 666,163 | 653,652 | 513,400 |
Cost of sales: | |||
Products | 243,639 | 223,991 | 159,628 |
Services | 130,715 | 112,227 | 86,178 |
Total cost of sales | 374,354 | 336,218 | 245,806 |
Gross profit | 291,809 | 317,434 | 267,594 |
Operating expenses: | |||
Selling, general and administrative | 303,784 | 215,724 | 143,244 |
Research and development | 92,770 | 75,395 | 43,489 |
Impairment of goodwill and other intangible assets | 537,179 | ||
Total operating expenses | 933,733 | 291,119 | 186,733 |
Income (loss) from operations | (641,924) | 26,315 | 80,861 |
Interest and other expense, net | 13,029 | 8,928 | 16,855 |
Income (loss) before income taxes | (654,953) | 17,387 | 64,006 |
Provision for income taxes | 8,972 | 5,441 | 19,887 |
Net income (loss) | (663,925) | 11,946 | 44,119 |
Less net income (loss) attributable to noncontrolling interests | (8,433) | 309 | 12 |
Net income (loss) attributable to 3D Systems Corporation | $ (655,492) | $ 11,637 | $ 44,107 |
Net income (loss) per share available to 3D Systems Corporation common stockholders — basic and diluted | $ (5.85) | $ 0.11 | $ 0.45 |
Other comprehensive income (loss): | |||
Pension adjustments, net of taxes | $ 338 | $ (1,135) | $ (168) |
Liquidation of non-US entity | 173 | ||
Foreign currency gain (loss) | (16,300) | (29,183) | 1,968 |
Total other comprehensive income (loss) | (15,962) | (30,318) | 1,973 |
Less foreign currency translation gain (loss) attributable to noncontrolling interests | (820) | (123) | 50 |
Other comprehensive income (loss) attributable to 3D Systems Corporation | (15,142) | (30,195) | 1,923 |
Comprehensive income (loss) | (679,887) | (18,372) | 46,092 |
Less comprehensive income (loss) attributable to noncontrolling interests | (9,253) | 186 | 62 |
Comprehensive income (loss) attributable to 3D Systems Corporation | $ (670,634) | $ (18,558) | $ 46,030 |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders’ Equity - 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 Systems Corporation Stockholders' Equity [Member] | Equity Attributable To Noncontrolling Interests [Member] | Total | |
Balance, Value at Dec. 31, 2012 | $ 60 | $ 460,237 | $ (240) | $ 16,410 | $ 3,866 | $ 480,333 | $ 480,333 | ||
Balance, Shares at Dec. 31, 2012 | 59,855 | 355 | |||||||
Tax provision from share-based payment arrangements, Value | 26,038 | 26,038 | 26,038 | ||||||
Issuance (repurchase) of restricted stock, net, Value | $ 1 | 947 | $ (46) | 902 | 902 | ||||
Issuance (repurchase) of restricted stock, net, Shares | 1,001 | 68 | |||||||
Issuance of stock for 5.50% senior convertible notes, net of taxes, Value | $ 5 | 80,749 | 80,754 | 80,754 | |||||
Issuance of stock for 5.50% senior convertible notes, net of taxes, Shares | 4,675 | ||||||||
Common stock split, Value | $ 31 | (177) | (30) | (176) | (176) | ||||
Common stock split, Shares | 30,867 | 177 | |||||||
Issuance of stock for acquisitions, Value | 13,131 | 13,131 | 13,131 | ||||||
Issuance of stock for acquisitions, Shares | 293 | ||||||||
Issuance of stock for equity raise, Value | $ 7 | 272,069 | 272,076 | 272,076 | |||||
Issuance of stock for equity raise, Shares | 7,112 | ||||||||
Stock-based compensation expense, Value | 13,558 | 13,558 | 13,558 | ||||||
Stock-based compensation expense, Shares | 15 | ||||||||
Net income (loss) | 44,107 | 44,107 | $ 12 | 44,119 | |||||
Noncontrolling interests for business combinations | 1,084 | 1,084 | |||||||
Pension adjustment | (168) | (168) | (168) | ||||||
Liquidation of non-US entity | 173 | 173 | 173 | ||||||
Foreign currency translation adjustment | 1,918 | 1,918 | 50 | 1,968 | |||||
Balance, Value at Dec. 31, 2013 | $ 104 | 866,552 | $ (286) | 60,487 | 5,789 | 932,646 | 1,146 | 933,792 | |
Balance, Shares at Dec. 31, 2013 | 103,818 | 600 | |||||||
Tax provision from share-based payment arrangements, Value | 7,653 | 7,653 | 7,653 | ||||||
Issuance (repurchase) of restricted stock, net, Value | $ 1 | 1,983 | $ (88) | 1,896 | 1,896 | ||||
Issuance (repurchase) of restricted stock, net, Shares | 1,152 | 109 | |||||||
Issuance of stock for 5.50% senior convertible notes, net of taxes, Value | $ 1 | 12,133 | 12,134 | 12,134 | |||||
Issuance of stock for 5.50% senior convertible notes, net of taxes, Shares | 877 | ||||||||
Issuance of stock for acquisitions, Value | 24,625 | 24,625 | 24,625 | ||||||
Issuance of stock for acquisitions, Shares | 436 | ||||||||
Issuance of stock for equity raise, Value | $ 6 | 299,723 | 299,729 | 299,729 | |||||
Issuance of stock for equity raise, Shares | 5,950 | ||||||||
Stock-based compensation expense, Value | 32,793 | 32,793 | 32,793 | ||||||
Net income (loss) | 11,637 | 11,637 | 309 | 11,946 | |||||
Noncontrolling interests for business combinations | (125) | (125) | |||||||
Pension adjustment | (1,135) | (1,135) | (1,135) | ||||||
Foreign currency translation adjustment | (29,060) | (29,060) | (123) | (29,183) | |||||
Balance, Value at Dec. 31, 2014 | $ 112 | 1,245,462 | $ (374) | 72,124 | (24,406) | 1,292,918 | 1,207 | 1,294,125 | |
Balance, Shares at Dec. 31, 2014 | 112,233 | 709 | |||||||
Tax provision from share-based payment arrangements, Value | (1,243) | (1,243) | (1,243) | ||||||
Issuance (repurchase) of restricted stock, net, Value | $ 1 | 786 | $ (652) | 135 | 135 | ||||
Issuance (repurchase) of restricted stock, net, Shares | 882 | 183 | |||||||
Stock-based compensation expense, Value | 34,733 | 34,733 | 34,733 | ||||||
Net income (loss) | (655,492) | (655,492) | (8,433) | (663,925) | |||||
Noncontrolling interests for business combinations | 6,783 | 6,783 | |||||||
Pension adjustment | 338 | 338 | 338 | ||||||
Foreign currency translation adjustment | (15,480) | (15,480) | (820) | (16,300) | |||||
Balance, Value at Dec. 31, 2015 | $ 113 | $ 1,279,738 | $ (1,026) | $ (583,368) | $ (39,548) | [1] | $ 655,909 | $ (1,263) | $ 654,646 |
Balance, Shares at Dec. 31, 2015 | 113,115 | 892 | |||||||
[1] | Accumulated other comprehensive loss of $39,548 consists of a cumulative unrealized loss on pension plan of $1,873 and a foreign currency translation loss of $37,675. |
Consolidated Statements Of Sto6
Consolidated Statements Of Stockholders’ Equity (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Accumulated other comprehensive loss | $ (39,548) | $ (24,406) | $ 5,789 |
Foreign Currency Translation Adjustment [Member] | |||
Accumulated other comprehensive loss | (37,675) | (22,195) | 6,865 |
Defined Benefit Pension Plan [Member] | |||
Accumulated other comprehensive loss | $ (1,873) | $ (2,211) | $ (1,076) |
Senior Convertible Notes [Member] | |||
Senior convertible notes, interest rate | 5.50% | 5.50% |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Cash flows from operating activities: | ||||
Net income (loss) | $ (663,925) | $ 11,946 | $ 44,119 | |
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | ||||
Benefit of deferred income taxes | (2,875) | (24,555) | (9,892) | |
Depreciation and amortization | 83,069 | 55,188 | 30,444 | |
Provision for litigation award | 11,282 | |||
Impairment of goodwill, other intangible assets and investments | 544,611 | |||
Non-cash interest on convertible notes | 224 | 974 | ||
Provision for bad debts | 3,766 | 8,699 | 4,961 | |
Provision for inventory obsolescence and revaluation | 21,550 | 2,334 | 4,341 | |
Stock-based compensation | 34,733 | 32,793 | 13,558 | |
(Gain) loss on the disposition of property and equipment | (43) | (227) | 1,128 | |
Deferred interest income | (1,018) | |||
Loss on conversion of convertible debt | 1,806 | 11,275 | ||
Changes in operating accounts: | ||||
Accounts receivable | 20,890 | (55,977) | (43,684) | |
Inventories | (31,241) | (33,088) | (35,234) | |
Prepaid expenses and other current assets | 2,197 | (9,235) | (1,780) | |
Accounts payable | (18,904) | 23,482 | 7,620 | |
Accrued and other liabilities | 624 | 15,406 | (6,495) | |
Customer deposits | 1,466 | 1,921 | 1,904 | |
Deferred revenue | (576) | 8,686 | 7,526 | |
Other operating assets and liabilities | (9,752) | 11,708 | (4,563) | |
Net cash provided by (used in) operating activities | (3,128) | 51,111 | 25,184 | |
Cash flows from investing activities: | ||||
Purchases of property and equipment | (22,399) | (22,727) | (6,972) | |
Additions to license and patent costs | (907) | (753) | (1,648) | |
Proceeds from disposition of property and equipment | 1,882 | |||
Cash paid for acquisitions, net of cash assumed | (91,799) | (345,361) | (162,318) | |
Other investing activities | (5,750) | (6,600) | (4,701) | |
Net cash used in investing activities | (120,855) | (375,441) | (173,757) | |
Cash flows from financing activities: | ||||
Tax benefits (provision) from share-based payment arrangements | (1,243) | 7,653 | 26,038 | |
Proceeds from issuance of common stock | 299,729 | 272,076 | ||
Proceeds from exercise of restricted stock, net | 135 | 1,896 | 902 | |
Cash disbursed in lieu of fractional shares related to stock split | (176) | |||
Restricted cash | 13 | |||
Repayment of capital lease obligations | (1,049) | (696) | (157) | |
Net cash provided by (used in) financing activities | (2,157) | 308,582 | 298,696 | |
Effect of exchange rate changes on cash | (3,079) | (5,706) | 334 | |
Net increase (decrease) in cash and cash equivalents | (129,219) | (21,454) | 150,457 | |
Cash and cash equivalents at the beginning of the period | 284,862 | 306,316 | 155,859 | |
Cash and cash equivalents at the end of the period | 155,643 | 284,862 | 306,316 | |
Supplemental Cash Flow Information: | ||||
Cash interest payments | 707 | 888 | 1,584 | |
Cash income tax payments | 12,512 | 15,602 | 5,642 | |
Transfer of equipment from inventory to property and equipment, net | [1] | 9,902 | 5,891 | 4,886 |
Transfer of equipment to inventory from property and equipment, net | [2] | $ 2,764 | 944 | 612 |
Stock issued for acquisitions of businesses | 24,625 | 13,131 | ||
Notes redeemed for shares of common stock | $ 12,134 | $ 80,754 | ||
[1] | Inventory is transferred from inventory to property and equipment at cost when the Company requires additional machines for training or demonstration or for placement into on-demand parts services locations. | |||
[2] | In general, an asset is transferred from property and equipment, net into inventory at its net book value when the Company has identified a potential sale for a used machine. |
Basis Of Presentation
Basis Of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | Note 1 Basis of Presentation The Consolidated Financial Statements include the accounts of 3D Systems Corporation and all majority-owned subsidiaries and entities in which a controlling interest is maintained (the “Company”). A non-controlling interest in a subsidiary is considered an ownership interest in a majority-owned subsidiary that is not attributable to the parent. The Company includes noncontrolling interest as a component of total equity in the Consolidated Balance Sheets and the net income attributable to noncontrolling interests are presented as an adjustment from net income used to arrive at net income attributable to 3D Systems Corporation in the consolidated statements of operations and comprehensive income (loss) . All significant intercompany accounts and transactions have been eliminated in consolidation. The Company’s annual reporting period is the calendar year. The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). Certain prior period amounts have been reclassified to conform to the current year presentation. All amounts presented in the accompanying footnotes are presented in thousands, except for per share information. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2 Significant Accounting Policies Use of Estimates The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, among others, those related to the allowance for doubtful accounts, income taxes, inventory reserves, goodwill, other intangible assets, contingencies and revenue recognition. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Revenue Recognition Net revenue is derived primarily from the sale of products and services. The following revenue recognition policies define the manner in which the Company accounts for sales transactions. The Company recognizes revenue when persuasive evidence of a sale arrangement exists, delivery has occurred or services are rendered, the sales price or fee is fixed or determinable and collectability is reasonably assured. Revenue generally is recognized net of allowances for returns and any taxes collected from customers and subsequently remitted to governmental authorities. The Company sells its products through its direct sales force and through authorized reseller partners. The Company recognizes revenue on sales to reseller partners at the time of sale when the partner has economic substance apart from Company, and the Company has completed its obligations related to the sale. The Company enters into sales arrangements that may provide for multiple deliverables to a customer. Sales of printers may include ancillary equipment, print materials, a warranty on the equipment, training and installation. The Company identifies all goods and/or services that are to be delivered separately under a sales arrangement and allocates revenue to each deliverable based on either vendor-specific objective evidence (“VSOE”) or if VSOE is not determinable then the Company uses best estimated selling price (“BESP”) of each deliverable. The Company established VSOE of selling price using the price charged for a deliverable when sold separately. The objective of BESP is to determine the price at which the Company would transact a sale if the deliverable was sold regularly on a stand-alone basis. The Company considers multiple factors including, but not limited to, market conditions, geographies, competitive landscapes, and entity-specific factors such as internal costs, gross margin objectives and pricing practices when estimating BESP. Consideration in a multiple element arrangement is then allocated to the elements on a relative sales value basis using either VSOE or BESP for all the elements. The Company also evaluates the impact of undelivered items on the functionality of delivered items for each sales transaction and, where appropriate, defers revenue on delivered items when that functionality has been affected. Functionality is determined to be met if the delivered products or services represent a separate earnings process. Hardware In general, revenues are separated between printers and other products, print materials, training services, maintenance services and installation services. The allocated revenue for each deliverable is then recognized based on relative fair values of the components of the sale, consistent within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605 Revenue Recognition . Under the Company’s standard terms and conditions of sale, title and risk of loss transfer to the customer at the time product is shipped to the customer and revenue is recognized accordingly, unless customer acceptance is uncertain or significant obligations remain. The Company defers the estimated revenue associated with post-sale obligations that are not essential to the functionality of the delivered items, and recognizes revenue in the future as the conditions for revenue recognition are met. Software The Company also markets and sells software tools that enable our customers to capture and customize content using our printers, as well as reverse engineering and inspection software. The software does not require significant modification or customization. The Company applies the guidance in ASC 985-605, Software-Revenue Recognition in recognizing revenue when software is more than incidental to the product or service as a whole based on fair value using vendor-specific objective evidence. Revenue from perpetual software licenses is recognized either upon delivery of the product or delivery of a key code which allows the customer to access the software. In instances where software access is provided for a trial period, revenue is not recognized until the customer has purchased the software at the expiration of the trial period. The Company uses the residual method to allocate revenue to software licenses at the inception of the license term when VSOE of fair value for all undelivered elements, such as maintenance, exists and all other revenue recognition criteria have been satisfied. In instances in which customers purchase post sale support, it is considered a separate element from the software and is deferred at the time of sale and subsequently amortized in future periods. The Company also sells equipment with embedded software to its customers. The embedded software is not sold separately, it is not a significant focus of the marketing effort and the Company does not provide post-contract customer support specific to the software or incur significant costs that are within the scope of ASC 985. Additionally, the functionality that the software provides is marketed as part of the overall product. The software embedded in the equipment is incidental to the equipment as a whole such that ASC 985 is not applicable. Sales of these products are recognized in accordance with ASC 60-25, “Multiple-Element Arrangements.” Services Printers and certain other products include a warranty under which the Company provides maintenance for periods up to one year, as well as training, installation and non-contract maintenance services. The Company defers this portion of the revenue at the time of sale based on the relative fair value of these services. Deferred revenue is recognized ratably according to the term of the warranty. Costs associated with our obligations during the warranty period are expensed as incurred. After the initial warranty period, the Company offers these customers optional maintenance contracts. Deferred maintenance revenue is recognized ratably, on a straight-line basis, over the period of the contract, and costs associated with these contracts are recognized as incurred. Revenue from training, installation and non-contract maintenance services is recognized at the time of performance. On-demand parts and healthcare service sales are included within services revenue and revenue is recognized upon shipment or delivery of the parts, based on the terms of the sales arrangement. Terms of sale Shipping and handling costs billed to customers for equipment sales and sales of print materials are included in product revenue in the Consolidated Statements of Operations and Other Comprehensive Income (Loss). Costs incurred by the Company associated with shipping and handling are included in product cost of sales in the Consolidated Statements of Operations and Other Comprehensive Income (Loss). Credit is extended, and creditworthiness is determined, based on an evaluation of each customer’s financial condition. New customers are generally required to complete a credit application and provide references and bank information to facilitate an analysis of creditworthiness. Customers with a favorable profile may receive credit terms that differ from the Company’s general credit terms. Creditworthiness is considered, among other things, in evaluating the Company’s relationship with customers with past due balances. The Company’s terms of sale generally require payment within 30 to 60 days after shipment of a product, although the Company also recognizes that longer payment periods are customary in some countries where it transacts business. To reduce credit risk in connection with printer sales, the Company may, depending upon the circumstances, require significant deposits prior to shipment and may retain a security interest in a system sold until fully paid. In some circumstances, the Company may require payment in full for its products prior to shipment and may require international customers to furnish letters of credit. For maintenance services, the Company either bills customers on a time-and-materials basis or sells customers service agreements that are recorded as deferred revenue and provide for payment in advance on either an annual or other periodic basis. Cash and Cash Equivalents Investments with original maturities of three months or less at the date of purchase are considered to be cash equivalents. The Company’s policy is to invest cash in excess of short-term operating and debt-service requirements in such cash equivalents. These instruments are stated at cost, which approximates market value because of the short maturity of the instruments. The Company places its cash with highly creditworthy financial institutions, corporations or governments, and believes its risk of loss is limited; however, at times, account balances may exceed international and U.S. federally insured limits. Investments Investments in non-consolidated affiliates ( 20 - 50 percent owned companies and joint ventures) are accounted for using the equity method. Investments through which we are not able to exercise significant influence over the investee and which we do not have readily determinable fair values are accounted for under the cost method. The Company assesses declines in the fair value of investments to determine whether such declines are other-than-temporary. This assessment is made considering all available evidence, including changes in general market conditions, specific industry and individual company data, the length of time and the extent to which the fair value has been less than cost, the financial condition and the near-term prospects of the entity issuing the security, and the Company’s ability and intent to hold the investment until recovery. Other-than-temporary impairments of investments are recorded to interest and other expense, net, on the Company’s Consolidated Statements of Operations in the period in which they become impaired. For the year ended December 31, 2015, the Company recorded impairment charges of $7,432 related to certain minority investments of less than 20% ownership, for which we do not exercise significant influence. The aggregate carrying amount of all investments accounted for under the cost method totaled $10,687 and $11,973 at December 31, 2015 and 2014, respectively, and is included in other assets, net, on the Company’s Consolidated Balance Sheets. Allowance for Doubtful Accounts In evaluating the collectability of accounts receivable, the Company assesses a number of factors, including specific customers’ ability to meet their financial obligations to us, the length of time receivables are past due and historical collection experience. Based on these assessments, the Company may record a reserve for specific customers, as well as a general reserve and allowance for returns and discounts. If circumstances related to specific customers change, or economic conditions deteriorate such that the Company’s past collection experience is no longer relevant, its estimate of the recoverability of accounts receivable could be further reduced from the levels provided for in the Consolidated Financial Statements. The Company evaluates specific accounts for which it believes a customer may have an inability to meet their financial obligations (for example, aging over 90 days past due or bankruptcy). In these cases, the Company uses judgment, based on available facts and circumstances, and records a specific reserve for that customer to reduce the receivable to an amount the Company expects to collect. These specific reserves are re-evaluated and adjusted as additional information is received that impacts the amount reserved. Further, a reserve based on historical experience is established for all customers, as well as an allowance for returns and discounts, to supplement the Company’s specific account-level assessment. Inventories Inventories are stated at the lower of cost or net realizable market value, cost being determined using the first-in, first-out method. Reserves for slow-moving and obsolete inventories are provided based on historical experience and current product demand. The Company evaluates the adequacy of these reserves quarterly. Property and Equipment Property and equipment are carried at cost and depreciated on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized on a straight-line basis over the shorter of (i) their estimated useful lives and (ii) the estimated or contractual lives of the leases. Realized gains and losses are recognized upon disposal or retirement of the related assets and are reflected in results of operations. Charges for repairs and maintenance are expensed as incurred. In accordance with ASC 360 , the Company assesses potential impairments of property and equipment when events or changes in circumstances indicate that the carrying amount may not be fully recoverable. If required, an impairment loss is recognized as the difference between the carrying value and the fair value of the assets . Goodwill Goodwill reflects the excess of the consideration transferred plus the fair value of any non-controlling interest in the acquiree at the acquisition date over the fair values of the identifiable net assets acquired. Goodwill is not amortized but rather is tested for impairment annually, or whenever events or circumstances present an indication of impairment. Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The primary items that generate goodwill include the value of the synergies between the acquired companies and the Company and the acquired assembled workforce, neither of which qualifies for recognition as an intangible asset. The annual impairment testing required by ASC 350, “Intangibles – Goodwill and Other” requires the Company to use judgment and could require the Company to write down the carrying value of its goodwill in future periods. The Company allocates goodwill to its identifiable geographic reporting units, the Americas, EMEA and APAC regions, which are tested for impairment using a two-step process. The first step requires comparing the fair value of each reporting unit with the carrying amount, including goodwill. If that fair value exceeds the carrying amount, the second step of the process is not required to be performed, and no impairment charge is required to be recorded. If that fair value does not exceed that carrying amount, the Company must perform the second step, which requires an allocation of the fair value of the reporting unit to all assets and liabilities of that unit as if the reporting unit had been acquired in a purchase business combination and the fair value of the reporting unit was the purchase price. The goodwill resulting from that purchase price allocation is then compared to the carrying amount with any excess recorded as an impairment charge. The evaluation of goodwill impairment requires the Company to make assumptions about future cash flows of the reporting unit being evaluated that include, among others, growth in revenues, margins realized, level of operating expenses and cost of capital. These assumptions require significant judg e ment and actual results may differ from assumed and estimated amounts. Goodwill set forth on the Consolidated Balance Sheet as of December 31, 2015 arose from acquisitions carried out from 2009 to 2015 and in years prior to December 31, 2007. Goodwill arising from acquisitions prior to 2007 was allocated to geographic reporting units based on the percentage of SLS printers then installed by geographic area. Goodwill arising from acquisitions in 2009 to 2015 was allocated to geographic reporting units based on geographic dispersion of the acquired companies’ sales or capitalization at the time of their acquisition. The Company conducted its annual impairment testing in the fourth quarter of 2015. The results of the Company’s first step of annual impairment testing indicated the carrying amount of goodwill assigned to the Americas and EMEA reporting units exceeded fair value and that the carrying amount of goodwill assigned to APAC did not exceed fair value. Based on these results, management completed the second step of annual impairment testing for the Americas and EMEA reporting units. Management determined that the fair value of goodwill assigned to the Americas was zero , resulting in a non-tax deductible impairment charge of $382,271 . Management determined that the carrying amount of the goodwill assigned to EMEA exceede d fair value by approximately 29% , resulting in a non-tax deductible goodwill impairment charge of $ 61,388 . See Note 7 to our Consolidated Financial Statements. When evaluating the fair value of geographic reporting units, the Company uses a discounted cash flow model, which incorporates judgement and the use of estimates by management. Management bases its fair value estimates on assumptions that they believe are reasonable, but are uncertain and subject to changes in market conditions. Within these assumptions, management considered market conditions, the Company’s market capitalization over sustained periods, the evolving 3D printing industry and near-term demand outlook, changes in forecasts and timing for developing products and applications. Key assumptions used to determine the estimated fair value include: (a) expected cash flow for the ten -year period following the testing date (including market share, sales volumes and prices, costs to produce and estimated capital needs); (b) an estimated terminal value using terminal year growth rates ranging from 4.9% to 5.3% , determined based on the expected growth prospects of the reporting units; and (c) discount rates ranging from 12.75% to 13.5% , based on management’s best estimate of the after-tax weighted average cost of capital. The Company will continue to monitor its reporting units in an effort to determine whether events and circumstances warrant further interim impairment testing. The Company could be required to write off or write down additional amounts in the future in the event of deterioration in future performance, sustained slower growth or other circumstances. There was no goodwill impairment for the years ended December 31, 2014 or 2013. Other Intangible Assets Intangible assets other than goodwill primarily represent acquired intangible assets including licenses, patent costs, acquired technology, internally developed technology, customer relationships, non-compete agreements, trade names and trademarks. Intangible assets with finite lives are amortized using the straight-line method over their estimated useful life, which is determined by identifying the period over which most of the cash flows are expected to be generated. Amortization of license and patent costs is included in cost of sales, research and development expenses and selling, general and administrative expenses, depending upon the nature and use of the technology . Amortization of trade names, customer relationships and non-compete agreements are recorded in selling, general and administrative expenses. Certain software development and production costs are capitalized when the related product reaches technological feasibility. No Software development costs were capitalized in 2015 or 2014 and $250 were capitalized in 2013. Capitalized software costs include internally developed software and certain costs that relate to developed software that the Company acquired through acquisition of businesses. Amortization expense related to capitalized software costs amounted to $1,439 for each year ended December 31, 2015, 2014 and 2013. Net capitalized software costs aggregated $1,811 , $3,556 and $5,234 at December 31, 2015, 2014 and 2013, respectively. For intangibles with finite lives, the Company reviews the carrying amounts for potential impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Examples of such a change in circumstances include a significant decrease in selling price, a significant adverse change in the extent or manner in which an asset is being used, or a significant adverse change in the legal or business climate. In evaluating recoverability, the Company groups assets and liabilities at the lowest level such that the identifiable cash flows relating to the group are largely independent of the cash flows of other assets and liabilities. The Company then compares the carrying amounts of the assets or asset groups with the related estimated undiscounted future cash flows. In the event impairment exists, an impairment charge is recorded as the amount by which the carrying amount of the asset or asset group exceeds the fair value. Fair value is determined by reference to estimated selling values of assets in similar condition or by using a discounted cash flow model. In addition, the remaining amortization period for the impaired asset would be reassessed and, if necessary, revised. During the fourth quarter of 2015 the Company recorded non-cash impairment charges of $ 93,520 arising from the Company’s other intangible assets impairment testing. No impairment charges were recorded by the Company for the years ended December 31, 2014 and 2013. Intangible assets with indefinite lives are not amortized but rather tested for impairment annually, or whenever events or circumstances present an indication of impairment. The Company applies the FASB guidance, which permits the Company to make a qualitative assessment of whether the indefinite-lived intangible asset is impaired, or opt to bypass the qualitative assessment and proceed directly to determine the indefinite-lived intangible asset’s fair value. If the Company determines, based on the qualitative tests, that it is not more likely than not that the indefinite-lived intangible asset is impaired, no further action is required. Otherwise, the Company is required to perform the quantitative impairment test by comparing the fair value of the indefinite-life intangible asset to the indefinite-lived intangible asset carrying amount. In the event impairment exists, an impairment charge is recorded as the amount by which the carrying amount of the asset or asset group exceeds the fair value. No impairment charges for intangible assets with indefinite lives were recorded by the Company for the year ended December 31, 2015, 2014 or 2013. See Note 6 to the Consolidated Financial Statements. Redeemable Noncontrolling Interest The minority interest shareholders of a certain subsidiary have the right to require the Company to acquire their ownership interest under certain circumstances pursuant to a contractual arrangement and the Company has a similar call option under the same contractual terms. The amount of consideration under the put and call rights is not a fixed amount, but rather is dependent upon various valuation formulas and on future events, such as revenue and gross margin performance of the subsidiary through the date of exercise, etc. as described in Note 22 to the Consolidated Financial Statements. The Company has recorded the put option as mezzanine equity at their current estimated redemption amount. The Company accrues changes in the redemption amounts over the period from the date of issuance to the earliest redemption date of the put option. For the year ended December 31, 2015, there has been no charge to noncontrolling interests. Changes in the estimated redemption amounts of the put options are adjusted at each reporting period with a corresponding adjustment to equity. The following table presents changes in Redeemable Noncontrolling Interests: (in thousands) 2015 2014 Beginning balance $ 8,872 $ — Changes in redemption value — 8,550 Currency translation adjustments — 322 Ending balance $ 8,872 $ 8,872 Contingencies The Company follows the provisions of ASC 450, “Contingencies,” which requires that an estimated loss from a loss contingency be accrued by a charge to income if it is both probable that an asset has been impaired or that a liability has been incurred and that the amount of the loss can be reasonably estimated. Foreign Currency Translation The Company transacts business globally and is subject to risks associated with fluctuating foreign exchange rates. 49.0 % of the Company’s consolidated revenue is derived from sales outside the U.S. This revenue is generated primarily from sales of subsidiaries operating outside the U.S. in their respective countries and surrounding geographic areas. This revenue is primarily denominated in each subsidiary’s local functional currency, although certain sales are denominated in other currencies. These subsidiaries incur most of their expenses (other than intercompany expenses) in their local functional currencies. These currencies include Australian Dollars, Brazilian Real, British Pounds, Chinese Yuan, Euros, Indian Rupee, Japanese Yen, Swiss Francs, South Korean Won and Israel Shekel. The geographic areas outside the U.S. in which the Company operates are generally not considered to be highly inflationary. Nonetheless, these foreign operations are sensitive to fluctuations in currency exchange rates arising from, among other things, certain intercompany transactions that are generally denominated in U.S. dollars rather than their respective functional currencies. The Company’s operating results, assets and liabilities are subject to the effect of foreign currency translation when the operating results and the assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars in the Company’s Consolidated Financial Statements. The assets and liabilities of the Company’s foreign subsidiaries are translated from their respective functional currencies into U.S. dollars based on the translation rate in effect at the end of the related reporting period. The operating results of the Company’s foreign subsidiaries are translated to U.S. dollars based on the average conversion rate for the related period. Gains and losses resulting from these conversions are recorded in accumulated other comprehensive income (loss) in the consolidated balance sheets. Gains and losses resulting from foreign currency transactions (transactions denominated in a currency other than the functional currency of the Company or a subsidiary) are included in the consolidated statements of operations and other comprehensive income (loss), except for intercompany receivables and payables for which settlement is not planned or anticipated in the foreseeable future, which are included as a component of accumulated other comprehensive income (loss) in the consolidated balance sheets. Derivative Financial Instruments The Company is exposed to market risk from changes in interest rates and foreign currency exchange rates and commodity prices, which may adversely affect its results of operations and financial condition. The Company seeks to minimize these risks through regular operating and financing activities and, when the Company considers it to be appropriate, through the use of derivative financial instruments. The Company does not purchase, hold or sell derivative financial instruments for trading or speculative purposes. The Company has elected not to prepare and maintain the documentation to qualify for hedge accounting treatment under ASC 815, “Derivatives and Hedging,” and therefore, all gains and losses (realized or unrealized) related to derivative instruments are recognized in interest and other expense, net in the c onsolidated statements of operations and comprehensive income (loss) and depending on the fair value at the end of the reporting period, derivatives are recorded either in prepaid and other current assets or in accrued liabilities in the consolidated balance sheets. The Company and its subsidiaries conduct business in various countries using both their functional currencies and other currencies to effect cross border transactions. As a result, they are subject to the risk that fluctuations in foreign exchange rates between the dates that those transactions are entered into and their respective settlement dates will result in a foreign exchange gain or loss. When practicable, the Company endeavors to match assets and liabilities in the same currency on its U.S. balance sheet and those of its subsidiaries in order to reduce these risks. The Company, when it considers it to be appropriate, enters into foreign currency contracts to hedge the exposures arising from those transactions. See Note 10 to the Consolidated Financial Statements. The Company is exposed to credit risk if the counterparties to such transactions are unable to perform their obligations. However, the Company seeks to minimize such risk by entering into transactions with counterparties that are believed to be creditworthy financial institutions. Research and Development Costs Research and development costs are expensed as incurred. Earnings per Share Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income, as adjusted for the assumed issuance of all dilutive shares, by the weighted average number of shares of common stock outstanding plus the number of additional common shares that would have been outstanding if all dilutive common shares issuable upon exercise of outstanding stock options or conversion of convertible securities had been issued. For 2015, 2014 and 2013, common shares related to restricted stock units were excluded from the computation because their effect was anti-dilutive, that is, their inclusion would increase the Company’s net income per share or reduce its net loss per share. At December 31, 2013, the average outstanding diluted shares calculation also excluded shares that may have been issued upon conversion of the outstanding senior convertible notes because their inclusion would have been anti-dilutive. All senior convertible notes were converted in 2014. See Note 17 to the Consolidated Financial Statements. Advertising Costs Advertising costs are expensed as incurred. Advertising costs, including trade shows, were $15,245 , $8,799 and $6,010 for the years ended December 31, 2015, 2014 and 2013, respectively. Advertising costs increased primarily as a result of the Company’s expanded portfolio of products and services. A wider range of offerings has expanded the forms of marketing and advertising the Company utilizes. Pension costs The Company sponsors a retirement benefit for one of its non-U.S. subsidiaries in the form of a defined benefit pension plan. Accounting standards require the cost of providing this pension benefit be measured on an actuarial basis. Actuarial gains and losses resulting from both normal year-to-year changes in valuation assumptions and differences from actual experience are deferred and amortized. The application of these accounting standards requires management to make assumptions and judgements that can significantly affect these measurements. Critical assumptions made by management in performing these actuarial valuations include the selection of the discount rate to determine the present value of the pension obligations that affects the amount of pension expense recorded in any given period. Changes in the discount rate could have a material effect on the Company’s reported pension obligations and related pension e |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Acquisitions [Abstract] | |
Acquisitions | Note 3 Acquisitions 2015 Acquisitions On February 9, 2015 , the Company acquired 100% of the outstanding shares and voting rights of Cimatron Ltd. (“Cimatron”), a provider of integrated 3D CAD/CAM software and solutions for manufacturing. The fair value of the consideration paid for this acquisition, net of cash acquired, was $77,984 , all of which was paid in cash. The operations of Cimatron have been integrated into the Company’s products and service revenues. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2015 acquisitions. On April 2, 2015 , the Company acquired 65% of the equity interests in Wuxi Easyway Model Design and Manufacture Co. Ltd. (“Easyway”), a manufacturing service bureau and distributor of 3D printing and scanning products in China. The fair value of the consideration paid for this acquisition, net of cash acquired, was $11,265 , all of which was paid in cash. Under the terms of the agreement, the Company has an option to acquire the remainder of the equity interests in Easyway between the third and fifth anniversary of the closing. The operations of Easyway have been integrated into the Company’s products and service revenues. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2015 acquisitions. On June 16, 2015 , the Company acquired certain assets of STEAMtrax, LLC (“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 2015 acquisitions. 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 2015 acquisitions. For all acquisitions made in 2015, factors considered by the Company in determination of goodwill include synergies, vertical integration and strategic fit for the Company. The acquisitions completed during the year are not material relative to the Company’s assets or operating results; therefore, no proforma financial information is provided. Goodwill related to asset acquisitions will be deductible for tax purposes. Goodwill related to equity acquisitions will not be recognized as a tax-deductible asset. If the target in an equity acquisition was deducting goodwill from a previous asset acquisition, that tax benefit would continue. For discussion of goodwill impairment, see Note 2 to the Consolidated Financial Statements. The Company’s purchase price allocations for the acquired companies are preliminary and subject to revision as more detailed analyses are completed and additional information about fair value of assets and liabilities becomes available. The amounts related to the acquisitions of these businesses were allocated to the assets acquired and the liabilities assumed and included in the Company’s consolidated balance sheet at December 31, 2015 as follows: (in thousands) 2015 Fixed assets $ 1,505 Other intangible assets, net 57,066 Goodwill 44,772 Other assets, net of cash acquired 22,449 Liabilities (33,342) Net assets acquired $ 92,450 2014 Acquisitions On February 18, 2014 , the Company acquired the assets of Digital Playspace, Inc., an online platform that combines home design, gaming, and community sharing to deliver a 3D create-and-make experience for children, families and adults. The fair value of the consideration paid for this acquisition, net of cash acquired, was $4,000 , of which $2,000 was paid in cash and $2,000 was paid in shares of the Company’s stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933. The operations of Digital Playspace, Inc. have been integrated into the Company’s service revenues. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2014 acquisitions. On April 2, 2014 , the Company acquired 100% of the outstanding shares and voting rights of Medical Modeling Inc. Medical Modeling Inc. is a provider of 3D printing-centric personalized surgical treatments and patient specific medical devices, including virtual surgical planning, personalized medical devices and clinical transfer tools. The fair value of the consideration paid for this acquisition, net of cash acquired, was $69,026 of which $51,526 was paid in cash and $17,500 was paid in shares of the Company’s stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933. The operations of Medical Modeling Inc. have been integrated into the Company’s service revenues. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2014 acquisitions. On August 6, 2014 , the Company acquired certain assets of Bordner and Associates, Inc. d/b/a Laser Reproductions (“Laser Reproductions”). Laser Reproductions is a provider of advanced manufacturing, tooling and rapid prototyping solutions. The fair value of the consideration paid for this acquisition, net of cash acquired, was $17,450 , of which $13,075 was paid in cash and $4,375 was paid in shares of the Company’s common stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933. The operations of Laser Reproductions have been integrated into the Company’s service revenues. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2014 acquisitions. On August 13, 2014 , the Company acquired certain assets of sister companies American Precision Machining, L.L.C. (“APM”) and American Precision Prototyping, LLC (“APP”). APM and APP are providers of precision machining and manufacturing services and 3D printing services. The fair value of the consideration paid for these acquisitions, net of cash acquired, was $14,089 , all of which was paid in cash. The operations of APM and APP have been integrated into the Company’s service revenues. The fair value of the consideration paid for these acquisitions was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2014 acquisitions. On August 28, 2014 , the Company acquired 100% of the outstanding shares and voting rights of Simbionix USA Corporation (“Simbionix”). Simbionix is a provider of patient-specific surgical simulation solutions. The fair value of the consideration paid for this acquisition, net of cash acquired, was $121,562 , all of which was paid in cash. The operations of Simbionix have been integrated into the Company’s products and service revenues. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2014 acquisitions. On September 3, 2014 , the Company acquired 100% of the outstanding shares and voting rights of LayerWise NV (“LayerWise”). LayerWise is a provider of advanced direct metal 3D printing and manufacturing services and delivers quick-turn, 3D-printed metal parts, manufactured on its own proprietary line of direct metal 3D printers, for aerospace, high-precision equipment, and medical and dental customers. The fair value of the consideration paid for this acquisition, net of cash acquired, was $41,933 , all of which was paid in cash. The operations of LayerWise have been integrated into the Company’s service revenues. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2014 acquisitions. On November 25, 2014 , the Company acquired 70% of the outstanding shares and voting rights of Robtec, an additive manufacturing service bureau and distributor of 3D printing and scanning products. Under the terms of the agreement, the Company acquired 70% of the shares of Robtec at closing and the remainder of the shares will be acquired by the Company on the fifth anniversary of the closing. The fair value of the consideration paid for this acquisition, net of cash acquired, was $2 1,880 , all of which was paid in cash. The operations of Robtec have been integrated into the Company’s service revenues. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on the estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2014 acquisitions. On December 16, 2014 , the Company acquired 100% of the outstanding shares and voting rights of botObjects Ltd. (“botObjects”), a company that develops consumer 3D printers. The fair value of the consideration paid for this acquisition, net of cash acquired, was $2 4,743 , all of which was paid in cash. The operations of botObjects have been integrated into the Company’s service revenues. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on the estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2014 acquisitions. Subject to the terms and conditions of the botObejcts purchase agreement, the sellers have the right to earn an additional amount, of up to a maximum of approximately $25,000 , pursuant to an earnout formula over a three -year period as set forth in the acquisition agreement. The earnout was determined not to be acquisition consideration and therefore will be recorded as compensation expense in the period earned. On December 17, 2014 , the Company acquired a product line related to its materials business. The fair value of the consideration paid for this acquisition, net of cash acquired, was $54,552 , all of which was paid in cash. The company completed this acquisition as part of its improved business continuity and operational excellence initiatives. The operations have been integrated into the Company’s materials production. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on the estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2014 acquisitions. For all acquisitions made in 2014, factors considered by the Company in determination of goodwill include synergies, vertical integration and strategic fit for the Company. The acquisitions completed during the year are not material relative to the Company’s assets or operating results; therefore, no proforma financial information is provided. The amounts related to the acquisitions of these businesses were allocated to the assets acquired and the liabilities assumed and included in the Company’s consolidated balance sheet at December 31, 2014 as follows: (in thousands) 2014 Fixed assets $ 19,279 Other intangible assets, net 127,315 Goodwill 259,422 Other assets, net of cash acquired 38,583 Liabilities (75,364) Net assets acquired $ 369,235 2013 Acquisitions On January 9, 2013 , the Company acquired 100% of the shares of common stock and voting equity of Co-Web. Co-Web is a start-up that creates consumer customized 3D printed products and collectibles. Co-Web’s operations have been integrated into the Company’s Cubify consumer solutions and included in services revenue. The fair value of the consideration paid for this acquisition, net of cash acquired, was $262 , based on the exchange rate of the Euro at the date of acquisition, all of which was paid in cash. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2013 acquisitions. On February 27, 2013 , the Company acquired 100% of the shares of common stock and voting equity of Geomagic, Inc. (“Geomagic”). Geomagic is a leading global provider of 3D authoring solutions including design, sculpt and scan software tools that are used to create 3D content and inspect products throughout the entire design and manufacturing process. Geomagic’s operations have been integrated into the Company and are included in products and services revenue. The fair value of the consideration paid for this acquisition, net of cash acquired, was $52,687 , all of which was paid in cash. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2013 acquisitions. On May 1, 2013 , the Company acquired certain assets and liabilities of Rapid Product Development Group, Inc. (“RPDG”). RPDG is a global provider of additive and traditional quic k turn manufacturing services. RPDG’s operations have been integrated into the Company’s On-demand parts services and are included in services revenue. The fair value of the consideration paid for this acquisition, net of cash acquired, was $44, 413 , of which $33, 163 has been paid in cash and $6,750 has been paid in shares of the Company’s stock. The remaining $4,500 deferred purchase price was paid on the 12 month anniversary of the closing date with $3,750 of cash and $750 in shares of the Company’s stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2013 acquisitions. On July 15, 2013 , the Company acquired approximately 82% of the outstanding shares and voting rights of Phenix Systems, a leading global provider of direct metal selective laser sintering 3D printers. During 2013, the Company acquired additional shares and completed a tender offer. As of December 31, 2014 , the Company owned approximately 95% of the capital and voting rights of Phenix Systems. Phenix Systems designs, manufactures and sells proprietary direct metal 3D printers that can print chemically pure, fully dense metal and ceramic parts from very fine powders. The fair value of the consideration paid for this acquisition, net of cash acquired, was approximately $ 16,975 based on the exchange rate at the date of acquisition, all of which was paid in cash. Phenix’s operations have been integrated into printers and other products and services revenue. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2013 acquisitions. On August 6, 2013 , the Company acquired 100% of the common stock, preferred stock and voting equity of VisPower Technology, Inc., a cloud-based, collaborative design and project management platform (“TeamPlatform”). The fair value of the consideration paid for this acquisition, net of cash acquired, was $4,998 , all of which was paid in cash. TeamPlatform’s operations have been integrated into the Company’s professional and consumer offerings, including Geomagic Solutions and Cubify.com. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, whic h summarizes 2013 acquisitions. On August 20, 2013 , the Company acquired 100% of the common stock and voting equity of CRDM, Ltd. (“CRDM”), a provider of rapid prototyping and rapid tooling services. The fair value of the consideration paid for this acquisition, net of cash acquired, was approximately $6,399 based on the exchange rate at the date of acquisition, all of which was paid in cash. CRDM’s operations have been integrated into the Company’s global On-demand parts custom parts and manufacturing services revenue. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2013 acquisitions. On September 6, 2013 , the Company acquired the assets of The Sugar Lab, a start-up that is dedicated to 3D printing customized, multi-dimensional, edible confections. The fair value of the consideration paid for this acquisition, net of cash acquired, was $1,500 , of which $1,000 was paid in cash and $500 was paid in shares of the Company’s stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933. The Sugar Lab’s operations have been integrated into the Company’s printers and services revenue. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2013 acquisitions. On December 4, 2013 , the Company acquired 100% of the common stock and voting equity of Figulo Corporation, a provider of 3D-printed ceramics. The fair value of the consideration paid for this acquisition, net of cash acquired, was $2,846 , of which $1,996 was paid in cash and $850 was paid in shares of the Company’s stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933. Figulo’s operations have been integrated into the Company’s printers and services revenue. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2013 acquisitions. On December 13, 2013 , the Company acquired 100% of the common stock and voting equity of Village Plastics Co., a manufacturer of filament-based ABS, PLA and HIPS 3D printing materials. The fair value of the consideration paid for this acquisition, net of cash acquired, was $6,361 , of which $4,361 was paid in cash and $2,000 was paid in shares of the Company’s stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933. Village Plastics operations have been integrated into the Company’s supply chain and manufacturing operations. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2013 acquisitions. On December 23, 2013 , the Company acquired 100% of the common stock and voting rights of Gentle Giant Studios, Inc., a provider of 3D scanning and modeling content for the entertainment and toy industries. The fair value of the consideration paid for this acquisition, net of cash acquired, was $10, 650 , of which $ 7,975 was paid in cash and $2,675 was paid in shares of the Company’s stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933. Gentle Giant Studios’ technology and content have been integrated into the Company’s service revenue. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2013 acquisitions. The Company’s purchase price allocations are preliminary and subject to revision as more detailed analyses are completed and additional information about fair value of assets and liabilities becomes available. Subject to the terms and conditions of the Gentle Giant Share Purchase Agreement, additional consideration will be paid on the third, fourth and fifth anniversaries of the Closing Date, calculated based on revenue s of Gentle Giant for the 12 month period prior to each such anniversary date. On December 31, 2013 , the Company acquired certain assets of Xerox Corporation’s Wilsonville, Oregon product design, engineering and chemistry group and related assets . The fair value of the consideration paid for this acquisition, net of cash acquired, was $32,500 , all of which was paid in cash. The Wilsonville team and assets have been integrated into the Company’s R&D operations. The fair value of the consideration paid for this acquisition was allocated to the assets purchased and liabilities assumed, based on their estimated fair values as of the acquisition date, with any excess recorded as goodwill, and is included in the table below, which summarizes 2013 acquisitions. For all acquisitions made in 201 3 , factors considered by the Company in determination of goodwill include synergies, vertical integration and strategic fit for the Company. The acquisitions completed during the year are not material relative to the Company’s assets or operating results; therefore, no proforma financial information is provided. The amounts related to the acquisitions of these businesses were allocated to the assets acquired and the liabilities assumed and included in the Company’s consolidated balance sheet at December 31, 2013 as follows : (in thousands) 2013 Fixed assets $ 9,830 Other intangible assets, net 51,930 Goodwill 128,328 Other assets, net of cash acquired 21,843 Liabilities (32,340) Net assets acquired $ 179,591 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventories [Abstract] | |
Inventories | Note 4 Inventories Components of inventories, net at December 31, 2015 and 2014 are as follows: (in thousands) 2015 2014 Raw materials $ 43,960 $ 46,850 Work in process 4,067 2,304 Finished goods and parts 57,850 47,491 Inventories, net $ 105,877 $ 96,645 During the year ended December 31, 2015 , the Company recorded an inventory write-down of $21,550 , of which approximately $18,619 was recorded in the fourth quarter related to the end-of-life of the Cube 3D printer and the Company’s shift away from consumer products. |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property And Equipment [Abstract] | |
Property And Equipment | Note 5 Property and Equipment Property and equipment at December 31, 2015 and 2014 are summarized as follows: (in thousands) 2015 2014 Useful Life (in years) Land $ 903 $ 541 N/A Building 11,007 9,370 25 - 30 Machinery and equipment 105,383 84,443 2 - 7 Capitalized software 7,391 3,693 3 - 5 Office furniture and equipment 4,714 3,478 1 - 5 Leasehold improvements 17,867 12,447 Life of lease (a) Rental equipment 149 557 5 Construction in progress 9,578 20,082 N/A Total property and equipment 156,992 134,611 Less: Accumulated depreciation and amortization (70,997) (52,730) Total property and equipment, net $ 85,995 $ 81,881 (a) Leasehold improvements are amortized on a straight-line basis over the shorter of (i) their estimated useful lives and (ii) the estimated or contractual life of the related lease. Depreciation expense on property and equipment for the years ended 2015, 2014 and 2013 was $20,979 , $14,727 and $9,746 , respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Intangible Assets [Abstract] | |
Intangible Assets | Note 6 Intangible Assets Intangible assets other than goodwill at December 31, 2015 and December 31, 2014 are 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 $ — $ — $ — $ 5,875 $ (5,875) $ — N/A N/A Patent costs 16,251 (4,895) 11,356 20,733 (7,369) 13,364 1 - 19 8 Acquired technology 52,809 (16,405) 36,404 57,383 (18,241) 39,142 2 - 15 4 Internally developed software 4,730 (2,919) 1,811 9,073 (5,517) 3,556 3 3 Customer relationships 101,933 (36,158) 65,775 157,139 (36,975) 120,164 2 - 15 7 Non-compete agreements 12,163 (8,558) 3,605 35,469 (11,784) 23,685 2 - 5 3 Trade names 28,108 (12,498) 15,610 21,800 (4,455) 17,345 1 - 9 6 Other 46,435 (23,530) 22,905 39,100 (6,905) 32,195 1 - 7 5 Intangible assets with indefinite lives: Trademarks — — — 2,110 — 2,110 N/A N/A Total intangible assets $ 262,429 $ (104,963) $ 157,466 $ 348,682 $ (97,121) $ 251,561 1 - 19 5 Amortization expense related to costs incurred to internally develop and extend patents in the United States and various other countries was $ 303 , $281 and $250 for the years ended December 31, 2015, 2014 and 2013, respectively. Amortization expense related to all other intangible assets was $ 60,763 , $39,203 and $20,447 for the years ended December 31, 2015, 2014 and 2013, respectively. Amortization of these intangible assets is calculated on a straight-line basis over periods ranging from one year to nineteen years. Annual amortization expense for intangible assets is expected to be $35,113 in 2016, $32,087 in 2017, $26,920 in 2018, $21,606 in 2019 and $16,912 in 2020. During the fourth quarter of 2015, the Company recorded impairment charges of $ 93,520 , reflecting $92,248 of impairment charges related to the Company’s Americas reporting unit and $1,272 of impairment charges related to the Company’s EMEA reporting unit . Further, impairment charges reflected approximately $63,852 of charges to customer relationships, $19,164 of charges to acquired technology, $5,952 of charges to trade names, $3,416 of charges to non-compete agreements, $791 of charges to other intangibles and $345 of charges to internally developed software. The impairment charges were measured as the difference between the carrying amount of the assets and their fair value. The fair value of the assets was determined under the income approach based on a discounted cash flow model using updated future revenue and operating income projections. In addition to impairment charges, gross intangible assets were negatively impacted by foreign currency translation. See Note 2 to the Consolidated Financial Statements. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill [Abstract] | |
Goodwill | Note 7 Goodwill The following are the changes in the carrying amount of goodwill by geographic reporting unit: (in thousands) Americas EMEA Asia Pacific Total Balance at December 31, 2013 $ 264,735 71,155 34,176 370,066 Acquisitions and adjustments 72,872 163,025 — 235,897 Effect of foreign currency exchange rates 1,804 (17,238) (992) (16,426) Balance at December 31, 2014 339,411 $ 216,942 $ 33,184 $ 589,537 Acquisitions and adjustments 47,452 2,602 5,208 55,262 Impairment of goodwill (382,271) (61,388) — (443,659) Effect of foreign currency exchange rates (4,592) (7,635) (1,038) (13,265) Balance at December 31, 2015 $ — $ 150,521 $ 37,354 $ 187,875 The effect of foreign currency exchange in this table reflects the impact on goodwill of amounts recorded in currencies other than the U.S. dollar on the financial statements of subsidiaries in these geographic areas resulting from the yearly effect of foreign currency translation between the applicable functional currency and the U.S. dollar. The remaining goodwill for EMEA and the entire amount of goodwill for Asia Pacific represent amounts allocated in U.S. dollars from the U.S. to those geographic areas for financial reporting purposes. For discussion on goodwill impairment testing, see Note 2 to the Consolidated Financial Statements. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Employee Benefits [Abstract] | |
Employee Benefits | Note 8 Employee Benefits The Company sponsors a Section 401(k) plan (the “Plan”) covering substantially all its eligible U.S. employees. The Plan entitles eligible employees to make contributions to the Plan after meeting certain eligibility requirements. Contributions are limited to the maximum contribution allowances permitted under the Internal Revenue Code. The Company matches 50% of the employee contributions up to a maximum match of $1.5 , as set forth in the Plan. The Company may also make discretionary contributions to the Plan, which would be allocable to participants in accordance with the Plan. In addition, the Company has several other U.S. and non-U.S. defined contribution plans covering eligible U.S. and non-U.S. employees, respectively. Postretirement benefits related to non-U.S. defined contribution plans, other than pensions, provide healthcare benefits, and in some instances, life insurance benefits for certain eligible employees. For the years ended December 31, 2015, 2014 and 2013, the Company expensed $ 956 , $721 and $527 , respectively, for matching contributions to defined contribution plans. |
Accrued And Other Liabilities
Accrued And Other Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Accrued And Other Liabilities [Abstract] | |
Accrued And Other Liabilities | Note 9 Accrued and Other Liabilities Accrued liabilities at December 31, 2015 and 2014 are as follows: (in thousands) 2015 2014 Compensation and benefits $ 24,152 $ 20,726 Vendor accruals 12,354 10,451 Accrued taxes 11,317 8,577 Accrued other 4,753 1,244 Royalties payable 1,431 1,796 Accrued professional fees 491 532 Accrued earnouts and deferred payments related to acquisitions 159 185 Accrued interest 42 43 Total $ 54,699 $ 43,554 Other liabilities at December 31, 2015 and 2014 are summarized below: (in thousands) 2015 2014 Arbitration award $ 11,282 $ — Long term employee indemnity 9,794 5,769 Long term earnouts related to acquisitions 9,673 8,970 Long term tax liability 8,312 2,029 Long term deferred revenue 7,956 7,627 Defined benefit pension obligation 6,211 7,062 Other long term liabilities 4,927 8,446 Total $ 58,155 $ 39,903 |
Hedging Activities And Financia
Hedging Activities And Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Hedging Activities And Financial Instruments [Abstract] | |
Hedging Activities And Financial Instruments | Note 10 Hedging Activities and Financial Instruments The Company conducts business in various countries using both the functional currencies of those countries and other currencies to effect cross border transactions. As a result, the Company is subject to the risk that fluctuations in foreign exchange rates between the dates that those transactions are entered into and their respective settlement dates will result in a foreign exchange gain or loss. When practicable, the Company endeavors to match assets and liabilities in the same currency on its balance sheet and those of its subsidiaries in order to reduce these risks. When appropriate, the Company enters into foreign currency contracts to hedge exposures arising from those transactions. The Company has elected not to prepare and maintain the documentation to qualify for hedge accounting treatment under Accounting Standards Codification (“ASC”) 815, “ Derivatives and Hedging ,” and therefore, all gains and losses (realized or unrealized) are recognized in "I nterest and other expense, net” in the 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 consolidated balance sheet. There were no foreign currency contracts outstanding at December 31, 2015 or 2014. For the years ended December 31, 2015, 2014 and 2013, the consolidated statements of operations include a foreign currency transaction loss of $3,263 , a loss of $5,727 and a loss of $773 , respectively. For the years ended December 31, 2015, 2014 and 2013, the total impact of foreign currency translation on accumulated other comprehensive income (loss) reflects a loss of $ 15,480 , a loss of $29,060 and a gain of $1,918 , respectively. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Borrowings [Abstract] | |
Borrowings | Note 11 Borrowings Credit Facility On October 10, 2014 , the Company and certain of its subsidiaries entered into a $150,000 five -year revolving, unsecured credit facility (the “Credit Agreement”) with PNC Bank, National Association, as Administrative Agent, PNC Capital Markets LLC, as Sole Lead Arranger and Sole Bookrunner, HSBC Bank USA, N.A., as Syndication Agent, and the other lenders party thereto (collectively, the “Lenders”). The Credit Agreement comprises a revolving loan facility that provides for advances in the initial aggregate principal amount of up to $150,000 (the “Credit Facility”). Subject to certain terms and conditions contained in the Credit Agreement, the Company may, at its option, request an increase in the aggregate principal amount available under the Credit Facility by an additional $75,000 . The Credit Agreement includes provisions for the issuance of letters of credit and swingline loans. The Credit Agreement is guaranteed by certain of the Company’s material domestic subsidiaries (the “Guarantors”). From time to time, the Company may be required to cause additional material domestic subsidiaries to become Guarantors under the Credit Agreement. 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 consolidated total 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. Based on the Company’s current results of operations and financial covenant s set forth in the Credit Agreement, availability at December 31, 2015 would be approximately $ 150,000 . Future results may positively or negatively impact availability. The payment of dividends on the Company’s common stock is restricted under provisions of the Credit Facility, which limits the amount of cash dividends that the Company may pay in any one fiscal year to $30,000 . The Company currently does not pay, and has not paid, any dividends on its common stock, and currently intends to retain any future earnings for use in its business. There was no outstanding balance on the Credit Facility as of December 31, 2015 or 2014. Interest Income and Expense Interest income totaled $521 , $482 and $1,285 for the years ended December 31, 2015, 2014 and 2013, respectively. Interest expense totaled $ 2,011 , $1,227 and $3,425 for the years ended December 31, 2015, 2014 and 2013, respectively . Interest expense for the year ended December 31, 2013 includes expense related to the issuance of 5.50% senior convertible notes that were fully converted in 2014. |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Lease Obligations [Abstract] | |
Lease Obligations | Note 12 Lease Obligations The Company leases certain of its facilities and equipment under capitalized leases and other facilities and equipment under non-cancelable operating leases. The leases are generally on a net-rent basis, under which the Company pays taxes, maintenance and insurance. Leases that expire at various dates through 2031 are expected to be renewed or replaced by leases on other properties. Rent expense for the years ended December 31, 2015, 2014 and 2013 aggregated $ 13,960 , $10,427 and $6,891 , respectively. The Company’s future minimum lease payments as of December 31, 2015 under capitalized leases and non-cancelable operating leases, with initial or remaining lease terms in excess of one year, were as follows: (in thousands) Capitalized Leases Operating Leases Years ending December 31: 2016 $ 1,056 $ 10,817 2017 1,083 9,131 2018 1,079 7,458 2019 1,075 6,407 2020 1,013 3,898 Later years 8,229 11,432 Total minimum lease payments 13,535 $ 49,143 Less: amounts representing imputed interest (4,819) Present value of minimum lease payments 8,716 Less: current portion of capitalized lease obligations (529) Capitalized lease obligations, excluding current portion $ 8,187 Rock Hill Facility The Company leases its headquarters and research and development facility pursuant to a lease agreement with Lex Rock Hill, LP. After its initial term ending August 31, 2021 , the lease provides t he Company with the option to renew the lease for two additional five -year terms. The lease also grants the Company the right to cause Lex Rock Hill, subject to certain terms and conditions, to expand the leased premises during the term of the lease, in which case the term of the lease would be extended. The lease is a triple net lease and provides for the payment of base rent of $669 in 2015, $683 in 2016, $709 in 2017 through 2020 and $723 in 2021. Under the terms of the lease, t he Company is obligated to pay all taxes, insurance, utilities and other operating costs with respect to the leased premises . This lease is recorded as a capitalized lease obligation under ASC 840, “Leases.” The implicit interest rate was 6.93% as of De cember 31, 2015 and 2014 . Other Capital Lease Obligations The Company leases other equipment with lease terms through August 2018 . In accordance with ASC 840 , t he Company has recorded these leases as capitalized leases. The implicit interest rate ranged from 1.75% to 8.06% at December 31, 2015 and 2014. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2015 | |
Preferred Stock [Abstract] | |
Preferred Stock | Note 13 Preferred Stock The Company had 5,000 shares of preferred stock that were authorized but unissued at December 31, 2015 and 2014. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | Note 14 Stock-Based Compensation Effective May 19, 2004, the Company adopted its 2004 Incentive Stock Plan, as further amended and restated on February 3, 2015 (the “2004 Stock Plan”) and its 2004 Restricted Stock Plan for Non-Employee Directors (the “2004 Director Plan”). On May 19, 2015, the Company’s stockholders approved the 2015 Incentive Plan of 3D Systems Corporation (the “2015 Plan” and, together with the 2004 Stock Plan, the “Incentive Plans”). Effective upon the adoption of these Plans, all the Company’s previous stock option plans terminated, except with respect to options outstanding under those plans. As of December 31, 2015, 2014 and 2013, all vested options had been exercised and there were no options outstanding. The purpose of the Incentive Plans 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. 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. Generally, awards granted prior to November 13, 2015 become fully-vested on the three -year anniversary of the grant date and awards granted after November 13, 2015 will vest one third each year over three years. 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 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. As of December 31, 2015, the number of shares of common stock reserved for issuance under the Incentive Plans was 5,972 . The purpose of 2004 Director Plan is to attract, retain and motivate non-employee directors of exceptional ability and to promote the common interests of directors and stockholders in enhancing the value of the Company’s common stock. Each non-employee director of the Company is eligible to participate in this Plan upon their election to the Board of Directors. The Plan provides for initial grants of 1 share of common stock to each newly elected non-employee director, annual grants of 3 shares of common stock as of the close of business on the date of each annual meeting of stockholders, and interim grants of 3 shares of common stock, or a pro rata portion thereof, to non-employee directors elected at meetings other than the annual meeting. Effective April 1, 2013, the Board of Directors amended this Plan to increase the limit of the value of any award of shares made to an eligible director to $100 , valued on the date of award. The issue price of common stock awarded under this Plan is equal to the par value per share of the common stock. The Company accounts for the fair value of awards of common stock made under this Plan, net of the issue price, as director compensation expense in the period in which the award is made. As of December 31, 2015, the number of shares of common stock reserved for issuance under the 2004 Director Plan was 106 . The Company records stock-based compensation expense in selling, general and administrative expenses in the consolidated statements of operations and comprehensive income (loss). Stock-based compensation expense for the years ended December 31, 2015, 2014 and 2013 was as follows: Year Ended December 31, (in thousands) 2015 2014 2013 Stock-based compensation expense for: Incentive Plans $ 34,169 $ 31,944 $ 12,958 Director Plan 564 849 600 Total stock-based compensation expense $ 34,733 $ 32,793 $ 13,558 The number of shares and units of restricted common stock awarded and the weighted average fair value per share and unit for the years ended December 31, 2015, 2014 and 2013 were as follows: Year Ended December 31, 2015 2014 2013 (in thousands, except per share amounts) Number of Shares/Units Weighted Average Fair Value 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 1,152 $ 16.30 774 $ 52.09 902 $ 59.42 Granted under the Incentive Plans, executive officers 260 14.77 240 41.00 212 72.60 Granted under the 2004 Director Plan, non-employee directors 26 21.30 17 49.26 12 48.43 Total restricted stock awards granted 1,438 $ 16.12 1,031 $ 49.46 1,126 $ 61.78 The Co mpany estimated the future expense associated with awards granted in 2015, 2014 and 2013 as $ 22,898 , $49,121 and $67,942 , respectively, which is calculated based on the fair market value of the common stock on the date of grant less the amount paid by the recipient and is expensed over the vesting period of each award. |
International Retirement Plan
International Retirement Plan | 12 Months Ended |
Dec. 31, 2015 | |
International Retirement Plan [Abstract] | |
International Retirement Plan | Note 15 International Retirement Plan The Company sponsors a non-contributory defined benefit pension plan for certain employees of a non-U.S. subsidiary initiated by a predecessor of the subsidiary. The Company maintains insurance contracts that provide an annuity that is used to fund the current obligations under this plan. The net present value of the annuity was $2,741 and $2,981 as of December 31, 2015 and 2014, respectively. The net present value of that annuity is included in “Other assets, net” on the Company’s consolidated balance sheets at December 31, 2015 and 2014. The following table provides a reconciliation of the changes in the projected benefit obligation for the years ended December 31, 2015 and 2014: (in thousands) 2015 2014 Reconciliation of benefit obligations: Obligations as of January 1 $ 7,194 $ 5,987 Service cost 178 150 Interest cost 156 200 Actuarial (gain) loss (338) 1,719 Benefit payments (119) (144) Effect of foreign currency exchange rate changes (743) (718) Obligations as of December 31 6,328 7,194 Funded status as of December 31 (net of tax benefit) $ (6,328) $ (7,194) For the year ended December 31, 2015, the Company recorded a $338 gain and $154 of actuarial amortization, net of a $154 tax provision, as a $338 adjustment to “Accumulated other comprehensive income (loss) ” in accordance with ASC 715, “Compensation – Retirement Benefits.” For the year ended December 31, 2014, the Company recorded the $1,719 loss, net of $69 of actuarial amortization and a $515 tax benefit, as a $1,135 adjustment to “Accumulated other comprehensive income (loss) ” in accordance with ASC 715, “Compensation – Retirement Benefits.” The Company has recognized the following amounts in the consolidated balance sheets at December 31, 2015 and 2014: (in thousands) 2015 2014 Accrued liabilities $ 117 $ 132 Other liabilities 6,211 7,062 Projected benefit obligation 6,328 7,194 Accumulated other comprehensive loss (1,873) (2,211) Total $ 4,455 $ 4,983 The following projected benefit obligation and accumulated benefit obligation were estimated as of December 31, 2015 and 2014: (in thousands) 2015 2014 Projected benefit obligation $ 6,328 $ 7,194 Accumulated benefit obligation $ 5,738 $ 6,301 The following table shows the components of net periodic benefit costs and other amounts recognized in other comprehensive income (loss) : (in thousands) 2015 2014 Net periodic benefit cost: Service cost $ 178 $ 150 Interest cost 156 200 Amortization of actuarial loss 154 69 Total $ 488 $ 419 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net (gain) loss (338) 1,135 Total expense recognized in net periodic benefit cost and other comprehensive income (loss) $ 150 $ 1,554 The following assumptions are used to determine benefit obligations as of December 31: 2015 2014 Discount rate 2.50% 2.40% Rate of compensation 3.00% 3.00% The following benefit payments, including expected future service cost, are expected to be paid: (in thousands) Estimated future benefit payments: 2016 $ 132 2017 135 2018 138 2019 152 2020 181 2021-2025 1,045 |
Warranty Contracts
Warranty Contracts | 12 Months Ended |
Dec. 31, 2015 | |
Warranty Contracts [Abstract] | |
Warranty Contracts | Note 16 Warranty Contracts The Company provides product warranties for up to one year, or longer if required by applicable laws or regulations, as part of sales transactions for certain of its printers. Warranty revenue is recognized ratably over the term of the warranties, which is the period during which the related costs are incurred. This warranty provides the customer with maintenance on the equipment during the warranty period and provides for certain repair, labor and replacement parts that may be required. In connection with this activity, the Company recognized warranty revenue and incurred warranty costs as shown in the table below. Warranty Revenue Recognition: (in thousands) Beginning Balance Deferred Warranty Revenue Warranty Revenue Deferred Warranty Revenue Recognized Ending Balance Deferred Warranty Revenue Year Ended December 31, 2015 $ 11,914 $ 16,191 $ (16,600) $ 11,505 2014 9,141 17,185 (14,412) 11,914 2013 4,081 14,681 (9,621) 9,141 Warranty Costs Incurred: (in thousands) Materials Labor and Overhead Total Year Ended December 31, 2015 $ 6,202 $ 6,134 $ 12,336 2014 5,958 6,662 12,620 2013 4,441 4,821 9,262 |
Computation Of Net Income Per S
Computation Of Net Income Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Computation Of Net Income Per Share [Abstract] | |
Computation Of Net Income Per Share | Note 17 Computation of Net Income per Share The Company presents basic and diluted earnings per share (“EPS”) amounts. Basic EPS is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the applicable period. Diluted EPS is calculated by dividing net income available to 3D Systems’ common stockholders by the weighted average number of common and common equivalent shares outstanding during the applicable period. The following table is a reconciliation of the numerator and denominator of the basic and diluted income per share computations for the years ended December 31, 2015, 2014 and 2013: (in thousands, except per share amounts) 2015 2014 2013 Numerator for basic and diluted net earnings per share: Net income (loss) attributable to 3D Systems Corporation $ (655,492) $ 11,637 $ 44,107 Denominator for basic and diluted net earnings per share: Weighted average shares 111,969 108,023 98,393 Earnings (loss) per share, basic and diluted $ (5.85) $ 0.11 $ 0.45 Interest expense excluded from diluted earnings per share calculation (a) $ — $ — $ 1,835 5.50% Convertible notes shares excluded from diluted earnings per share calculation (a) — — 1,764 Restricted stock units excluded from diluted earnings per share calculation (b) 270 — — (a) Average outstanding diluted earnings per share calculation excludes shares that may be issued upon conversion of the outstanding senior convertible notes since the effect of their inclusion would have been anti-dilutive . (b) Average outstanding diluted earnings (loss) per share calculation excludes restricted stock units since the effect of their inclusion would have been anti-dilutive. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interests [Abstract] | |
Noncontrolling Interests | Note 18 Noncontrolling Interests As of December 31, 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 December 31, 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 December 31, 2015, the Company owned approximately 65% of the capital and voting rights of Easyway, a service bureau and distributor of 3D printing and scanning products in China. Easyway was acquired on April 2, 2015 . |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | Note 19 Fair Value Measurements ASC 820, “Fair Value Measurements and Disclosures,” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs that may be used to measure fair value: · Level 1 – Quoted prices in active markets for identical assets or liabilities; · Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or · Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. For the Company, the above standard applies to cash equivalents , earnout consideration 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 December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents (a) $ 28,648 $ — $ — $ 28,648 Earnout consideration (b) $ — $ $ 9,673 $ 9,673 Fair Value Measurements as of December 31, 2014 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents (a) $ 190,628 $ — $ — $ 190,628 Earnout consideration (b) $ — $ $ 9,155 $ 9,155 Redeemable noncontrolling interests (c) $ — $ — $ 8,872 $ 8,872 (a) Cash equivalents include funds held in money market instruments and are reported at their current carrying value which approximates fair value due to the short-term nature of these instruments and are included in cash and cash equivalents in the consolidated balance sheet. (b) The fair value of the earnout consideration, which is based on the present value of the expected future payments to be made to the sellers of the acquired businesses, was derived by analyzing the future performance of the acquired businesses using the earnout formula and performance targets specified in each purchase agreement and adjusting those amounts to reflect the ability of the acquired entities to achieve the stated targets. Given the significance of the unobservable inputs, the valuations are classified in level 3 of the fair value hierarchy. The change in earnout consideration reflects $677 of earnout accretion, partially offset by a $159 transfer to a deferred purchase payment provision. (c) 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. As of December 31, 2014, the Company determined 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 valuation was classified in level 3 of the fair value hierarchy. As of December 31, 2015, the Company believes the carrying value of the put option exceeds fair value, however, this instrument cannot be written down below the initial investment and the Company no longer considers it to be a recurring fair value measurement. See Note 22 to the Consolidated Financial Statements. The Company did not have any transfers of assets and liabilities between Level 1 and Level 2 of the fair value measurement hierarchy during the quarter or year ended December 31, 2015. In addition to the assets and liabilities included in the above table, certain of our assets and liabilities are to be initially measured at fair value on a non-recurring basis. This includes goodwill and other intangible asset s measured at fair value for impairment assessment. For further discussion on the valuation techniques and inputs used in the fair value measurement of goodwill and other intangible assets, see Notes 2, 6 and 7 to the Consolidated Financial Statements . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | Note 20 Income Taxes The components of the Company’s income before income taxes are as follows: (in thousands) 2015 2014 2013 Income before income taxes: Domestic $ (580,720) $ 5,751 $ 55,826 Foreign (74,233) 11,636 8,180 Total $ (654,953) $ 17,387 $ 64,006 The components of income tax provision for the years ended December 31, 2015, 2014 and 2013 are as follows: (in thousands) 2015 2014 2013 Current: U.S. federal $ 10,753 $ 23,336 $ 24,688 State 169 72 1,926 Foreign 925 6,588 3,165 Total 11,847 29,996 29,779 Deferred: U.S. federal (5,252) (21,624) (7,760) State (225) (87) (450) Foreign 2,602 (2,844) (1,682) Total (2,875) (24,555) (9,892) Total income tax provision $ 8,972 $ 5,441 $ 19,887 The overall effective tax rate differs from the statutory federal tax rate for the years ended December 31, 2015, 2014 and 2013 as follows: % of Pretax Income 2015 2014 2013 Tax provision based on the federal statutory rate 35.0 % 35.0 % 35.0 % Nondeductible expenses (0.1) 12.5 — Uncertain tax positions (0.5) 11.2 — Deemed income related to foreign operations (0.6) 8.1 0.2 Return to provision adjustments, foreign current and deferred balances (0.7) 2.5 (0.4) Foreign income tax rate differential (2.0) 0.5 (0.3) State taxes, net of federal benefit, before valuation allowance 0.9 0.3 2.4 Increase in valuation allowances (16.4) — — Impairment of goodwill with no tax basis (16.8) — — Foreign tax credits related to above 0.2 (6.3) — Domestic production activities deduction — (12.0) (3.6) Research credits — (21.9) (0.6) Other (0.4) 1.4 (1.6) Effective tax rate (1.4) % 31.3 % 31.1 % The difference between the Company’s effective tax rate for 2015 and the federal statutory rate was 36. 4 percentage points. The Company recorded nondeductible expenses, including non-deductible goodwill impairment charges and a valuation allowance in the U.S. and certain foreign jurisdicti ons, which contributed to a difference in the effective tax rate. The difference between the Company’s effective tax rate for 2014 and the federal statutory rate was 3.7 percentage points. The Company incurred nondeductible expenses and recognized income for tax purposes, net of tax credits, not included in financial statement income, increasing the effective tax rate. The Company is benefiting from the U.S. domestic production activities deduction and from research credits, reducing the effective tax rate. The difference between the Company’s effective tax rate for 2013 and the federal statutory rate was 3.9 percentage points. The Company reported positive U.S. taxable income, and was therefore entitled to use the domestic production activities deduction provided to producers in the United States, effectively lowering the U.S. tax rate applicable to production activities. In 2015, the Company recorded a valuation allowance of $107,312 , including $2,006 in various foreign jurisdictions, including France and the Netherlands. During the fourth quarter, based upon the Company’s review of recent results of operations and forecast estimates in connection with the assessment of deferred tax benefits, the Company determined that it is more likely than not that the deferred tax assets in the US and those foreign jurisdictions will not be realized. In 2014, the Company had no valuation allowance against net deferred income tax assets . The components of the Company’s net deferred income tax assets and net deferred income tax liabilities at December 31, 2015 and 2014 are as follows: (in thousands) 2015 2014 Deferred income tax assets: Intangibles $ 46,293 $ — Stock options and restricted stock awards 22,010 15,156 Reserves and allowances 18,738 12,016 Net operating loss carryforwards 16,796 4,474 Tax credit carryforwards 9,926 4,139 Accrued liabilities 4,943 1,501 Deferred revenue 405 270 Valuation allowance (107,312) — Total deferred income tax assets 11,799 37,556 Deferred income tax liabilities: Intangibles 22,676 50,324 Property, plant and equipment 3,851 2,122 Total deferred income tax liabilities 26,527 52,446 Net deferred income tax liabilities $ (14,728) $ (14,890) In November 2015, the FASB issued Accounting Standards Update No. 2015-17 “ Income Taxes: Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”), which requires all deferred tax assets and liabilities to be classified as non-current on an entity’s balance sheet. This standard is effective for fiscal years beginning after December, 15, 2017, with early adoption permitted. ASU 2015-17 may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively. The Company has elected to early adopt ASU 2015-17, on a prospective basis, as of December 31, 2015. Deferred tax assets and liabilities on the Company’s balance sheet for December 31, 2015 have been classified as entirely non-current; however, the adoption is on a prospective basis and deferred tax assets and liabilities on the Company’s balance sheet as of December 31, 2014 have not been re-classified. The Company accounts for income taxes in accordance with ASC 740. Under ASC 740, deferred income tax assets and liabilities are determined based on the differences between financial statement and tax bases of assets and liabilities, using enacted rates in effect for the year in which the differences are expected to reverse. The provision for income taxes is based on domestic and international statutory income tax rates in the jurisdictions in which the Company operates, prior to any valuation allowances. At December 31, 2015, $16,796 of the Company’s deferred income tax assets was attributable to $85,609 of net operating loss carryforwards, which consisted of $33,606 loss carryforwards for U.S. federal income tax purposes, $34,492 of loss carryforwards for U.S. state income tax purposes and $17,511 of loss carryforwards for foreign income tax purposes. At December 31, 2014, $4,474 of the Company’s deferred income tax assets was attributable to $38,338 of net operating loss carryforwards, which consisted of $5,092 loss carryforwards for U.S. federal income tax purposes, $26,365 of loss carryforwards for U.S. state income tax purposes and $6,881 of loss carryforwards for foreign income tax purposes. The net operating loss carryforwards for U.S. federal income tax purposes begin to expire in 2022 . The net operating loss carryforwards for U.S. state income tax purposes begin to expire in 2020 . In addition, certain loss carryforwards for foreign income tax purposes begin to expire in 2018 and certain other loss carryforwards for foreign purposes do not expire . At December 31, 2015, tax credit carryforwards included in the Company’s deferred income tax assets consisted of $3,368 of research and experimentation credit carryforwards for U.S. federal income tax purposes, $2,082 of research and experimentation tax credit carryforwards for U.S. s tate income tax purposes, $3,232 of foreign tax credits for U.S. federal income tax purposes, $474 of other U.S. federal tax credits, $155 of research and experimentation tax credit carryforwards for foreign income tax purposes and $615 of other state tax credits. The state research and experimentation credits do not expire; the other state credits begin to expire in 2017 . The Company recorded a valuation allowance related to the U.S. federal and state tax credits . At December 31, 2014, tax credit carryforwards included in the Company’s deferred income tax assets consisted of $2,196 of research and experimentation tax credit carryforwards for U.S. state income tax purposes, $810 of foreign tax credits for U.S. federal income tax purposes, $518 of research and experimentation tax credit carryforwards for foreign income tax purposes and $615 of other state tax credits. The state research and experimentation credits do not expire; the other state credits begin to expire in 2017. The Company recorded a reduction of $1,243 to additional paid-in capital during 2015 with respect to the vesting of restricted stock awards . The Company has not provided for any taxes on approximately $18,615 of unremitted earnings of its foreign subsidiaries, as the Company intends to permanently reinvest all such earnings outside the U.S. We believe a calculation of the deferred tax liability associated with these undistributed earnings is impracticable. The Company increased its unrecognized benefits by $6,451 for the year ended December 31, 2015 and increased these benefits by $1,829 for the year ended December 31, 2014. The Company does not anticipate any additional unrecognized tax benefits during the next 12 months that would result in a material change to its consolidated financial position. Unrecognized Tax Benefits (in thousands) 2015 2014 2013 Balance at January 1 $ (1,845) $ (16) $ (475) Increases related to prior year tax positions — — 380 Decreases related to prior year tax positions 1,475 — — Increases related to current year tax positions (7,926) (1,829) — Decreases related to current year tax positions — — — Decreases in unrecognized liability due to settlements with foreign tax authorities — — 79 Balance at December 31 $ (8,296) $ (1,845) $ (16) The Company includes interest and penalties in the Consolidated Financial Statements as a component of income tax expense. Tax years 2012 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 ( 2012 ), Brazil ( 2010 ), China ( 2012 ), France ( 2012 ), Germany ( 2010 ), India ( 2011 ), Israel ( 2012 ), Italy ( 2011 ), Japan ( 2010 ), Korea ( 2010 ), Mexico ( 2010 ), Netherlands ( 2010 ), Switzerland ( 2010 ), the United Kingdom ( 2014 ) and Uruguay ( 2010 ). |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Information [Abstract] | |
Segment Information | Note 21 Segment Information The Company operates in one reportable business segment. The Company conducts its business through various offices and facilities located throughout the Asia Pacific region (Australia, China, India, Japan and Korea), Europe (Belgium, France, Germany, Italy, the Netherlands, Switzerland and the United Kingdom), Israel, Latin America (Brazil, Mexico and Uruguay) , Russia and the United States. The Company has historically disclosed summarized financial information for the geographic areas of operations as if they were segments in accordance with ASC 280, “ Segment Reporting .” Financial information concerning the Company’s geographical locations is based on the location of the selling entity. Such summarized financial information concerning the Company’s geographical operations is shown in the following tables: (in thousands) 2015 2014 2013 Revenue from unaffiliated customers: Americas $ 357,976 $ 333,925 $ 284,752 Germany 82,872 87,021 51,245 Other EMEA 117,232 109,066 82,536 Asia Pacific 108,083 123,640 94,867 Total revenue $ 666,163 $ 653,652 $ 513,400 (in thousands) 2015 2014 2013 Revenue by class of product and service: Products $ 257,379 $ 283,339 $ 227,627 Materials 150,740 158,859 128,405 Services 258,044 211,454 157,368 Total revenue $ 666,163 $ 653,652 $ 513,400 Year Ended December 31, 2015 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ 3,073 $ 36,552 $ 17,133 $ 17,602 $ 74,360 Germany 70 — 6,149 125 6,344 Other EMEA 58,419 4,232 3,494 6,047 72,192 Asia Pacific 3,027 4 79 3,585 6,695 Total $ 64,589 $ 40,788 $ 26,855 $ 27,359 $ 159,591 Year Ended December 31, 2014 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ 201 $ 43,841 $ 20,581 $ 14,433 $ 79,056 Germany 3,217 — 6,742 8 9,967 Other EMEA 42,622 3,115 2,066 2,739 50,542 Asia Pacific 2,283 — — 2,774 5,057 Total $ 48,323 $ 46,956 $ 29,389 $ 19,954 $ 144,622 Year Ended December 31, 2013 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ — $ 23,100 $ 15,622 $ 5,438 $ 44,160 Germany 1,825 — 4,135 — 5,960 Other EMEA 26,862 1,688 2,090 566 31,206 Asia Pacific 1,659 641 67 1,431 3,798 Total $ 30,346 $ 25,429 $ 21,914 $ 7,435 $ 85,124 (in thousands) 2015 2014 2013 Income (loss) from operations: Americas $ (587,435) $ (24,663) $ 43,743 Germany 337 2,749 302 Other EMEA (82,593) 9,181 7,849 Asia Pacific 29,639 40,131 30,499 Subtotal (640,052) 27,398 82,393 Inter-segment elimination (1,872) (1,083) (1,532) Total $ (641,924) $ 26,315 $ 80,861 (in thousands) 2015 2014 2013 Depreciation and amortization: Americas $ 43,613 $ 38,876 $ 21,826 Germany 1,011 1,075 961 Other EMEA 33,585 11,427 4,410 Asia Pacific 4,860 3,810 3,247 Total $ 83,069 $ 55,188 $ 30,444 (in thousands) 2015 2014 2013 Capital expenditures: Americas $ 14,062 $ 18,187 $ 5,166 Germany 613 235 21 Other EMEA 6,856 3,680 1,171 Asia Pacific 868 625 614 Total $ 22,399 $ 22,727 $ 6,972 At December 31, (in thousands) 2015 2014 2013 Assets: Americas $ 384,054 $ 1,018,113 $ 870,208 Germany 36,782 47,524 38,685 Other EMEA 369,302 384,830 120,562 Asia Pacific 103,137 79,843 68,401 Total $ 893,275 $ 1,530,310 $ 1,097,856 At December 31, (in thousands) 2015 2014 2013 Cash and cash equivalents: Americas $ 98,913 $ 245,219 $ 286,377 Germany 3,901 6,640 3,441 Other EMEA 30,487 15,556 8,915 Asia Pacific 22,342 17,447 7,583 Total $ 155,643 $ 284,862 $ 306,316 At December 31, (in thousands) 2015 2014 2013 Long-lived assets: Americas $ 114,680 $ 570,049 $ 426,221 Germany 14,088 19,994 23,134 Other EMEA 271,892 312,384 71,269 Asia Pacific 60,148 47,193 50,377 Total $ 460,808 $ 949,620 $ 571,001 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | Note 22 Commitments and Contingencies The Company leases office space and certain furniture and fixtures under various non-cancelable operating leases. Rent expense under operating leases was $ 13,960 , $10,427 and $6,891 for 2015 , 2014 and 2013, respectively. See Note 12 to the Consolidated Financial Statements. As of December 31, 2015, the Company has supply commitments for printer and other products assemblies for the first quarter of 2016 that total $50,663 compared to $56,620 at December 31, 2014. Certain of the Company’s acquisitions contain earnout and deferred payment provisions under which the sellers of the acquired businesses can earn additiona l amounts. The total liability recorded for these earnouts and deferred payments at December 31, 2015 is $9,832 , compared to $9,155 at December 31, 2014. See Note 3 for details of acquisitions and related commitments. Put Options Owners of interests in a certain subsidiary have the right in certain circumstances to require the Company to acquire either a portion of or all of the remaining ownership interests held by them. The owners’ ability to exercise any such “put option” right is subject to the satisfaction of certain conditions, including conditions requiring notice in advance of exercise. In addition, these rights cannot be exercised prior to a specified exercise date. The exercise of these rights at their earliest contractual date would result in obligations of the Company to fund the related amounts in 2019. Management estimates, assuming that the subsidiary owned by the Company at December 31 , 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 December 31, 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. 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 the Company is unable to estimate the maximum potential impact of these indemnification provisions on its future results of operations. To the extent permitted under Delaware law, the Company indemnifies directors and officers for certain events or occurrences while the director or officer is, or was, serving at the Company’s request in such capacity, subject to limited exceptions. The maximum potential amount of future payments the Company could be required to make under these indemnification obligations is unlimited; however, the Company has directors and officers insurance coverage that may enable the Company to recover future amounts paid, subject to a deductible and the policy limits. There is no assurance that the policy limits will be sufficient to cover all damages, if any . Litigation The Company and certain of its former executive officers have been named as defendants in a consolidated putative stockholder class action lawsuit pending in the United States District Court for the District of South Carolina . The consolidated action is styled KBC Asset Management NV v. 3D Systems Corporation, et al. , Case No. 0:15-cv-02393-MGL. The Amended Consolidated Complaint (the “Complaint”), which was filed on December 9, 2015, alleges that defendants violated the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 promulgated thereunder by making false and misleading statements and omissions and that the former officers are control persons under Section 20(a) of the Exchange Act. The Complaint was filed on behalf of stockholders who purchased shares of the Company’s common stock between October 29, 2013, and May 5, 2015 and seeks monetary damages on behalf of the purported class. Defendants filed a motion to dismiss the Complaint in its entire ty on January 14, 2016, which motion is currently pending . Five related derivative complaints have been filed by purported Company stockholders against certain of the Company’s former executive officers and members of its Board of Directors. The Company is named as a nominal defendant in all five actions. The derivatives complaints were filed and are styled as follows: (1) Steyn v. Reichental, et al. , Case No. 2015-CP-46-2225, filed on July 27, 2015 in the Court of Common Pleas for the 16th Judicial Circuit, County of York, South Carolina; (2) Piguing v. Reichental, et al., Case No. 2015-CP-46-2396, filed on August 7, 2015 in the Court of Common Pleas for the 16th Judicial Circuit, County of York, South Carolina; (3) Booth v. Reichental, et al. , Case No. 15-692-RGA, filed on August 6, 2015 in the United States District Court for the District of Delaware (“Booth”); (4) Nally v. Reichental, et al. , Case No. 15- cv-0 3756-MGL filed on September 18, 2015 in the United States District Court for the District of South Carolina; and (5) Gee v. Hull, et al. Case No. BC- 6 10319, filed on February 17, 2016 in the Superior Court for the State of California, County of Los Angeles. The derivative complaints allege claims for breach of fiduciary duty, abuse of control, gross mismanagement, waste of corporate assets, and unjust enrichment and seek, among other things, monetary damages and certain corporate governance actions. All of the derivative complaints except for the complaint in Gee v. Hull have been stayed until the earlier of the close of discovery or the deadline for appealing a dismissal in the KBC Asset Management NV securities class action. The Company believes the claims alleged in the putative securities class action and the derivative lawsuits are without merit and intends to defend the Company and its officers and directors vigorously. On August 23, 2013, Ronald Barranco, a former Company employee, filed two lawsuits against the Company and certain officers in the United States District Court for the District of Hawaii. The first lawsuit (“Barranco I”) is captioned Ronald Barranco and Print3D Corporation v. 3D Systems Corporation, 3D Systems, Inc., and Damon Gregoire , Case No. CV 13-411 LEK RLP, and alleges seven causes of action relating to the Company’s acquisition of Print3D Corporation (of which Mr. Barranco was a 50% shareholder) and subsequent employment of Mr. Barranco. The second lawsuit (“Barranco II”) is captioned Ronald Barranco v. 3D Systems Corporation, 3D Systems, Inc., Abraham Reichental, and Damon Gregoire , Case No. CV 13-412 LEK RLP, and alleges the same seven causes of action relating to the Company’s acquisition of certain website domains from Mr. Barranco and subsequent employment of Mr. Barranco. Both Barranco I and Barranco II allege the Company breached certain purchase agreements in order to avoid paying Mr. Barranco additional monies pursuant to royalty and earn out provisions in the agreements. The Company and its officers timely filed responsive pleadings on October 22, 2013 seeking, inter alia, to dismiss Barranco I due to a mandatory arbitration agreement and for lack of personal jurisdiction and to dismiss Barranco II for lack of personal jurisdiction. With regard to Barranco I, the Hawai’i district court, on February 28, 2014, denied the Company’s motion to dismiss and its motion to transfer venue to South Carolina for the convenience of the parties. However, the Hawai’i court recognized that the plaintiff’s claims are all subject to mandatory and binding arbitration in Charlotte, North Carolina. Because the Hawai’i court was without authority to compel arbitration outside of Hawai’i, the court ordered that the case be transferred to the district court encompassing Charlotte (the Western District of North Carolina) so that that court could compel arbitration in Charlotte. On April 17, 2014, Barranco I was transferred in to the Western District of North Carolina. Plaintiff filed a demand for arbitration on October 29, 2014. On December 9, 2014, the Company filed its answer to plaintiff’s demand for arbitration. On February 2, 2015, plaintiff filed an amended demand that removed Mr. Gregoire as a defendant from the matter and on February 4, 2015 the Company filed its amended answer. The parties selected an arbitrator and arbitration took place in June 2015 in Charlotte, North Carolina. On September 28, 2015, the arbitrator issued a final award in favor of Mr. Barranco with respect to two alleged breaches of contract and implied covenants arising out of the contract. The arbitrator found that the Company did not commit fraud or make any negligent misrepresentations to Mr. Barranco. Pursuant to the award, the Company is to pay approximately $11,282 , which includes alleged actual damages of $7,254 , fees and expenses of $2,318 and prejudgment interest of $1,710 . The Company disagrees with the single arbitrator’s findings and conclusions and believes the arbitrator’s decision exceeds his authority and disregards the applicable law. As an initial response, the Company filed a motion for modification on September 30, 2015, based on mathematical errors in the computation of damages and fees. On October 16, 2015, the arbitrator issued an order denying the Company’s motion and sua sponte issuing a modified final award in favor of Mr. Barranco in the same above-referenced amounts, but making certain substantive changes to the award, which changes the Company believes were improper and outside the scope of his authority and the AAA rules. On November 20, 2015, the Company filed a Motion to Vacate the Arbitration Award in the federal court in the Western District of North Carolina. Claimants also filed a Motion to Confirm the Arbitration Award. Both motions have been fully briefed and are currently pending before the court. Should its initial appeal be unsuccessful, the Company intends to appeal further to the United States Court of Appeals for the Fourth Circuit. Notwithstanding the Company’s right to appeal, given the arbitrator’s decision, the Company recorded an $11,282 expense provision for this matter in the quarter ending September 30, 2015. The provision is subject to adjustment based on the ultimate outcome of the Company’s appeal. If it is ultimately determined that money is owed following the full appellate process in federal court, the Company intends to f und any amounts to be paid from cash on hand. With regard to Barranco II, the Hawai’i district court, on March 17, 2014, denied the Company’s motion to dismiss and its motion to transfer venue to South Carolina. However, the Hawai’i court did dismiss Count II in plaintiff’s complaint alleging breach of the employment agreement. The Company filed an answer to the complaint in the Hawai’i district court on March 31, 2014, and the parties have since exchanged discovery. On November 19, 2014, the Company filed a motion for summary judgment on all claims which was heard on January 20, 2015. On January 30, 2015, the court entered an Order Granting in Part and Denying in Part the Company’s motion for summary judgment. The Order narrowed the plaintiff’s claim for breach of contract and dismissed the plaintiff’s claims for fraud and negligent misrepresentation. As a result, Messrs. Reichental and Gregoire were dismissed from the lawsuit. The case was previously scheduled for trial on April 21, 2015, but has now been continued to May 17, 2016. The Company believes the claims alleged in the lawsuit are without merit and intends to defend itself 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 its consolidated results of operations or consolidated financial position. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 23 Accumulated Other Comprehensive Income (Loss) The changes in the balances of accumulated other comprehensive income (loss) by component are as follows: (in thousands) Foreign currency translation adjustment Defined benefit pension plan Total Balance at December 31, 2013 $ 6,865 $ (1,076) $ 5,789 Other comprehensive loss (29,060) (1,135) (30,195) Balance at December 31, 2014 (22,195) (2,211) (24,406) Other comprehensive loss (15,480) 338 (15,142) Balance at December 31, 2015 $ (37,675) $ (1,873) $ (39,548) The amounts presented above are in other comprehensive income (loss) and are net of taxes. For additional information about foreign currency translation, see Note 10 to the Consolidated Financial Statements . For additional information about the pension plan, see Note 15 to the Consolidated Financial Statements . |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Financial Data [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Note 24 Selected Quarterly Financial Data (unaudited) The following tables set forth unaudited selected quarterly financial data: 2015 Quarter Ended (in thousands, except per share amounts) December 31 September 30 June 30 March 31 Consolidated revenue $ 183,363 $ 151,574 $ 170,504 $ 160,722 Gross profit 60,160 71,038 81,627 78,984 Total operating expenses 626,081 105,675 105,469 96,508 Loss from operations (a) (565,921) (34,637) (23,842) (17,524) Provision (benefit) for income taxes 29,535 (3,524) (10,096) (6,943) Net income attributable to 3D Systems (596,366) (32,249) (13,696) (13,181) Basic and diluted net loss per share $ (5.32) $ (0.29) $ (0.12) $ (0.12) 2014 Quarter Ended (in thousands, except per share amounts) December 31 September 30 June 30 March 31 Consolidated revenue $ 187,438 $ 166,944 $ 151,512 $ 147,758 Gross profit 89,766 79,798 72,398 75,472 Total operating expenses 85,538 71,590 68,036 65,955 Income from operations 4,228 8,208 4,362 9,517 Provision for income taxes 75 1,113 694 3,559 Net income attributable to 3D Systems 1,551 3,084 2,125 4,877 Basic and diluted net income per share $ 0.01 $ 0.03 $ 0.02 $ 0.05 2013 Quarter Ended (in thousands, except per share amounts) December 31 September 30 June 30 March 31 Consolidated revenue $ 154,817 $ 135,717 $ 120,787 $ 102,079 Gross profit 80,097 71,437 62,583 53,477 Total operating expenses 62,121 42,867 45,787 35,958 Income from operations 17,976 28,570 16,796 17,519 Provision for income taxes 5,248 8,279 4,791 1,569 Net income attributable to 3D Systems 11,224 17,640 9,343 5,883 Basic and diluted net income per share $ 0.11 $ 0.17 $ 0.10 $ 0.06 (a) For the quarter ended December 31, 2015, loss from operations includes $ 443,659 of impairment charges related to goodwill and $93,520 of impairment charges related to other intangible assets. In addition, the Company recognized cash and non-cash charges related to the end of life of the Cube printer and shift from consumer products and services, which totaled $ 8,771 and $18,619 , respectively. See Notes 2, 4, 6 and 7 to the Consolidated Financial Statements. The sum of per share amounts for each of the quarterly periods presented does not necessarily equal the total presented for the year because each quarterly amount is independently calculated at the end of each period based on the net income available to common stockholders for such period and the weighted average shares of outstanding common stock for such period. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 25 Subsequent Events On January 21, 2016 , the Board of Directors of 3D Systems Corporation (the “Corporation”) approved a Consulting Agreement (the “Consulting Agreement”) between the Corporation and ECG Ventures, Inc., a consulting company owned by Thomas W. Erickson, a director of the Corporation. The Consulting Agreement provides that Mr. Erickson will provide strategic and management consulting services to the Corporation in exchange for $75 a month plus reimbursement of expenses. Mr. Erickson was awarded 25 shares of restricted stock with a vesting date of December 31, 2016 . The Consulting Agreement will continue until thirty days after the start date of a permanent Chief Executive Officer. |
Valuation And Qualifying Accoun
Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation And Qualifying Accounts | SCHEDULE II 3D Systems Corporation Valuation and Qualifying Accounts Years ended December 31, 2015, 2014 and 201 3 Year Ended Item Balance at beginning of year Additions charged to expense Other Balance at end of year 2015 Allowance for doubtful accounts $ 10,300 $ 3,766 $ 73 $ 14,139 2014 Allowance for doubtful accounts 8,133 8,699 (6,532) 10,300 2013 Allowance for doubtful accounts 4,317 4,961 (1,145) 8,133 2015 Deferred income tax asset valuation allowance $ — $ 107,312 $ — $ 107,312 2014 Deferred income tax asset valuation allowance — — — — 2013 Deferred income tax asset valuation allowance — — — — |
Significant Accounting Polici34
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | |
Use Of Estimates | Use of Estimates The Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, among others, those related to the allowance for doubtful accounts, income taxes, inventory reserves, goodwill, other intangible assets, contingencies and revenue recognition. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. |
Revenue Recognition | Revenue Recognition Net revenue is derived primarily from the sale of products and services. The following revenue recognition policies define the manner in which the Company accounts for sales transactions. The Company recognizes revenue when persuasive evidence of a sale arrangement exists, delivery has occurred or services are rendered, the sales price or fee is fixed or determinable and collectability is reasonably assured. Revenue generally is recognized net of allowances for returns and any taxes collected from customers and subsequently remitted to governmental authorities. The Company sells its products through its direct sales force and through authorized reseller partners. The Company recognizes revenue on sales to reseller partners at the time of sale when the partner has economic substance apart from Company, and the Company has completed its obligations related to the sale. The Company enters into sales arrangements that may provide for multiple deliverables to a customer. Sales of printers may include ancillary equipment, print materials, a warranty on the equipment, training and installation. The Company identifies all goods and/or services that are to be delivered separately under a sales arrangement and allocates revenue to each deliverable based on either vendor-specific objective evidence (“VSOE”) or if VSOE is not determinable then the Company uses best estimated selling price (“BESP”) of each deliverable. The Company established VSOE of selling price using the price charged for a deliverable when sold separately. The objective of BESP is to determine the price at which the Company would transact a sale if the deliverable was sold regularly on a stand-alone basis. The Company considers multiple factors including, but not limited to, market conditions, geographies, competitive landscapes, and entity-specific factors such as internal costs, gross margin objectives and pricing practices when estimating BESP. Consideration in a multiple element arrangement is then allocated to the elements on a relative sales value basis using either VSOE or BESP for all the elements. The Company also evaluates the impact of undelivered items on the functionality of delivered items for each sales transaction and, where appropriate, defers revenue on delivered items when that functionality has been affected. Functionality is determined to be met if the delivered products or services represent a separate earnings process. Hardware In general, revenues are separated between printers and other products, print materials, training services, maintenance services and installation services. The allocated revenue for each deliverable is then recognized based on relative fair values of the components of the sale, consistent within the scope of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605 Revenue Recognition . Under the Company’s standard terms and conditions of sale, title and risk of loss transfer to the customer at the time product is shipped to the customer and revenue is recognized accordingly, unless customer acceptance is uncertain or significant obligations remain. The Company defers the estimated revenue associated with post-sale obligations that are not essential to the functionality of the delivered items, and recognizes revenue in the future as the conditions for revenue recognition are met. Software The Company also markets and sells software tools that enable our customers to capture and customize content using our printers, as well as reverse engineering and inspection software. The software does not require significant modification or customization. The Company applies the guidance in ASC 985-605, Software-Revenue Recognition in recognizing revenue when software is more than incidental to the product or service as a whole based on fair value using vendor-specific objective evidence. Revenue from perpetual software licenses is recognized either upon delivery of the product or delivery of a key code which allows the customer to access the software. In instances where software access is provided for a trial period, revenue is not recognized until the customer has purchased the software at the expiration of the trial period. The Company uses the residual method to allocate revenue to software licenses at the inception of the license term when VSOE of fair value for all undelivered elements, such as maintenance, exists and all other revenue recognition criteria have been satisfied. In instances in which customers purchase post sale support, it is considered a separate element from the software and is deferred at the time of sale and subsequently amortized in future periods. The Company also sells equipment with embedded software to its customers. The embedded software is not sold separately, it is not a significant focus of the marketing effort and the Company does not provide post-contract customer support specific to the software or incur significant costs that are within the scope of ASC 985. Additionally, the functionality that the software provides is marketed as part of the overall product. The software embedded in the equipment is incidental to the equipment as a whole such that ASC 985 is not applicable. Sales of these products are recognized in accordance with ASC 60-25, “Multiple-Element Arrangements.” Services Printers and certain other products include a warranty under which the Company provides maintenance for periods up to one year, as well as training, installation and non-contract maintenance services. The Company defers this portion of the revenue at the time of sale based on the relative fair value of these services. Deferred revenue is recognized ratably according to the term of the warranty. Costs associated with our obligations during the warranty period are expensed as incurred. After the initial warranty period, the Company offers these customers optional maintenance contracts. Deferred maintenance revenue is recognized ratably, on a straight-line basis, over the period of the contract, and costs associated with these contracts are recognized as incurred. Revenue from training, installation and non-contract maintenance services is recognized at the time of performance. On-demand parts and healthcare service sales are included within services revenue and revenue is recognized upon shipment or delivery of the parts, based on the terms of the sales arrangement. Terms of sale Shipping and handling costs billed to customers for equipment sales and sales of print materials are included in product revenue in the Consolidated Statements of Operations and Other Comprehensive Income (Loss). Costs incurred by the Company associated with shipping and handling are included in product cost of sales in the Consolidated Statements of Operations and Other Comprehensive Income (Loss). Credit is extended, and creditworthiness is determined, based on an evaluation of each customer’s financial condition. New customers are generally required to complete a credit application and provide references and bank information to facilitate an analysis of creditworthiness. Customers with a favorable profile may receive credit terms that differ from the Company’s general credit terms. Creditworthiness is considered, among other things, in evaluating the Company’s relationship with customers with past due balances. The Company’s terms of sale generally require payment within 30 to 60 days after shipment of a product, although the Company also recognizes that longer payment periods are customary in some countries where it transacts business. To reduce credit risk in connection with printer sales, the Company may, depending upon the circumstances, require significant deposits prior to shipment and may retain a security interest in a system sold until fully paid. In some circumstances, the Company may require payment in full for its products prior to shipment and may require international customers to furnish letters of credit. For maintenance services, the Company either bills customers on a time-and-materials basis or sells customers service agreements that are recorded as deferred revenue and provide for payment in advance on either an annual or other periodic basis. |
Cash And Cash Equivalents | Cash and Cash Equivalents Investments with original maturities of three months or less at the date of purchase are considered to be cash equivalents. The Company’s policy is to invest cash in excess of short-term operating and debt-service requirements in such cash equivalents. These instruments are stated at cost, which approximates market value because of the short maturity of the instruments. The Company places its cash with highly creditworthy financial institutions, corporations or governments, and believes its risk of loss is limited; however, at times, account balances may exceed international and U.S. federally insured limits. |
Investments | Investments Investments in non-consolidated affiliates ( 20 - 50 percent owned companies and joint ventures) are accounted for using the equity method. Investments through which we are not able to exercise significant influence over the investee and which we do not have readily determinable fair values are accounted for under the cost method. The Company assesses declines in the fair value of investments to determine whether such declines are other-than-temporary. This assessment is made considering all available evidence, including changes in general market conditions, specific industry and individual company data, the length of time and the extent to which the fair value has been less than cost, the financial condition and the near-term prospects of the entity issuing the security, and the Company’s ability and intent to hold the investment until recovery. Other-than-temporary impairments of investments are recorded to interest and other expense, net, on the Company’s Consolidated Statements of Operations in the period in which they become impaired. For the year ended December 31, 2015, the Company recorded impairment charges of $7,432 related to certain minority investments of less than 20% ownership, for which we do not exercise significant influence. The aggregate carrying amount of all investments accounted for under the cost method totaled $10,687 and $11,973 at December 31, 2015 and 2014, respectively, and is included in other assets, net, on the Company’s Consolidated Balance Sheets. |
Allowance For Doubtful Accounts | Allowance for Doubtful Accounts In evaluating the collectability of accounts receivable, the Company assesses a number of factors, including specific customers’ ability to meet their financial obligations to us, the length of time receivables are past due and historical collection experience. Based on these assessments, the Company may record a reserve for specific customers, as well as a general reserve and allowance for returns and discounts. If circumstances related to specific customers change, or economic conditions deteriorate such that the Company’s past collection experience is no longer relevant, its estimate of the recoverability of accounts receivable could be further reduced from the levels provided for in the Consolidated Financial Statements. The Company evaluates specific accounts for which it believes a customer may have an inability to meet their financial obligations (for example, aging over 90 days past due or bankruptcy). In these cases, the Company uses judgment, based on available facts and circumstances, and records a specific reserve for that customer to reduce the receivable to an amount the Company expects to collect. These specific reserves are re-evaluated and adjusted as additional information is received that impacts the amount reserved. Further, a reserve based on historical experience is established for all customers, as well as an allowance for returns and discounts, to supplement the Company’s specific account-level assessment. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable market value, cost being determined using the first-in, first-out method. Reserves for slow-moving and obsolete inventories are provided based on historical experience and current product demand. The Company evaluates the adequacy of these reserves quarterly. |
Property And Equipment | Property and Equipment Property and equipment are carried at cost and depreciated on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized on a straight-line basis over the shorter of (i) their estimated useful lives and (ii) the estimated or contractual lives of the leases. Realized gains and losses are recognized upon disposal or retirement of the related assets and are reflected in results of operations. Charges for repairs and maintenance are expensed as incurred. In accordance with ASC 360 , the Company assesses potential impairments of property and equipment when events or changes in circumstances indicate that the carrying amount may not be fully recoverable. If required, an impairment loss is recognized as the difference between the carrying value and the fair value of the assets . |
Goodwill | Goodwill Goodwill reflects the excess of the consideration transferred plus the fair value of any non-controlling interest in the acquiree at the acquisition date over the fair values of the identifiable net assets acquired. Goodwill is not amortized but rather is tested for impairment annually, or whenever events or circumstances present an indication of impairment. Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. The primary items that generate goodwill include the value of the synergies between the acquired companies and the Company and the acquired assembled workforce, neither of which qualifies for recognition as an intangible asset. The annual impairment testing required by ASC 350, “Intangibles – Goodwill and Other” requires the Company to use judgment and could require the Company to write down the carrying value of its goodwill in future periods. The Company allocates goodwill to its identifiable geographic reporting units, the Americas, EMEA and APAC regions, which are tested for impairment using a two-step process. The first step requires comparing the fair value of each reporting unit with the carrying amount, including goodwill. If that fair value exceeds the carrying amount, the second step of the process is not required to be performed, and no impairment charge is required to be recorded. If that fair value does not exceed that carrying amount, the Company must perform the second step, which requires an allocation of the fair value of the reporting unit to all assets and liabilities of that unit as if the reporting unit had been acquired in a purchase business combination and the fair value of the reporting unit was the purchase price. The goodwill resulting from that purchase price allocation is then compared to the carrying amount with any excess recorded as an impairment charge. The evaluation of goodwill impairment requires the Company to make assumptions about future cash flows of the reporting unit being evaluated that include, among others, growth in revenues, margins realized, level of operating expenses and cost of capital. These assumptions require significant judg e ment and actual results may differ from assumed and estimated amounts. Goodwill set forth on the Consolidated Balance Sheet as of December 31, 2015 arose from acquisitions carried out from 2009 to 2015 and in years prior to December 31, 2007. Goodwill arising from acquisitions prior to 2007 was allocated to geographic reporting units based on the percentage of SLS printers then installed by geographic area. Goodwill arising from acquisitions in 2009 to 2015 was allocated to geographic reporting units based on geographic dispersion of the acquired companies’ sales or capitalization at the time of their acquisition. The Company conducted its annual impairment testing in the fourth quarter of 2015. The results of the Company’s first step of annual impairment testing indicated the carrying amount of goodwill assigned to the Americas and EMEA reporting units exceeded fair value and that the carrying amount of goodwill assigned to APAC did not exceed fair value. Based on these results, management completed the second step of annual impairment testing for the Americas and EMEA reporting units. Management determined that the fair value of goodwill assigned to the Americas was zero , resulting in a non-tax deductible impairment charge of $382,271 . Management determined that the carrying amount of the goodwill assigned to EMEA exceede d fair value by approximately 29% , resulting in a non-tax deductible goodwill impairment charge of $ 61,388 . See Note 7 to our Consolidated Financial Statements. When evaluating the fair value of geographic reporting units, the Company uses a discounted cash flow model, which incorporates judgement and the use of estimates by management. Management bases its fair value estimates on assumptions that they believe are reasonable, but are uncertain and subject to changes in market conditions. Within these assumptions, management considered market conditions, the Company’s market capitalization over sustained periods, the evolving 3D printing industry and near-term demand outlook, changes in forecasts and timing for developing products and applications. Key assumptions used to determine the estimated fair value include: (a) expected cash flow for the ten -year period following the testing date (including market share, sales volumes and prices, costs to produce and estimated capital needs); (b) an estimated terminal value using terminal year growth rates ranging from 4.9% to 5.3% , determined based on the expected growth prospects of the reporting units; and (c) discount rates ranging from 12.75% to 13.5% , based on management’s best estimate of the after-tax weighted average cost of capital. The Company will continue to monitor its reporting units in an effort to determine whether events and circumstances warrant further interim impairment testing. The Company could be required to write off or write down additional amounts in the future in the event of deterioration in future performance, sustained slower growth or other circumstances. There was no goodwill impairment for the years ended December 31, 2014 or 2013. |
Other Intangible Assets | Other Intangible Assets Intangible assets other than goodwill primarily represent acquired intangible assets including licenses, patent costs, acquired technology, internally developed technology, customer relationships, non-compete agreements, trade names and trademarks. Intangible assets with finite lives are amortized using the straight-line method over their estimated useful life, which is determined by identifying the period over which most of the cash flows are expected to be generated. Amortization of license and patent costs is included in cost of sales, research and development expenses and selling, general and administrative expenses, depending upon the nature and use of the technology . Amortization of trade names, customer relationships and non-compete agreements are recorded in selling, general and administrative expenses. Certain software development and production costs are capitalized when the related product reaches technological feasibility. No Software development costs were capitalized in 2015 or 2014 and $250 were capitalized in 2013. Capitalized software costs include internally developed software and certain costs that relate to developed software that the Company acquired through acquisition of businesses. Amortization expense related to capitalized software costs amounted to $1,439 for each year ended December 31, 2015, 2014 and 2013. Net capitalized software costs aggregated $1,811 , $3,556 and $5,234 at December 31, 2015, 2014 and 2013, respectively. For intangibles with finite lives, the Company reviews the carrying amounts for potential impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Examples of such a change in circumstances include a significant decrease in selling price, a significant adverse change in the extent or manner in which an asset is being used, or a significant adverse change in the legal or business climate. In evaluating recoverability, the Company groups assets and liabilities at the lowest level such that the identifiable cash flows relating to the group are largely independent of the cash flows of other assets and liabilities. The Company then compares the carrying amounts of the assets or asset groups with the related estimated undiscounted future cash flows. In the event impairment exists, an impairment charge is recorded as the amount by which the carrying amount of the asset or asset group exceeds the fair value. Fair value is determined by reference to estimated selling values of assets in similar condition or by using a discounted cash flow model. In addition, the remaining amortization period for the impaired asset would be reassessed and, if necessary, revised. During the fourth quarter of 2015 the Company recorded non-cash impairment charges of $ 93,520 arising from the Company’s other intangible assets impairment testing. No impairment charges were recorded by the Company for the years ended December 31, 2014 and 2013. Intangible assets with indefinite lives are not amortized but rather tested for impairment annually, or whenever events or circumstances present an indication of impairment. The Company applies the FASB guidance, which permits the Company to make a qualitative assessment of whether the indefinite-lived intangible asset is impaired, or opt to bypass the qualitative assessment and proceed directly to determine the indefinite-lived intangible asset’s fair value. If the Company determines, based on the qualitative tests, that it is not more likely than not that the indefinite-lived intangible asset is impaired, no further action is required. Otherwise, the Company is required to perform the quantitative impairment test by comparing the fair value of the indefinite-life intangible asset to the indefinite-lived intangible asset carrying amount. In the event impairment exists, an impairment charge is recorded as the amount by which the carrying amount of the asset or asset group exceeds the fair value. No impairment charges for intangible assets with indefinite lives were recorded by the Company for the year ended December 31, 2015, 2014 or 2013. See Note 6 to the Consolidated Financial Statements. |
Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest The minority interest shareholders of a certain subsidiary have the right to require the Company to acquire their ownership interest under certain circumstances pursuant to a contractual arrangement and the Company has a similar call option under the same contractual terms. The amount of consideration under the put and call rights is not a fixed amount, but rather is dependent upon various valuation formulas and on future events, such as revenue and gross margin performance of the subsidiary through the date of exercise, etc. as described in Note 22 to the Consolidated Financial Statements. The Company has recorded the put option as mezzanine equity at their current estimated redemption amount. The Company accrues changes in the redemption amounts over the period from the date of issuance to the earliest redemption date of the put option. For the year ended December 31, 2015, there has been no charge to noncontrolling interests. Changes in the estimated redemption amounts of the put options are adjusted at each reporting period with a corresponding adjustment to equity. The following table presents changes in Redeemable Noncontrolling Interests: (in thousands) 2015 2014 Beginning balance $ 8,872 $ — Changes in redemption value — 8,550 Currency translation adjustments — 322 Ending balance $ 8,872 $ 8,872 |
Contingencies | Contingencies The Company follows the provisions of ASC 450, “Contingencies,” which requires that an estimated loss from a loss contingency be accrued by a charge to income if it is both probable that an asset has been impaired or that a liability has been incurred and that the amount of the loss can be reasonably estimated. |
Foreign Currency Translation | Foreign Currency Translation The Company transacts business globally and is subject to risks associated with fluctuating foreign exchange rates. 49.0 % of the Company’s consolidated revenue is derived from sales outside the U.S. This revenue is generated primarily from sales of subsidiaries operating outside the U.S. in their respective countries and surrounding geographic areas. This revenue is primarily denominated in each subsidiary’s local functional currency, although certain sales are denominated in other currencies. These subsidiaries incur most of their expenses (other than intercompany expenses) in their local functional currencies. These currencies include Australian Dollars, Brazilian Real, British Pounds, Chinese Yuan, Euros, Indian Rupee, Japanese Yen, Swiss Francs, South Korean Won and Israel Shekel. The geographic areas outside the U.S. in which the Company operates are generally not considered to be highly inflationary. Nonetheless, these foreign operations are sensitive to fluctuations in currency exchange rates arising from, among other things, certain intercompany transactions that are generally denominated in U.S. dollars rather than their respective functional currencies. The Company’s operating results, assets and liabilities are subject to the effect of foreign currency translation when the operating results and the assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars in the Company’s Consolidated Financial Statements. The assets and liabilities of the Company’s foreign subsidiaries are translated from their respective functional currencies into U.S. dollars based on the translation rate in effect at the end of the related reporting period. The operating results of the Company’s foreign subsidiaries are translated to U.S. dollars based on the average conversion rate for the related period. Gains and losses resulting from these conversions are recorded in accumulated other comprehensive income (loss) in the consolidated balance sheets. Gains and losses resulting from foreign currency transactions (transactions denominated in a currency other than the functional currency of the Company or a subsidiary) are included in the consolidated statements of operations and other comprehensive income (loss), except for intercompany receivables and payables for which settlement is not planned or anticipated in the foreseeable future, which are included as a component of accumulated other comprehensive income (loss) in the consolidated balance sheets. |
Derivative Financial Instruments | Derivative Financial Instruments The Company is exposed to market risk from changes in interest rates and foreign currency exchange rates and commodity prices, which may adversely affect its results of operations and financial condition. The Company seeks to minimize these risks through regular operating and financing activities and, when the Company considers it to be appropriate, through the use of derivative financial instruments. The Company does not purchase, hold or sell derivative financial instruments for trading or speculative purposes. The Company has elected not to prepare and maintain the documentation to qualify for hedge accounting treatment under ASC 815, “Derivatives and Hedging,” and therefore, all gains and losses (realized or unrealized) related to derivative instruments are recognized in interest and other expense, net in the c onsolidated statements of operations and comprehensive income (loss) and depending on the fair value at the end of the reporting period, derivatives are recorded either in prepaid and other current assets or in accrued liabilities in the consolidated balance sheets. The Company and its subsidiaries conduct business in various countries using both their functional currencies and other currencies to effect cross border transactions. As a result, they are subject to the risk that fluctuations in foreign exchange rates between the dates that those transactions are entered into and their respective settlement dates will result in a foreign exchange gain or loss. When practicable, the Company endeavors to match assets and liabilities in the same currency on its U.S. balance sheet and those of its subsidiaries in order to reduce these risks. The Company, when it considers it to be appropriate, enters into foreign currency contracts to hedge the exposures arising from those transactions. See Note 10 to the Consolidated Financial Statements. The Company is exposed to credit risk if the counterparties to such transactions are unable to perform their obligations. However, the Company seeks to minimize such risk by entering into transactions with counterparties that are believed to be creditworthy financial institutions. |
Research And Development Costs | Research and Development Costs Research and development costs are expensed as incurred. |
Earnings Per Share | Earnings per Share Basic net income per share is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income, as adjusted for the assumed issuance of all dilutive shares, by the weighted average number of shares of common stock outstanding plus the number of additional common shares that would have been outstanding if all dilutive common shares issuable upon exercise of outstanding stock options or conversion of convertible securities had been issued. For 2015, 2014 and 2013, common shares related to restricted stock units were excluded from the computation because their effect was anti-dilutive, that is, their inclusion would increase the Company’s net income per share or reduce its net loss per share. At December 31, 2013, the average outstanding diluted shares calculation also excluded shares that may have been issued upon conversion of the outstanding senior convertible notes because their inclusion would have been anti-dilutive. All senior convertible notes were converted in 2014. See Note 17 to the Consolidated Financial Statements. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. Advertising costs, including trade shows, were $15,245 , $8,799 and $6,010 for the years ended December 31, 2015, 2014 and 2013, respectively. |
Pension Costs | Pension costs The Company sponsors a retirement benefit for one of its non-U.S. subsidiaries in the form of a defined benefit pension plan. Accounting standards require the cost of providing this pension benefit be measured on an actuarial basis. Actuarial gains and losses resulting from both normal year-to-year changes in valuation assumptions and differences from actual experience are deferred and amortized. The application of these accounting standards requires management to make assumptions and judgements that can significantly affect these measurements. Critical assumptions made by management in performing these actuarial valuations include the selection of the discount rate to determine the present value of the pension obligations that affects the amount of pension expense recorded in any given period. Changes in the discount rate could have a material effect on the Company’s reported pension obligations and related pension expense. See Note 15 to the Consolidated Financial Statements. |
Equity Compensation Plans | Equity Compensation Plans The Company maintains stock-based compensation plans that are described more fully in Note 14 to the Consolidated Financial Statements. Under the fair value recognition provisions of ASC 718, “Compensation – Stock Compensation,” stock-based compensation is estimated at the grant date based on the fair value of the awards expected to vest and recognized as expense ratably over the requisite service period of the award. |
Income Taxes | Income Taxes The Company and its domestic subsidiaries file a consolidated U.S. federal income tax return. The Company’s non-U.S. subsidiaries file income tax returns in their respective jurisdictions. The Company provides for income taxes on those portions of its foreign subsidiaries’ accumulated earnings (deficit) that the Company believes are not reinvested permanently in their business. Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax benefit carryforwards. Deferred income tax liabilities and assets at the end of each period are determined using enacted tax rates. The Company establishes a valuation allowance for those jurisdictions in which the expiration date of tax benefit carryforwards or projected taxable earnings leads the Company to conclude that it is “more likely than not” that a deferred tax asset will not be realized. The evaluation process includes the consideration of all available evidence regarding historical results and future projections including the estimated timing of reversals of existing taxable temporary differences and pote ntial tax planning strategies. Once a valuation allowance is established, it is maintained until a change in factual circumstances gives rise to sufficient income of the appropriate character and timing that will allow a partial or full utilization of the deferred tax asset. Based upon the Company’s recent results of operations and its expected profitability in the future, th e Company concluded that it is more likely than not that its deferred tax assets will not be realized in certain jurisdictions, including the US and certain foreign jurisdictions, and as such, the Company recorded a valuation allowance against the Company’s deferred tax assets . The Company applies ASC 740 to determine the impact of an uncertain tax position on the income tax returns. In accordance with ASC 740, this impact must be recognized at the largest amount that is more likely than not to be required to be recognized upon audit by the relevant taxing authority. The Company includes interest and penalties accrued in the Consolidated Financial Statements as a component of income tax expense. See Note 20 to the Consolidated Financial Statements. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Standards Implemented in 2015 In November 2015, the FASB issued Accounting Standards Update No. 2015-17 “ Income Taxes: Balance Sheet Classification of Deferred Taxes” (“ASU 2015-17”), which requires all deferred tax assets and liabilities to be classified as non-current on an entity’s balance sheet. This standard is effective for fiscal years beginning after December, 15, 2017, with early adoption permitted. ASU 2015-17 may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively. The Company has elected to early adopt ASU 2015-17, on a prospective basis, as of December 31, 2015. Deferred tax assets and liabilities on the Company’s balance sheet for December 31, 2015 have been classified as entirely non-current; however, the adoption is on a prospective basis and deferred tax assets and liabilities on the Company’s balance sheet as of December 31, 2014 have not been re-classified. New Accounting Standards to be Implemented 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. In August 2015, the FASB issued Accounting Standards Update No. 2015-14, “ Revenue from Contracts with Customers: Deferral of the Effective Date ” (“ASU 2015-14”), a revision to Accounting Standards Update No. 2014-09, “ Revenue from Contracts with Customers” , which was originally issued on May 28, 2014 . For public business entities, certain not-for-profit entities, and certain employee benefit plans, the effective date was for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The effective date for all other entities was for annual reporting periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. ASU 2015-14 will defer these effective dates for all entities by one year. The Company is currently in the process of evaluating the impact of adoption of ASU 2015-14 on its financial statements. In September 2015, the FASB issued Accounting Standards Update No. 2015-16, “ Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments ” (“ASU 2015-16”). ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendments in ASU 2015-16 require that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. ASU 2015-16 is effective for annual reporting periods beginning after December 15, 2015. The Company is currently in the process of evaluating the impact of adoption of ASU 2015-16 on its financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “ Leases (Topic 842) ” (“ASU 2016-02”). ASU 2016-02 requires lessees to recognize assets and liabilities arising from operating leases on the balance sheet. It is effective for annual reporting periods beginning after December 15, 2018. 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 2016-02 on its consolidated balance sheets. No other new accounting pronouncements, issued or effective during 2015 or 2016, have had or are expected to have a significant impact on the Company’s Consolidated Financial Statements. |
Significant Accounting Polici35
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | |
Changes In Redeemable Noncontrolling Interests | (in thousands) 2015 2014 Beginning balance $ 8,872 $ — Changes in redemption value — 8,550 Currency translation adjustments — 322 Ending balance $ 8,872 $ 8,872 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
2015 Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Purchase Price Allocations Of Assets Acquired And Liabilities Assumed | (in thousands) 2015 Fixed assets $ 1,505 Other intangible assets, net 57,066 Goodwill 44,772 Other assets, net of cash acquired 22,449 Liabilities (33,342) Net assets acquired $ 92,450 |
2014 Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Purchase Price Allocations Of Assets Acquired And Liabilities Assumed | (in thousands) 2014 Fixed assets $ 19,279 Other intangible assets, net 127,315 Goodwill 259,422 Other assets, net of cash acquired 38,583 Liabilities (75,364) Net assets acquired $ 369,235 |
2013 Acquisitions [Member] | |
Business Acquisition [Line Items] | |
Purchase Price Allocations Of Assets Acquired And Liabilities Assumed | (in thousands) 2013 Fixed assets $ 9,830 Other intangible assets, net 51,930 Goodwill 128,328 Other assets, net of cash acquired 21,843 Liabilities (32,340) Net assets acquired $ 179,591 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventories [Abstract] | |
Components Of Inventories | (in thousands) 2015 2014 Raw materials $ 43,960 $ 46,850 Work in process 4,067 2,304 Finished goods and parts 57,850 47,491 Inventories, net $ 105,877 $ 96,645 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property And Equipment [Abstract] | |
Schedule Of Property And Equipment | (in thousands) 2015 2014 Useful Life (in years) Land $ 903 $ 541 N/A Building 11,007 9,370 25 - 30 Machinery and equipment 105,383 84,443 2 - 7 Capitalized software 7,391 3,693 3 - 5 Office furniture and equipment 4,714 3,478 1 - 5 Leasehold improvements 17,867 12,447 Life of lease (a) Rental equipment 149 557 5 Construction in progress 9,578 20,082 N/A Total property and equipment 156,992 134,611 Less: Accumulated depreciation and amortization (70,997) (52,730) Total property and equipment, net $ 85,995 $ 81,881 (a) Leasehold improvements are amortized on a straight-line basis over the shorter of (i) their estimated useful lives and (ii) the estimated or contractual life of the related lease. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 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 $ — $ — $ — $ 5,875 $ (5,875) $ — N/A N/A Patent costs 16,251 (4,895) 11,356 20,733 (7,369) 13,364 1 - 19 8 Acquired technology 52,809 (16,405) 36,404 57,383 (18,241) 39,142 2 - 15 4 Internally developed software 4,730 (2,919) 1,811 9,073 (5,517) 3,556 3 3 Customer relationships 101,933 (36,158) 65,775 157,139 (36,975) 120,164 2 - 15 7 Non-compete agreements 12,163 (8,558) 3,605 35,469 (11,784) 23,685 2 - 5 3 Trade names 28,108 (12,498) 15,610 21,800 (4,455) 17,345 1 - 9 6 Other 46,435 (23,530) 22,905 39,100 (6,905) 32,195 1 - 7 5 Intangible assets with indefinite lives: Trademarks — — — 2,110 — 2,110 N/A N/A Total intangible assets $ 262,429 $ (104,963) $ 157,466 $ 348,682 $ (97,121) $ 251,561 1 - 19 5 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill [Abstract] | |
Changes In The Carrying Amount Of Goodwill By Geographic Reporting Unit | (in thousands) Americas EMEA Asia Pacific Total Balance at December 31, 2013 $ 264,735 71,155 34,176 370,066 Acquisitions and adjustments 72,872 163,025 — 235,897 Effect of foreign currency exchange rates 1,804 (17,238) (992) (16,426) Balance at December 31, 2014 339,411 $ 216,942 $ 33,184 $ 589,537 Acquisitions and adjustments 47,452 2,602 5,208 55,262 Impairment of goodwill (382,271) (61,388) — (443,659) Effect of foreign currency exchange rates (4,592) (7,635) (1,038) (13,265) Balance at December 31, 2015 $ — $ 150,521 $ 37,354 $ 187,875 |
Accrued And Other Liabilities (
Accrued And Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accrued And Other Liabilities [Abstract] | |
Schedule Of Accrued Liabilities | (in thousands) 2015 2014 Compensation and benefits $ 24,152 $ 20,726 Vendor accruals 12,354 10,451 Accrued taxes 11,317 8,577 Accrued other 4,753 1,244 Royalties payable 1,431 1,796 Accrued professional fees 491 532 Accrued earnouts and deferred payments related to acquisitions 159 185 Accrued interest 42 43 Total $ 54,699 $ 43,554 |
Schedule Of Other Liabilities | (in thousands) 2015 2014 Arbitration award $ 11,282 $ — Long term employee indemnity 9,794 5,769 Long term earnouts related to acquisitions 9,673 8,970 Long term tax liability 8,312 2,029 Long term deferred revenue 7,956 7,627 Defined benefit pension obligation 6,211 7,062 Other long term liabilities 4,927 8,446 Total $ 58,155 $ 39,903 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Lease Obligations [Abstract] | |
Schedule Of Future Minimum Lease Payments For Capitalized And Non-Cancelable Operating Leases | (in thousands) Capitalized Leases Operating Leases Years ending December 31: 2016 $ 1,056 $ 10,817 2017 1,083 9,131 2018 1,079 7,458 2019 1,075 6,407 2020 1,013 3,898 Later years 8,229 11,432 Total minimum lease payments 13,535 $ 49,143 Less: amounts representing imputed interest (4,819) Present value of minimum lease payments 8,716 Less: current portion of capitalized lease obligations (529) Capitalized lease obligations, excluding current portion $ 8,187 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stock-Based Compensation [Abstract] | |
Schedule Of Stock-Based Compensation Expense | Year Ended December 31, (in thousands) 2015 2014 2013 Stock-based compensation expense for: Incentive Plans $ 34,169 $ 31,944 $ 12,958 Director Plan 564 849 600 Total stock-based compensation expense $ 34,733 $ 32,793 $ 13,558 |
Schedule Of Restricted Stock Units Award Activity | Year Ended December 31, 2015 2014 2013 (in thousands, except per share amounts) Number of Shares/Units Weighted Average Fair Value 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 1,152 $ 16.30 774 $ 52.09 902 $ 59.42 Granted under the Incentive Plans, executive officers 260 14.77 240 41.00 212 72.60 Granted under the 2004 Director Plan, non-employee directors 26 21.30 17 49.26 12 48.43 Total restricted stock awards granted 1,438 $ 16.12 1,031 $ 49.46 1,126 $ 61.78 |
International Retirement Plan (
International Retirement Plan (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
International Retirement Plan [Abstract] | |
Reconciliation Of Changes In Projected Benefit Obligation | (in thousands) 2015 2014 Reconciliation of benefit obligations: Obligations as of January 1 $ 7,194 $ 5,987 Service cost 178 150 Interest cost 156 200 Actuarial (gain) loss (338) 1,719 Benefit payments (119) (144) Effect of foreign currency exchange rate changes (743) (718) Obligations as of December 31 6,328 7,194 Funded status as of December 31 (net of tax benefit) $ (6,328) $ (7,194) |
Summary Of Amounts Recognized In Consolidated Balance Sheets | (in thousands) 2015 2014 Accrued liabilities $ 117 $ 132 Other liabilities 6,211 7,062 Projected benefit obligation 6,328 7,194 Accumulated other comprehensive loss (1,873) (2,211) Total $ 4,455 $ 4,983 |
Schedule Of Accumulated And Projected Benefit Obligations | (in thousands) 2015 2014 Projected benefit obligation $ 6,328 $ 7,194 Accumulated benefit obligation $ 5,738 $ 6,301 |
Components Of Net Periodic Benefit Costs And Other Amounts Recognized In Other Comprehensive Income | (in thousands) 2015 2014 Net periodic benefit cost: Service cost $ 178 $ 150 Interest cost 156 200 Amortization of actuarial loss 154 69 Total $ 488 $ 419 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net (gain) loss (338) 1,135 Total expense recognized in net periodic benefit cost and other comprehensive income (loss) $ 150 $ 1,554 |
Assumptions Used To Determine Benefit Obligations | 2015 2014 Discount rate 2.50% 2.40% Rate of compensation 3.00% 3.00% |
Summary Of Estimated Future Benefit Payments | (in thousands) Estimated future benefit payments: 2016 $ 132 2017 135 2018 138 2019 152 2020 181 2021-2025 1,045 |
Warranty Contracts (Tables)
Warranty Contracts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Warranty Contracts [Abstract] | |
Schedule Of Recognized Warranty Revenue And Incurred Warranty Costs | Warranty Revenue Recognition: (in thousands) Beginning Balance Deferred Warranty Revenue Warranty Revenue Deferred Warranty Revenue Recognized Ending Balance Deferred Warranty Revenue Year Ended December 31, 2015 $ 11,914 $ 16,191 $ (16,600) $ 11,505 2014 9,141 17,185 (14,412) 11,914 2013 4,081 14,681 (9,621) 9,141 Warranty Costs Incurred: (in thousands) Materials Labor and Overhead Total Year Ended December 31, 2015 $ 6,202 $ 6,134 $ 12,336 2014 5,958 6,662 12,620 2013 4,441 4,821 9,262 |
Computation Of Net Income Per46
Computation Of Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Computation Of Net Income Per Share [Abstract] | |
Schedule Of Net Income Per Share Reconciliation | (in thousands, except per share amounts) 2015 2014 2013 Numerator for basic and diluted net earnings per share: Net income (loss) attributable to 3D Systems Corporation $ (655,492) $ 11,637 $ 44,107 Denominator for basic and diluted net earnings per share: Weighted average shares 111,969 108,023 98,393 Earnings (loss) per share, basic and diluted $ (5.85) $ 0.11 $ 0.45 Interest expense excluded from diluted earnings per share calculation (a) $ — $ — $ 1,835 5.50% Convertible notes shares excluded from diluted earnings per share calculation (a) — — 1,764 Restricted stock units excluded from diluted earnings per share calculation (b) 270 — — (a) Average outstanding diluted earnings per share calculation excludes shares that may be issued upon conversion of the outstanding senior convertible notes since the effect of their inclusion would have been anti-dilutive . (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 (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements [Abstract] | |
Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis | Fair Value Measurements as of December 31, 2015 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents (a) $ 28,648 $ — $ — $ 28,648 Earnout consideration (b) $ — $ $ 9,673 $ 9,673 Fair Value Measurements as of December 31, 2014 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents (a) $ 190,628 $ — $ — $ 190,628 Earnout consideration (b) $ — $ $ 9,155 $ 9,155 Redeemable noncontrolling interests (c) $ — $ — $ 8,872 $ 8,872 (a) Cash equivalents include funds held in money market instruments and are reported at their current carrying value which approximates fair value due to the short-term nature of these instruments and are included in cash and cash equivalents in the consolidated balance sheet. (b) The fair value of the earnout consideration, which is based on the present value of the expected future payments to be made to the sellers of the acquired businesses, was derived by analyzing the future performance of the acquired businesses using the earnout formula and performance targets specified in each purchase agreement and adjusting those amounts to reflect the ability of the acquired entities to achieve the stated targets. Given the significance of the unobservable inputs, the valuations are classified in level 3 of the fair value hierarchy. The change in earnout consideration reflects $677 of earnout accretion, partially offset by a $159 transfer to a deferred purchase payment provision. (c) 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. As of December 31, 2014, the Company determined 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 valuation was classified in level 3 of the fair value hierarchy. As of December 31, 2015, the Company believes the carrying value of the put option exceeds fair value, however, this instrument cannot be written down below the initial investment and the Company no longer considers it to be a recurring fair value measurement. See Note 22 to the Consolidated Financial Statements. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Components Of Income Before Income Taxes | (in thousands) 2015 2014 2013 Income before income taxes: Domestic $ (580,720) $ 5,751 $ 55,826 Foreign (74,233) 11,636 8,180 Total $ (654,953) $ 17,387 $ 64,006 |
Components Of Income Tax Provision | (in thousands) 2015 2014 2013 Current: U.S. federal $ 10,753 $ 23,336 $ 24,688 State 169 72 1,926 Foreign 925 6,588 3,165 Total 11,847 29,996 29,779 Deferred: U.S. federal (5,252) (21,624) (7,760) State (225) (87) (450) Foreign 2,602 (2,844) (1,682) Total (2,875) (24,555) (9,892) Total income tax provision $ 8,972 $ 5,441 $ 19,887 |
Schedule Of Effective Tax Rate Reconciliation | % of Pretax Income 2015 2014 2013 Tax provision based on the federal statutory rate 35.0 % 35.0 % 35.0 % Nondeductible expenses (0.1) 12.5 — Uncertain tax positions (0.5) 11.2 — Deemed income related to foreign operations (0.6) 8.1 0.2 Return to provision adjustments, foreign current and deferred balances (0.7) 2.5 (0.4) Foreign income tax rate differential (2.0) 0.5 (0.3) State taxes, net of federal benefit, before valuation allowance 0.9 0.3 2.4 Increase in valuation allowances (16.4) — — Impairment of goodwill with no tax basis (16.8) — — Foreign tax credits related to above 0.2 (6.3) — Domestic production activities deduction — (12.0) (3.6) Research credits — (21.9) (0.6) Other (0.4) 1.4 (1.6) Effective tax rate (1.4) % 31.3 % 31.1 % |
Components Of Net Deferred Income Tax Assets And Net Deferred Income Tax Liabilities | (in thousands) 2015 2014 Deferred income tax assets: Intangibles $ 46,293 $ — Stock options and restricted stock awards 22,010 15,156 Reserves and allowances 18,738 12,016 Net operating loss carryforwards 16,796 4,474 Tax credit carryforwards 9,926 4,139 Accrued liabilities 4,943 1,501 Deferred revenue 405 270 Valuation allowance (107,312) — Total deferred income tax assets 11,799 37,556 Deferred income tax liabilities: Intangibles 22,676 50,324 Property, plant and equipment 3,851 2,122 Total deferred income tax liabilities 26,527 52,446 Net deferred income tax liabilities $ (14,728) $ (14,890) |
Schedule Of Unrecognized Tax Benefits | Unrecognized Tax Benefits (in thousands) 2015 2014 2013 Balance at January 1 $ (1,845) $ (16) $ (475) Increases related to prior year tax positions — — 380 Decreases related to prior year tax positions 1,475 — — Increases related to current year tax positions (7,926) (1,829) — Decreases related to current year tax positions — — — Decreases in unrecognized liability due to settlements with foreign tax authorities — — 79 Balance at December 31 $ (8,296) $ (1,845) $ (16) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Information [Abstract] | |
Schedule Of Revenue From Unaffiliated Customers By Product And Service | (in thousands) 2015 2014 2013 Revenue from unaffiliated customers: Americas $ 357,976 $ 333,925 $ 284,752 Germany 82,872 87,021 51,245 Other EMEA 117,232 109,066 82,536 Asia Pacific 108,083 123,640 94,867 Total revenue $ 666,163 $ 653,652 $ 513,400 (in thousands) 2015 2014 2013 Revenue by class of product and service: Products $ 257,379 $ 283,339 $ 227,627 Materials 150,740 158,859 128,405 Services 258,044 211,454 157,368 Total revenue $ 666,163 $ 653,652 $ 513,400 |
Schedule Of Intercompany Sales By Geographic Area | Year Ended December 31, 2015 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ 3,073 $ 36,552 $ 17,133 $ 17,602 $ 74,360 Germany 70 — 6,149 125 6,344 Other EMEA 58,419 4,232 3,494 6,047 72,192 Asia Pacific 3,027 4 79 3,585 6,695 Total $ 64,589 $ 40,788 $ 26,855 $ 27,359 $ 159,591 Year Ended December 31, 2014 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ 201 $ 43,841 $ 20,581 $ 14,433 $ 79,056 Germany 3,217 — 6,742 8 9,967 Other EMEA 42,622 3,115 2,066 2,739 50,542 Asia Pacific 2,283 — — 2,774 5,057 Total $ 48,323 $ 46,956 $ 29,389 $ 19,954 $ 144,622 Year Ended December 31, 2013 Intercompany Sales to (in thousands) Americas Germany Other EMEA Asia Pacific Total Americas $ — $ 23,100 $ 15,622 $ 5,438 $ 44,160 Germany 1,825 — 4,135 — 5,960 Other EMEA 26,862 1,688 2,090 566 31,206 Asia Pacific 1,659 641 67 1,431 3,798 Total $ 30,346 $ 25,429 $ 21,914 $ 7,435 $ 85,124 |
Schedule Of Capital Expenditures By Geographic Area | (in thousands) 2015 2014 2013 Income (loss) from operations: Americas $ (587,435) $ (24,663) $ 43,743 Germany 337 2,749 302 Other EMEA (82,593) 9,181 7,849 Asia Pacific 29,639 40,131 30,499 Subtotal (640,052) 27,398 82,393 Inter-segment elimination (1,872) (1,083) (1,532) Total $ (641,924) $ 26,315 $ 80,861 (in thousands) 2015 2014 2013 Depreciation and amortization: Americas $ 43,613 $ 38,876 $ 21,826 Germany 1,011 1,075 961 Other EMEA 33,585 11,427 4,410 Asia Pacific 4,860 3,810 3,247 Total $ 83,069 $ 55,188 $ 30,444 (in thousands) 2015 2014 2013 Capital expenditures: Americas $ 14,062 $ 18,187 $ 5,166 Germany 613 235 21 Other EMEA 6,856 3,680 1,171 Asia Pacific 868 625 614 Total $ 22,399 $ 22,727 $ 6,972 |
Schedule Of Long-Lived Assets By Geographical Area | At December 31, (in thousands) 2015 2014 2013 Assets: Americas $ 384,054 $ 1,018,113 $ 870,208 Germany 36,782 47,524 38,685 Other EMEA 369,302 384,830 120,562 Asia Pacific 103,137 79,843 68,401 Total $ 893,275 $ 1,530,310 $ 1,097,856 At December 31, (in thousands) 2015 2014 2013 Cash and cash equivalents: Americas $ 98,913 $ 245,219 $ 286,377 Germany 3,901 6,640 3,441 Other EMEA 30,487 15,556 8,915 Asia Pacific 22,342 17,447 7,583 Total $ 155,643 $ 284,862 $ 306,316 At December 31, (in thousands) 2015 2014 2013 Long-lived assets: Americas $ 114,680 $ 570,049 $ 426,221 Germany 14,088 19,994 23,134 Other EMEA 271,892 312,384 71,269 Asia Pacific 60,148 47,193 50,377 Total $ 460,808 $ 949,620 $ 571,001 |
Accumulated Other Comprehensi50
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Schedule Of Accumulated Other Comprehensive Income By Component | (in thousands) Foreign currency translation adjustment Defined benefit pension plan Total Balance at December 31, 2013 $ 6,865 $ (1,076) $ 5,789 Other comprehensive loss (29,060) (1,135) (30,195) Balance at December 31, 2014 (22,195) (2,211) (24,406) Other comprehensive loss (15,480) 338 (15,142) Balance at December 31, 2015 $ (37,675) $ (1,873) $ (39,548) |
Selected Quarterly Financial 51
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Selected Quarterly Financial Data [Abstract] | |
Schedule Of Selected Quarterly Financial Data | 2015 Quarter Ended (in thousands, except per share amounts) December 31 September 30 June 30 March 31 Consolidated revenue $ 183,363 $ 151,574 $ 170,504 $ 160,722 Gross profit 60,160 71,038 81,627 78,984 Total operating expenses 626,081 105,675 105,469 96,508 Loss from operations (a) (565,921) (34,637) (23,842) (17,524) Provision (benefit) for income taxes 29,535 (3,524) (10,096) (6,943) Net income attributable to 3D Systems (596,366) (32,249) (13,696) (13,181) Basic and diluted net loss per share $ (5.32) $ (0.29) $ (0.12) $ (0.12) 2014 Quarter Ended (in thousands, except per share amounts) December 31 September 30 June 30 March 31 Consolidated revenue $ 187,438 $ 166,944 $ 151,512 $ 147,758 Gross profit 89,766 79,798 72,398 75,472 Total operating expenses 85,538 71,590 68,036 65,955 Income from operations 4,228 8,208 4,362 9,517 Provision for income taxes 75 1,113 694 3,559 Net income attributable to 3D Systems 1,551 3,084 2,125 4,877 Basic and diluted net income per share $ 0.01 $ 0.03 $ 0.02 $ 0.05 2013 Quarter Ended (in thousands, except per share amounts) December 31 September 30 June 30 March 31 Consolidated revenue $ 154,817 $ 135,717 $ 120,787 $ 102,079 Gross profit 80,097 71,437 62,583 53,477 Total operating expenses 62,121 42,867 45,787 35,958 Income from operations 17,976 28,570 16,796 17,519 Provision for income taxes 5,248 8,279 4,791 1,569 Net income attributable to 3D Systems 11,224 17,640 9,343 5,883 Basic and diluted net income per share $ 0.11 $ 0.17 $ 0.10 $ 0.06 (a) For the quarter ended December 31, 2015, loss from operations includes $ 443,659 of impairment charges related to goodwill and $93,520 of impairment charges related to other intangible assets. In addition, the Company recognized cash and non-cash charges related to the end of life of the Cube printer and shift from consumer products and services, which totaled $ 8,771 and $18,619 , respectively. See Notes 2, 4, 6 and 7 to the Consolidated Financial Statements. |
Significant Accounting Polici52
Significant Accounting Policies (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Significant Accounting Policies [Line Items] | ||||
Impairment charges on minority investments | $ 7,432,000 | |||
Aggregate carrying investment amount | $ 10,687,000 | 10,687,000 | $ 11,973,000 | |
Goodwill impairment | $ 443,659,000 | 0 | $ 0 | |
Expected cash flow period in years | 10 years | |||
Finite lives impairment charge | 93,520,000 | 0 | 0 | |
Indefinite lives impairment charge | $ 0 | 0 | 0 | |
Software development costs capitalized | 0 | 0 | 250,000 | |
Amortization expense of capitalized software costs | 1,439,000 | 1,439,000 | 1,439,000 | |
Net capitalized software costs | 1,811,000 | 1,811,000 | 3,556,000 | 5,234,000 |
Advertising costs | $ 15,245,000 | $ 8,799,000 | $ 6,010,000 | |
Foreign Concentration Risk [Member] | Consolidated Revenue [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Revenue percentage | 49.00% | |||
Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Sale payment period | 30 days | |||
Ownership of companies, percent | 20.00% | |||
Terminal year growth rate | 4.90% | |||
Fair value discount rate | 12.75% | |||
Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Warranty period | 1 year | |||
Sale payment period | 60 days | |||
Ownership of companies, percent | 50.00% | |||
Terminal year growth rate | 5.30% | |||
Fair value discount rate | 13.50% | |||
Americas [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Fair value of goodwill | 0 | $ 0 | ||
Goodwill impairment | $ 382,271,000 | |||
Finite lives impairment charge | $ 92,248,000 | |||
EMEA [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Carrying value of goodwill exceeds fair value, percent | 29.00% | 29.00% | ||
Goodwill impairment | $ 61,388,000 | |||
Finite lives impairment charge | $ 1,272,000 |
Significant Accounting Polici53
Significant Accounting Policies (Changes In Redeemable Noncontrolling Interests) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Significant Accounting Policies [Abstract] | |
Changes in redemption value | $ 8,550 |
Currency translation adjustments | 322 |
Ending balance | $ 8,872 |
Acquisitions (2015 Acquisitions
Acquisitions (2015 Acquisitions) (Narrative) (Details) - USD ($) $ in Thousands | Jul. 17, 2015 | Jun. 16, 2015 | Apr. 02, 2015 | Feb. 09, 2015 | Dec. 17, 2014 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||||
Acquisition date | Dec. 17, 2014 | |||||
Consideration paid in cash | $ 54,552 | |||||
Cimatron [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition date | Feb. 9, 2015 | |||||
Acquired ownership percentage | 100.00% | |||||
Consideration paid in cash | $ 77,984 | |||||
Easyway [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition date | Apr. 2, 2015 | |||||
Acquired ownership percentage | 65.00% | 65.00% | ||||
Consideration paid in cash | $ 11,265 | |||||
STEAMtrax [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition date | Jun. 16, 2015 | |||||
Consideration paid in cash | $ 2,550 | |||||
Noquo [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition date | Jun. 17, 2015 | |||||
Fair value of consideration paid | $ 651 |
Acquisitions (2014 Acquisitions
Acquisitions (2014 Acquisitions) (Narrative) (Details) - USD ($) $ in Thousands | Dec. 17, 2014 | Dec. 16, 2014 | Nov. 25, 2014 | Sep. 03, 2014 | Aug. 28, 2014 | Aug. 13, 2014 | Aug. 06, 2014 | Apr. 02, 2014 | Feb. 18, 2014 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||||||||
Acquisition date | Dec. 17, 2014 | |||||||||
Consideration paid in cash | $ 54,552 | |||||||||
Digital PlaySpace, Inc. [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition date | Feb. 18, 2014 | |||||||||
Fair value of consideration paid | $ 4,000 | |||||||||
Consideration paid in cash | 2,000 | |||||||||
Consideration paid in shares | $ 2,000 | |||||||||
Medical Modeling Inc. [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition date | Apr. 2, 2014 | |||||||||
Acquired ownership percentage | 100.00% | |||||||||
Fair value of consideration paid | $ 69,026 | |||||||||
Consideration paid in cash | 51,526 | |||||||||
Consideration paid in shares | $ 17,500 | |||||||||
Laser Reproductions [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition date | Aug. 6, 2014 | |||||||||
Fair value of consideration paid | $ 17,450 | |||||||||
Consideration paid in cash | 13,075 | |||||||||
Consideration paid in shares | $ 4,375 | |||||||||
APM And APP [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition date | Aug. 13, 2014 | |||||||||
Consideration paid in cash | $ 14,089 | |||||||||
Simbionix [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition date | Aug. 28, 2014 | |||||||||
Acquired ownership percentage | 100.00% | |||||||||
Consideration paid in cash | $ 121,562 | |||||||||
LayerWise [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition date | Sep. 3, 2014 | |||||||||
Acquired ownership percentage | 100.00% | |||||||||
Consideration paid in cash | $ 41,933 | |||||||||
Robtec [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition date | Nov. 25, 2014 | |||||||||
Acquired ownership percentage | 70.00% | 70.00% | ||||||||
Consideration paid in cash | $ 21,880 | |||||||||
botObjects [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquisition date | Dec. 16, 2014 | |||||||||
Acquired ownership percentage | 100.00% | |||||||||
Consideration paid in cash | $ 24,743 | |||||||||
Additional earnout term | 3 years | |||||||||
Maximum [Member] | botObjects [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Additional earnout amount | $ 25,000 |
Acquisitions (2013 Acquisitions
Acquisitions (2013 Acquisitions) (Narrative) (Details) - USD ($) $ in Thousands | Dec. 17, 2014 | Dec. 31, 2013 | Dec. 23, 2013 | Dec. 13, 2013 | Dec. 04, 2013 | Sep. 06, 2013 | Aug. 20, 2013 | Aug. 06, 2013 | Jul. 15, 2013 | May. 01, 2013 | Feb. 27, 2013 | Jan. 09, 2013 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||||||||||||||
Acquisition date | Dec. 17, 2014 | ||||||||||||||
Consideration paid in cash | $ 54,552 | ||||||||||||||
Co-Web [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Acquisition date | Jan. 9, 2013 | ||||||||||||||
Acquired ownership percentage | 100.00% | ||||||||||||||
Consideration paid in cash | $ 262 | ||||||||||||||
Geomagic [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Acquisition date | Feb. 27, 2013 | ||||||||||||||
Acquired ownership percentage | 100.00% | ||||||||||||||
Consideration paid in cash | $ 52,687 | ||||||||||||||
RPDG [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Acquisition date | May 1, 2013 | ||||||||||||||
Fair value of consideration paid | $ 44,413 | ||||||||||||||
Consideration paid in cash | 33,163 | ||||||||||||||
Consideration paid in shares | 6,750 | ||||||||||||||
Deferred purchase price | 4,500 | ||||||||||||||
Deferred purchase price in cash | 3,750 | ||||||||||||||
Deferred purchase price in shares | $ 750 | ||||||||||||||
Deferred purchase price term | 12 months | ||||||||||||||
Phenix Systems [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Acquisition date | Jul. 15, 2013 | ||||||||||||||
Acquired ownership percentage | 82.00% | 95.00% | 95.00% | ||||||||||||
Consideration paid in cash | $ 16,975 | ||||||||||||||
VisPower Technology Inc. [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Acquisition date | Aug. 6, 2013 | ||||||||||||||
Acquired ownership percentage | 100.00% | ||||||||||||||
Consideration paid in cash | $ 4,998 | ||||||||||||||
CDRM [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Acquisition date | Aug. 20, 2013 | ||||||||||||||
Acquired ownership percentage | 100.00% | ||||||||||||||
Consideration paid in cash | $ 6,399 | ||||||||||||||
The Sugar Lab [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Acquisition date | Sep. 6, 2013 | ||||||||||||||
Fair value of consideration paid | $ 1,500 | ||||||||||||||
Consideration paid in cash | 1,000 | ||||||||||||||
Consideration paid in shares | $ 500 | ||||||||||||||
Figulo Corporation [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Acquisition date | Dec. 4, 2013 | ||||||||||||||
Acquired ownership percentage | 100.00% | ||||||||||||||
Fair value of consideration paid | $ 2,846 | ||||||||||||||
Consideration paid in cash | 1,996 | ||||||||||||||
Consideration paid in shares | $ 850 | ||||||||||||||
Village Plastics Co. [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Acquisition date | Dec. 13, 2013 | ||||||||||||||
Acquired ownership percentage | 100.00% | ||||||||||||||
Fair value of consideration paid | $ 6,361 | ||||||||||||||
Consideration paid in cash | 4,361 | ||||||||||||||
Consideration paid in shares | $ 2,000 | ||||||||||||||
Gentle Giant Studios, Inc. [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Acquisition date | Dec. 23, 2013 | ||||||||||||||
Acquired ownership percentage | 100.00% | ||||||||||||||
Fair value of consideration paid | $ 10,650 | ||||||||||||||
Consideration paid in cash | 7,975 | ||||||||||||||
Consideration paid in shares | $ 2,675 | ||||||||||||||
Xerox Corporation's Wilsonville, Oregon [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Acquisition date | Dec. 31, 2013 | ||||||||||||||
Consideration paid in cash | $ 32,500 |
Acquisitions (Purchase Price Al
Acquisitions (Purchase Price Allocations Of Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Acquisitions [Abstract] | |||
Fixed assets | $ 1,505 | $ 19,279 | $ 9,830 |
Other intangible assets, net | 57,066 | 127,315 | 51,930 |
Goodwill | 44,772 | 259,422 | 128,328 |
Other assets, net of cash acquired | 22,449 | 38,583 | 21,843 |
Liabilities | (33,342) | (75,364) | (32,340) |
Net assets acquired | $ 92,450 | $ 369,235 | $ 179,591 |
Inventories (Components Of Inve
Inventories (Components Of Inventories) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Inventories [Abstract] | ||||
Raw materials | $ 43,960 | $ 43,960 | $ 46,850 | |
Work in process | 4,067 | 4,067 | 2,304 | |
Finished goods and parts | 57,850 | 57,850 | 47,491 | |
Inventories, net | 105,877 | 105,877 | 96,645 | |
Inventory Write-down | $ 18,619 | $ 21,550 | $ 2,334 | $ 4,341 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property And Equipment [Abstract] | |||
Depreciation expense | $ 20,979 | $ 14,727 | $ 9,746 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 156,992 | $ 134,611 | |
Less: Accumulated depreciation and amortization | (70,997) | (52,730) | |
Total property and equipment, net | 85,995 | 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 | 11,007 | 9,370 | |
Machinery And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 105,383 | 84,443 | |
Capitalized Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 7,391 | 3,693 | |
Office Furniture And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 4,714 | 3,478 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | [1] | 17,867 | 12,447 |
Rental Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 149 | 557 | |
Useful Life (in years) | 5 years | ||
Construction In Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 9,578 | $ 20,082 | |
Minimum [Member] | Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 25 years | ||
Minimum [Member] | Machinery And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 2 years | ||
Minimum [Member] | Capitalized Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 3 years | ||
Minimum [Member] | Office Furniture And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 1 year | ||
Maximum [Member] | Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 30 years | ||
Maximum [Member] | Machinery And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 7 years | ||
Maximum [Member] | Capitalized Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 5 years | ||
Maximum [Member] | Office Furniture And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful Life (in years) | 5 years | ||
[1] | Leasehold improvements are amortized on a straight-line basis over the shorter of (i) their estimated useful lives and (ii) the estimated or contractual life of the related lease. |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 60,763,000 | $ 39,203,000 | $ 20,447,000 | |
Annual amortization expense in 2016 | $ 35,113,000 | 35,113,000 | ||
Annual amortization expense in 2017 | 32,087,000 | 32,087,000 | ||
Annual amortization expense in 2018 | 26,920,000 | 26,920,000 | ||
Annual amortization expense in 2019 | 21,606,000 | 21,606,000 | ||
Annual amortization expense in 2020 | 16,912,000 | 16,912,000 | ||
Indefinite lives impairment charge | 0 | 0 | 0 | |
Impairment of Intangible Assets, Finite-lived | 93,520,000 | 0 | 0 | |
Patents Costs [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 303,000 | $ 281,000 | $ 250,000 | |
Acquired Technology [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets, Finite-lived | 19,164,000 | |||
Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets, Finite-lived | 63,852,000 | |||
Trade Names [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets, Finite-lived | 5,952,000 | |||
Non-Compete Agreements [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets, Finite-lived | 3,416,000 | |||
Other Intangibles [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets, Finite-lived | 791,000 | |||
Internally Developed Software [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets, Finite-lived | 345,000 | |||
Minimum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization periods | 1 year | |||
Minimum [Member] | Patents Costs [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization periods | 1 year | |||
Minimum [Member] | Acquired Technology [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization periods | 2 years | |||
Minimum [Member] | Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization periods | 2 years | |||
Minimum [Member] | Trade Names [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization periods | 1 year | |||
Minimum [Member] | Non-Compete Agreements [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization periods | 2 years | |||
Minimum [Member] | Internally Developed Software [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization periods | 3 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization periods | 19 years | |||
Maximum [Member] | Patents Costs [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization periods | 19 years | |||
Maximum [Member] | Acquired Technology [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization periods | 15 years | |||
Maximum [Member] | Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization periods | 15 years | |||
Maximum [Member] | Trade Names [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization periods | 9 years | |||
Maximum [Member] | Non-Compete Agreements [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization periods | 5 years | |||
Americas [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets, Finite-lived | 92,248,000 | |||
EMEA [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets, Finite-lived | $ 1,272,000 |
Intangible Assets (Intangible A
Intangible Assets (Intangible Assets Other Than Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ (104,963) | $ (97,121) |
Intangible assets, Gross | 262,429 | 348,682 |
Intangible assets, Net | $ 157,466 | 251,561 |
Weighted average useful life | 5 years | |
Trademarks [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | 2,110 | |
Intangible assets with finite lives: Net | 2,110 | |
Licenses [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | 5,875 | |
Intangible assets with finite lives: Accumulated Amortization | (5,875) | |
Patents Costs [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 16,251 | 20,733 |
Intangible assets with finite lives: Accumulated Amortization | (4,895) | (7,369) |
Intangible assets with finite lives: Net | $ 11,356 | 13,364 |
Weighted average useful life | 8 years | |
Acquired Technology [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 52,809 | 57,383 |
Intangible assets with finite lives: Accumulated Amortization | (16,405) | (18,241) |
Intangible assets with finite lives: Net | $ 36,404 | 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 | $ 4,730 | 9,073 |
Intangible assets with finite lives: Accumulated Amortization | (2,919) | (5,517) |
Intangible assets with finite lives: Net | 1,811 | 3,556 |
Customer Relationships [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | 101,933 | 157,139 |
Intangible assets with finite lives: Accumulated Amortization | (36,158) | (36,975) |
Intangible assets with finite lives: Net | $ 65,775 | 120,164 |
Weighted average useful life | 7 years | |
Non-Compete Agreements [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 12,163 | 35,469 |
Intangible assets with finite lives: Accumulated Amortization | (8,558) | (11,784) |
Intangible assets with finite lives: Net | $ 3,605 | 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 | $ 28,108 | 21,800 |
Intangible assets with finite lives: Accumulated Amortization | (12,498) | (4,455) |
Intangible assets with finite lives: Net | $ 15,610 | 17,345 |
Weighted average useful life | 6 years | |
Other [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 46,435 | 39,100 |
Intangible assets with finite lives: Accumulated Amortization | (23,530) | (6,905) |
Intangible assets with finite lives: Net | $ 22,905 | $ 32,195 |
Weighted average useful life | 5 years | |
Minimum [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 1 year | |
Minimum [Member] | Patents Costs [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 1 year | |
Minimum [Member] | Acquired Technology [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 2 years | |
Minimum [Member] | Internally Developed Software [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 3 years | |
Minimum [Member] | Customer Relationships [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 2 years | |
Minimum [Member] | Non-Compete Agreements [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 2 years | |
Minimum [Member] | Trade Names [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 1 year | |
Minimum [Member] | Other [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 1 year | |
Maximum [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 19 years | |
Maximum [Member] | Patents Costs [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 19 years | |
Maximum [Member] | Acquired Technology [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 15 years | |
Maximum [Member] | Internally Developed Software [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Weighted average useful life | 3 years | |
Maximum [Member] | Customer Relationships [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 15 years | |
Maximum [Member] | Non-Compete Agreements [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 5 years | |
Maximum [Member] | Trade Names [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 9 years | |
Maximum [Member] | Other [Member] | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Intangible assets estimated useful lives | 7 years |
Goodwill (Changes In The Carryi
Goodwill (Changes In The Carrying Amount Of Goodwill By Geographic Reporting Unit) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | |||
Balance at beginning of period | $ 589,537,000 | $ 370,066,000 | |
Acquisitions and adjustments | 55,262,000 | 235,897,000 | |
Impairment of goodwill | (443,659,000) | 0 | $ 0 |
Effect of foreign currency exchange rates | (13,265,000) | (16,426,000) | |
Balance at end of period | 187,875,000 | 589,537,000 | 370,066,000 |
Americas [Member] | |||
Goodwill [Line Items] | |||
Balance at beginning of period | 339,411,000 | 264,735,000 | |
Acquisitions and adjustments | 47,452,000 | 72,872,000 | |
Impairment of goodwill | (382,271,000) | ||
Effect of foreign currency exchange rates | (4,592,000) | 1,804,000 | |
Balance at end of period | 339,411,000 | 264,735,000 | |
EMEA [Member] | |||
Goodwill [Line Items] | |||
Balance at beginning of period | 216,942,000 | 71,155,000 | |
Acquisitions and adjustments | 2,602,000 | 163,025,000 | |
Impairment of goodwill | (61,388,000) | ||
Effect of foreign currency exchange rates | (7,635,000) | (17,238,000) | |
Balance at end of period | 150,521,000 | 216,942,000 | 71,155,000 |
Asia Pacific [Member] | |||
Goodwill [Line Items] | |||
Balance at beginning of period | 33,184,000 | 34,176,000 | |
Acquisitions and adjustments | 5,208,000 | ||
Effect of foreign currency exchange rates | (1,038,000) | (992,000) | |
Balance at end of period | $ 37,354,000 | $ 33,184,000 | $ 34,176,000 |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Benefits [Abstract] | |||
Employer matching contribution percentage | 50.00% | ||
Maximum employer contribution amount of employee compensation | $ 1,500 | ||
Employee benefit expenses | $ 956,000 | $ 721,000 | $ 527,000 |
Accrued And Other Liabilities65
Accrued And Other Liabilities (Schedule Of Accrued Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued And Other Liabilities [Abstract] | ||
Compensation and benefits | $ 24,152 | $ 20,726 |
Vendor accruals | 12,354 | 10,451 |
Accrued taxes | 11,317 | 8,577 |
Accrued other | 4,753 | 1,244 |
Royalties payable | 1,431 | 1,796 |
Accrued professional fees | 491 | 532 |
Accrued earnouts and deferred payments related to acquisitions | 159 | 185 |
Accrued interest | 42 | 43 |
Total | $ 54,699 | $ 43,554 |
Accrued And Other Liabilities66
Accrued And Other Liabilities (Schedule Of Other Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued And Other Liabilities [Abstract] | ||
Arbitration award | $ 11,282 | |
Long term employee indemnity | 9,794 | $ 5,769 |
Long term earnouts related to acquisitions | 9,673 | 8,970 |
Long term tax liability | 8,312 | 2,029 |
Long term deferred revenue | 7,956 | 7,627 |
Defined benefit pension obligation | 6,211 | 7,062 |
Other long term liabilities | 4,927 | 8,446 |
Total | $ 58,155 | $ 39,903 |
Hedging Activities And Financ67
Hedging Activities And Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Proceeds from Sale of Property, Plant, and Equipment | $ 1,882 | ||
Foreign currency contracts | $ 0 | $ 0 | |
Foreign currency transaction gain (loss) | (3,263) | (5,727) | (773) |
Foreign currency translation on accumulated other comprehensive income (loss) | $ (15,480) | $ (29,060) | $ 1,918 |
Senior Convertible Notes [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate | 5.50% | 5.50% |
Borrowings (Details)
Borrowings (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Line of Credit Facility [Line Items] | |||
Interest income | $ 521 | $ 482 | $ 1,285 |
Interest expense | 2,011 | 1,227 | $ 3,425 |
Capitalized leases | $ 8,187 | ||
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit Agreement initiation date | Oct. 10, 2014 | ||
Credit Agreement aggregate principal amount | $ 150,000 | ||
Credit Agreement term | 5 years | ||
Credit Agreement optional increase in aggregate principal amount | $ 75,000 | ||
Credit Agreement maturity date | Oct. 10, 2019 | ||
Credit Agreement maximum consolidated total leverage ratio | 3 | ||
Credit Agreement minimum interest coverage ratio | 3.50 | ||
Credit Agreement availability | $ 150,000 | ||
Credit Agreement maximum cash dividends in a fiscal year | 30,000 | ||
Credit Agreement outstanding balance | $ 0 | $ 0 | |
Revolving Credit Facility [Member] | Federal Funds Open Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit Agreement applicable margin | 0.50% | ||
Revolving Credit Facility [Member] | LIBOR Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit Agreement applicable margin | 1.00% | ||
Senior Convertible Notes [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest rate | 5.50% | 5.50% | |
Minimum [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit Agreement quarterly commitment fee percentage | 0.20% | ||
Minimum [Member] | Revolving Credit Facility [Member] | Leverage Ratio [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit Agreement applicable margin | 0.25% | ||
Minimum [Member] | Revolving Credit Facility [Member] | LIBOR Rate Plus Levarage Ratio [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit Agreement applicable margin | 1.25% | ||
Maximum [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit Agreement quarterly commitment fee percentage | 0.25% | ||
Maximum [Member] | Revolving Credit Facility [Member] | Leverage Ratio [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit Agreement applicable margin | 0.50% | ||
Maximum [Member] | Revolving Credit Facility [Member] | LIBOR Rate Plus Levarage Ratio [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit Agreement applicable margin | 1.50% |
Lease Obligations (Narrative) (
Lease Obligations (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Rent expense | $ 13,960 | $ 10,427 | $ 6,891 |
Payment of base rent in 2016 | $ 1,056 | ||
Rock Hill Facility [Member] | |||
Lease expiration date | Aug. 31, 2021 | ||
Number of lease renewal terms | item | 2 | ||
Lease renewal terms | 5 years | ||
Payment of base rent in 2015 | $ 669 | ||
Payment of base rent in 2016 | 683 | ||
Payment of base rent in 2017 through 2020 | 709 | ||
Payment of base rent in 2021 | $ 723 | ||
Implicit interest rate | 6.93% | 6.93% | |
Other Capital Lease Obligations [Member] | |||
Lease expiration date | Aug. 1, 2018 | ||
Minimum [Member] | Other Capital Lease Obligations [Member] | |||
Implicit interest rate | 1.75% | 1.75% | |
Maximum [Member] | Other Capital Lease Obligations [Member] | |||
Implicit interest rate | 8.06% | 8.06% |
Lease Obligations (Schedule Of
Lease Obligations (Schedule Of Future Minimum Lease Payments For Capitalized And Non-Cancelable Operating Leases) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Lease Obligations [Abstract] | |
Capitalized Leases, 2016 | $ 1,056 |
Capitalized Leases, 2017 | 1,083 |
Capitalized Leases, 2018 | 1,079 |
Capitalized Leases, 2019 | 1,075 |
Capitalized Leases, 2020 | 1,013 |
Capitalized Leases, Later years | 8,229 |
Capitalized Leases, Total minimum lease payments | 13,535 |
Capitalized Leases, Less: amounts representing imputed interest | (4,819) |
Capitalized Leases, Present value of minimum lease payments | 8,716 |
Capitalized Leases, Less current portion of capitalized lease obligations | (529) |
Capitalized Leases, Capitalized lease obligations, excluding current portion | 8,187 |
Operating Leases, 2016 | 10,817 |
Operating Leases, 2017 | 9,131 |
Operating Leases, 2018 | 7,458 |
Operating Leases, 2019 | 6,407 |
Operating Leases, 2020 | 3,898 |
Operating Leases, Later years | 11,432 |
Operating Leases, Total minimum lease payments | $ 49,143 |
Preferred Stock (Details)
Preferred Stock (Details) - shares | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred Stock [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) shares in Thousands, $ in Thousands | Apr. 01, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options outstanding | 0 | 0 | 0 | |
Restricted stock awards granted | 1,438 | 1,031 | 1,126 | |
Vesting period | 3 years | |||
Compensation expense | $ 34,733 | $ 32,793 | $ 13,558 | |
Granted after November 13, 2015 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Award vesting rights, percentage | 33.00% | |||
Director Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 564 | 849 | 600 | |
Incentive Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 34,169 | 31,944 | 12,958 | |
2015 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved for issuance | 5,972 | |||
Restricted Stock Awards [Member] | Incentive Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Estimated future value of awards granted | $ 22,898 | $ 49,121 | $ 67,942 | |
Non-Employee Directors [Member] | Director Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock awards granted | 26 | 17 | 12 | |
Common stock available for future grants | 106 | |||
Limit on value of award shares to directors | $ 100 | |||
Non-Employee Directors [Member] | Initial Grants [Member] | Director Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock issued upon reaching milestones | 1 | |||
Non-Employee Directors [Member] | Annual Grants [Member] | Director Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock issued upon reaching milestones | 3 | |||
Non-Employee Directors [Member] | Interim Grants [Member] | Director Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock issued upon reaching milestones | 3 | |||
Executive Officer [Member] | Incentive Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted stock awards granted | 260 | 240 | 212 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Stock-Based Compensation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 34,733 | $ 32,793 | $ 13,558 |
Incentive Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 34,169 | 31,944 | 12,958 |
Director Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 564 | $ 849 | $ 600 |
Stock-Based Compensation (Sch74
Stock-Based Compensation (Schedule Of Restricted Stock Units Award Activity) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards granted | 1,438 | 1,031 | 1,126 |
Restricted stock awards granted, weighted average exercise price | $ 16.12 | $ 49.46 | $ 61.78 |
Incentive Plans [Member] | Non-Executive Employee [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards granted | 1,152 | 774 | 902 |
Restricted stock awards granted, weighted average exercise price | $ 16.30 | $ 52.09 | $ 59.42 |
Incentive Plans [Member] | Executive Officer [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards granted | 260 | 240 | 212 |
Restricted stock awards granted, weighted average exercise price | $ 14.77 | $ 41 | $ 72.60 |
Director Plan [Member] | Non-Employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock awards granted | 26 | 17 | 12 |
Restricted stock awards granted, weighted average exercise price | $ 21.30 | $ 49.26 | $ 48.43 |
International Retirement Plan75
International Retirement Plan (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Non-Contributory Defined Benefit Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net present value of annuity | $ 2,741 | $ 2,981 |
International Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized net loss | 338 | (1,719) |
Actuarial amortization | (154) | (69) |
Tax benefit | (154) | (515) |
Adjustment to AOCI | $ 338 | $ 1,135 |
International Retirement Plan76
International Retirement Plan (Reconciliation Of Changes In Projected Benefit Obligation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Obligations as of January 1 | $ 7,062 | |
Obligations as of December 31 | 6,211 | $ 7,062 |
International Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Obligations as of January 1 | 7,194 | 5,987 |
Service cost | 178 | 150 |
Interest cost | 156 | 200 |
Actuarial (gain) loss | (338) | 1,719 |
Benefit payments | (119) | (144) |
Effect of foreign currency exchange rate changes | (743) | (718) |
Obligations as of December 31 | 6,328 | 7,194 |
Funded status as of December 31 (net of tax benefit) | $ (6,328) | $ (7,194) |
International Retirement Plan77
International Retirement Plan (Summary Of Amounts Recognized In Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 6,211 | $ 7,062 | |
International Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accrued liabilities | 117 | 132 | |
Other liabilities | 6,211 | 7,062 | |
Projected benefit obligation | 6,328 | 7,194 | $ 5,987 |
Accumulated other comprehensive loss | (1,873) | (2,211) | |
Total | $ 4,455 | $ 4,983 |
International Retirement Plan78
International Retirement Plan (Schedule Of Accumulated And Projected Benefit Obligations) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 6,211 | $ 7,062 | |
International Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 6,328 | 7,194 | $ 5,987 |
Accumulated benefit obligation | $ 5,738 | $ 6,301 |
International Retirement Plan79
International Retirement Plan (Components Of Net Periodic Benefit Costs And Other Amounts Recognized In Other Comprehensive Income) (Details) - International Retirement Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 178 | $ 150 |
Interest cost | 156 | 200 |
Amortization of actuarial loss | 154 | 69 |
Total | 488 | 419 |
Net (gain) loss | (338) | 1,135 |
Total expense recognized in net periodic benefit cost and other comprehensive income (loss) | $ 150 | $ 1,554 |
International Retirement Plan80
International Retirement Plan (Assumptions Used To Determine Benefit Obligations) (Details) - International Retirement Plan [Member] | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.50% | 2.40% |
Rate of compensation | 3.00% | 3.00% |
International Retirement Plan81
International Retirement Plan (Summary Of Estimated Future Benefit Payments) (Details) - International Retirement Plan [Member] $ in Thousands | Dec. 31, 2015USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 132 |
2,017 | 135 |
2,018 | 138 |
2,019 | 152 |
2,020 | 181 |
2021-2025 | $ 1,045 |
Warranty Contracts (Schedule Of
Warranty Contracts (Schedule Of Recognized Warranty Revenue And Incurred Warranty Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Warranty Contracts [Line Items] | |||
Product Warranty Period | 1 year | ||
Beginning Balance Deferred Warranty Revenue beginning balance | $ 11,914 | $ 9,141 | $ 4,081 |
Warranty Revenue Deferred | 16,191 | 17,185 | 14,681 |
Warranty Revenue Recognized | (16,600) | (14,412) | (9,621) |
Ending Balance Deferred Warranty Revenue | 11,505 | 11,914 | 9,141 |
Warranty Costs Incurred | 12,336 | 12,620 | 9,262 |
Materials [Member] | |||
Warranty Contracts [Line Items] | |||
Warranty Costs Incurred | 6,202 | 5,958 | 4,441 |
Labor And Overhead [Member] | |||
Warranty Contracts [Line Items] | |||
Warranty Costs Incurred | $ 6,134 | $ 6,662 | $ 4,821 |
Computation Of Net Income Per83
Computation Of Net Income Per Share (Schedule Of Net Income Per Share Reconciliation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Earnings (Loss) Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||||
Net income (loss) attributable to 3D Systems Corporation | $ (655,492) | $ 11,637 | $ 44,107 | |||||||||||||
Weighted average shares | 111,969 | 108,023 | 98,393 | |||||||||||||
Earnings (loss) per share, basic and diluted | $ (5.32) | $ (0.29) | $ (0.12) | $ (0.12) | $ 0.01 | $ 0.03 | $ 0.02 | $ 0.05 | $ 0.11 | $ 0.17 | $ 0.10 | $ 0.06 | $ (5.85) | $ 0.11 | $ 0.45 | |
5.50% Convertible Notes [Member] | ||||||||||||||||
Earnings (Loss) Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||||
Anti-dilutive securities excluded from diluted earnings per share | [1] | 1,764 | ||||||||||||||
Restricted Stock Units [Member] | ||||||||||||||||
Earnings (Loss) Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||||
Anti-dilutive securities excluded from diluted earnings per share | [2] | 270 | ||||||||||||||
Interest Expense [Member] | ||||||||||||||||
Earnings (Loss) Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||||
Anti-dilutive securities excluded from diluted earnings per share | [1] | 1,835 | ||||||||||||||
Senior Convertible Notes [Member] | ||||||||||||||||
Earnings (Loss) Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||||||
Interest rate | 5.50% | 5.50% | 5.50% | 5.50% | ||||||||||||
[1] | Average outstanding diluted earnings per share calculation excludes shares that may be issued upon conversion of the outstanding senior convertible notes since the effect of their inclusion would have been anti-dilutive | |||||||||||||||
[2] | Average outstanding diluted earnings (loss) per share calculation excludes restricted stock units since the effect of their inclusion would have been anti-dilutive. |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) | 12 Months Ended | ||||
Dec. 31, 2015 | Apr. 02, 2015 | Dec. 31, 2014 | Nov. 25, 2014 | Jul. 15, 2013 | |
Business Acquisition [Line Items] | |||||
Acquisition date | Dec. 17, 2014 | ||||
Phenix Systems [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquired ownership percentage | 95.00% | 95.00% | 82.00% | ||
Acquisition date | Jul. 15, 2013 | ||||
Robtec [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquired ownership percentage | 70.00% | 70.00% | |||
Acquisition date | Nov. 25, 2014 | ||||
Easyway [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquired ownership percentage | 65.00% | 65.00% | |||
Acquisition date | Apr. 2, 2015 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Fair Value Measurements [Abstract] | |
Fair value of assets transferred from level 1 to level 2 | $ 0 |
Fair value of liabilities transferred from level 1 to level 2 | $ 0 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | $ 28,648 | $ 190,628 |
Earnout consideration | [2] | 9,673 | 9,155 |
Redeemable noncontrolling interests | [3] | 8,872 | |
Earnout accretion | 677 | ||
Deferred purchase payment provision | 159 | ||
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | $ 28,648 | $ 190,628 |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | [1] | ||
Earnout consideration | [2] | ||
Redeemable noncontrolling interests | [3] | ||
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Earnout consideration | [2] | $ 9,673 | $ 9,155 |
Redeemable noncontrolling interests | [3] | $ 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] | The fair value of the earnout consideration, which is based on the present value of the expected future payments to be made to the sellers of the acquired businesses, was derived by analyzing the future performance of the acquired businesses using the earnout formula and performance targets specified in each purchase agreement and adjusting those amounts to reflect the ability of the acquired entities to achieve the stated targets. Given the significance of the unobservable inputs, the valuations are classified in level 3 of the fair value hierarchy. | ||
[3] | 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. As of December 31, 2014, the Company determined 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 valuation was classified in level 3 of the fair value hierarchy. As of December 31, 2015, the Company believes the carrying value of the put option exceeds fair value, however, this instrument cannot be written down below the initial investment and the Company no longer considers it to be a recurring fair value measurement. See Note 22 to the Consolidated Financial Statements. |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
Difference between effective tax rate and federal statutory rate | 36.40% | 3.70% | 3.90% |
Valuation allowance | $ 107,312,000 | $ 0 | |
Deferred income tax assets | 16,796,000 | 4,474,000 | |
Net operating loss carryforwards | 85,609,000 | 38,338,000 | |
Loss carryforwards for U.S. federal income tax purposes | 33,606,000 | 5,092,000 | |
Loss carryforwards for U.S. state income tax purposes | 34,492,000 | 26,365,000 | |
Loss carryforwards for foreign income tax purposes | 17,511,000 | 6,881,000 | |
Additional paid-in capital | (1,243,000) | 7,653,000 | $ 26,038,000 |
Unremitted earnings of foreign subsidiaries | 18,615,000 | ||
Unrecognized benefits | 6,451,000 | 1,829,000 | |
Anticipated additional unrecognized tax benefits during the next twelve months | $ 0 | ||
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 | 2,012 | ||
Brazil Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2,010 | ||
China Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2,012 | ||
France Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2,012 | ||
German Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2,010 | ||
India Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2,011 | ||
Israel Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2,012 | ||
Italy Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2,011 | ||
Japan Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2,010 | ||
Korea Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2,010 | ||
Mexican Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2,010 | ||
Netherlands Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2,010 | ||
Switzerland Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2,010 | ||
United Kingdom Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2,014 | ||
Uruguay Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2,010 | ||
Minimum [Member] | U.S. Internal Revenue Service [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2,012 | ||
Maximum [Member] | U.S. Internal Revenue Service [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2,014 | ||
Foreign Deferred Tax Assets [Member] | |||
Income Taxes [Line Items] | |||
Valuation allowance | $ 2,006,000 | ||
U.S Federal Income Tax [Member] | |||
Income Taxes [Line Items] | |||
Research and experimentation tax credit carryforwards | 3,368,000 | ||
Foreign tax credits | 3,232,000 | 810,000 | |
Other state tax credits | $ 474,000 | ||
U.S Federal Income Tax [Member] | Minimum [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards beginning expiration date | Dec. 31, 2022 | ||
U.S. State Income Tax [Member] | |||
Income Taxes [Line Items] | |||
Research and experimentation tax credit carryforwards | $ 2,082,000 | 2,196,000 | |
Other state tax credits | $ 615,000 | 615,000 | |
U.S. State Income Tax [Member] | Minimum [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards beginning expiration date | Dec. 31, 2020 | ||
Foreign Income Tax [Member] | |||
Income Taxes [Line Items] | |||
Research and experimentation tax credit carryforwards | $ 155,000 | $ 518,000 | |
Foreign Income Tax [Member] | Minimum [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards beginning expiration date | Dec. 31, 2018 | ||
Internal Revenue Service Loss Carryforward [Member] | Minimum [Member] | U.S. Internal Revenue Service [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 1,997 | ||
Internal Revenue Service Loss Carryforward [Member] | Maximum [Member] | U.S. Internal Revenue Service [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | 2,007 | ||
Restricted Stock Awards [Member] | |||
Income Taxes [Line Items] | |||
Additional paid-in capital | $ 1,243,000 |
Income Taxes (Components Of Inc
Income Taxes (Components Of Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Income before income taxes: Domestic | $ (580,720) | $ 5,751 | $ 55,826 |
Income before income taxes: Foreign | (74,233) | 11,636 | 8,180 |
Income (loss) before income taxes | $ (654,953) | $ 17,387 | $ 64,006 |
Income Taxes (Components Of I89
Income Taxes (Components Of Income Tax Provision) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||||||||||||||
Current: U.S. federal | $ 10,753 | $ 23,336 | $ 24,688 | ||||||||||||
Current: State | 169 | 72 | 1,926 | ||||||||||||
Current: Foreign | 925 | 6,588 | 3,165 | ||||||||||||
Current: Total | 11,847 | 29,996 | 29,779 | ||||||||||||
Deferred: U.S. federal | (5,252) | (21,624) | (7,760) | ||||||||||||
Deferred: State | (225) | (87) | (450) | ||||||||||||
Deferred: Foreign | 2,602 | (2,844) | (1,682) | ||||||||||||
Deferred: Total | (2,875) | (24,555) | (9,892) | ||||||||||||
Total income tax provision | $ 29,535 | $ (3,524) | $ (10,096) | $ (6,943) | $ 75 | $ 1,113 | $ 694 | $ 3,559 | $ 5,248 | $ 8,279 | $ 4,791 | $ 1,569 | $ 8,972 | $ 5,441 | $ 19,887 |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Tax provision based on the federal statutory rate | 35.00% | 35.00% | 35.00% |
Nondeductible expenses | (0.10%) | 12.50% | |
Uncertain tax positions | (0.50%) | 11.20% | |
Deemed income related to foreign operations | (0.60%) | 8.10% | 0.20% |
Return to provision adjustments, foreign current and deferred balances | (0.70%) | 2.50% | (0.40%) |
Foreign income tax rate differential | (2.00%) | 0.50% | (0.30%) |
State taxes, net of federal benefit, before valuation allowance | 0.90% | 0.30% | 2.40% |
Increase in valuation allowances | (16.40%) | ||
Impairment of goodwill with no tax basis | (16.80%) | ||
Foreign tax credits related to above | 0.20% | (6.30%) | |
Domestic production activities deduction | (12.00%) | (3.60%) | |
Research credits | (21.90%) | (0.60%) | |
Other | (0.40%) | 1.40% | (1.60%) |
Effective tax rate | (1.40%) | 31.30% | 31.10% |
Income Taxes (Components Of Net
Income Taxes (Components Of Net Deferred Income Tax Assets And Net Deferred Income Tax Liabilities) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes [Abstract] | ||
Intangibles | $ 46,293,000 | |
Stock options and restricted stock awards | 22,010,000 | $ 15,156,000 |
Reserves and allowances | 18,738,000 | 12,016,000 |
Net operating loss carryforwards | 16,796,000 | 4,474,000 |
Tax credit carryforwards | 9,926,000 | 4,139,000 |
Accrued liabilities | 4,943,000 | 1,501,000 |
Deferred revenue | 405,000 | 270,000 |
Valuation allowance | (107,312,000) | 0 |
Total deferred income tax assets | 11,799,000 | 37,556,000 |
Intangibles | 22,676,000 | 50,324,000 |
Property, plant and equipment | 3,851,000 | 2,122,000 |
Total deferred income tax liabilities | 26,527,000 | 52,446,000 |
Net deferred income tax liabilities | $ (14,728,000) | $ (14,890,000) |
Income Taxes (Schedule Of Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Balance at January 1 | $ (1,845) | $ (16) | $ (475) |
Increases related to prior year tax positions | $ 380 | ||
Decreases related to prior year tax positions | 1,475 | ||
Increases related to current year tax positions | $ (7,926) | $ (1,829) | |
Decreases related to current year tax positions | |||
Decreases in unrecognized liability due to settlements with foreign tax authorities | $ 79 | ||
Balance at December 31 | $ (8,296) | $ (1,845) | $ (16) |
Segment Information (Schedule O
Segment Information (Schedule Of Revenue From Unaffiliated Customers By Geographic Area) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2013USD ($) | Jun. 30, 2013USD ($) | Mar. 31, 2013USD ($) | Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||||||
Number of reportable segments | segment | 1 | ||||||||||||||
Revenue from unaffiliated customers | $ 183,363 | $ 151,574 | $ 170,504 | $ 160,722 | $ 187,438 | $ 166,944 | $ 151,512 | $ 147,758 | $ 154,817 | $ 135,717 | $ 120,787 | $ 102,079 | $ 666,163 | $ 653,652 | $ 513,400 |
Americas [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenue from unaffiliated customers | 357,976 | 333,925 | 284,752 | ||||||||||||
Germany [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenue from unaffiliated customers | 82,872 | 87,021 | 51,245 | ||||||||||||
Other EMEA [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenue from unaffiliated customers | 117,232 | 109,066 | 82,536 | ||||||||||||
Asia Pacific [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenue from unaffiliated customers | $ 108,083 | $ 123,640 | $ 94,867 |
Segment Information (Schedule94
Segment Information (Schedule Of Revenue From Unaffiliated Customers By Product And Service) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Revenue | $ 183,363 | $ 151,574 | $ 170,504 | $ 160,722 | $ 187,438 | $ 166,944 | $ 151,512 | $ 147,758 | $ 154,817 | $ 135,717 | $ 120,787 | $ 102,079 | $ 666,163 | $ 653,652 | $ 513,400 |
Products [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenue | 257,379 | 283,339 | 227,627 | ||||||||||||
Materials [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenue | 150,740 | 158,859 | 128,405 | ||||||||||||
Services [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenue | $ 258,044 | $ 211,454 | $ 157,368 |
Segment Information (Schedule95
Segment Information (Schedule Of Intercompany Sales By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | $ 183,363 | $ 151,574 | $ 170,504 | $ 160,722 | $ 187,438 | $ 166,944 | $ 151,512 | $ 147,758 | $ 154,817 | $ 135,717 | $ 120,787 | $ 102,079 | $ 666,163 | $ 653,652 | $ 513,400 |
Intercompany Sales To Americas [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 64,589 | 48,323 | 30,346 | ||||||||||||
Intercompany Sales To Germany [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 40,788 | 46,956 | 25,429 | ||||||||||||
Intercompany Sales To Other EMEA [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 26,855 | 29,389 | 21,914 | ||||||||||||
Intercompany Sales To Asia Pacific [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 27,359 | 19,954 | 7,435 | ||||||||||||
Intercompany Sales [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 159,591 | 144,622 | 85,124 | ||||||||||||
Americas [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 357,976 | 333,925 | 284,752 | ||||||||||||
Americas [Member] | Intercompany Sales To Americas [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 3,073 | 201 | |||||||||||||
Americas [Member] | Intercompany Sales To Germany [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 36,552 | 43,841 | 23,100 | ||||||||||||
Americas [Member] | Intercompany Sales To Other EMEA [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 17,133 | 20,581 | 15,622 | ||||||||||||
Americas [Member] | Intercompany Sales To Asia Pacific [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 17,602 | 14,433 | 5,438 | ||||||||||||
Americas [Member] | Intercompany Sales [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 74,360 | 79,056 | 44,160 | ||||||||||||
Germany [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 82,872 | 87,021 | 51,245 | ||||||||||||
Germany [Member] | Intercompany Sales To Americas [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 70 | 3,217 | 1,825 | ||||||||||||
Germany [Member] | Intercompany Sales To Other EMEA [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 6,149 | 6,742 | 4,135 | ||||||||||||
Germany [Member] | Intercompany Sales To Asia Pacific [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 125 | 8 | |||||||||||||
Germany [Member] | Intercompany Sales [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 6,344 | 9,967 | 5,960 | ||||||||||||
Other EMEA [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 117,232 | 109,066 | 82,536 | ||||||||||||
Other EMEA [Member] | Intercompany Sales To Americas [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 58,419 | 42,622 | 26,862 | ||||||||||||
Other EMEA [Member] | Intercompany Sales To Germany [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 4,232 | 3,115 | 1,688 | ||||||||||||
Other EMEA [Member] | Intercompany Sales To Other EMEA [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 3,494 | 2,066 | 2,090 | ||||||||||||
Other EMEA [Member] | Intercompany Sales To Asia Pacific [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 6,047 | 2,739 | 566 | ||||||||||||
Other EMEA [Member] | Intercompany Sales [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 72,192 | 50,542 | 31,206 | ||||||||||||
Asia Pacific [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 108,083 | 123,640 | 94,867 | ||||||||||||
Asia Pacific [Member] | Intercompany Sales To Americas [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 3,027 | 2,283 | 1,659 | ||||||||||||
Asia Pacific [Member] | Intercompany Sales To Germany [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 4 | 641 | |||||||||||||
Asia Pacific [Member] | Intercompany Sales To Other EMEA [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 79 | 67 | |||||||||||||
Asia Pacific [Member] | Intercompany Sales To Asia Pacific [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | 3,585 | 2,774 | 1,431 | ||||||||||||
Asia Pacific [Member] | Intercompany Sales [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Intercompany sales | $ 6,695 | $ 5,057 | $ 3,798 |
Segment Information (Schedule96
Segment Information (Schedule Of Income (Loss) From Operations By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Loss from operations | $ (565,921) | $ (34,637) | $ (23,842) | $ (17,524) | $ 4,228 | $ 8,208 | $ 4,362 | $ 9,517 | $ 17,976 | $ 28,570 | $ 16,796 | $ 17,519 | $ (641,924) | $ 26,315 | $ 80,861 |
Subtotal [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Loss from operations | (640,052) | 27,398 | 82,393 | ||||||||||||
Inter-Segment Elimination [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Loss from operations | (1,872) | (1,083) | (1,532) | ||||||||||||
Americas [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Loss from operations | (587,435) | (24,663) | 43,743 | ||||||||||||
Germany [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Loss from operations | 337 | 2,749 | 302 | ||||||||||||
Other EMEA [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Loss from operations | (82,593) | 9,181 | 7,849 | ||||||||||||
Asia Pacific [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Loss from operations | $ 29,639 | $ 40,131 | $ 30,499 |
Segment Information (Schedule97
Segment Information (Schedule Of Depreciation And Amortization By Geographic Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 83,069 | $ 55,188 | $ 30,444 |
Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 43,613 | 38,876 | 21,826 |
Germany [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 1,011 | 1,075 | 961 |
Other EMEA [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 33,585 | 11,427 | 4,410 |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 4,860 | $ 3,810 | $ 3,247 |
Segment Information (Schedule98
Segment Information (Schedule Of Capital Expenditures By Geographic Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 22,399 | $ 22,727 | $ 6,972 |
Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 14,062 | 18,187 | 5,166 |
Germany [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 613 | 235 | 21 |
Other EMEA [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 6,856 | 3,680 | 1,171 |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 868 | $ 625 | $ 614 |
Segment Information (Schedule99
Segment Information (Schedule Of Assets By Geographic Area) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | |||
Assets | $ 893,275 | $ 1,530,310 | $ 1,097,856 |
Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 384,054 | 1,018,113 | 870,208 |
Germany [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 36,782 | 47,524 | 38,685 |
Other EMEA [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | 369,302 | 384,830 | 120,562 |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets | $ 103,137 | $ 79,843 | $ 68,401 |
Segment Information (Schedul100
Segment Information (Schedule Of Cash And Cash Equivalents By Geographic Area) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | $ 155,643 | $ 284,862 | $ 306,316 | $ 155,859 |
Americas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | 98,913 | 245,219 | 286,377 | |
Germany [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | 3,901 | 6,640 | 3,441 | |
Other EMEA [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | 30,487 | 15,556 | 8,915 | |
Asia Pacific [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | $ 22,342 | $ 17,447 | $ 7,583 |
Segment Information (Schedul101
Segment Information (Schedule Of Long-Lived Assets By Geographic Area) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | |||
Long-lived assets | $ 460,808 | $ 949,620 | $ 571,001 |
Americas [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | 114,680 | 570,049 | 426,221 |
Germany [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | 14,088 | 19,994 | 23,134 |
Other EMEA [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | 271,892 | 312,384 | 71,269 |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived assets | $ 60,148 | $ 47,193 | $ 50,377 |
Commitments And Contingencies (
Commitments And Contingencies (Details) $ in Thousands | Sep. 28, 2015USD ($) | Aug. 23, 2013lawsuit | Dec. 31, 2015USD ($)lawsuit | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Rent expense under operating leases | $ 13,960 | $ 10,427 | $ 6,891 | ||
Supply commitments for printer assemblies | 50,663 | 56,620 | |||
Total liabilities recorded for earnouts | $ 9,832 | $ 9,155 | |||
Number of stockholder class action lawsuits | lawsuit | 2 | 5 | |||
Provision for litigation award | $ 11,282 | $ 11,282 | |||
Alleged actual damages | 7,254 | ||||
Fees and expenses | 2,318 | ||||
Prejudgment interest | $ 1,710 | ||||
Forecast [Member] | Put Option [Member] | |||||
Aggregate amount to owner upon exercise | $ 8,872 |
Accumulated Other Comprehens103
Accumulated Other Comprehensive Income (Loss) (Schedule Of Accumulated Other Comprehensive Income By Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ (24,406) | $ 5,789 |
Other comprehensive loss | (15,142) | (30,195) |
Ending Balance | (39,548) | (24,406) |
Foreign Currency Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (22,195) | 6,865 |
Other comprehensive loss | (15,480) | (29,060) |
Ending Balance | (37,675) | (22,195) |
Defined Benefit Pension Plan [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (2,211) | (1,076) |
Other comprehensive loss | 338 | (1,135) |
Ending Balance | $ (1,873) | $ (2,211) |
Selected Quarterly Financial104
Selected Quarterly Financial Data (Schedule Of Selected Quarterly Financial Data) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Selected Quarterly Financial Data [Abstract] | |||||||||||||||
Consolidated revenue | $ 183,363,000 | $ 151,574,000 | $ 170,504,000 | $ 160,722,000 | $ 187,438,000 | $ 166,944,000 | $ 151,512,000 | $ 147,758,000 | $ 154,817,000 | $ 135,717,000 | $ 120,787,000 | $ 102,079,000 | $ 666,163,000 | $ 653,652,000 | $ 513,400,000 |
Gross profit | 60,160,000 | 71,038,000 | 81,627,000 | 78,984,000 | 89,766,000 | 79,798,000 | 72,398,000 | 75,472,000 | 80,097,000 | 71,437,000 | 62,583,000 | 53,477,000 | 291,809,000 | 317,434,000 | 267,594,000 |
Total operating expenses | 626,081,000 | 105,675,000 | 105,469,000 | 96,508,000 | 85,538,000 | 71,590,000 | 68,036,000 | 65,955,000 | 62,121,000 | 42,867,000 | 45,787,000 | 35,958,000 | 933,733,000 | 291,119,000 | 186,733,000 |
Loss from operations | (565,921,000) | (34,637,000) | (23,842,000) | (17,524,000) | 4,228,000 | 8,208,000 | 4,362,000 | 9,517,000 | 17,976,000 | 28,570,000 | 16,796,000 | 17,519,000 | (641,924,000) | 26,315,000 | 80,861,000 |
Provision (benefit) for income taxes | 29,535,000 | (3,524,000) | (10,096,000) | (6,943,000) | 75,000 | 1,113,000 | 694,000 | 3,559,000 | 5,248,000 | 8,279,000 | 4,791,000 | 1,569,000 | 8,972,000 | 5,441,000 | 19,887,000 |
Net income attributable to 3D Systems | $ (596,366,000) | $ (32,249,000) | $ (13,696,000) | $ (13,181,000) | $ 1,551,000 | $ 3,084,000 | $ 2,125,000 | $ 4,877,000 | $ 11,224,000 | $ 17,640,000 | $ 9,343,000 | $ 5,883,000 | $ (663,925,000) | $ 11,946,000 | $ 44,119,000 |
Basic and diluted net income (loss) per share | $ (5.32) | $ (0.29) | $ (0.12) | $ (0.12) | $ 0.01 | $ 0.03 | $ 0.02 | $ 0.05 | $ 0.11 | $ 0.17 | $ 0.10 | $ 0.06 | $ (5.85) | $ 0.11 | $ 0.45 |
Impairment of goodwill and other intangible assets | $ 443,659,000 | $ 537,179,000 | |||||||||||||
Finite lives impairment charge | $ 93,520,000 | $ 0 | $ 0 | ||||||||||||
Cash charge related to shift from consumer products and services | 8,771,000 | ||||||||||||||
Non-cash charge related to shift from consumer products and services | $ 18,619,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Jan. 21, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Forecast [Member] | Consulting Agreement [Member] | Restricted Stock Awards [Member] | |||
Subsequent Event [Line Items] | |||
Stock awarded | 25 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Subsequent event date | Jan. 21, 2016 | ||
Subsequent Event [Member] | Consulting Agreement [Member] | |||
Subsequent Event [Line Items] | |||
Compensation | $ 75 | ||
Subsequent Event [Member] | Consulting Agreement [Member] | Restricted Stock Awards [Member] | |||
Subsequent Event [Line Items] | |||
Length of the agreement | 30 days |
Valuation And Qualifying Acc106
Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance For Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | $ 10,300 | $ 8,133 | $ 4,317 |
Additions charged to expense | 3,766 | 8,699 | 4,961 |
Other | 73 | (6,532) | (1,145) |
Balance at end of year | $ 14,139 | $ 10,300 | $ 8,133 |
Deferred Income Tax Asset Allowance [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | |||
Additions charged to expense | $ 107,312 | ||
Other | |||
Balance at end of year | $ 107,312 |