Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 22, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-34220 | ||
Entity Registrant Name | 3D SYSTEMS CORPORATION | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 95-4431352 | ||
Entity Address, Address Line One | 333 Three D Systems Circle | ||
Entity Address, City or Town | Rock Hill | ||
Entity Address, State or Province | SC | ||
Entity Address, Postal Zip Code | 29730 | ||
City Area Code | 803 | ||
Local Phone Number | 326-3900 | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Trading Symbol | DDD | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business Company | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 124,128,509 | ||
Entity Public Float | $ 868,521,480 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement for its 2021 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. | ||
Entity Central Index Key | 0000910638 | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 75,010 | $ 133,665 |
Accounts receivable, net of reserves — $4,392 (2020) and $8,762 (2019) | 114,254 | 109,408 |
Inventories | 116,667 | 111,106 |
Prepaid expenses and other current assets | 33,145 | 18,991 |
Current assets held for sale | 18,439 | 0 |
Total current assets | 357,515 | 373,170 |
Property and equipment, net | 75,356 | 92,940 |
Intangible assets, net | 28,083 | 48,338 |
Goodwill | 161,765 | 223,176 |
Right of use assets | 48,620 | 36,890 |
Deferred income tax asset | 6,247 | 5,408 |
Assets held for sale | 31,684 | 0 |
Other assets | 23,785 | 27,390 |
Total assets | 733,055 | 807,312 |
Current liabilities: | ||
Current portion of long term debt | 2,051 | 2,506 |
Current right of use liabilities | 9,534 | 9,569 |
Accounts payable | 45,174 | 49,851 |
Accrued and other liabilities | 69,812 | 63,095 |
Customer deposits | 7,750 | 5,712 |
Deferred revenue | 30,302 | 32,231 |
Current liabilities held for sale | 11,107 | 0 |
Total current liabilities | 175,730 | 162,964 |
Long-term debt, net of deferred financing costs | 19,218 | 45,215 |
Long-term right of use liabilities | 48,469 | 35,402 |
Deferred income tax liability | 4,716 | 4,027 |
Liabilities held for sale | 2,952 | 0 |
Other liabilities | 51,247 | 45,808 |
Total liabilities | 302,332 | 293,416 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value, authorized 220,000 shares; issued 127,626 (2020) and 121,266 (2019) | 128 | 120 |
Additional paid-in capital | 1,404,964 | 1,371,564 |
Treasury stock, at cost — 3,494 shares (2020) and 3,670 shares (2019) | (22,590) | (18,769) |
Accumulated deficit | (943,303) | (793,709) |
Accumulated other comprehensive loss | (8,476) | (37,047) |
Total 3D Systems Corporation stockholders' equity | 430,723 | 522,159 |
Noncontrolling interests | 0 | (8,263) |
Total stockholders’ equity | 430,723 | 513,896 |
Total liabilities, redeemable noncontrolling interests and stockholders’ equity | $ 733,055 | $ 807,312 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, reserves | $ 4,392 | $ 8,762 |
Stockholders’ equity: | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 220,000 | 220,000 |
Common stock, shares issued (in shares) | 127,626 | 121,266 |
Treasury stock, at cost, shares (in shares) | 3,494 | 3,670 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue: | |||
Total revenue | $ 557,240 | $ 636,354 | $ 691,545 |
Cost of sales: | |||
Total cost of sales | 333,865 | 355,813 | 367,151 |
Gross profit | 223,375 | 280,541 | 324,394 |
Operating expenses: | |||
Selling, general and administrative | 219,895 | 254,355 | 272,287 |
Research and development | 74,143 | 83,290 | 95,298 |
Impairment of goodwill | 48,300 | 0 | 0 |
Total operating expenses | 342,338 | 337,645 | 367,585 |
Loss from operations | (118,963) | (57,104) | (43,191) |
Interest and other expense, net | (24,447) | (7,996) | (37) |
Loss before income taxes | (143,410) | (65,100) | (43,228) |
Provision for income taxes | (6,184) | (4,532) | (2,035) |
Net loss | (149,594) | (69,632) | (45,263) |
Less: net income attributable to noncontrolling interests | 0 | 248 | 242 |
Net loss attributable to 3D Systems Corporation | $ (149,594) | $ (69,880) | $ (45,505) |
Net loss per share available to 3D Systems Corporation common stockholders - basic and diluted (in usd per share) | $ (1.27) | $ (0.61) | $ (0.41) |
Products | |||
Revenue: | |||
Total revenue | $ 332,799 | $ 389,337 | $ 433,100 |
Cost of sales: | |||
Total cost of sales | 227,681 | 234,581 | 233,678 |
Services | |||
Revenue: | |||
Total revenue | 224,441 | 247,017 | 258,445 |
Cost of sales: | |||
Total cost of sales | $ 106,184 | $ 121,232 | $ 133,473 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (149,594) | $ (69,632) | $ (45,263) |
Other comprehensive income (loss), net of taxes: | |||
Pension adjustments | 783 | (1,060) | (92) |
Derivative financial instruments | (403) | (318) | 0 |
Foreign currency translation | 28,752 | 2,996 | (17,068) |
Total other comprehensive income (loss), net of taxes: | 29,132 | 1,618 | (17,160) |
Total comprehensive loss, net of taxes | (120,462) | (68,014) | (62,423) |
Comprehensive income attributable to noncontrolling interests | 0 | 191 | 524 |
Comprehensive loss attributable to 3D Systems Corporation | $ (120,462) | $ (68,205) | $ (62,947) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Cash flows from operating activities: | ||||
Net loss | $ (149,594) | $ (69,632) | $ (45,263) | |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||
Depreciation and amortization | 44,595 | 50,396 | 59,293 | |
Stock-based compensation | 17,725 | 23,587 | 29,253 | |
Provision for inventory obsolescence and revaluation | 12,373 | 0 | 0 | |
Loss on hedge accounting de-designation | 1,235 | 0 | 0 | |
Provision for bad debts | 457 | 1,308 | 1,824 | |
Loss on the disposition of property, equipment and other assets | 5,274 | 2,282 | 0 | |
Provision for deferred income taxes | (1,206) | (3,354) | (2,990) | |
Impairment of assets | 55,484 | 1,728 | 1,998 | |
Changes in operating accounts: | ||||
Accounts receivable | (6,052) | 15,071 | 599 | |
Inventories | (9,901) | 18,447 | (34,035) | |
Prepaid expenses and other current assets | (16,218) | 9,150 | 40,922 | |
Accounts payable | (6,653) | (16,846) | 11,559 | |
Deferred revenue and customer deposits | 3,231 | 677 | (2,383) | |
Accrued and other liabilities | 28,286 | (1,346) | (57,212) | |
All other operating activities | 843 | 113 | 1,231 | |
Net cash (used in) provided by operating activities | (20,121) | 31,581 | 4,796 | |
Cash flows from investing activities: | ||||
Purchases of property and equipment | (13,643) | (23,985) | (40,694) | |
Proceeds from sale of assets | 1,554 | 1,620 | 333 | |
Purchase of noncontrolling interest | (12,500) | (2,500) | 0 | |
Other investing activities | 356 | (2,007) | (1,466) | |
Net cash used in investing activities | (24,233) | (26,872) | (41,827) | |
Cash flows from financing activities: | ||||
Proceeds from revolving credit facilities | 20,000 | 0 | ||
Payments on revolving credit facilities | (20,000) | 0 | ||
Proceeds from borrowings | 0 | 100,000 | 25,000 | |
Repayment of borrowings/long term debt | (26,840) | (76,768) | 0 | |
Proceeds from issuance of common stock | 24,702 | 0 | 0 | |
Payments related to net-share settlement of stock based compensation | (5,138) | (3,194) | (7,367) | |
Payments on earnout consideration | 0 | 0 | (2,675) | |
Other financing activities | 296 | (1,338) | (694) | |
Net cash (used in) provided by financing activities | (6,980) | 18,700 | 14,264 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1,428 | 289 | (3,145) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (49,906) | 23,698 | (25,912) | |
Cash, cash equivalents and restricted cash at the beginning of the period | [1] | 134,617 | 110,919 | 136,831 |
Cash, cash equivalents and restricted cash at the end of the period | [1] | 84,711 | 134,617 | 110,919 |
Supplemental cash flow information | ||||
Lease assets obtained in exchange for new lease liabilities (excludes adoption) | 23,309 | 8,662 | 0 | |
Cash interest payments | 2,109 | 3,715 | 542 | |
Cash income tax payments, net | 3,706 | 10,722 | 8,964 | |
Transfer of equipment from inventory to property and equipment, net | [2] | 1,055 | 3,187 | 5,612 |
Transfer of equipment to inventory from property and equipment, net | [3] | 0 | 32 | 2,563 |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | ||||
Purchase of noncontrolling interest | [4] | $ 0 | $ (11,000) | $ 0 |
[1] | The amounts for cash and cash equivalents shown above include restricted cash of $540, $952 and $921 as of December 31, 2020, 2019 and 2018, respectively, which were included in Other assets, net, and $9,161 as of December 31, 2020, which was included in Current assets held for sale in the consolidated balance sheets. | |||
[2] | Inventory is transferred from inventory to property and equipment at cost when we require additional machines for training or demonstration or for placement into on demand manufacturing services locations. | |||
[3] | In general, an asset is transferred from Property and equipment, net, into inventory at its net book value when we have identified a potential sale for a used machine. | |||
[4] | Purchase of noncontrolling interest to be paid in installments over a four-year period recorded to Accrued and other liabilities and Other liabilities on the consolidated balance sheets. |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Noncontrolling interest purchase, installment payment period | 4 years | ||
Other Assets | |||
Restricted cash included in other assets | $ 540 | $ 952 | $ 921 |
Current Assets Held for Sale | |||
Restricted cash included in other assets | $ 9,161 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid In Capital | Additional Paid In CapitalCumulative Effect, Period of Adoption, Adjustment | Treasury Stock | Accumulated Deficit | Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjustment | Total 3D Systems Corporation Stockholders' Equity | Total 3D Systems Corporation Stockholders' EquityCumulative Effect, Period of Adoption, Adjustment | Equity Attributable to Noncontrolling Interests | Equity Attributable to Noncontrolling InterestsCumulative Effect, Period of Adoption, Adjustment |
Beginning Balance at Dec. 31, 2017 | $ 615,948 | $ 576 | $ 115 | $ 1,326,250 | $ (8,203) | $ (677,772) | $ 576 | $ (21,536) | $ 618,854 | $ 576 | $ (2,906) | |||
Issuance (repurchase) of stock | (7,367) | 2 | (7,369) | (7,367) | ||||||||||
Stock-based compensation expense | 29,253 | 29,253 | 29,253 | |||||||||||
Net loss | (45,263) | (45,505) | (45,505) | 242 | ||||||||||
Pension adjustment | (92) | (92) | (92) | |||||||||||
Derivative financial instrument adjustment | 0 | |||||||||||||
Foreign currency translation adjustment | (17,068) | (17,350) | (17,350) | 282 | ||||||||||
Ending Balance at Dec. 31, 2018 | $ 575,987 | (13,342) | 117 | 1,355,503 | $ (7,526) | (15,572) | (722,701) | (38,978) | $ 256 | 578,369 | (7,270) | (2,382) | $ (6,072) | |
Common stock, par value (in dollars per share) | $ 0.001 | |||||||||||||
Issuance (repurchase) of stock | $ (3,194) | 3 | (3,197) | (3,194) | ||||||||||
Adjustment of RNCI carrying value | (1,128) | (1,128) | (1,128) | |||||||||||
Stock-based compensation expense | 23,587 | 23,587 | 23,587 | |||||||||||
Net loss | (69,632) | (69,880) | (69,880) | 248 | ||||||||||
Pension adjustment | (1,060) | (1,060) | (1,060) | |||||||||||
Derivative financial instrument adjustment | (318) | (318) | (318) | |||||||||||
Foreign currency translation adjustment | 2,996 | 3,053 | 3,053 | (57) | ||||||||||
Ending Balance at Dec. 31, 2019 | $ 513,896 | $ 0 | 120 | 1,371,564 | $ (7,702) | (18,769) | (793,709) | (37,047) | $ (561) | 522,159 | $ (8,263) | (8,263) | $ 8,263 | |
Common stock, par value (in dollars per share) | $ 0.001 | |||||||||||||
Issuance (repurchase) of stock | $ 19,564 | 8 | 23,377 | (3,821) | 19,564 | |||||||||
Stock-based compensation expense | 17,725 | 17,725 | 17,725 | |||||||||||
Net loss | (149,594) | (149,594) | (149,594) | |||||||||||
Pension adjustment | 783 | 783 | ||||||||||||
Derivative financial instrument adjustment | (403) | |||||||||||||
Derivative financial instrument loss | (1,638) | (1,638) | (1,638) | |||||||||||
De-designation of derivative instrument | 1,235 | 1,235 | 1,235 | |||||||||||
Foreign currency translation adjustment | 28,752 | 28,752 | ||||||||||||
Ending Balance at Dec. 31, 2020 | $ 430,723 | $ 128 | $ 1,404,964 | $ (22,590) | $ (943,303) | $ (8,476) | $ 430,723 | $ 0 | ||||||
Common stock, par value (in dollars per share) | $ 0.001 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | (1) Basis of Presentation The consolidated financial statements include the accounts of 3D Systems Corporation and all majority-owned subsidiaries and entities in which a controlling interest is maintained (“3D Systems” or the “Company” or “we” or “us”). A non-controlling interest in a subsidiary is considered an ownership interest in a majority-owned subsidiary that is not attributable to the parent. We include noncontrolling interests as a component of total equity in the consolidated balance sheets and the net income (loss) attributable to noncontrolling interests is presented as an adjustment from net loss used to arrive at net loss attributable to 3D Systems Corporation in the consolidated statements of operations and comprehensive loss. Our annual reporting period is the calendar year. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). All significant intercompany accounts and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current year presentation. Our operations in North America and South America (collectively referred to as "Americas"), Europe and the Middle East (collectively referred to as "EMEA") and the Asia Pacific region ("APAC") expose us to risks associated with public health crises and epidemics/pandemics, such as the COVID-19 pandemic. While the COVID-19 pandemic has impacted the Company’s reported results for the year ended December 31, 2020, we are unable to predict the longer-term impact that the pandemic may have on our business, results of operations, financial position or cash flows. The extent to which our operations may be impacted by the dynamic nature of the COVID-19 pandemic will depend largely on future developments, which are highly uncertain and cannot be accurately predicted, including new information which may emerge concerning the severity of the outbreak and actions by government authorities to contain the outbreak or treat its impact. Furthermore, the impacts of a potential worsening of global economic conditions and the continued disruptions to, and volatility in, the financial markets remain unknown. All dollar amounts presented in the accompanying footnotes are presented in thousands, except for per share information. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | (2) Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience, currently available information and various other assumptions that we believe are reasonable under the circumstances. Actual results could differ from these estimates. Revenue Recognition We account for revenue in accordance with Accounting Standard Codification ("ASC") Topic 606, “ Revenue from Contracts with Customers ,” which we adopted on January 1, 2018, using the modified-retrospective method. Collaborative revenue contracts in which the collaboration partner meets the definition of a customer are recorded in accordance with ASC Topic 606, otherwise recorded in accordance with ASC 808. See Note 4 for further discussion. Cash and Cash Equivalents Cash and cash equivalents consist of cash and temporary investments with maturities of three months or less when acquired. Cash and cash equivalents by geographic region for the years ended December 31, 2020, and 2019 were as follows: Year Ended December 31, (in thousands) 2020 2019 Americas $ 27,562 $ 63,374 EMEA 24,875 $ 44,283 APAC 22,573 $ 26,008 Total $ 75,010 $ 133,665 Investments Investments in non-consolidated affiliates (20-50 percent owned companies and joint ventures) are accounted for using the equity method. Investments through which we are not able to exercise significant influence over the investee and which we do not have readily determinable fair values are generally accounted for under the cost method. We did not hold any equity method investments at December 31, 2020 or 2019. We assess declines in the fair value of investments to determine whether such declines are other-than-temporary. Other-than-temporary impairments of investments are recorded to interest and other expense, net, in the period in which they become impaired. For the years ended December 31, 2020 and 2019, we recorded impairment charges of $2,361 and $927, respectively, related to certain cost-method investments. The aggregate carrying amount of all investments accounted for under the cost method totaled $5,016 and $8,327 at December 31, 2020 and 2019, respectively, and is included in other assets, net, on our consolidated balance sheets. Accounts Receivable and Allowances for Doubtful Accounts Trade accounts receivable are recorded at the invoiced amount and do not bear interest. In evaluating the collectability of accounts receivable, we assess a number of factors, including specific customers’ ability to meet their financial obligations to us, the length of time receivables are past due and historical collection experience. Based on these assessments, we may record a reserve for specific customers, as well as a general reserve and allowance for returns and discounts. If circumstances related to specific customers change, or economic conditions deteriorate such that our past collection experience is no longer relevant, our estimate of the recoverability of accounts receivable could be further reduced from the levels provided for in the consolidated financial statements. The following presents the changes in the balance of our allowance for doubtful accounts: Year Ended Item Balance at beginning of year Additions charged to expense Other Balance at end of year 2020 Allowance for doubtful accounts $ 8,762 $ 457 $ (4,827) $ 4,392 2019 Allowance for doubtful accounts 8,423 1,308 (969) 8,762 2018 Allowance for doubtful accounts 10,258 1,824 (3,659) 8,423 Inventories Inventories are stated at the lower of cost or net realizable value, with cost being determined using the first-in, first-out method. Long-Lived Assets and Goodwill We review long-lived assets, including intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. Recoverability is assessed for the carrying value of assets held for use based on a review of undiscounted projected cash flows. Impairment losses, where identified, are measured as the excess of the carrying value of the long-lived asset over its estimated fair value as determined by discounted projected cash flows. No impairment charges for intangible assets with finite lives were recorded for the years ended December 31, 2020 and 2019. Goodwill is the excess of cost of an acquired entity over the amounts assigned to assets acquired and liabilities assumed in a business combination. Goodwill is not amortized. Goodwill is tested for impairment annually on November 30 of each year, and is tested for impairment between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Impairment testing for goodwill is done at a reporting unit level, with all goodwill assigned to a reporting unit. Our reporting units are Americas, EMEA and APAC. We completed the required annual goodwill impairment test as of November 30, 2020. The goodwill impairment test compared the fair value of each reporting unit to their carrying value. We estimated the fair value of our reporting units based primarily on the discounted projected cash flows of the underlying operations. The estimated fair value for each of our reporting units was in excess of their respective carrying values as of December 31, 2020. For a summary of our goodwill by reporting unit and discussion of goodwill impairment in 2020, see Note 9. Assets and Liabilities Held for Sale Once management has committed to disposal of a component of the Company and it is probable of being completed within one year, the assets and liabilities are reclassified as held for sale and net income continues to be reported as from continuing operations, unless it meets requirements to be reclassified as a discontinued operation. See Note 3. Contingencies We follow the provisions of ASC 450, “ Contingencies ,” which requires that an estimated loss from a loss contingency be accrued by a charge to income if it is both probable that an asset has been impaired or that a liability has been incurred and that the amount of the loss can be reasonably estimated. Foreign Currency Translation Local currencies generally are considered the functional currencies outside the United States. Assets and liabilities for operations in local-currency environments are translated at month-end exchange rates of the period reported. Income and expense items are translated at average exchange rates of each applicable month. Cumulative translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in shareholders’ equity. Derivative Financial Instruments We are exposed to market risk from changes in interest rates, foreign currency exchange rates and commodity prices, which may adversely affect our results of operations and financial condition. We seek to minimize these risks through regular operating and financing activities and, when we consider it to be appropriate, through the use of derivative financial instruments. We do not purchase, hold or sell derivative financial instruments for trading or speculative purposes. We use derivative financial instruments to manage our exposure to changes in interest rates on outstanding debt instruments. For those instruments that qualify and where we elect to prepare and maintain the documentation to qualify for hedge accounting treatment under ASC 815, “ Derivatives and Hedging ,” related gains and losses (realized or unrealized) related to derivative instruments are recognized in accumulated other comprehensive income (loss) and are reclassified into earnings when the underlying transaction is recognized in net earnings and, depending on the fair value at the end of the reporting period, derivatives are recorded either in prepaid and other current assets or in accrued liabilities in the consolidated balance sheets. We and our subsidiaries conduct business in various countries using both their functional currencies and other currencies to effect cross border transactions. As a result, we and our subsidiaries are subject to the risk that fluctuations in foreign exchange rates between the dates that those transactions are entered into and their respective settlement dates will result in a foreign exchange gain or loss. When practicable, we endeavor to match assets and liabilities in the same currency on our U.S. balance sheet and those of our subsidiaries in order to reduce these risks. We, when we consider it to be appropriate, enter into foreign currency contracts to hedge the exposure arising from those transactions. See Note 13. For our hedges of foreign exchange rates and commodity prices, we have elected to not prepare and maintain the documentation to qualify for hedge accounting treatment under ASC 815, “ Derivatives and Hedging ,” and therefore, changes in fair value are recognized in interest and other expense, net in the consolidated statements of operations and comprehensive loss and, depending on the fair value at the end of the reporting period, derivatives are recorded either in prepaid and other current assets or in accrued liabilities in the consolidated balance sheets. We are exposed to credit risk if the counterparties to such transactions are unable to perform their obligations. However, we seek to minimize such risk by entering into transactions with counterparties that are believed to be creditworthy financial institutions. Research and Development Costs Research and development costs are expensed as incurred. Earnings (Loss) per Share Basic earnings (loss) per share are calculated on the weighted-average number of common shares outstanding during each period. Diluted earnings per share include shares issuable upon exercise of outstanding stock options and stock-based awards where the conversion of such instruments would be dilutive. See Note 18. Advertising Costs Advertising costs are expensed as incurred. Advertising costs, including trade shows, were $7,561, $13,732 and $13,562 for the years ended December 31, 2020, 2019 and 2018, respectively. Pension costs We sponsor a retirement benefit for one of our non-U.S. subsidiaries in the form of a defined benefit pension plan. Accounting standards require the cost of providing this pension benefit be measured on an actuarial basis. Actuarial gains and losses resulting from both normal year-to-year changes in valuation assumptions and differences from actual experience are deferred and amortized. The application of these accounting standards require us to make assumptions and judgements that can significantly affect these measurements. Our critical assumptions in performing these actuarial valuations include the selection of the discount rate to determine the present value of the pension obligations that affects the amount of pension expense recorded in any given period. Changes in the discount rate could have a material effect on our reported pension obligations and related pension expense. See Note 17. Equity Compensation Plans We recognize compensation expense for our stock-based compensation programs, which include stock options, restricted stock, restricted stock units (“RSU”) and performance shares. For service-based awards, stock-based compensation is estimated at the grant date based on the fair value of the awards expected to vest and recognized as expense ratably over the requisite service period of the award. For stock options and awards with market conditions, compensation cost is determined at the individual tranche level. We recognize forfeitures when they occur. Income Taxes We and the majority of our domestic subsidiaries file a consolidated U.S. federal income tax return, while four of our domestic entities file separate U.S. federal income tax returns. Our non-U.S. subsidiaries file income tax returns in their respective jurisdictions. Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax benefit carryforwards. Deferred income tax liabilities and assets at the end of each period are determined using enacted tax rates. We establish a valuation allowance for those jurisdictions in which the expiration date of tax benefit carryforwards or projected taxable earnings leads us to conclude that it is “more likely than not” that a deferred tax asset will not be realized. The evaluation process includes the consideration of all available evidence regarding historical results and future projections including the estimated timing of reversals of existing taxable temporary differences and potential tax planning strategies. Once a valuation allowance is established, it is maintained until a change in factual circumstances gives rise to sufficient income of the appropriate character and timing that will allow a partial or full utilization of the deferred tax asset. In accordance with ASC 740, “ Income Taxes ,” the impact of an uncertain tax position on our income tax returns is recognized at the largest amount that is more likely than not to be required to be recognized upon audit by the relevant taxing authority. We include interest and penalties accrued in the consolidated financial statements as a component of income tax expense. See Note 21 for further discussion. Operating and Finance Leases We determine if an arrangement contains a lease at inception. Some leases include the options to purchase, terminate or extend for one Most of our leases do not provide an implicit rate, therefore we use our incremental borrowing rate based on the information available at the commencement date to determine the present value of the future lease payments. Certain of our leases include variable costs. Variable costs include non-lease components that were incurred based upon actual terms rather than contractually fixed amounts. In addition, variable costs are incurred for lease payments that are indexed to a change in rate or index. Because the ROU asset recorded on the balance sheet was determined based upon factors considered at the commencement date, subsequent changes in the rate or index that were not contemplated in the ROU asset balances recorded on the balance sheet result in variable expenses being incurred when paid during the lease term. See Note 5. Recent Accounting Pronouncements Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2016-13, “ Measurement of Credit Losses on Financial Instruments ” (“ASU 2016-13”), as revised in July 2018, which provides guidance regarding the measurement of credit losses for financial assets and certain other instruments that are not accounted for at fair value through net income, including trade and other receivables, debt securities, net investment in sales type and direct financing leases, and off-balance sheet credit exposures. The new guidance requires companies to replace the current incurred loss impairment methodology with a methodology that measures all expected credit losses for financial assets based on historical experience, current conditions, and reasonable and supportable forecasts. The Company adopted this guidance during the first quarter of 2020. The implementation did not have a material effect on our financial position or results of operations. In January 2017, the FASB issued ASU No. 2017-04, “ Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment ” (“ASU 2017-04”), which eliminates the performance of Step 2 from the goodwill impairment test. In performing its annual or interim impairment testing, an entity will instead compare the fair value of the reporting unit with its carrying amount and recognize any impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. Additionally, an entity should consider income tax effects from any tax-deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss. The Company adopted this guidance during the first quarter of 2020. In November 2018, the FASB issued ASU 2018-18, " Collaborative Arrangements (ASC 808), Clarifying the Interaction between ASC 808 and ASC 606 " (“ASU 2018-18”). This ASU clarified when transactions between collaborative participants are in the scope of ASC 606. The ASU also provides some guidance on presentation of transactions not in the scope of ASC 606. After adoption during the fourth quarter of 2020 the Company determined it was appropriate to recast the presentation of our previously reported statement of operations for the years ended December 31, 2019 and 2018. The Company acknowledges this standard should have been adopted January 1, 2020. The adoption of this standard did not change the Company's previously reported net loss or loss from operations for the years ended December 31, 2019 or 2018 or any individual quarter therein and the effect on the individual quarters in 2020 was immaterial. The following schedule depicts the annual effect of the adoption on our previously reported statements of operations: Year Ended December 31, 2019 2018 As reported Change Revised As reported Change Revised Revenue: Products $ 384,577 $ 4,760 $ 389,337 $ 429,215 $ 3,885 $ 433,100 Services 244,517 2,500 247,017 258,445 — 258,445 Total revenue 629,094 7,260 636,354 687,660 3,885 691,545 Cost of sales: Products 229,821 4,760 234,581 229,793 3,885 233,678 Services 121,232 — 121,232 133,473 — 133,473 Total cost of sales 351,053 4,760 355,813 363,266 3,885 367,151 Gross profit 278,041 2,500 280,541 324,394 — 324,394 Operating expenses: Selling, general and administrative 254,355 — 254,355 272,287 — 272,287 Research and development 80,790 2,500 83,290 95,298 — 95,298 Total operating expenses 335,145 2,500 337,645 367,585 — 367,585 Loss from operations (57,104) — (57,104) (43,191) — (43,191) Recently Issued Accounting Standards In December 2019, the FASB issued ASU 2019-12, “ Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes ,” which simplifies the accounting for income taxes by eliminating some exceptions to the general approach in ASC 740, Income Taxes. It also clarifies certain aspects of the existing guidance to promote more consistent application. This standard is effective for calendar-year public business entities in 2021 and interim periods within that year, and early adoption is permitted. We are in the process of evaluating the impact the new standard will have on our consolidated financial statements. No other new accounting pronouncements, issued or effective during 2020, have had or are expected to have a significant impact on our consolidated financial statements. |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | (3) Dispositions In November 2020, we sold our Australia ODM business in an asset sale for $685. The carrying value of the assets, including net working capital and allocable goodwill, was $1,482. In December 2020, we sold our Wuxi Easyway business in an asset sale for $79. The carrying value of the assets, including net working capital and allocable goodwill, was $3,806. Recognized losses of $4,524 were included in interest and other expense, net on the consolidated statement of operations. On January 1, 2021, the Company completed the sale of 100% of the issued and outstanding equity interests of Cimatron Ltd.("Cimatron"), the subsidiary that operated the Company’s Cimatron integrated CAD/CAM software for tooling business and its GibbsCAM CNC programming software business for approximately $64,200, after certain adjustments and excluding $9,161 of cash amounts transferred to the purchaser. The assets and liabilities of Cimatron were reclassified to held for sale on the consolidated balance sheet as of December 31, 2020. See Note 26. The components of Cimatron's assets and liabilities recorded as held for sale on the consolidated balance sheet at December 31, 2020 were as follows: (in thousands) December 31, 2020 Assets Cash and cash equivalents $ 9,161 Accounts receivable, net of reserves of $1,154 5,361 Inventories 155 Prepaid expenses and other current assets 3,762 Total current assets held for sale 18,439 Property and equipment, net 202 Intangible assets, net 6,642 Goodwill 21,385 Right of use assets 898 Deferred income tax asset 560 Other assets 1,997 Total assets held for sale $ 50,123 Liabilities Current right of use liabilities $ 445 Accounts payable 654 Accrued and other liabilities 5,631 Customer deposits 25 Deferred revenue 4,352 Total current liabilities held for sale 11,107 Long-term right of use liabilities 518 Other liabilities 2,434 Total liabilities held for sale $ 14,059 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Revenue Recognition [Abstract] | |
Revenue | (4) Revenue We account for revenue in accordance with ASC Topic 606, “ Revenue from Contracts with Customers ,” which we adopted on January 1, 2018, using the modified-retrospective method. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASC Topic 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. At December 31, 2020, we had $111,833 of outstanding performance obligations. We expect to recognize approximately 94 percent of our remaining performance obligations as revenue within the next twelve months, an additional 4 percent by the end of 2022 and the balance thereafter. Revenue Recognition Revenue is recognized when control of the promised products or services is transferred to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We enter into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Many of our contracts with customers include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative stand-alone selling price (“SSP”). Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. The amount of consideration received and revenue recognized may vary based on changes in marketing incentive programs offered to our customers. Our marketing incentive programs take many forms, including volume discounts, trade-in allowances, rebates and other discounts. A majority of our revenue is recognized at the point in time when products are shipped or services are delivered to customers. Please see below for further discussion. Hardware and Materials Revenue from hardware and material sales is recognized when control has transferred to the customer, which typically occurs when the goods have been shipped to the customer, risk of loss has transferred to the customer and we have a present right to payment for the hardware. In limited circumstances, when printer or other hardware sales include substantive customer acceptance provisions, revenue is recognized either when customer acceptance has been obtained, customer acceptance provisions have lapsed, or we have objective evidence that the criteria specified in the customer acceptance provisions have been satisfied. Printers and certain other products include a warranty under which we provide maintenance for periods up to one year. For these initial product warranties, estimated costs are accrued at the time of the sale of the product. These cost estimates are established using historical information on the nature, frequency and average cost of claims for each type of printer or other product as well as assumptions about future activity and events. Revisions to expense accruals are made as necessary based on changes in these historical and future factors. Software We also market and sell software tools that enable our customers to capture and customize content using our printers, design optimization and simulation software, and reverse engineering and inspection software. Software does not require significant modification or customization and the license provides the customer with a right to use the software as it exists when made available. Revenue from these software licenses is recognized either upon delivery of the product or of a key code which allows the customer to download the software. Customers may purchase post-sale support. Generally, the first year is included but subsequent years are optional. This optional support is considered a separate obligation from the software and is deferred at the time of sale and subsequently recognized ratably over future periods. Collaboration and Licensing Agreements We enter into collaboration and licensing agreements with third parties. The nature of the activities to be performed and the consideration exchanged under the agreements varies on a contract by contract basis. We evaluate these agreements to determine whether they meet the definition of a customer relationship for which revenue is recorded. These contracts may contain multiple performance obligations and may contain fees for licensing, research and development services, contingent milestone payments upon the achievement of developmental contractual criteria and/or royalty fees based on the licensees’ product revenue. We determine the revenue to be recognized for these agreements based on an evaluation of the distinct performance obligations, the identification and evaluation of material rights, the estimation of variable consideration and the determination of the pattern on transfer of control for each distinct performance obligation. The Company recognized $6,953, $7,260 and $3,885 in revenue related to collaboration arrangements with customers for the years ended December 31, 2020, 2019, and 2018, respectively. Services We offer training, installation and non-contract maintenance services for our products. Additionally, we offer maintenance contracts customers can purchase at their option. For maintenance contracts, revenue is deferred at the time of sale based on the stand-alone selling prices of these services and costs are expensed as incurred. Deferred revenue is recognized ratably over the term of the maintenance period on a straight-line basis. Revenue from training, installation and non-contract maintenance services is recognized at the time of performance of the service. On demand manufacturing and healthcare service sales are included within services revenue and revenue is recognized upon shipment or delivery of the parts or performance of the service, based on the terms of the arrangement. Terms of sale Shipping and handling activities are treated as fulfillment costs rather than as an additional promised service. We accrue the costs of shipping and handling when the related revenue is recognized. Our incurred costs associated with shipping and handling are included in product cost of sales. Credit is extended, and creditworthiness is determined, based on an evaluation of each customer’s financial condition. New customers are generally required to complete a credit application and provide references and bank information to facilitate an analysis of creditworthiness. Customers with a favorable profile may receive credit terms that differ from our general credit terms. Creditworthiness is considered, among other things, in evaluating our relationship with customers with past due balances. Our terms of sale generally provide payment terms that are customary in the countries where we transact business. To reduce credit risk in connection with certain sales, we may, depending upon the circumstances, require significant deposits or payment in full prior to shipment. For maintenance services, we either bill customers on a time-and-materials basis or sell maintenance contracts that provide for payment in advance on either an annual or other periodic basis. Significant Judgments Our contracts with customers often include promises to transfer multiple products and services to a customer. For such arrangements, we allocate revenues to each performance obligation based on its relative SSP. Judgment is required to determine the SSP for each distinct performance obligation in a contract. For the majority of items, we estimate SSP using historical transaction data. We use a range of amounts to estimate SSP when we sell each of the products and services separately and need to determine whether there is a discount to be allocated based on the relative SSP of the various products and services. In instances where SSP is not directly observable, such as when the product or service is not sold separately, we determine the SSP using information that may include market conditions and other observable inputs. In some circumstances, we have more than one SSP for individual products and services due to the stratification of those products and services by customers, geographic region or other factors. In these instances, it may use information such as the size of the customer and geographic region in determining the SSP. The determination of SSP is an ongoing process and information is reviewed regularly in order to ensure SSP reflects the most current information or trends. The nature of our marketing incentives may lead to consideration that is variable. Judgment is exercised at contract inception to determine the most likely outcome of the contract and resulting transaction price. Ongoing assessments are performed to determine if updates are needed to the original estimates. Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer deposits and deferred revenues (contract liabilities) on the consolidated balance sheets. Timing of revenue recognition may differ from the timing of invoicing to customers. We record a receivable when revenue is recognized at the time of invoicing, or unbilled receivables when revenue is recognized prior to invoicing. For most of our contracts, customers are invoiced when products are shipped or when services are performed resulting in billed accounts receivables for the remainder of the owed contract price. Unbilled receivables generally result from items being shipped where the customer has not been charged, but for which revenue had been recognized. In our on demand manufacturing business, customers may be required to pay in full before work begins on their orders, resulting in customer deposits. We typically bill in advance for installation, training and maintenance contracts as well as extended warranties, resulting in deferred revenue. Changes in contract asset and liability balances were not materially impacted by any other factors for the period ended December 31, 2020. Through December 31, 2020, we recognized revenue of $30,635 related to our contract liabilities at December 31, 2019. Through December 31, 2019, we recognized revenue of $26,486 related to our contract liabilities at December 31, 2018. Through December 31, 2018, we recognized revenue of $37,206 related to our contract liabilities at January 1, 2018. Practical Expedients and Exemptions We generally expense sales commissions when incurred because the amortization period would be one year or less. These costs are recorded within selling, general and administrative expenses. Revenue and Asset Concentrations We operate as one segment and conduct our business through various offices and facilities located throughout the Americas region (United States, Canada, Brazil, Mexico and Uruguay), EMEA region (Belgium, France, Germany, Israel, Italy, the Netherlands, Switzerland and the United Kingdom), and APAC region (Australia, China, India, Japan and Korea). The Americas, EMEA and APAC regions have been our reporting units for the purposes of testing the recoverability of goodwill. This test is performed on an annual basis each November 30 and more often in the occurrence of a triggering event. Concurrent with our new strategic focus announced in August 2020, we have begun to undertake initiatives to simplify our organization by realigning the Company’s breadth of capabilities into two key market verticals. This realignment continues to evolve, and as of December 31, 2020 we continue to pursue initiatives that will provide reliable and complete information to our chief operating decision maker to allow him to make operational decisions around the allocation of resources and assessing performance for these key market verticals. As of December 31, 2020, we continue to operate in one reportable segment. Revenue by geographic region for the years ended December 31, 2020, 2019, and 2018 were as follows: Year Ended December 31, (in thousands) 2020 2019 2018 Americas $ 280,028 $ 323,085 $ 344,650 EMEA 213,575 240,403 237,462 APAC 63,637 72,866 109,433 Total $ 557,240 $ 636,354 $ 691,545 United States (Included in Americas above) $ 275,145 $ 313,910 $ 336,496 For the years ended December 31, 2020, 2019, and 2018, one customer accounted for approximately 13%, 11% and 13% of our consolidated revenue, respectively. We expect to maintain our relationship with this customer. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | (5) Leases We have various lease agreements for our facilities, equipment and vehicles with remaining lease terms ranging from one Components of lease cost (income) were as follows: (in thousands) Year Ended December 31, 2020 Year Ended December 31, 2019 Operating lease cost $ 13,937 $ 14,743 Finance lease cost - amortization expense 937 737 Finance lease cost - interest expense 664 477 Short-term lease cost 159 114 Variable lease cost 1,363 245 Sublease income (615) (84) Total $ 16,445 $ 16,232 Rent expense for the year ended December 31, 2018, accounted for under the previous guidance at ASC 840 Leases , was $15,809. Balance sheet classifications at December 31, 2020 and 2019 are summarized below: December 31, 2020 December 31, 2019 (in thousands) Right of use assets Current right of use liabilities Long-term right of use liabilities Right of use assets Current right of use liabilities Long-term right of use liabilities Operating Leases $ 40,586 $ 8,562 $ 38,296 $ 28,571 $ 9,231 $ 24,835 Finance Leases 8,034 972 10,173 8,319 338 10,567 Total $ 48,620 $ 9,534 $ 48,469 $ 36,890 $ 9,569 $ 35,402 On September 1, 2020, we closed two facilities in connection with our restructuring plan. These facilities occupied leased office space that terminates in 2024. In conjunction with these closings, we recorded impairment charges totaling $1,627 related to our ROU assets and impairment charges totaling $1,953 related to leasehold improvements. During the 2020 fourth quarter, we recorded ROU assets and liabilities related to lease extensions and renewals that were entered into during the 2019 fourth quarter, 2020 second quarter and 2020 third quarter of approximately $1,469, $2,021, and $3,467, respectively. There was not a material income statement impact from recording these lease extensions and renewals during the 2020 fourth quarter. Our future minimum lease payments as of December 31, 2020 under operating lease and finance leases, with initial or remaining lease terms in excess of one year, were as follows: December 31, 2020 (in thousands) Operating Leases Finance Leases Years ending December 31: 2021 $ 11,206 $ 1,624 2022 9,046 1,625 2023 7,482 1,617 2024 6,570 1,544 2025 4,982 1,454 Thereafter 19,801 6,845 Total lease payments 59,087 14,709 Less: imputed interest (12,229) (3,564) Present value of lease liabilities $ 46,858 $ 11,145 Supplemental cash flow information related to our operating leases for the years ending December 31, 2020, and 2019 was as follows: (in thousands) December 31, 2020 December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow from operating leases $ 13,151 $ 15,602 Operating cash outflow from finance leases $ 661 $ 456 Financing cash outflow from finance leases $ 496 $ 725 Weighted-average remaining lease terms and discount rate for our operating leases for the year ending December 31, 2020, were as follows: December 31, 2020 Operating Financing Weighted-average remaining lease term 7.5 years 9.4 years Weighted-average discount rate 6.10 % 5.92 % |
Leases | (5) Leases We have various lease agreements for our facilities, equipment and vehicles with remaining lease terms ranging from one Components of lease cost (income) were as follows: (in thousands) Year Ended December 31, 2020 Year Ended December 31, 2019 Operating lease cost $ 13,937 $ 14,743 Finance lease cost - amortization expense 937 737 Finance lease cost - interest expense 664 477 Short-term lease cost 159 114 Variable lease cost 1,363 245 Sublease income (615) (84) Total $ 16,445 $ 16,232 Rent expense for the year ended December 31, 2018, accounted for under the previous guidance at ASC 840 Leases , was $15,809. Balance sheet classifications at December 31, 2020 and 2019 are summarized below: December 31, 2020 December 31, 2019 (in thousands) Right of use assets Current right of use liabilities Long-term right of use liabilities Right of use assets Current right of use liabilities Long-term right of use liabilities Operating Leases $ 40,586 $ 8,562 $ 38,296 $ 28,571 $ 9,231 $ 24,835 Finance Leases 8,034 972 10,173 8,319 338 10,567 Total $ 48,620 $ 9,534 $ 48,469 $ 36,890 $ 9,569 $ 35,402 On September 1, 2020, we closed two facilities in connection with our restructuring plan. These facilities occupied leased office space that terminates in 2024. In conjunction with these closings, we recorded impairment charges totaling $1,627 related to our ROU assets and impairment charges totaling $1,953 related to leasehold improvements. During the 2020 fourth quarter, we recorded ROU assets and liabilities related to lease extensions and renewals that were entered into during the 2019 fourth quarter, 2020 second quarter and 2020 third quarter of approximately $1,469, $2,021, and $3,467, respectively. There was not a material income statement impact from recording these lease extensions and renewals during the 2020 fourth quarter. Our future minimum lease payments as of December 31, 2020 under operating lease and finance leases, with initial or remaining lease terms in excess of one year, were as follows: December 31, 2020 (in thousands) Operating Leases Finance Leases Years ending December 31: 2021 $ 11,206 $ 1,624 2022 9,046 1,625 2023 7,482 1,617 2024 6,570 1,544 2025 4,982 1,454 Thereafter 19,801 6,845 Total lease payments 59,087 14,709 Less: imputed interest (12,229) (3,564) Present value of lease liabilities $ 46,858 $ 11,145 Supplemental cash flow information related to our operating leases for the years ending December 31, 2020, and 2019 was as follows: (in thousands) December 31, 2020 December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow from operating leases $ 13,151 $ 15,602 Operating cash outflow from finance leases $ 661 $ 456 Financing cash outflow from finance leases $ 496 $ 725 Weighted-average remaining lease terms and discount rate for our operating leases for the year ending December 31, 2020, were as follows: December 31, 2020 Operating Financing Weighted-average remaining lease term 7.5 years 9.4 years Weighted-average discount rate 6.10 % 5.92 % |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | (6) Inventories Components of inventories at December 31, 2020 and 2019 are summarized as follows: (in thousands) 2020 2019 Raw materials $ 23,762 $ 42,066 Work in process 5,912 5,496 Finished goods and parts 86,993 63,544 Inventories $ 116,667 $ 111,106 We record a reserve to the carrying value of our inventory to reflect the rapid technological change in our industry that impacts the market for our products. The inventory reserve was $20,125 and $12,812 as of December 31, 2020 and 2019, respectively. In June 2020, as part of our assessment of prospective sales and evaluation of inventory, we determined the end-of-life for certain product lines. The end-of-life determination for these products reflects management's plans to focus our resources that are better aligned with our new strategic focus, as further discussed in Note 24. As a result, for year ended December 31, 2020, we recorded a charge of $10,894 to products costs of sales, primarily attributable to inventory, accessories and inventory commitments for these products. We have ceased production for these items. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | (7) Property and Equipment Property and equipment at December 31, 2020 and 2019 are summarized as follows: (in thousands) 2020 2019 Useful Life (in years) Land $ 541 $ 541 N/A Building 5,422 5,093 25-30 Machinery and equipment 163,688 158,753 2-7 Capitalized software 24,814 22,928 3-5 Office furniture and equipment 5,106 4,618 1-5 Leasehold improvements 32,349 33,444 Life of lease a Construction in progress 4,910 9,944 N/A Total property and equipment 236,830 235,321 Less: Accumulated depreciation and amortization (161,474) (142,381) Total property and equipment, net $ 75,356 $ 92,940 a. Leasehold improvements are amortized on a straight-line basis over the shorter of (i) their estimated useful life, or (ii) the estimated or contractual life of the related lease. We include all depreciation from assets attributable to the generation of revenue in the cost of sales line item in the Statement of Operations. Depreciation related to assets that are not attributable to the generation of revenue are included in the research and development and selling and general administrative line items in the Statement of Operations. Depreciation expense on property and equipment for the years ended December 31, 2020, 2019 and 2018 was $28,397, $29,982 and $29,302, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | (8) Intangible Assets Intangible assets, net, other than goodwill, at December 31, 2020 and 2019 are summarized as follows: 2020 2019 (in thousands) Gross a Accumulated Amortization Net Gross a Accumulated Amortization Net Weighted Average Useful Life Remaining (in years) Intangible assets with finite lives: Customer relationships $ 71,123 $ (56,682) $ 14,441 $ 103,661 $ (77,021) $ 26,640 2.4 Acquired technology 42,472 (41,201) 1,271 54,378 (51,875) 2,503 5.6 Trade names 17,477 (16,506) 971 23,907 (19,133) 4,774 1.1 Patent costs 19,828 (10,999) 8,829 11,760 (9,535) 2,225 4.0 Trade secrets 20,188 (18,216) 1,972 19,494 (15,714) 3,780 1.5 Acquired patents 16,317 (15,723) 594 16,215 (14,706) 1,509 2.6 Other 19,793 (19,788) 5 26,256 (19,349) 6,907 0.0 Total intangible assets $ 207,198 $ (179,115) $ 28,083 $ 255,671 $ (207,333) $ 48,338 2.8 a. Change in gross carrying amounts consists primarily of charges for license and patent costs and foreign currency translation. Amortization expense related to intangible assets was $15,810, $20,312 and $29,722 for the years ended December 31, 2020 2019 and 2018, respectively. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | (9) Goodwill The following are the changes in the carrying amount of goodwill by reporting unit: (in thousands) Americas EMEA APAC Total Balance at December 31, 2018 $ — $ 184,020 $ 37,314 $ 221,334 Effect of foreign currency exchange rates — 2,675 (833) 1,842 Balance at December 31, 2019 — 186,695 36,481 223,176 Dispositions and impairments a — (69,685) (4,699) (74,384) Effect of foreign currency exchange rates — 10,582 2,391 12,973 Balance at December 31, 2020 $ — $ 127,592 $ 34,173 $ 161,765 a. Includes $21,385 of goodwill held for sale related to Cimatron in EMEA and $4,699 of goodwill related to the sale of our Australia ODM and Wuxi Easyway businesses in APAC. See Note 3. 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. As of September 30, 2020, we experienced a triggering event due to a drop in our stock price, which ultimately had been negatively impacted by the business environment as a result of the COVID-19 pandemic, and performed a quantitative analysis for potential impairment of our goodwill and long-lived asset balances. Based on available information and analysis as of September 30, 2020, we determined the carrying value of the EMEA reporting unit exceeded its fair value and recorded a non-cash goodwill impairment charge of $48,300. We determined the fair value of the Americas and APAC reporting units exceeded their carrying values and the carrying value of our long-lived assets is recoverable for all reporting units. Goodwill was recorded at fair value on a non-recurring basis using level 3 inputs and was determined using a combination of an income approach, which estimates fair value based upon projections of future revenues, expenses, and cash flows discounted to its present value, and a market approach. The valuation methodology and underlying financial information included in the Company's determination of fair value required significant judgments by management. The principal assumptions used in the Company's discounted cash flow analysis consisted of (a) the long-term projections of future financial performance and (b) the weighted-average cost of capital of market participants, adjusted for the risk attributable to the Company and the industry in which it operates. Under the market approach, the principal assumption included an estimate for a control premium. We completed our annual test of goodwill as of November 30, 2020 and determined the fair value exceeded the carrying value for all reporting units. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefits | (10) Employee Benefits We sponsor a Section 401(k) plan (the “Plan”) covering substantially all our eligible U.S. employees. The Plan entitles eligible employees to make contributions to the Plan after meeting certain eligibility requirements. Contributions are limited to the maximum contribution allowances permitted under the Internal Revenue Code. We match 50.0% of contributions on the first 6.0% of the participant’s eligible compensation. For the years ended December 31, 2020, 2019 and 2018, we expensed $2,456, $2,688 and $2,606, respectively, for matching contributions to the defined contribution plan. |
Accrued and Other Liabilities
Accrued and Other Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued and Other Liabilities | (11) Accrued and Other Liabilities Accrued liabilities at December 31, 2020 and 2019 are summarized as follows: (in thousands) 2020 2019 Compensation and benefits $ 24,629 $ 21,139 Accrued taxes 14,952 9,840 Vendor accruals 18,762 9,734 Payable to owners of redeemable noncontrolling interests — 10,000 Arbitration awards — 2,256 Product warranty liability 2,348 2,908 Accrued other 6,138 4,223 Accrued professional fees 1,773 1,545 Royalties payable 1,210 1,450 Total $ 69,812 $ 63,095 Other liabilities at December 31, 2020 and 2019 are summarized as follows: (in thousands) 2020 2019 Long term employee indemnity $ 12,228 $ 14,408 Long term tax liability 15,532 5,011 Defined benefit pension obligation 10,228 10,357 Long term deferred revenue 6,163 7,370 Other long term liabilities 7,096 8,662 Total $ 51,247 $ 45,808 Changes in product warranty obligations, including deferred revenue on extended warranty contracts, for the years ended December 31, 2020, 2019 and 2018, are summarized below: (in thousands) Beginning Balance Additional Accrual/ Revenue Deferred Costs Incurred/ Deferred Revenue Amortization Ending Balance Year Ended December 31, 2020 $ 6,192 $ 6,454 $ (6,266) $ 6,380 2019 7,660 8,124 (9,592) 6,192 2018 10,202 9,347 (11,889) 7,660 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Borrowings | (12) Borrowings Credit Facility We hold a 5-year $100,000 senior secured term loan facility (the “Term Facility”) and a 5-year $100,000 senior secured revolving credit facility (the “Revolving Facility” and, together with the Term Facility, the “Senior Credit Facility”) to support working capital and general corporate purposes. The Senior Credit Facility is guaranteed by certain of our subsidiaries. The guarantors guarantee, among other things, all our obligations and each other guarantor's obligations under the Senior Credit Facility. From time to time, we may be required to cause additional domestic subsidiaries to become guarantors under the Senior Credit Facility. The Senior Credit Facility is scheduled to mature on February 26, 2024, at which time all amounts outstanding thereunder will be due and payable. However, the maturity date of the Revolving Facility may be extended at our election with the consent of the lenders subject to the terms set forth in the Senior Credit Facility. The Senior Credit Facility contains customary covenants, some of which require us to maintain certain financial ratios that determine the amounts available and terms of borrowings and events of default. We were in compliance with all covenants at December 31, 2020 and 2019. The payment of dividends on our common stock is restricted under provisions of the Senior Credit Facility, which limits the amount of cash dividends that we may pay in any one fiscal year to $30,000. We currently do not pay, and have not paid, any dividends on our common stock, and currently intend to retain any future earnings for use in our business. Borrowings under the Senior Credit Facility are subject to interest at varying spreads above quoted market rates and a commitment fee is paid on the total unused commitment. At December 31, 2020, our floating interest rate was 1.90% and commitment fees for the years ended December 31, 2020 and 2019 were $325 and $374, respectively. Subject to certain terms and conditions contained in the Revolving Facility, we have the right to request up to four increases to the amount of the Revolving Facility in an aggregate amount not to exceed $100,000. As of December 31, 2020, there was $10,000 of outstanding letters of credit and $62,000 of available borrowings under the Revolving Facility. At December 31, 2020, we had a balance of $21,392 outstanding on the Term Facility, whereby future payments under the Term Facility are expected to be $2,051 in 2021, $3,223 in 2022, $3,517 in 2023 and $12,601 in 2024. Unamortized deferred financing costs were $123. In January 2021, the Company paid off the remaining outstanding balances under the Term Facility with proceeds from the sale of Cimatron Ltd. See Note 26. As a result of the Term Facility, we have exposure to floating interest rates. To manage interest expense, we entered into a floating to fixed interest rate swap to reduce exposure to changes in floating interest rates on the Term Facility. The interest rate swap has a notional value of $15.0 million and will expire on February 26, 2024, concurrent with the Term Facility. The notional value will decline over the term of the interest rate swap as amortization payments reduce the principal amount of the Term Facility. As a result of the interest rate swap, the percentage of total principal debt (excluding capital leases) that is subject to floating interest rates is approximately 30%. Due to an amendment to the swap on June 30, 2020, the swap is no longer designated as a cash flow hedge for accounting treatment purposes. See Note 13 for additional information. In January 2021, the Company terminated this agreement in connection with repayment of the Term Facility. See Note 26. Interest Income and Expense Interest income totaled $400, $1,209 and $789 for the years ended December 31, 2020, 2019 and 2018, respectively. |
Hedging Activities and Financia
Hedging Activities and Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Hedging Activities and Financial Instruments | (13) Hedging Activities and Financial Instruments Derivatives Designated as Hedging Instruments On July 8, 2019, we entered into a $50,000 interest rate swap contract, designated as a cash flow hedge, to minimize the risk associated with the variability of cash flows in interest payments from variable-rate debt due to fluctuations in the one-month USD-LIBOR, subject to a 0% floor, through February 26, 2024. Changes in the interest rate swap are expected to offset the changes in cash flows attributable to fluctuations of the one-month USD-LIBOR for the interest payments associated with our variable-rate debt. On June 30, 2020, we executed an amendment to the swap which reduced the notional amount to $15,000 and resulted in the de-designation as a cash flow hedge. The reduction required a mark-to-market settlement of $1,253 paid in July 2020. Amounts previously recognized in Accumulated Other Comprehensive Loss ("AOCL") of $1,235 were released and reclassified into Interest and other expense, net on the accompanying consolidated statements of operations and comprehensive loss for the year ended December 31, 2020. Subsequent to June 2020, changes in the swap’s fair value are recognized currently in earnings and included in the line item Interest and other expense, net and the remaining $721 in AOCL as of December 31, 2020 will be amortized to Interest and other expense, net when those future cash flows are expected to occur. The notional amount and fair value of the derivative on our balance sheet at December 31, 2020 are disclosed below: (in thousands) Balance Sheet location Notional amount Fair value December 31, 2020 Interest rate swap contract Other liabilities $ 15,000 $ (700) December 31, 2019 Interest rate swap contract Other liabilities $ 40,000 $ (318) Amounts released from AOCL and reclassified into Interest and other expense, net did not have a material impact on our consolidated statements of operations and comprehensive loss for the years ended December 31, 2020 and 2019. The net amount of AOCL expected to be reclassified to earnings in the next 12 months is $721, as January 2021, the Company terminated this agreement in connection with repayment of the Term Facility. See Note 26. Derivatives Not Designated as Hedging Instruments We conduct business in various countries using both the functional currencies of those countries and other currencies to effect cross border transactions. As a result, we are subject to the risk that fluctuations in foreign exchange rates between the dates that those transactions are entered into and their respective settlement dates will result in a foreign exchange gain or loss. When practicable, we endeavor to match assets and liabilities in the same currency on our balance sheet and those of our subsidiaries in order to reduce these risks. When appropriate, we enter into foreign currency contracts to hedge exposures arising from those transactions. We have elected not to prepare and maintain the documentation to qualify for hedge accounting treatment under ASC 815, “ Derivatives and Hedging ,” and therefore, all gains and losses (realized or unrealized) are recognized in Interest and other expense, net in the consolidated statements of operations and comprehensive loss. Depending on their fair value at the end of the reporting period, derivatives are recorded either in prepaid expenses and other current assets or in accrued liabilities on the consolidated balance sheet. We had $101,781 and $102,407 in notional foreign exchange contracts outstanding as of December 31, 2020 and 2019, respectively. The fair values of these contracts were not material. |
Inventory Financing Agreements
Inventory Financing Agreements | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Inventory Financing Agreements | (14) Inventory Financing Agreements On December 1, 2018 and January 17, 2020, we entered into a Manufacturing Services Agreement and Amendment One to Manufacturing Services Agreement (together, the "Agreement"), with an assembling manufacturer to produce products on behalf of 3D Systems Corporation. During the quarter ended March 31, 2020, as part of the Agreement, we sold $12,100 of inventory to the assembling manufacturer that we have an obligation to repurchase. At December 31, 2020, our obligation to repurchase inventory, included in Accrued and other liabilities on our consolidated balance sheets, was $287, relating to the initial sale of inventory to the assembly manufacturer and adjusted for transactions. The inventory sold consisted of raw materials, packaging materials and consumables representing stock on hand related to certain product families for which the manufacturing has been outsourced to the assembling manufacturer. Although the assembling manufacturer holds legal title, we account for the inventory similar to a product financing arrangement; therefore, the inventories sold to the assembling manufacturer will continue to be included in Inventories on our consolidated balance sheets until processed into finished goods and sold back to us. At December 31, 2020, inventory held at assemblers was $3,889. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Preferred Stock | (15) Preferred Stock We had 5,000 shares of preferred stock that were authorized but unissued at December 31, 2020 and 2019. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | (16) Stock-Based Compensation Effective May 19, 2004, we adopted our approved 2004 Restricted Stock Plan for Non-Employee Directors, as further amended and restated on April 1, 2013 (the “Director Plan”). On May 19, 2015, our stockholders approved the 2015 Incentive Plan of 3D Systems Corporation and further amended and restated it on May 19, 2020 to, among other things, increase the number of shares reserved for issuance by 4,860 shares (as amended and restated, the “2015 Plan”). The 2015 Plan authorizes shares of restricted stock, RSUs, stock appreciation rights, cash incentive awards and the grant of options to purchase shares of our common stock. The 2015 Plan also designates measures that may be used for performance awards. The Director Plan authorizes shares of restricted stock for our non-employee directors. Generally, awards granted vest one third each year over 3 years. Stock-based compensation expense (income) is included in selling, general and administrative expenses in the consolidated statements of operations and comprehensive income (loss). The following table details the components of stock-based compensation expense (income) recognized in net earnings in each of the past three years: Year Ended December 31, (in thousands) 2020 2019 2018 Restricted Stock $ 24,088 $ 25,154 $ 24,933 Stock Options (6,363) (1,567) 4,320 Total stock-based compensation expense $ 17,725 $ 23,587 $ 29,253 Restricted Stock We determine the fair value of restricted stock and RSUs based on the closing price of our stock on the date of grant. We generally recognize compensation expense related to restricted stock and RSUs on a straight-line basis over the period during which the restriction lapses. Forfeitures are recognized in the period in which they occur. A summary of restricted stock and RSU activity during December 31, 2020 follows: (in thousands, except per share amounts) Number of Shares/Units Weighted Average Grant Date Fair Value Outstanding at beginning of period — unvested 4,582 $ 11.42 Granted 4,228 7.57 Canceled (1,859) 10.30 Vested (3,411) 9.56 Outstanding at end of period — unvested 3,540 $ 8.81 Included in the outstanding balance above are 100 shares of restricted stock that vest under specified market conditions and 374 shares of restricted stock that vest under specified Company performance measures. The specified market condition shares were awarded to certain employees in 2016 and were generally awarded in two equal tranches of market condition restricted stock that immediately vests when our common stock trades at either $30 or $40 per share for ninety Some RSUs are granted with a performance measure derived from non-GAAP-based management targets. Depending on our performance with respect to this metric, the number of RSUs earned may be less than, equal to or greater than the original number of RSUs awarded, subject to a payout range. At December 31, 2020, there was no unrecognized pre-tax stock-based compensation expense related to non-vested restricted stock awards with market conditions. At December 31, 2020, there was $21,020 of unrecognized pre-tax stock-based compensation expense related to all other non-vested restricted stock award shares and units, which we expect to recognize over a weighted-average period of 1.8 years. Stock Options During the year ended December 31, 2016, we awarded certain employees market condition stock options under the 2015 Plan, included in the activity above, that vest under specified market conditions. Each employee was generally awarded two equal tranches of market condition stock options that immediately vest when our common stock trades at either $30 or $40 per share for ninety We recognize compensation expense related to stock options on a straight-line basis over the derived term of the awards. Forfeitures are recognized in the period in which they occur. The fair value of stock options with market conditions is estimated using a binomial lattice Monte Carlo simulation model. Stock option activity for the year ended December 31, 2020 was as follows: Year Ended December 31, 2020 (in thousands, except per share amounts) Number of Shares Weighted Average Exercise Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Stock option activity: Outstanding at beginning of period 1,240 $ 14.43 6.5 — Granted — — — — Exercised — — — — Forfeited and expired (820) 15.03 — — Outstanding at end of period 420 $ 13.26 5.7 — In the table above, intrinsic value is calculated as the excess, if any, between the market price of our stock on the last trading day of the year and the exercise price of the options. Because the market price was lower than the exercise price, the intrinsic value is zero. At December 31, 2020, there was no of unrecognized pre-tax stock-based compensation expense related to stock options. |
International Retirement Plan
International Retirement Plan | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
International Retirement Plan | (17) International Retirement Plan We sponsor a non-contributory defined benefit pension plan for certain employees of a non-U.S. subsidiary initiated by a predecessor of the subsidiary. We maintain insurance contracts that provide an annuity that is used to fund the current obligations under this plan. The following table provides a reconciliation of the changes in the projected benefit obligation for the years ended December 31, 2020 and 2019: (in thousands) 2020 2019 Reconciliation of benefit obligations: Obligations as of January 1 $ 10,497 $ 8,658 Service cost 204 166 Interest cost 84 151 Actuarial loss (gain) (1,222) 1,815 Benefit payments (151) (139) Effect of foreign currency exchange rate changes 979 (154) Benefit obligations as of December 31 10,391 10,497 Fair value of assets as of December 31 a 3,844 3,343 Funded status as of December 31, net of tax benefit $ (6,547) $ (7,154) a. No change in underlying asset value for the periods. We recognized the following amounts in the consolidated balance sheets at December 31, 2020 and 2019: (in thousands) 2020 2019 Other assets $ 3,844 $ 3,343 Accrued liabilities (163) (140) Other liabilities (10,228) (10,357) Net liability $ (6,547) $ (7,154) The following projected benefit obligation and accumulated benefit obligation were estimated as of December 31, 2020 and 2019: (in thousands) 2020 2019 Projected benefit obligation $ 10,391 $ 10,497 Accumulated benefit obligation $ 9,343 $ 9,351 The following table shows the components of net periodic benefit costs and the amounts recognized in “Accumulated other comprehensive income (loss)” as of December 31, 2020, 2019 and 2018: (in thousands) 2020 2019 2018 Net periodic benefit cost: Service cost $ 204 $ 166 $ 155 Interest cost 84 151 148 Amortization of actuarial loss 351 200 177 Total net periodic pension cost 639 517 480 Other changes in plan assets and benefit obligations recognized in other comprehensive income: Net loss (gain) (1,223) 1,815 453 Amortization of prior years' unrecognized loss (351) (200) (177) Tax (benefit) provision 791 (555) (88) Total recognized as accumulated other comprehensive income (loss) (783) 1,060 188 Total expense recognized in net periodic benefit cost and other comprehensive income $ (144) $ 1,577 $ 668 The following assumptions are used to determine benefit obligations as of December 31, 2020 and 2019: 2020 2019 Discount rate 1.3% 0.8% Rate of compensation 3.0% 3.0% The following benefit payments, including expected future service cost, are expected to be paid: (in thousands) Estimated future benefit payments: 2021 $ 190 2022 196 2023 200 2024 202 2025 204 2026-2030 1,557 |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | (18) Net Loss Per Share We compute basic loss per share using net loss attributable to 3D Systems Corporation and the weighted average number of common shares outstanding during the applicable period. Diluted loss per share incorporates the additional shares issuable upon assumed exercise of stock options and the release of restricted stock and RSUs, except in such case when their inclusion would be anti-dilutive. Year Ended December 31, (in thousands, except per share amounts) 2020 2019 2018 Numerator for basic and diluted net loss per share: Net loss attributable to 3D Systems Corporation $ (149,594) $ (69,880) $ (45,505) Denominator for basic and diluted net loss per share: Weighted average shares 117,579 113,811 112,327 Net loss per share - basic and diluted $ (1.27) $ (0.61) $ (0.41) For the years ended December 31, 2020, 2019 and 2018 the effect of dilutive securities, including non-vested stock options and restricted stock awards/units, was excluded from the denominator for the calculation of diluted net loss per share because we recognized a net loss for the period and their inclusion would be anti-dilutive. Dilutive securities excluded were 3,960, 5,822 and 5,015 shares for the years ended December 31, 2020, 2019 and 2018, respectively. On August 5, 2020, we entered into an Equity Distribution Agreement for an At-The-Market equity offering program (“ATM Program”) where we may issue and sell, from time to time, shares of our common stock. Our ATM Program allowed for an aggregate gross sales price of up to a total of $150,000, depending upon market conditions and our liquidity requirements, through Truist Securities, Inc. and HSBC Securities (USA) Inc. For the year ended December 31, 2020, we sold 4,616 shares of our common stock under our ATM Program for net proceeds of $24,664, net of $849 in fees, commissions and other costs. As of December 31, 2020, we had $124,487 in availability remaining under the ATM Program, however, on January 6, 2021, we terminated the ATM Program. See Note 26. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | (19) Noncontrolling Interests As of December 31, 2020, we owned 100% of the capital and voting rights of Robtec, a service bureau and distributor of 3D printing and scanning products in Brazil. Approximately 70% of the capital and voting rights of Robtec was acquired on November 25, 2014. On January 7, 2020, we made a payment equal to the redemption price of $10,000 and acquired the remaining 30% of the capital and voting rights. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (20) Fair Value Measurements Fair value is the exchange price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. Fair value measurements use market data or assumptions market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may be readily observable, corroborated by market data, or generally unobservable. Valuation techniques maximize the use of observable inputs and minimize use of unobservable inputs. Cash equivalents, Israeli severance funds and derivatives are valued utilizing the market approach to measure fair value for financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurements as of December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents a $ 199 $ — $ — $ 199 Israeli severance funds b $ — $ 6,422 $ — $ 6,422 Derivative financial instruments c $ — $ (700) $ — $ (700) Fair Value Measurements as of December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents a $ 20,869 $ — $ — $ 20,869 Israeli severance funds b $ — $ 7,449 $ — $ 7,449 Derivative financial instruments c $ — $ (318) $ — $ (318) a. Cash equivalents include funds held in money market instruments and are reported at their current carrying value, which approximates fair value due to the short-term nature of these instruments and are included in cash and cash equivalents in the consolidated balance sheet. b. We partially fund a liability for our Israeli severance requirement through monthly deposits into fund accounts, the value of these contributions are recorded to non-current assets on the consolidated balance sheet. c. Derivative instruments are reported based on published market prices for similar assets or are estimated based on published market prices for similar assets or are estimated based on observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices and spot and future exchange rates. See Note 13 for additional information on our derivative financial instruments. We did not have any transfers of assets and liabilities between Level 1, Level 2 and Level 3 of the fair value measurement hierarchy during the year ended December 31, 2020. In addition to the assets and liabilities included in the above table, certain of our assets and liabilities are to be initially measured at fair value on a non-recurring basis. This includes goodwill and other intangible assets measured at fair value for impairment assessment. For further discussion on the valuation techniques and inputs used in the fair value measurement of goodwill and other intangible assets, see Notes 2, 8 and 9. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (21) Income Taxes The components of our income before income taxes are as follows: 2020 2019 2018 Income (Loss) before income taxes: Domestic $ (45,973) $ (79,821) $ (59,233) Foreign (97,437) 14,721 16,005 Total $ (143,410) $ (65,100) $ (43,228) The components of income tax provision for the years ended December 31, 2020, 2019 and 2018 are as follows: 2020 2019 2018 Current: U.S. federal $ 1,294 $ (135) $ (5,882) State 451 801 286 Foreign 5,645 7,220 10,621 Total 7,390 7,886 5,025 Deferred: U.S. federal 67 (1,008) (322) State — — 3 Foreign (1,273) (2,346) (2,671) Total (1,206) (3,354) (2,990) Total income tax provision $ 6,184 $ 4,532 $ 2,035 The overall effective tax rate differs from the statutory federal tax rate for the years ended December 31, 2020, 2019 and 2018 as follows: % of Pretax Loss 2020 2019 2018 Tax provision based on the federal statutory rate 21.0 % 21.0 % 21.0 % Increase in valuation allowances (8.5) (21.3) (34.8) Dividends Not Taxable 9.5 — — Net Operating Loss Carryback Claim 6.2 — — Change in Carryforward Attributes (3.2) — — Global intangible low-taxed income inclusion (0.3) (7.0) (6.6) One-Time transition tax — — (2.8) Nondeductible expenses (13.5) (1.8) (2.3) Taxes related to distributions — (0.8) (2.3) Foreign income tax rate differential (3.3) 1.0 (1.5) Deemed income related to foreign operations (1.6) (0.5) (1.5) Tax rate change (0.3) (1.1) (1.4) Employee share-based payments (1.4) — 0.1 Other (0.4) (0.9) 0.6 Deferred and payable adjustments (2.6) 3.3 0.9 ASU 842 Adoption — (0.1) — State taxes, net of federal benefit, before valuation allowance 0.5 2.8 2.4 Return to provision adjustments 0.9 (2.5) 2.7 Other tax credits 0.2 (1.9) 5.1 U.S. Tax Cuts and Jobs Act - rate change adjustment — — 6.4 Uncertain tax positions and audit settlements (7.5) 2.8 9.4 Effective tax rate (4.3) % (7.0) % (4.6) % The difference between our effective tax rate for 2020 and the federal statutory rate was 25.3 percentage points. The difference in the effective rate is primarily due to valuation allowance changes, nondeductible impairment charges, dividends not taxable, net operating loss carryback claim, and adjustments to uncertain tax positions. The difference between our effective tax rate for 2019 and the federal statutory rate was 28.0 percentage points. The difference in the effective rate is primarily due to valuation allowance changes, provisions for GILTI, prior period adjustments and adjustments to uncertain tax positions. The difference between our effective tax rate for 2018 and the federal statutory rate was 25.6 percentage points. The difference in the effective rate is primarily due to the impact of the Tax Act, including adjustments related to the Tax Act, the new provisions for GILTI, tax credits, adjustments to uncertain tax positions related to statute of limitations expiration and change in valuation allowances. For the report year ending December 31, 2018, we had completed our accounting for all of the enactment date income tax effects of the Tax Act, and we recorded an adjustment of a $1,524 tax benefit, which was offset by an adjustment to our valuation allowance of $1,524 tax expense. In 2020, 2019 and 2018, there were no significant changes to our valuation allowance assertions. We continue to review results of operations and forecast estimates to determine if it is more likely than not that the deferred tax assets will be realized. The components of our net deferred income tax assets and net deferred income tax (liabilities) at December 31, 2020 and 2019 are as follows: (in thousands) 2020 2019 Deferred income tax assets: Intangibles $ 17,395 $ 20,624 Stock options and restricted stock awards 2,544 6,065 Reserves and allowances 10,450 11,959 Net operating loss carryforwards 67,025 57,782 Tax credit carryforwards 18,813 12,749 Accrued liabilities 6,077 3,218 Deferred revenue 4,637 3,940 Lease Tax Asset 8,343 5,970 163(j) Limitation Carryforward 2,854 1,519 Valuation allowance (123,113) (109,643) Total deferred income tax assets 15,025 14,183 Deferred income tax liabilities: Intangibles 2,548 4,495 Property, plant and equipment 2,662 3,282 Lease Tax Liability 6,379 4,195 Liabilities related to distributions — — Other 1,345 830 Total deferred income tax liabilities 12,934 12,802 Deferred income tax asset held for sale $ 560 $ — Net deferred income tax assets $ 1,531 $ 1,381 At December 31, 2020, $67,025 of our deferred income tax assets was attributable to $417,802 of gross net operating loss carryforwards, which consisted of $223,724 of loss carryforwards for U.S. federal income tax purposes, $155,366 of loss carryforwards for U.S. state income tax purposes and $38,713 of loss carryforwards for foreign income tax purposes. The net operating loss carryforwards for U.S. federal income tax purposes begin to expire in 2035. The net operating loss carryforwards for U.S. state income tax purposes began to expire in 2018. In addition, certain loss carryforwards for foreign income tax purposes begin to expire in 2020 and certain other loss carryforwards for foreign purposes do not expire. At December 31, 2020, tax credit carryforwards included in our deferred income tax assets consisted of $6,359 of research and experimentation credit carryforwards for U.S. federal income tax purposes, $4,037 of research and experimentation tax credit carryforwards for U.S. state income tax purposes, $6,629 of foreign tax credits for U.S. federal income tax purposes, $1,059 of research and experimentation tax credit carryforwards for foreign income tax purposes and $729 of other state tax credits. Certain state research and experimentation and other state credits begin to expire in 2021. We have recorded a valuation allowance related to the U.S. federal and state tax credits. Due to the one time transition tax, our previously unremitted earnings have been subjected to U.S. federal income tax, although, other additional taxes such as, withholding tax, could be applicable. We intend to permanently reinvest its earnings outside the U.S. and as such, have not provided for any additional taxes on approximately $189,699 of unremitted earnings. We believe the unrecognized deferred tax liability related to these earnings is approximately $7,114. Including interest and penalties, we decreased our unrecognized benefits by $788 for the year ended December 31, 2020 and increased our unrecognized tax benefits by $11,223 for the year ended December 31, 2020. The decrease was primarily related to the release of unrecognized tax benefits due to the expiration of statute of limitations. The increase was primarily related to the net operating loss carryback claim. We do not anticipate any additional unrecognized tax benefits during the next 12 months that would result in a material change to its consolidated financial position. The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is $15,380. We include interest and penalties in the consolidated financial statements as a component of income tax expense. On February 2, 2021, the Company received two private letter rulings from the IRS, which triggered the release of a reserve for uncertain tax position of $8,900 in the first quarter of 2021. See Note 26. Unrecognized Tax Benefits* (in thousands) 2020 2019 2018 Balance at January 1 $ (15,467) $ (13,031) $ (18,310) Increases related to prior year tax positions (10,426) (2,684) (1,400) Decreases related to prior year tax positions 788 857 8,272 Increases related to current year tax positions (797) (609) (1,593) Balance at December 31 $ (25,902) $ (15,467) $ (13,031) * The unrecognized tax benefit balance includes an insignificant amount of interest and penalties. Tax years 2013 through 2019 remain subject to examination by the U.S. Internal Revenue Service (“IRS”). State income tax returns are generally subject to examination for a period of three to four years after filing the respective tax returns. The tax years 2015 through 2019 remain open to examination by the various foreign taxing jurisdictions to which the Company is subject. The following presents the changes in the balance of our deferred income tax asset valuation allowance: Year Ended Item Balance at beginning of year Additions (reductions) charged to expense Other Balance at end of year 2020 Deferred income tax asset valuation allowance $ 109,643 $ 13,470 $ — $ 123,113 2019 Deferred income tax asset valuation allowance 95,398 14,245 — 109,643 2018 Deferred income tax asset valuation allowance 80,796 14,602 — 95,398 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (22) Commitments and Contingencies We lease certain of our facilities and equipment under non-cancelable operating and finance leases. See Note 5. We have an inventory purchase commitment with an assembling manufacturer. See Note 14. Supply commitments totaled $55,317 and $53,562 as of December 31, 2020 and 2019, respectively. Commitments for printer assemblies and inventory items at December 31, 2020 and 2019 were $27,030 and $34,570, respectively. Commitments for operating costs and capital expenditures at December 31, 2020 and 2019 were $28,287 and $18,992, respectively. Indemnification In the normal course of business, we periodically enter into agreements to indemnify customers or suppliers against claims of intellectual property infringement made by third parties arising from the use of our products. Historically, costs related to these indemnification provisions have not been significant, and we are unable to estimate the maximum potential impact of these indemnification provisions on its future results of operations. To the extent permitted under Delaware law, we indemnify our directors and officers for certain events or occurrences while the director or officer is, or was, serving at our request in such capacity, subject to limited exceptions. The maximum potential amount of future payments we could be required to make under these indemnification obligations is unlimited; however, we have directors and officers insurance coverage that may enable us to recover future amounts paid, subject to a deductible and the policy limits. There is no assurance that the policy limits will be sufficient to cover all damages, if any. Litigation Export Controls and Government Contracts Compliance Matter In October 2017, we received an administrative subpoena from the Bureau of Industry and Security of the Department of Commerce (“BIS”) requesting the production of records in connection with possible violations of U.S. export control laws, including with regard to our Quickparts.com, Inc. subsidiary. In addition, while collecting information responsive to the above-referenced subpoena, our internal investigation identified potential violations of the International Traffic in Arms Regulations (“ITAR”) administered by the Directorate of Defense Trade Controls of the Department of State (“DDTC”) and potential violations of the Export Administration Regulations administered by the BIS. On June 8, 2018 and thereafter, we submitted voluntary disclosures to BIS and DDTC identifying numerous potentially unauthorized exports of technical data. As part of our ongoing review of trade compliance risks and our cooperation with the government, on November 20, 2019, we submitted to the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) an initial notice of voluntary disclosure regarding potential violations of economic sanctions related to Iran. We continued to investigate this issue and filed a final disclosure with OFAC on May 20, 2020. We have and will continue to implement compliance enhancements to our export controls, trade sanctions, and government contracting compliance program to address the issues identified through our ongoing internal investigation and will cooperate with DDTC and BIS, as well as the U.S. Departments of Justice, Defense, Homeland Security and Treasury in their ongoing reviews of these matters. In connection with these ongoing reviews, in August 2020, the Company received two federal grand jury subpoenas issued by the U.S. District Court for the Northern District of Texas. The Company responded to these two subpoenas and will continue to fully cooperate with the U.S. Department of Justice in the related investigation. In addition, on July 19, 2019, we received a notice of immediate suspension of federal contracting from the United States Air Force, pending the outcome of an ongoing investigation. The suspension applied to 3D Systems, its subsidiaries and affiliates, and was related to the potential export controls violations involving our On Demand manufacturing business described above. Under the suspension, we were generally prohibited from receiving new federal government contracts or subcontracts from any executive branch agency as described in the provisions of 48 C.F.R Subpart 9.4 of the Federal Acquisition Regulation. The suspension allowed us to continue to perform current federal contracts, and also to receive awards of new subcontracts for items under $35 and for items considered commercially available off-the-shelf items. The Air Force lifted the suspension on September 6, 2019 following the execution of a two-year Administrative Agreement with us. We are now eligible to obtain and perform U.S. government contracts and subcontracts without restrictions. Under the Administrative Agreement, we will be monitored and evaluated by independent monitors who will report to the Air Force on our compliance with the terms of the Company’s Ethics & Compliance Program, including its overall culture, government contracting compliance program, and export controls compliance program. Although we cannot predict the ultimate resolution of these matters, we have incurred and expect to continue to incur significant legal costs and other expenses in connection with responding to the U.S. government agencies. Other We are involved in various other legal matters incidental to our business. Although we cannot predict the results of the litigation with certainty, we believe that the disposition of all these various other legal matters will not have a material adverse effect, individually or in the aggregate, on our consolidated results of operations, consolidated cash flows or consolidated financial position. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Accumulated Other Comprehensive Loss | (23) Accumulated Other Comprehensive Loss The changes in the balances of accumulated other comprehensive loss by component are as follows: (in thousands) Foreign currency translation adjustment Defined benefit pension plan Derivative financial instruments Liquidation of non-US entity and purchase of non-controlling interests Total Balance at December 31, 2018 $ (36,669) $ (2,647) $ — $ 338 $ (38,978) Other comprehensive income (loss) 3,053 (1,060) (318) 256 1,931 Balance at December 31, 2019 (33,616) (3,707) (318) 594 (37,047) Other comprehensive income (loss) 28,752 783 (1,638) (561) 27,336 Amounts reclassified from accumulated other comprehensive income (loss) a — — 1,235 — 1,235 Balance at December 31, 2020 $ (4,864) $ (2,924) $ (721) $ 33 $ (8,476) a. Amount reclassified into Interest and other expense, net on the statement of operations. See Note 13. The amounts presented in the table above are in other comprehensive loss and are net of taxes. For additional information about foreign currency translation and derivative financial instruments, see Note 13. For additional information about the pension plan, see Note 17. |
Restructuring and Exit Activity
Restructuring and Exit Activity Costs | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Exit Activity Costs | (24) Restructuring and Exit Activity Costs On August 5, 2020, we announced, in connection with the new strategic focus and organizational realignment, a restructuring plan intended to align our operating costs with current revenue levels and better position the Company for future sustainable and profitable growth. The restructuring plan includes a reduction of nearly 20% of our workforce, with the majority of the workforce reduction completed by December 31, 2020. We expect that the restructuring plan, in conjunction with other cost reduction measures, will reduce our annualized costs by approximately $80,000 by the end of December 31, 2021, with additional savings of approximately $20,000 dependent on potential divestitures. Cost reduction efforts include reducing the number of facilities and examining every aspect of our manufacturing and operating costs. We incurred cash charges for severance, facility closing and other costs, primarily in the second half of 2020. We may incur additional charges in 2021 as we finalize all the actions to be taken. Non-cash charges related to these actions are expected to be $6,400 and are included in facility closing costs. We are also evaluating the divestiture of parts of the business that do not align with this strategic focus. See Note 3 and Note 26. In connection with the restructuring plan, we recorded pre-tax costs during the year ended December 31, 2020, included within selling, general and administrative in the consolidated statement of operations, and expect to incur total costs as follows: Total Costs Expected to be Incurred Costs Incurred during the year ended December 31, 2020 Severance, termination benefits and other employee costs $ 21,200 $ 12,914 Facility closing costs 9,700 6,470 Other costs 2,500 668 Total $ 33,400 $ 20,052 The liabilities at December 31, 2020 related to these costs were principally recorded in accrued expenses in the consolidated balance sheets and were as follows: Liability at December 31, 2019 Costs Incurred during 2020 Costs Paid During 2020 Non-cash adjustments Liability at December 31, 2020 Severance, termination benefits and other employee costs $ — $ 12,914 $ (5,741) $ — $ 7,173 Facility closing costs — 6,470 (265) (6,205) — Other costs — 668 (668) — — Total $ — $ 20,052 $ (6,674) $ (6,205) $ 7,173 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (unaudited) | (25) Selected Quarterly Financial Data (unaudited) The following tables set forth unaudited selected quarterly financial data: 2020 Quarter Ended (in thousands, except per share amounts) December 31 September 30 June 30 March 31 Consolidated revenue a $ 172,652 $ 136,176 $ 112,777 $ 135,635 Gross profit 72,449 58,627 35,167 57,132 Total operating expenses 71,718 126,231 69,039 75,350 Income (loss) from operations 731 (67,604) (33,872) (18,218) Benefit (provision) for income taxes (3,712) (2,866) (1,464) 1,858 Net loss attributable to 3D Systems (19,830) (72,889) (37,951) (18,924) Basic and diluted net loss per share $ (0.16) $ (0.61) $ (0.33) $ (0.17) 2019 Quarter Ended (in thousands, except per share amounts) December 31 September 30 June 30 March 31 Consolidated revenue a $ 168,215 $ 156,248 $ 158,627 $ 153,263 Gross profit a 74,256 67,281 73,299 65,705 Total operating expenses a 78,955 79,215 92,465 87,010 Loss from operations (4,699) (11,934) (19,166) (21,305) Benefit (provision) for income taxes 1,260 (2,010) (1,938) (1,844) Net loss attributable to 3D Systems (4,714) (16,843) (23,929) (24,394) Basic and diluted net income (loss) per share $ (0.04) $ (0.15) $ (0.21) $ (0.22) 2018 Quarter Ended (in thousands, except per share amounts) December 31 September 30 June 30 March 31 Consolidated revenue a $ 181,892 $ 165,493 $ 177,800 $ 166,362 Gross profit 82,553 77,810 86,162 77,869 Total operating expenses 89,572 88,794 93,884 95,335 Loss from operations (7,019) (10,984) (7,722) (17,466) Provision for income taxes 4,051 (1,593) (2,539) (1,954) Net loss attributable to 3D Systems (4,136) (11,550) (8,862) (20,957) Basic and diluted net income (loss) per share $ (0.04) $ (0.10) $ (0.08) $ (0.19) a. Upon adoption of ASU 2018-08 we determined it was appropriate to recast the presentation of our previously reported statement of operations and the effect on the individual quarters in 2020 was immaterial. See Note 2. The sum of per share amounts for each of the quarterly periods presented does not necessarily equal the total presented for the year because each quarterly amount is independently calculated at the end of each period based on the net income (loss) available to common stockholders for such period and the weighted average shares of outstanding common stock for such period. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | (26) Subsequent Events On January 1, 2021, the Company completed the sale of 100% of the issued and outstanding equity interests of Cimatron Ltd., the subsidiary that operated the Company’s Cimatron integrated CAD/CAM software for tooling business and its GibbsCAM CNC programming software business for approximately $64,200, after certain adjustments and excluding $9,161 of cash amounts transferred to the purchaser. Using a portion of the proceeds from the sale, the Company paid off the remaining outstanding balances under its Term Facility, $21,392. The Company also terminated the ATM Program. In January 2021, the Company terminated the interest rate swap agreement in connection with repayment of the Term Facility. On February 2, 2021, the Company received two private letter rulings from the IRS, which triggered the release of a reserve for uncertain tax position of $8,900 in the first quarter of 2021. On February 25, 2021, the Company entered into an agreement to amend its lease for its corporate office and extended the term. As part of this amendment, the Company entered into a lease agreement for a new building, containing approximately 80,000 to 100,000 rentable square feet, to be constructed adjacent to our corporate office. The initial lease terms for both the existing building and the expansion site extend through August 2036. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience, currently available information and various other assumptions that we believe are reasonable under the circumstances. Actual results could differ from these estimates. |
Revenue Recognition | Revenue Recognition We account for revenue in accordance with Accounting Standard Codification ("ASC") Topic 606, “ Revenue from Contracts with Customers Revenue Recognition Revenue is recognized when control of the promised products or services is transferred to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. We enter into contracts that can include various combinations of products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Many of our contracts with customers include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative stand-alone selling price (“SSP”). Revenue is recognized net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. The amount of consideration received and revenue recognized may vary based on changes in marketing incentive programs offered to our customers. Our marketing incentive programs take many forms, including volume discounts, trade-in allowances, rebates and other discounts. A majority of our revenue is recognized at the point in time when products are shipped or services are delivered to customers. Please see below for further discussion. Hardware and Materials Revenue from hardware and material sales is recognized when control has transferred to the customer, which typically occurs when the goods have been shipped to the customer, risk of loss has transferred to the customer and we have a present right to payment for the hardware. In limited circumstances, when printer or other hardware sales include substantive customer acceptance provisions, revenue is recognized either when customer acceptance has been obtained, customer acceptance provisions have lapsed, or we have objective evidence that the criteria specified in the customer acceptance provisions have been satisfied. Printers and certain other products include a warranty under which we provide maintenance for periods up to one year. For these initial product warranties, estimated costs are accrued at the time of the sale of the product. These cost estimates are established using historical information on the nature, frequency and average cost of claims for each type of printer or other product as well as assumptions about future activity and events. Revisions to expense accruals are made as necessary based on changes in these historical and future factors. Software We also market and sell software tools that enable our customers to capture and customize content using our printers, design optimization and simulation software, and reverse engineering and inspection software. Software does not require significant modification or customization and the license provides the customer with a right to use the software as it exists when made available. Revenue from these software licenses is recognized either upon delivery of the product or of a key code which allows the customer to download the software. Customers may purchase post-sale support. Generally, the first year is included but subsequent years are optional. This optional support is considered a separate obligation from the software and is deferred at the time of sale and subsequently recognized ratably over future periods. Collaboration and Licensing Agreements We enter into collaboration and licensing agreements with third parties. The nature of the activities to be performed and the consideration exchanged under the agreements varies on a contract by contract basis. We evaluate these agreements to determine whether they meet the definition of a customer relationship for which revenue is recorded. These contracts may contain multiple performance obligations and may contain fees for licensing, research and development services, contingent milestone payments upon the achievement of developmental contractual criteria and/or royalty fees based on the licensees’ product revenue. We determine the revenue to be recognized for these agreements based on an evaluation of the distinct performance obligations, the identification and evaluation of material rights, the estimation of variable consideration and the determination of the pattern on transfer of control for each distinct performance obligation. The Company recognized $6,953, $7,260 and $3,885 in revenue related to collaboration arrangements with customers for the years ended December 31, 2020, 2019, and 2018, respectively. Services We offer training, installation and non-contract maintenance services for our products. Additionally, we offer maintenance contracts customers can purchase at their option. For maintenance contracts, revenue is deferred at the time of sale based on the stand-alone selling prices of these services and costs are expensed as incurred. Deferred revenue is recognized ratably over the term of the maintenance period on a straight-line basis. Revenue from training, installation and non-contract maintenance services is recognized at the time of performance of the service. On demand manufacturing and healthcare service sales are included within services revenue and revenue is recognized upon shipment or delivery of the parts or performance of the service, based on the terms of the arrangement. Terms of sale Shipping and handling activities are treated as fulfillment costs rather than as an additional promised service. We accrue the costs of shipping and handling when the related revenue is recognized. Our incurred costs associated with shipping and handling are included in product cost of sales. Credit is extended, and creditworthiness is determined, based on an evaluation of each customer’s financial condition. New customers are generally required to complete a credit application and provide references and bank information to facilitate an analysis of creditworthiness. Customers with a favorable profile may receive credit terms that differ from our general credit terms. Creditworthiness is considered, among other things, in evaluating our relationship with customers with past due balances. Our terms of sale generally provide payment terms that are customary in the countries where we transact business. To reduce credit risk in connection with certain sales, we may, depending upon the circumstances, require significant deposits or payment in full prior to shipment. For maintenance services, we either bill customers on a time-and-materials basis or sell maintenance contracts that provide for payment in advance on either an annual or other periodic basis. Significant Judgments Our contracts with customers often include promises to transfer multiple products and services to a customer. For such arrangements, we allocate revenues to each performance obligation based on its relative SSP. Judgment is required to determine the SSP for each distinct performance obligation in a contract. For the majority of items, we estimate SSP using historical transaction data. We use a range of amounts to estimate SSP when we sell each of the products and services separately and need to determine whether there is a discount to be allocated based on the relative SSP of the various products and services. In instances where SSP is not directly observable, such as when the product or service is not sold separately, we determine the SSP using information that may include market conditions and other observable inputs. In some circumstances, we have more than one SSP for individual products and services due to the stratification of those products and services by customers, geographic region or other factors. In these instances, it may use information such as the size of the customer and geographic region in determining the SSP. The determination of SSP is an ongoing process and information is reviewed regularly in order to ensure SSP reflects the most current information or trends. The nature of our marketing incentives may lead to consideration that is variable. Judgment is exercised at contract inception to determine the most likely outcome of the contract and resulting transaction price. Ongoing assessments are performed to determine if updates are needed to the original estimates. Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer deposits and deferred revenues (contract liabilities) on the consolidated balance sheets. Timing of revenue recognition may differ from the timing of invoicing to customers. We record a receivable when revenue is recognized at the time of invoicing, or unbilled receivables when revenue is recognized prior to invoicing. For most of our contracts, customers are invoiced when products are shipped or when services are performed resulting in billed accounts receivables for the remainder of the owed contract price. Unbilled receivables generally result from items being shipped where the customer has not been charged, but for which revenue had been recognized. In our on demand manufacturing business, customers may be required to pay in full before work begins on their orders, resulting in customer deposits. We typically bill in advance for installation, training and maintenance contracts as well as extended warranties, resulting in deferred revenue. Changes in contract asset and liability balances were not materially impacted by any other factors for the period ended December 31, 2020. Through December 31, 2020, we recognized revenue of $30,635 related to our contract liabilities at December 31, 2019. Through December 31, 2019, we recognized revenue of $26,486 related to our contract liabilities at December 31, 2018. Through December 31, 2018, we recognized revenue of $37,206 related to our contract liabilities at January 1, 2018. Practical Expedients and Exemptions We generally expense sales commissions when incurred because the amortization period would be one year or less. These costs are recorded within selling, general and administrative expenses. Revenue and Asset Concentrations We operate as one segment and conduct our business through various offices and facilities located throughout the Americas region (United States, Canada, Brazil, Mexico and Uruguay), EMEA region (Belgium, France, Germany, Israel, Italy, the Netherlands, Switzerland and the United Kingdom), and APAC region (Australia, China, India, Japan and Korea). The Americas, EMEA and APAC regions have been our reporting units for the purposes of testing the recoverability of goodwill. This test is performed on an annual basis each November 30 and more often in the occurrence of a triggering event. Concurrent with our new strategic focus announced in August 2020, we have begun to undertake initiatives to simplify our organization by realigning the Company’s breadth of capabilities into two key market verticals. This realignment continues to evolve, and as of December 31, 2020 we continue to pursue initiatives that will provide reliable and complete information to our chief operating decision maker to allow him to make operational decisions around the allocation of resources and assessing performance for these key market verticals. As of December 31, 2020, we continue to operate in one reportable segment. Revenue by geographic region for the years ended December 31, 2020, 2019, and 2018 were as follows: Year Ended December 31, (in thousands) 2020 2019 2018 Americas $ 280,028 $ 323,085 $ 344,650 EMEA 213,575 240,403 237,462 APAC 63,637 72,866 109,433 Total $ 557,240 $ 636,354 $ 691,545 United States (Included in Americas above) $ 275,145 $ 313,910 $ 336,496 For the years ended December 31, 2020, 2019, and 2018, one customer accounted for approximately 13%, 11% and 13% of our consolidated revenue, respectively. We expect to maintain our relationship with this customer. Assets by geographic region for the years ended December 31, 2020, and 2019 were as follows: Year Ended December 31, (in thousands) 2020 2019 Americas $ 251,456 $ 263,758 EMEA 394,868 447,810 APAC 86,731 95,744 Total $ 733,055 $ 807,312 |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash and temporary investments with maturities of three months or less when acquired. Cash and cash equivalents by geographic region for the years ended December 31, 2020, and 2019 were as follows: Year Ended December 31, (in thousands) 2020 2019 Americas $ 27,562 $ 63,374 EMEA 24,875 $ 44,283 APAC 22,573 $ 26,008 Total $ 75,010 $ 133,665 |
Investments | Investments Investments in non-consolidated affiliates (20-50 percent owned companies and joint ventures) are accounted for using the equity method. Investments through which we are not able to exercise significant influence over the investee and which we do not have readily determinable fair values are generally accounted for under the cost method. We did not hold any equity method investments at December 31, 2020 or 2019. We assess declines in the fair value of investments to determine whether such declines are other-than-temporary. Other-than-temporary impairments of investments are recorded to interest and other expense, net, in the period in which they become impaired. |
Accounts Receivable and Allowances for Doubtful Accounts | Accounts Receivable and Allowances for Doubtful Accounts Trade accounts receivable are recorded at the invoiced amount and do not bear interest. In evaluating the collectability of accounts receivable, we assess a number of factors, including specific customers’ ability to meet their financial obligations to us, the length of time receivables are past due and historical collection experience. Based on these assessments, we may record a reserve for specific customers, as well as a general reserve and allowance for returns and discounts. If circumstances related to specific customers change, or economic conditions deteriorate such that our past collection experience is no longer relevant, our estimate of the recoverability of accounts receivable could be further reduced from the levels provided for in the consolidated financial statements. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value, with cost being determined using the first-in, first-out method. |
Long-Lived Assets and Goodwill | Long-Lived Assets and Goodwill We review long-lived assets, including intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. Recoverability is assessed for the carrying value of assets held for use based on a review of undiscounted projected cash flows. Impairment losses, where identified, are measured as the excess of the carrying value of the long-lived asset over its estimated fair value as determined by discounted projected cash flows. No impairment charges for intangible assets with finite lives were recorded for the years ended December 31, 2020 and 2019. Goodwill is the excess of cost of an acquired entity over the amounts assigned to assets acquired and liabilities assumed in a business combination. Goodwill is not amortized. Goodwill is tested for impairment annually on November 30 of each year, and is tested for impairment between annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. Impairment testing for goodwill is done at a reporting unit level, with all goodwill assigned to a reporting unit. Our reporting units are Americas, EMEA and APAC. We completed the required annual goodwill impairment test as of November 30, 2020. The goodwill impairment test compared the fair value of each reporting unit to their carrying value. We estimated the fair value of our reporting units based primarily on the discounted projected cash flows of the underlying operations. The estimated fair value for each of our reporting units was in excess of their respective carrying values as of December 31, 2020. |
Assets and Liabilities Held for Sale | Assets and Liabilities Held for SaleOnce management has committed to disposal of a component of the Company and it is probable of being completed within one year, the assets and liabilities are reclassified as held for sale and net income continues to be reported as from continuing operations, unless it meets requirements to be reclassified as a discontinued operation. |
Contingencies | Contingencies We follow the provisions of ASC 450, “ Contingencies ,” which requires that an estimated loss from a loss contingency be accrued by a charge to income if it is both probable that an asset has been impaired or that a liability has been incurred and that the amount of the loss can be reasonably estimated. |
Foreign Currency Translation | Foreign Currency Translation Local currencies generally are considered the functional currencies outside the United States. Assets and liabilities for operations in local-currency environments are translated at month-end exchange rates of the period reported. Income and expense items are translated at average exchange rates of each applicable month. Cumulative translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in shareholders’ equity. |
Derivative Financial Instruments | Derivative Financial Instruments We are exposed to market risk from changes in interest rates, foreign currency exchange rates and commodity prices, which may adversely affect our results of operations and financial condition. We seek to minimize these risks through regular operating and financing activities and, when we consider it to be appropriate, through the use of derivative financial instruments. We do not purchase, hold or sell derivative financial instruments for trading or speculative purposes. We use derivative financial instruments to manage our exposure to changes in interest rates on outstanding debt instruments. For those instruments that qualify and where we elect to prepare and maintain the documentation to qualify for hedge accounting treatment under ASC 815, “ Derivatives and Hedging ,” related gains and losses (realized or unrealized) related to derivative instruments are recognized in accumulated other comprehensive income (loss) and are reclassified into earnings when the underlying transaction is recognized in net earnings and, depending on the fair value at the end of the reporting period, derivatives are recorded either in prepaid and other current assets or in accrued liabilities in the consolidated balance sheets. We and our subsidiaries conduct business in various countries using both their functional currencies and other currencies to effect cross border transactions. As a result, we and our subsidiaries are subject to the risk that fluctuations in foreign exchange rates between the dates that those transactions are entered into and their respective settlement dates will result in a foreign exchange gain or loss. When practicable, we endeavor to match assets and liabilities in the same currency on our U.S. balance sheet and those of our subsidiaries in order to reduce these risks. We, when we consider it to be appropriate, enter into foreign currency contracts to hedge the exposure arising from those transactions. See Note 13. For our hedges of foreign exchange rates and commodity prices, we have elected to not prepare and maintain the documentation to qualify for hedge accounting treatment under ASC 815, “ Derivatives and Hedging ,” and therefore, changes in fair value are recognized in interest and other expense, net in the consolidated statements of operations and comprehensive loss and, depending on the fair value at the end of the reporting period, derivatives are recorded either in prepaid and other current assets or in accrued liabilities in the consolidated balance sheets. We are exposed to credit risk if the counterparties to such transactions are unable to perform their obligations. However, we seek to minimize such risk by entering into transactions with counterparties that are believed to be creditworthy financial institutions. |
Research and Development Costs | Research and Development Costs Research and development costs are expensed as incurred. |
Earnings (Loss) per Share | Earnings (Loss) per ShareBasic earnings (loss) per share are calculated on the weighted-average number of common shares outstanding during each period. Diluted earnings per share include shares issuable upon exercise of outstanding stock options and stock-based awards where the conversion of such instruments would be dilutive. |
Advertising Costs | Advertising CostsAdvertising costs are expensed as incurred. |
Pension costs | Pension costsWe sponsor a retirement benefit for one of our non-U.S. subsidiaries in the form of a defined benefit pension plan. Accounting standards require the cost of providing this pension benefit be measured on an actuarial basis. Actuarial gains and losses resulting from both normal year-to-year changes in valuation assumptions and differences from actual experience are deferred and amortized. The application of these accounting standards require us to make assumptions and judgements that can significantly affect these measurements. Our critical assumptions in performing these actuarial valuations include the selection of the discount rate to determine the present value of the pension obligations that affects the amount of pension expense recorded in any given period. Changes in the discount rate could have a material effect on our reported pension obligations and related pension expense. |
Equity Compensation Plans | Equity Compensation Plans We recognize compensation expense for our stock-based compensation programs, which include stock options, restricted stock, restricted stock units (“RSU”) and performance shares. For service-based awards, stock-based compensation is estimated at the grant date based on the fair value of the awards expected to vest and recognized as expense ratably over the requisite service period of the award. For stock options and awards with market conditions, compensation cost is determined at the individual tranche level. We recognize forfeitures when they occur. |
Income Taxes | Income Taxes We and the majority of our domestic subsidiaries file a consolidated U.S. federal income tax return, while four of our domestic entities file separate U.S. federal income tax returns. Our non-U.S. subsidiaries file income tax returns in their respective jurisdictions. Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and tax benefit carryforwards. Deferred income tax liabilities and assets at the end of each period are determined using enacted tax rates. We establish a valuation allowance for those jurisdictions in which the expiration date of tax benefit carryforwards or projected taxable earnings leads us to conclude that it is “more likely than not” that a deferred tax asset will not be realized. The evaluation process includes the consideration of all available evidence regarding historical results and future projections including the estimated timing of reversals of existing taxable temporary differences and potential tax planning strategies. Once a valuation allowance is established, it is maintained until a change in factual circumstances gives rise to sufficient income of the appropriate character and timing that will allow a partial or full utilization of the deferred tax asset. In accordance with ASC 740, “ Income Taxes ,” the impact of an uncertain tax position on our income tax returns is recognized at the largest amount that is more likely than not to be required to be recognized upon audit by the relevant taxing authority. We include interest and penalties accrued in the consolidated financial statements as a component of income tax expense. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2016-13, “ Measurement of Credit Losses on Financial Instruments ” (“ASU 2016-13”), as revised in July 2018, which provides guidance regarding the measurement of credit losses for financial assets and certain other instruments that are not accounted for at fair value through net income, including trade and other receivables, debt securities, net investment in sales type and direct financing leases, and off-balance sheet credit exposures. The new guidance requires companies to replace the current incurred loss impairment methodology with a methodology that measures all expected credit losses for financial assets based on historical experience, current conditions, and reasonable and supportable forecasts. The Company adopted this guidance during the first quarter of 2020. The implementation did not have a material effect on our financial position or results of operations. In January 2017, the FASB issued ASU No. 2017-04, “ Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment ” (“ASU 2017-04”), which eliminates the performance of Step 2 from the goodwill impairment test. In performing its annual or interim impairment testing, an entity will instead compare the fair value of the reporting unit with its carrying amount and recognize any impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. Additionally, an entity should consider income tax effects from any tax-deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss. The Company adopted this guidance during the first quarter of 2020. In November 2018, the FASB issued ASU 2018-18, " Collaborative Arrangements (ASC 808), Clarifying the Interaction between ASC 808 and ASC 606 " (“ASU 2018-18”). This ASU clarified when transactions between collaborative participants are in the scope of ASC 606. The ASU also provides some guidance on presentation of transactions not in the scope of ASC 606. After adoption during the fourth quarter of 2020 the Company determined it was appropriate to recast the presentation of our previously reported statement of operations for the years ended December 31, 2019 and 2018. The Company acknowledges this standard should have been adopted January 1, 2020. The adoption of this standard did not change the Company's previously reported net loss or loss from operations for the years ended December 31, 2019 or 2018 or any individual quarter therein and the effect on the individual quarters in 2020 was immaterial. The following schedule depicts the annual effect of the adoption on our previously reported statements of operations: Year Ended December 31, 2019 2018 As reported Change Revised As reported Change Revised Revenue: Products $ 384,577 $ 4,760 $ 389,337 $ 429,215 $ 3,885 $ 433,100 Services 244,517 2,500 247,017 258,445 — 258,445 Total revenue 629,094 7,260 636,354 687,660 3,885 691,545 Cost of sales: Products 229,821 4,760 234,581 229,793 3,885 233,678 Services 121,232 — 121,232 133,473 — 133,473 Total cost of sales 351,053 4,760 355,813 363,266 3,885 367,151 Gross profit 278,041 2,500 280,541 324,394 — 324,394 Operating expenses: Selling, general and administrative 254,355 — 254,355 272,287 — 272,287 Research and development 80,790 2,500 83,290 95,298 — 95,298 Total operating expenses 335,145 2,500 337,645 367,585 — 367,585 Loss from operations (57,104) — (57,104) (43,191) — (43,191) Recently Issued Accounting Standards In December 2019, the FASB issued ASU 2019-12, “ Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes ,” which simplifies the accounting for income taxes by eliminating some exceptions to the general approach in ASC 740, Income Taxes. It also clarifies certain aspects of the existing guidance to promote more consistent application. This standard is effective for calendar-year public business entities in 2021 and interim periods within that year, and early adoption is permitted. We are in the process of evaluating the impact the new standard will have on our consolidated financial statements. No other new accounting pronouncements, issued or effective during 2020, have had or are expected to have a significant impact on our consolidated financial statements. |
Fair Value Measurements | Cash equivalents, Israeli severance funds and derivatives are valued utilizing the market approach to measure fair value for financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash and cash equivalents by geographic region for the years ended December 31, 2020, and 2019 were as follows: Year Ended December 31, (in thousands) 2020 2019 Americas $ 27,562 $ 63,374 EMEA 24,875 $ 44,283 APAC 22,573 $ 26,008 Total $ 75,010 $ 133,665 |
Schedule of Allowance for Doubtful Accounts | The following presents the changes in the balance of our allowance for doubtful accounts: Year Ended Item Balance at beginning of year Additions charged to expense Other Balance at end of year 2020 Allowance for doubtful accounts $ 8,762 $ 457 $ (4,827) $ 4,392 2019 Allowance for doubtful accounts 8,423 1,308 (969) 8,762 2018 Allowance for doubtful accounts 10,258 1,824 (3,659) 8,423 |
Schedule of Annual Effect of Adoption of Previously Reported Statement of Operations | The following schedule depicts the annual effect of the adoption on our previously reported statements of operations: Year Ended December 31, 2019 2018 As reported Change Revised As reported Change Revised Revenue: Products $ 384,577 $ 4,760 $ 389,337 $ 429,215 $ 3,885 $ 433,100 Services 244,517 2,500 247,017 258,445 — 258,445 Total revenue 629,094 7,260 636,354 687,660 3,885 691,545 Cost of sales: Products 229,821 4,760 234,581 229,793 3,885 233,678 Services 121,232 — 121,232 133,473 — 133,473 Total cost of sales 351,053 4,760 355,813 363,266 3,885 367,151 Gross profit 278,041 2,500 280,541 324,394 — 324,394 Operating expenses: Selling, general and administrative 254,355 — 254,355 272,287 — 272,287 Research and development 80,790 2,500 83,290 95,298 — 95,298 Total operating expenses 335,145 2,500 337,645 367,585 — 367,585 Loss from operations (57,104) — (57,104) (43,191) — (43,191) |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Components of Assets and Liabilities Held for Sale | The components of Cimatron's assets and liabilities recorded as held for sale on the consolidated balance sheet at December 31, 2020 were as follows: (in thousands) December 31, 2020 Assets Cash and cash equivalents $ 9,161 Accounts receivable, net of reserves of $1,154 5,361 Inventories 155 Prepaid expenses and other current assets 3,762 Total current assets held for sale 18,439 Property and equipment, net 202 Intangible assets, net 6,642 Goodwill 21,385 Right of use assets 898 Deferred income tax asset 560 Other assets 1,997 Total assets held for sale $ 50,123 Liabilities Current right of use liabilities $ 445 Accounts payable 654 Accrued and other liabilities 5,631 Customer deposits 25 Deferred revenue 4,352 Total current liabilities held for sale 11,107 Long-term right of use liabilities 518 Other liabilities 2,434 Total liabilities held for sale $ 14,059 |
Revenue Recognition and Deferre
Revenue Recognition and Deferred Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Schedule of Revenue by Geographic Region | Revenue by geographic region for the years ended December 31, 2020, 2019, and 2018 were as follows: Year Ended December 31, (in thousands) 2020 2019 2018 Americas $ 280,028 $ 323,085 $ 344,650 EMEA 213,575 240,403 237,462 APAC 63,637 72,866 109,433 Total $ 557,240 $ 636,354 $ 691,545 United States (Included in Americas above) $ 275,145 $ 313,910 $ 336,496 |
Schedule of Assets By Geographic Region | Assets by geographic region for the years ended December 31, 2020, and 2019 were as follows: Year Ended December 31, (in thousands) 2020 2019 Americas $ 251,456 $ 263,758 EMEA 394,868 447,810 APAC 86,731 95,744 Total $ 733,055 $ 807,312 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Components of Lease Cost | Components of lease cost (income) were as follows: (in thousands) Year Ended December 31, 2020 Year Ended December 31, 2019 Operating lease cost $ 13,937 $ 14,743 Finance lease cost - amortization expense 937 737 Finance lease cost - interest expense 664 477 Short-term lease cost 159 114 Variable lease cost 1,363 245 Sublease income (615) (84) Total $ 16,445 $ 16,232 |
Balance Sheet Classifications | Balance sheet classifications at December 31, 2020 and 2019 are summarized below: December 31, 2020 December 31, 2019 (in thousands) Right of use assets Current right of use liabilities Long-term right of use liabilities Right of use assets Current right of use liabilities Long-term right of use liabilities Operating Leases $ 40,586 $ 8,562 $ 38,296 $ 28,571 $ 9,231 $ 24,835 Finance Leases 8,034 972 10,173 8,319 338 10,567 Total $ 48,620 $ 9,534 $ 48,469 $ 36,890 $ 9,569 $ 35,402 |
Future Minimum Lease Payments - Finance Leases | Our future minimum lease payments as of December 31, 2020 under operating lease and finance leases, with initial or remaining lease terms in excess of one year, were as follows: December 31, 2020 (in thousands) Operating Leases Finance Leases Years ending December 31: 2021 $ 11,206 $ 1,624 2022 9,046 1,625 2023 7,482 1,617 2024 6,570 1,544 2025 4,982 1,454 Thereafter 19,801 6,845 Total lease payments 59,087 14,709 Less: imputed interest (12,229) (3,564) Present value of lease liabilities $ 46,858 $ 11,145 |
Future Minimum Lease Payments - Operating Leases | Our future minimum lease payments as of December 31, 2020 under operating lease and finance leases, with initial or remaining lease terms in excess of one year, were as follows: December 31, 2020 (in thousands) Operating Leases Finance Leases Years ending December 31: 2021 $ 11,206 $ 1,624 2022 9,046 1,625 2023 7,482 1,617 2024 6,570 1,544 2025 4,982 1,454 Thereafter 19,801 6,845 Total lease payments 59,087 14,709 Less: imputed interest (12,229) (3,564) Present value of lease liabilities $ 46,858 $ 11,145 |
Supplemental Cash Flow Information | Supplemental cash flow information related to our operating leases for the years ending December 31, 2020, and 2019 was as follows: (in thousands) December 31, 2020 December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow from operating leases $ 13,151 $ 15,602 Operating cash outflow from finance leases $ 661 $ 456 Financing cash outflow from finance leases $ 496 $ 725 Weighted-average remaining lease terms and discount rate for our operating leases for the year ending December 31, 2020, were as follows: December 31, 2020 Operating Financing Weighted-average remaining lease term 7.5 years 9.4 years Weighted-average discount rate 6.10 % 5.92 % |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Components Of Inventories | Components of inventories at December 31, 2020 and 2019 are summarized as follows: (in thousands) 2020 2019 Raw materials $ 23,762 $ 42,066 Work in process 5,912 5,496 Finished goods and parts 86,993 63,544 Inventories $ 116,667 $ 111,106 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment at December 31, 2020 and 2019 are summarized as follows: (in thousands) 2020 2019 Useful Life (in years) Land $ 541 $ 541 N/A Building 5,422 5,093 25-30 Machinery and equipment 163,688 158,753 2-7 Capitalized software 24,814 22,928 3-5 Office furniture and equipment 5,106 4,618 1-5 Leasehold improvements 32,349 33,444 Life of lease a Construction in progress 4,910 9,944 N/A Total property and equipment 236,830 235,321 Less: Accumulated depreciation and amortization (161,474) (142,381) Total property and equipment, net $ 75,356 $ 92,940 a. Leasehold improvements are amortized on a straight-line basis over the shorter of (i) their estimated useful life, or (ii) the estimated or contractual life of the related lease. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Other Than Goodwill | Intangible assets, net, other than goodwill, at December 31, 2020 and 2019 are summarized as follows: 2020 2019 (in thousands) Gross a Accumulated Amortization Net Gross a Accumulated Amortization Net Weighted Average Useful Life Remaining (in years) Intangible assets with finite lives: Customer relationships $ 71,123 $ (56,682) $ 14,441 $ 103,661 $ (77,021) $ 26,640 2.4 Acquired technology 42,472 (41,201) 1,271 54,378 (51,875) 2,503 5.6 Trade names 17,477 (16,506) 971 23,907 (19,133) 4,774 1.1 Patent costs 19,828 (10,999) 8,829 11,760 (9,535) 2,225 4.0 Trade secrets 20,188 (18,216) 1,972 19,494 (15,714) 3,780 1.5 Acquired patents 16,317 (15,723) 594 16,215 (14,706) 1,509 2.6 Other 19,793 (19,788) 5 26,256 (19,349) 6,907 0.0 Total intangible assets $ 207,198 $ (179,115) $ 28,083 $ 255,671 $ (207,333) $ 48,338 2.8 a. Change in gross carrying amounts consists primarily of charges for license and patent costs and foreign currency translation. |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following are the changes in the carrying amount of goodwill by reporting unit: (in thousands) Americas EMEA APAC Total Balance at December 31, 2018 $ — $ 184,020 $ 37,314 $ 221,334 Effect of foreign currency exchange rates — 2,675 (833) 1,842 Balance at December 31, 2019 — 186,695 36,481 223,176 Dispositions and impairments a — (69,685) (4,699) (74,384) Effect of foreign currency exchange rates — 10,582 2,391 12,973 Balance at December 31, 2020 $ — $ 127,592 $ 34,173 $ 161,765 a. Includes $21,385 of goodwill held for sale related to Cimatron in EMEA and $4,699 of goodwill related to the sale of our Australia ODM and Wuxi Easyway businesses in APAC. See Note 3. |
Accrued and Other Liabilities (
Accrued and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule Of Accrued Liabilities | Accrued liabilities at December 31, 2020 and 2019 are summarized as follows: (in thousands) 2020 2019 Compensation and benefits $ 24,629 $ 21,139 Accrued taxes 14,952 9,840 Vendor accruals 18,762 9,734 Payable to owners of redeemable noncontrolling interests — 10,000 Arbitration awards — 2,256 Product warranty liability 2,348 2,908 Accrued other 6,138 4,223 Accrued professional fees 1,773 1,545 Royalties payable 1,210 1,450 Total $ 69,812 $ 63,095 |
Schedule Of Other Liabilities | Other liabilities at December 31, 2020 and 2019 are summarized as follows: (in thousands) 2020 2019 Long term employee indemnity $ 12,228 $ 14,408 Long term tax liability 15,532 5,011 Defined benefit pension obligation 10,228 10,357 Long term deferred revenue 6,163 7,370 Other long term liabilities 7,096 8,662 Total $ 51,247 $ 45,808 |
Schedule Of Recognized Warranty Revenue And Incurred Warranty Costs | Changes in product warranty obligations, including deferred revenue on extended warranty contracts, for the years ended December 31, 2020, 2019 and 2018, are summarized below: (in thousands) Beginning Balance Additional Accrual/ Revenue Deferred Costs Incurred/ Deferred Revenue Amortization Ending Balance Year Ended December 31, 2020 $ 6,192 $ 6,454 $ (6,266) $ 6,380 2019 7,660 8,124 (9,592) 6,192 2018 10,202 9,347 (11,889) 7,660 |
Hedging Activities and Financ_2
Hedging Activities and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional and Fair Value amount on Balance Sheet | The notional amount and fair value of the derivative on our balance sheet at December 31, 2020 are disclosed below: (in thousands) Balance Sheet location Notional amount Fair value December 31, 2020 Interest rate swap contract Other liabilities $ 15,000 $ (700) December 31, 2019 Interest rate swap contract Other liabilities $ 40,000 $ (318) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Expense | The following table details the components of stock-based compensation expense (income) recognized in net earnings in each of the past three years: Year Ended December 31, (in thousands) 2020 2019 2018 Restricted Stock $ 24,088 $ 25,154 $ 24,933 Stock Options (6,363) (1,567) 4,320 Total stock-based compensation expense $ 17,725 $ 23,587 $ 29,253 |
Schedule of Shares and Units of Restricted Common Stock | A summary of restricted stock and RSU activity during December 31, 2020 follows: (in thousands, except per share amounts) Number of Shares/Units Weighted Average Grant Date Fair Value Outstanding at beginning of period — unvested 4,582 $ 11.42 Granted 4,228 7.57 Canceled (1,859) 10.30 Vested (3,411) 9.56 Outstanding at end of period — unvested 3,540 $ 8.81 |
Schedule of Stock Option Activity | Stock option activity for the year ended December 31, 2020 was as follows: Year Ended December 31, 2020 (in thousands, except per share amounts) Number of Shares Weighted Average Exercise Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Stock option activity: Outstanding at beginning of period 1,240 $ 14.43 6.5 — Granted — — — — Exercised — — — — Forfeited and expired (820) 15.03 — — Outstanding at end of period 420 $ 13.26 5.7 — |
International Retirement Plan (
International Retirement Plan (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Reconciliation of Changes in Projected Benefit Obligation | The following table provides a reconciliation of the changes in the projected benefit obligation for the years ended December 31, 2020 and 2019: (in thousands) 2020 2019 Reconciliation of benefit obligations: Obligations as of January 1 $ 10,497 $ 8,658 Service cost 204 166 Interest cost 84 151 Actuarial loss (gain) (1,222) 1,815 Benefit payments (151) (139) Effect of foreign currency exchange rate changes 979 (154) Benefit obligations as of December 31 10,391 10,497 Fair value of assets as of December 31 a 3,844 3,343 Funded status as of December 31, net of tax benefit $ (6,547) $ (7,154) |
Summary of Amounts Recognized in Consolidated Balance Sheets | We recognized the following amounts in the consolidated balance sheets at December 31, 2020 and 2019: (in thousands) 2020 2019 Other assets $ 3,844 $ 3,343 Accrued liabilities (163) (140) Other liabilities (10,228) (10,357) Net liability $ (6,547) $ (7,154) |
Schedule of Accumulated and Projected Benefit Obligations | The following projected benefit obligation and accumulated benefit obligation were estimated as of December 31, 2020 and 2019: (in thousands) 2020 2019 Projected benefit obligation $ 10,391 $ 10,497 Accumulated benefit obligation $ 9,343 $ 9,351 The following table shows the components of net periodic benefit costs and the amounts recognized in “Accumulated other comprehensive income (loss)” as of December 31, 2020, 2019 and 2018: (in thousands) 2020 2019 2018 Net periodic benefit cost: Service cost $ 204 $ 166 $ 155 Interest cost 84 151 148 Amortization of actuarial loss 351 200 177 Total net periodic pension cost 639 517 480 Other changes in plan assets and benefit obligations recognized in other comprehensive income: Net loss (gain) (1,223) 1,815 453 Amortization of prior years' unrecognized loss (351) (200) (177) Tax (benefit) provision 791 (555) (88) Total recognized as accumulated other comprehensive income (loss) (783) 1,060 188 Total expense recognized in net periodic benefit cost and other comprehensive income $ (144) $ 1,577 $ 668 |
Assumptions Used to Determine Benefit Obligations | The following assumptions are used to determine benefit obligations as of December 31, 2020 and 2019: 2020 2019 Discount rate 1.3% 0.8% Rate of compensation 3.0% 3.0% |
Summary of Estimated Future Benefit Payments | The following benefit payments, including expected future service cost, are expected to be paid: (in thousands) Estimated future benefit payments: 2021 $ 190 2022 196 2023 200 2024 202 2025 204 2026-2030 1,557 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule Of Net Loss Per Share Reconciliation | Year Ended December 31, (in thousands, except per share amounts) 2020 2019 2018 Numerator for basic and diluted net loss per share: Net loss attributable to 3D Systems Corporation $ (149,594) $ (69,880) $ (45,505) Denominator for basic and diluted net loss per share: Weighted average shares 117,579 113,811 112,327 Net loss per share - basic and diluted $ (1.27) $ (0.61) $ (0.41) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurements as of December 31, 2020 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents a $ 199 $ — $ — $ 199 Israeli severance funds b $ — $ 6,422 $ — $ 6,422 Derivative financial instruments c $ — $ (700) $ — $ (700) Fair Value Measurements as of December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents a $ 20,869 $ — $ — $ 20,869 Israeli severance funds b $ — $ 7,449 $ — $ 7,449 Derivative financial instruments c $ — $ (318) $ — $ (318) a. Cash equivalents include funds held in money market instruments and are reported at their current carrying value, which approximates fair value due to the short-term nature of these instruments and are included in cash and cash equivalents in the consolidated balance sheet. b. We partially fund a liability for our Israeli severance requirement through monthly deposits into fund accounts, the value of these contributions are recorded to non-current assets on the consolidated balance sheet. c. Derivative instruments are reported based on published market prices for similar assets or are estimated based on published market prices for similar assets or are estimated based on observable inputs such as interest rates, yield curves, credit risks, spot and future commodity prices and spot and future exchange rates. See Note 13 for additional information on our derivative financial instruments. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Income Before Income Taxes | The components of our income before income taxes are as follows: 2020 2019 2018 Income (Loss) before income taxes: Domestic $ (45,973) $ (79,821) $ (59,233) Foreign (97,437) 14,721 16,005 Total $ (143,410) $ (65,100) $ (43,228) |
Components of Income Tax Provision | The components of income tax provision for the years ended December 31, 2020, 2019 and 2018 are as follows: 2020 2019 2018 Current: U.S. federal $ 1,294 $ (135) $ (5,882) State 451 801 286 Foreign 5,645 7,220 10,621 Total 7,390 7,886 5,025 Deferred: U.S. federal 67 (1,008) (322) State — — 3 Foreign (1,273) (2,346) (2,671) Total (1,206) (3,354) (2,990) Total income tax provision $ 6,184 $ 4,532 $ 2,035 |
Schedule of Effective Tax Rate Reconciliation | The overall effective tax rate differs from the statutory federal tax rate for the years ended December 31, 2020, 2019 and 2018 as follows: % of Pretax Loss 2020 2019 2018 Tax provision based on the federal statutory rate 21.0 % 21.0 % 21.0 % Increase in valuation allowances (8.5) (21.3) (34.8) Dividends Not Taxable 9.5 — — Net Operating Loss Carryback Claim 6.2 — — Change in Carryforward Attributes (3.2) — — Global intangible low-taxed income inclusion (0.3) (7.0) (6.6) One-Time transition tax — — (2.8) Nondeductible expenses (13.5) (1.8) (2.3) Taxes related to distributions — (0.8) (2.3) Foreign income tax rate differential (3.3) 1.0 (1.5) Deemed income related to foreign operations (1.6) (0.5) (1.5) Tax rate change (0.3) (1.1) (1.4) Employee share-based payments (1.4) — 0.1 Other (0.4) (0.9) 0.6 Deferred and payable adjustments (2.6) 3.3 0.9 ASU 842 Adoption — (0.1) — State taxes, net of federal benefit, before valuation allowance 0.5 2.8 2.4 Return to provision adjustments 0.9 (2.5) 2.7 Other tax credits 0.2 (1.9) 5.1 U.S. Tax Cuts and Jobs Act - rate change adjustment — — 6.4 Uncertain tax positions and audit settlements (7.5) 2.8 9.4 Effective tax rate (4.3) % (7.0) % (4.6) % |
Components of Net Deferred Income Tax Assets and Net Deferred Income Tax Liabilities | The components of our net deferred income tax assets and net deferred income tax (liabilities) at December 31, 2020 and 2019 are as follows: (in thousands) 2020 2019 Deferred income tax assets: Intangibles $ 17,395 $ 20,624 Stock options and restricted stock awards 2,544 6,065 Reserves and allowances 10,450 11,959 Net operating loss carryforwards 67,025 57,782 Tax credit carryforwards 18,813 12,749 Accrued liabilities 6,077 3,218 Deferred revenue 4,637 3,940 Lease Tax Asset 8,343 5,970 163(j) Limitation Carryforward 2,854 1,519 Valuation allowance (123,113) (109,643) Total deferred income tax assets 15,025 14,183 Deferred income tax liabilities: Intangibles 2,548 4,495 Property, plant and equipment 2,662 3,282 Lease Tax Liability 6,379 4,195 Liabilities related to distributions — — Other 1,345 830 Total deferred income tax liabilities 12,934 12,802 Deferred income tax asset held for sale $ 560 $ — Net deferred income tax assets $ 1,531 $ 1,381 |
Schedule of Unrecognized Tax Benefits | Unrecognized Tax Benefits* (in thousands) 2020 2019 2018 Balance at January 1 $ (15,467) $ (13,031) $ (18,310) Increases related to prior year tax positions (10,426) (2,684) (1,400) Decreases related to prior year tax positions 788 857 8,272 Increases related to current year tax positions (797) (609) (1,593) Balance at December 31 $ (25,902) $ (15,467) $ (13,031) * The unrecognized tax benefit balance includes an insignificant amount of interest and penalties. |
Summary of Deferred Income Tax Asset Valuation Allowance | The following presents the changes in the balance of our deferred income tax asset valuation allowance: Year Ended Item Balance at beginning of year Additions (reductions) charged to expense Other Balance at end of year 2020 Deferred income tax asset valuation allowance $ 109,643 $ 13,470 $ — $ 123,113 2019 Deferred income tax asset valuation allowance 95,398 14,245 — 109,643 2018 Deferred income tax asset valuation allowance 80,796 14,602 — 95,398 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The changes in the balances of accumulated other comprehensive loss by component are as follows: (in thousands) Foreign currency translation adjustment Defined benefit pension plan Derivative financial instruments Liquidation of non-US entity and purchase of non-controlling interests Total Balance at December 31, 2018 $ (36,669) $ (2,647) $ — $ 338 $ (38,978) Other comprehensive income (loss) 3,053 (1,060) (318) 256 1,931 Balance at December 31, 2019 (33,616) (3,707) (318) 594 (37,047) Other comprehensive income (loss) 28,752 783 (1,638) (561) 27,336 Amounts reclassified from accumulated other comprehensive income (loss) a — — 1,235 — 1,235 Balance at December 31, 2020 $ (4,864) $ (2,924) $ (721) $ 33 $ (8,476) a. Amount reclassified into Interest and other expense, net on the statement of operations. See Note 13. |
Restructuring and Exit Activi_2
Restructuring and Exit Activity Costs (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | In connection with the restructuring plan, we recorded pre-tax costs during the year ended December 31, 2020, included within selling, general and administrative in the consolidated statement of operations, and expect to incur total costs as follows: Total Costs Expected to be Incurred Costs Incurred during the year ended December 31, 2020 Severance, termination benefits and other employee costs $ 21,200 $ 12,914 Facility closing costs 9,700 6,470 Other costs 2,500 668 Total $ 33,400 $ 20,052 |
Schedule of Restructuring Reserve by Type of Cost | The liabilities at December 31, 2020 related to these costs were principally recorded in accrued expenses in the consolidated balance sheets and were as follows: Liability at December 31, 2019 Costs Incurred during 2020 Costs Paid During 2020 Non-cash adjustments Liability at December 31, 2020 Severance, termination benefits and other employee costs $ — $ 12,914 $ (5,741) $ — $ 7,173 Facility closing costs — 6,470 (265) (6,205) — Other costs — 668 (668) — — Total $ — $ 20,052 $ (6,674) $ (6,205) $ 7,173 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | The following tables set forth unaudited selected quarterly financial data: 2020 Quarter Ended (in thousands, except per share amounts) December 31 September 30 June 30 March 31 Consolidated revenue a $ 172,652 $ 136,176 $ 112,777 $ 135,635 Gross profit 72,449 58,627 35,167 57,132 Total operating expenses 71,718 126,231 69,039 75,350 Income (loss) from operations 731 (67,604) (33,872) (18,218) Benefit (provision) for income taxes (3,712) (2,866) (1,464) 1,858 Net loss attributable to 3D Systems (19,830) (72,889) (37,951) (18,924) Basic and diluted net loss per share $ (0.16) $ (0.61) $ (0.33) $ (0.17) 2019 Quarter Ended (in thousands, except per share amounts) December 31 September 30 June 30 March 31 Consolidated revenue a $ 168,215 $ 156,248 $ 158,627 $ 153,263 Gross profit a 74,256 67,281 73,299 65,705 Total operating expenses a 78,955 79,215 92,465 87,010 Loss from operations (4,699) (11,934) (19,166) (21,305) Benefit (provision) for income taxes 1,260 (2,010) (1,938) (1,844) Net loss attributable to 3D Systems (4,714) (16,843) (23,929) (24,394) Basic and diluted net income (loss) per share $ (0.04) $ (0.15) $ (0.21) $ (0.22) 2018 Quarter Ended (in thousands, except per share amounts) December 31 September 30 June 30 March 31 Consolidated revenue a $ 181,892 $ 165,493 $ 177,800 $ 166,362 Gross profit 82,553 77,810 86,162 77,869 Total operating expenses 89,572 88,794 93,884 95,335 Loss from operations (7,019) (10,984) (7,722) (17,466) Provision for income taxes 4,051 (1,593) (2,539) (1,954) Net loss attributable to 3D Systems (4,136) (11,550) (8,862) (20,957) Basic and diluted net income (loss) per share $ (0.04) $ (0.10) $ (0.08) $ (0.19) a. Upon adoption of ASU 2018-08 we determined it was appropriate to recast the presentation of our previously reported statement of operations and the effect on the individual quarters in 2020 was immaterial. See Note 2. |
Significant Accounting Polici_4
Significant Accounting Policies (Cash and Cash Equivalents by Region) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 75,010 | $ 133,665 |
Americas | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 27,562 | 63,374 |
EMEA | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | 24,875 | 44,283 |
APAC | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents | $ 22,573 | $ 26,008 |
Significant Accounting Polici_5
Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Impairment charges on minority investments | $ 2,361,000 | $ 927,000 | |
Carrying amount of cost method investments | 5,016,000 | 8,327,000 | |
Finite lives impairment charge | 0 | 0 | |
Advertising costs | $ 7,561,000 | $ 13,732,000 | $ 13,562,000 |
Significant Accounting Polici_6
Significant Accounting Policies (Schedule of Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of year | $ 8,762 | $ 8,423 | $ 10,258 |
Additions charged to expense | 457 | 1,308 | 1,824 |
Other | (4,827) | (969) | (3,659) |
Balance at end of year | $ 4,392 | $ 8,762 | $ 8,423 |
Significant Accounting Polici_7
Significant Accounting Policies (Schedule of Accounting Change) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues [Abstract] | |||||||||||||||
Total revenue | $ 172,652 | $ 557,240 | $ 636,354 | $ 691,545 | |||||||||||
Cost of Goods and Services Sold [Abstract] | |||||||||||||||
Total cost of sales | 333,865 | 355,813 | 367,151 | ||||||||||||
Gross profit | 72,449 | $ 58,627 | $ 35,167 | $ 57,132 | $ 74,256 | $ 67,281 | $ 73,299 | $ 65,705 | $ 82,553 | $ 77,810 | $ 86,162 | $ 77,869 | 223,375 | 280,541 | 324,394 |
Operating Expenses [Abstract] | |||||||||||||||
Selling, general and administrative | 219,895 | 254,355 | 272,287 | ||||||||||||
Research and development | 74,143 | 83,290 | 95,298 | ||||||||||||
Total operating expenses | 71,718 | 126,231 | 69,039 | 75,350 | 78,955 | 79,215 | 92,465 | 87,010 | 89,572 | 88,794 | 93,884 | 95,335 | 342,338 | 337,645 | 367,585 |
Loss from operations | $ 731 | $ (67,604) | $ (33,872) | $ (18,218) | $ (4,699) | $ (11,934) | $ (19,166) | $ (21,305) | $ (7,019) | $ (10,984) | $ (7,722) | $ (17,466) | (118,963) | (57,104) | (43,191) |
As reported | |||||||||||||||
Revenues [Abstract] | |||||||||||||||
Total revenue | 629,094 | 687,660 | |||||||||||||
Cost of Goods and Services Sold [Abstract] | |||||||||||||||
Total cost of sales | 351,053 | 363,266 | |||||||||||||
Gross profit | 278,041 | 324,394 | |||||||||||||
Operating Expenses [Abstract] | |||||||||||||||
Selling, general and administrative | 254,355 | 272,287 | |||||||||||||
Research and development | 80,790 | 95,298 | |||||||||||||
Total operating expenses | 335,145 | 367,585 | |||||||||||||
Loss from operations | (57,104) | (43,191) | |||||||||||||
Change | |||||||||||||||
Revenues [Abstract] | |||||||||||||||
Total revenue | 6,953 | 7,260 | 3,885 | ||||||||||||
Cost of Goods and Services Sold [Abstract] | |||||||||||||||
Total cost of sales | 4,760 | 3,885 | |||||||||||||
Gross profit | 2,500 | 0 | |||||||||||||
Operating Expenses [Abstract] | |||||||||||||||
Selling, general and administrative | 0 | 0 | |||||||||||||
Research and development | 2,500 | 0 | |||||||||||||
Total operating expenses | 2,500 | 0 | |||||||||||||
Loss from operations | 0 | 0 | |||||||||||||
Products | |||||||||||||||
Revenues [Abstract] | |||||||||||||||
Total revenue | 332,799 | 389,337 | 433,100 | ||||||||||||
Cost of Goods and Services Sold [Abstract] | |||||||||||||||
Total cost of sales | 227,681 | 234,581 | 233,678 | ||||||||||||
Products | As reported | |||||||||||||||
Revenues [Abstract] | |||||||||||||||
Total revenue | 384,577 | 429,215 | |||||||||||||
Cost of Goods and Services Sold [Abstract] | |||||||||||||||
Total cost of sales | 229,821 | 229,793 | |||||||||||||
Products | Change | |||||||||||||||
Revenues [Abstract] | |||||||||||||||
Total revenue | 4,760 | 3,885 | |||||||||||||
Cost of Goods and Services Sold [Abstract] | |||||||||||||||
Total cost of sales | 4,760 | 3,885 | |||||||||||||
Services | |||||||||||||||
Revenues [Abstract] | |||||||||||||||
Total revenue | 224,441 | 247,017 | 258,445 | ||||||||||||
Cost of Goods and Services Sold [Abstract] | |||||||||||||||
Total cost of sales | $ 106,184 | 121,232 | 133,473 | ||||||||||||
Services | As reported | |||||||||||||||
Revenues [Abstract] | |||||||||||||||
Total revenue | 244,517 | 258,445 | |||||||||||||
Cost of Goods and Services Sold [Abstract] | |||||||||||||||
Total cost of sales | 121,232 | 133,473 | |||||||||||||
Services | Change | |||||||||||||||
Revenues [Abstract] | |||||||||||||||
Total revenue | 2,500 | 0 | |||||||||||||
Cost of Goods and Services Sold [Abstract] | |||||||||||||||
Total cost of sales | $ 0 | $ 0 |
Dispositions (Narrative) (Detai
Dispositions (Narrative) (Details) - USD ($) $ in Thousands | Jan. 01, 2021 | Dec. 31, 2020 | Nov. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of assets | $ 1,554 | $ 1,620 | $ 333 | |||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Australia ODM | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of assets | $ 685 | |||||
Carrying value of assets | $ 1,482 | |||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Easyway | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of assets | $ 79 | |||||
Carrying value of assets | $ 3,806 | 3,806 | ||||
Loss on disposition | $ 4,524 | |||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | GIBBSCam Cimatron | Subsequent Event | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of assets | $ 64,200 | |||||
Ownership interest disposed of | 100.00% | |||||
Cash amounts transferred | $ 9,161 |
Dispositions (Assets and Liabil
Dispositions (Assets and Liabilities Held for Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | |||
Current assets held for sale | $ 18,439 | $ 0 | |
Goodwill | 161,765 | 223,176 | $ 221,334 |
Deferred income tax asset | 560 | 0 | |
Liabilities | |||
Current liabilities held for sale | 11,107 | $ 0 | |
GIBBSCam Cimatron | Discontinued Operations, Held-for-sale or Disposed of by Sale | |||
Assets | |||
Cash and cash equivalents | 9,161 | ||
Accounts receivable, net of reserves of $1,154 | 5,361 | ||
Inventories | 155 | ||
Prepaid expenses and other current assets | 3,762 | ||
Current assets held for sale | 18,439 | ||
Property and equipment, net | 202 | ||
Intangible assets, net | 6,642 | ||
Goodwill | 21,385 | ||
Right of use assets | 898 | ||
Deferred income tax asset | 560 | ||
Other assets | 1,997 | ||
Total assets held for sale | 50,123 | ||
Liabilities | |||
Current right of use liabilities | 445 | ||
Accounts payable | 654 | ||
Accrued and other liabilities | 5,631 | ||
Customer deposits | 25 | ||
Deferred revenue | 4,352 | ||
Current liabilities held for sale | 11,107 | ||
Long-term right of use liabilities | 518 | ||
Other liabilities | 2,434 | ||
Total liabilities held for sale | 14,059 | ||
Accounts receivable, reserves | $ 1,154 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Revenue Recognition [Abstract] | |||
Outstanding performance obligation | $ 111,833 | ||
Warranty maintenance period | 1 year | ||
Amounts included in contract liability at the beginning of period | $ 30,635 | $ 26,486 | $ 37,206 |
Number of operating segments | segment | 1 | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Axis]: 2021-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation (as a percentage) | 94.00% | ||
Performance obligations expected to be satisfied, expected timing | 12 months | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Axis]: 2022-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation (as a percentage) | 4.00% | ||
Performance obligations expected to be satisfied, expected timing | 1 year |
Revenue - Revenue by Geographic
Revenue - Revenue by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 172,652 | $ 557,240 | $ 636,354 | $ 691,545 |
Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 280,028 | 323,085 | 344,650 | |
EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 213,575 | 240,403 | 237,462 | |
APAC | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 63,637 | 72,866 | 109,433 | |
United States (Included in Americas above) | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 275,145 | $ 313,910 | $ 336,496 | |
Revenue from Contract with Customer Benchmark | Customer Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk (as a percentage) | 13.00% | 11.00% | 13.00% |
Revenue - Assets by Geographic
Revenue - Assets by Geographic Region (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disaggregation of Revenue [Line Items] | ||
Assets | $ 733,055 | $ 807,312 |
Americas | ||
Disaggregation of Revenue [Line Items] | ||
Assets | 251,456 | 263,758 |
EMEA | ||
Disaggregation of Revenue [Line Items] | ||
Assets | 394,868 | 447,810 |
APAC | ||
Disaggregation of Revenue [Line Items] | ||
Assets | $ 86,731 | $ 95,744 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | Sep. 01, 2020USD ($)location | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Lessee, Lease, Description [Line Items] | ||||
Lease renewal term | 1 year | |||
Rent expense | $ 15,809 | |||
Number of facilities closed | location | 2 | |||
Impairment of assets | $ 55,484 | $ 1,728 | $ 1,998 | |
Operating leases, ROU assets | 40,586 | $ 28,571 | ||
Lease liabilities | 46,858 | |||
Fourth Quarter 2019 | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating leases, ROU assets | 1,469 | |||
Lease liabilities | 1,469 | |||
Second Quarter 2020 | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating leases, ROU assets | 2,021 | |||
Lease liabilities | 2,021 | |||
Third Quarter 2020 | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating leases, ROU assets | 3,467 | |||
Lease liabilities | $ 3,467 | |||
Lessee, Right Of Use Asset | ||||
Lessee, Lease, Description [Line Items] | ||||
Impairment of assets | $ 1,627 | |||
Leasehold improvements | ||||
Lessee, Lease, Description [Line Items] | ||||
Impairment of assets | $ 1,953 | |||
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Remaining lease term | 1 year | |||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Remaining lease term | 16 years |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 13,937 | $ 14,743 |
Finance lease cost - amortization expense | 937 | 737 |
Finance lease cost - interest expense | 664 | 477 |
Short-term lease cost | 159 | 114 |
Variable lease cost | 1,363 | 245 |
Sublease income | (615) | (84) |
Total | $ 16,445 | $ 16,232 |
Leases - Balance Sheet Classifi
Leases - Balance Sheet Classifications (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating leases, ROU assets | $ 40,586 | $ 28,571 |
Right of use assets | 8,034 | 8,319 |
Right of use assets | 48,620 | 36,890 |
Operating leases, current ROU liabilities | 8,562 | 9,231 |
Current right of use liabilities | 972 | 338 |
Current right of use liabilities | 9,534 | 9,569 |
Operating leases, noncurrent ROU liabilities | 38,296 | 24,835 |
Long-term right of use liabilities | 10,173 | 10,567 |
Long-term right of use liabilities | $ 48,469 | $ 35,402 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:RightOfUseAsset | us-gaap:RightOfUseAsset |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:RightOfUseAsset | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:LeaseLiabilityCurrent | us-gaap:LeaseLiabilityCurrent |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:LeaseLiabilityCurrent | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:LeaseLiabilityNoncurrent | us-gaap:LeaseLiabilityNoncurrent |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:LeaseLiabilityNoncurrent |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Operating Leases | |
2021 | $ 11,206 |
2022 | 9,046 |
2023 | 7,482 |
2024 | 6,570 |
2025 | 4,982 |
Thereafter | 19,801 |
Total lease payments | 59,087 |
Less: imputed interest | (12,229) |
Present value of lease liabilities | 46,858 |
Finance Leases | |
2021 | 1,624 |
2022 | 1,625 |
2023 | 1,617 |
2024 | 1,544 |
2025 | 1,454 |
Thereafter | 6,845 |
Total lease payments | 14,709 |
Less: imputed interest | (3,564) |
Present value of lease liabilities | $ 11,145 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash outflow from operating leases | $ 13,151 | $ 15,602 |
Operating cash outflow from finance leases | 661 | 456 |
Financing cash outflow from finance leases | $ 496 | $ 725 |
Leases - Lease Weighted Average
Leases - Lease Weighted Average (Details) | Dec. 31, 2020 |
Weighted-average remaining lease term | |
Operating | 7 years 6 months |
Financing | 9 years 4 months 24 days |
Weighted-average discount rate | |
Operating | 6.10% |
Financing | 5.92% |
Inventories (Components Of Inve
Inventories (Components Of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 23,762 | $ 42,066 |
Work in process | 5,912 | 5,496 |
Finished goods and parts | 86,993 | 63,544 |
Inventories | $ 116,667 | $ 111,106 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventory [Line Items] | |||
Inventory reserve | $ 20,125 | $ 12,812 | |
Provision for inventory obsolescence and revaluation | 12,373 | $ 0 | $ 0 |
Inventory, Accessories And Inventory Commitments | |||
Inventory [Line Items] | |||
Provision for inventory obsolescence and revaluation | $ 10,894 |
Property and Equipment (Schedul
Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 236,830 | $ 235,321 |
Less: Accumulated depreciation and amortization | (161,474) | (142,381) |
Total property and equipment, net | 75,356 | 92,940 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 541 | 541 |
Building | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 5,422 | 5,093 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 163,688 | 158,753 |
Capitalized software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 24,814 | 22,928 |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 5,106 | 4,618 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 32,349 | 33,444 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 4,910 | $ 9,944 |
Minimum | Building | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 25 years | |
Minimum | Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 2 years | |
Minimum | Capitalized software | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 3 years | |
Minimum | Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 1 year | |
Maximum | Building | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 30 years | |
Maximum | Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 7 years | |
Maximum | Capitalized software | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 5 years | |
Maximum | Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 5 years |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation expense | $ 28,397 | $ 29,982 | $ 29,302 |
Impairment of assets | 55,484 | 1,728 | 1,998 |
Property, Plant and Equipment | |||
Impairment of assets | $ 3,406 | $ 181 | $ 625 |
Intangible Assets (Intangible A
Intangible Assets (Intangible Assets Other Than Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 207,198 | $ 255,671 |
Intangible assets with finite lives: Accumulated Amortization | (179,115) | (207,333) |
Intangible assets with finite lives: Net | $ 28,083 | 48,338 |
Weighted average useful life remaining (in years) | 2 years 9 months 18 days | |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 71,123 | 103,661 |
Intangible assets with finite lives: Accumulated Amortization | (56,682) | (77,021) |
Intangible assets with finite lives: Net | $ 14,441 | 26,640 |
Weighted average useful life remaining (in years) | 2 years 4 months 24 days | |
Acquired technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 42,472 | 54,378 |
Intangible assets with finite lives: Accumulated Amortization | (41,201) | (51,875) |
Intangible assets with finite lives: Net | $ 1,271 | 2,503 |
Weighted average useful life remaining (in years) | 5 years 7 months 6 days | |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 17,477 | 23,907 |
Intangible assets with finite lives: Accumulated Amortization | (16,506) | (19,133) |
Intangible assets with finite lives: Net | $ 971 | 4,774 |
Weighted average useful life remaining (in years) | 1 year 1 month 6 days | |
Patent costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 19,828 | 11,760 |
Intangible assets with finite lives: Accumulated Amortization | (10,999) | (9,535) |
Intangible assets with finite lives: Net | $ 8,829 | 2,225 |
Weighted average useful life remaining (in years) | 4 years | |
Trade secrets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 20,188 | 19,494 |
Intangible assets with finite lives: Accumulated Amortization | (18,216) | (15,714) |
Intangible assets with finite lives: Net | $ 1,972 | 3,780 |
Weighted average useful life remaining (in years) | 1 year 6 months | |
Acquired patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 16,317 | 16,215 |
Intangible assets with finite lives: Accumulated Amortization | (15,723) | (14,706) |
Intangible assets with finite lives: Net | $ 594 | 1,509 |
Weighted average useful life remaining (in years) | 2 years 7 months 6 days | |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with finite lives: Gross | $ 19,793 | 26,256 |
Intangible assets with finite lives: Accumulated Amortization | (19,788) | (19,349) |
Intangible assets with finite lives: Net | $ 5 | $ 6,907 |
Weighted average useful life remaining (in years) | 0 years |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 15,810 | $ 20,312 | $ 29,722 |
Annual amortization expense for intangible assets | |||
2021 | 11,475 | ||
2022 | 7,278 | ||
2023 | 2,143 | ||
2024 | 1,487 | ||
2025 | $ 1,460 |
Goodwill (Schedule of Goodwill)
Goodwill (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | ||
Balance at beginning of period | $ 223,176 | $ 221,334 |
Dispositions and impairments | (74,384) | |
Effect of foreign currency exchange rates | 12,973 | 1,842 |
Balance at end of period | 161,765 | 223,176 |
Americas | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 0 | 0 |
Dispositions and impairments | 0 | |
Effect of foreign currency exchange rates | 0 | 0 |
Balance at end of period | 0 | 0 |
EMEA | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 186,695 | 184,020 |
Dispositions and impairments | (69,685) | |
Effect of foreign currency exchange rates | 10,582 | 2,675 |
Balance at end of period | 127,592 | 186,695 |
APAC | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 36,481 | 37,314 |
Dispositions and impairments | (4,699) | |
Effect of foreign currency exchange rates | 2,391 | (833) |
Balance at end of period | 34,173 | $ 36,481 |
Discontinued Operations, Held-for-sale or Disposed of by Sale | GIBBSCam Cimatron | ||
Goodwill [Roll Forward] | ||
Balance at end of period | 21,385 | |
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Australia ODM | ||
Goodwill [Roll Forward] | ||
Balance at end of period | $ 4,699 |
Employee Benefits (Narrative) (
Employee Benefits (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |||
Employer matching contribution percentage | 50.00% | ||
Employee percentage of match | 6.00% | ||
Employee benefit expenses | $ 2,456 | $ 2,688 | $ 2,606 |
Accrued and Other Liabilities_2
Accrued and Other Liabilities (Schedule Of Accrued Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Compensation and benefits | $ 24,629 | $ 21,139 |
Accrued taxes | 14,952 | 9,840 |
Vendor accruals | 18,762 | 9,734 |
Payable to owners of redeemable noncontrolling interests | 0 | 10,000 |
Arbitration awards | 0 | 2,256 |
Product warranty liability | 2,348 | 2,908 |
Accrued other | 6,138 | 4,223 |
Accrued professional fees | 1,773 | 1,545 |
Royalties payable | 1,210 | 1,450 |
Total | $ 69,812 | $ 63,095 |
Accrued and Other Liabilities_3
Accrued and Other Liabilities (Schedule Of Other Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Long term employee indemnity | $ 12,228 | $ 14,408 |
Long term tax liability | 15,532 | 5,011 |
Defined benefit pension obligation | 10,228 | 10,357 |
Long term deferred revenue | 6,163 | 7,370 |
Other long term liabilities | 7,096 | 8,662 |
Total | $ 51,247 | $ 45,808 |
Accrued and Other Liabilities_4
Accrued and Other Liabilities (Schedule of Recognized Warranty Revenue and Incurred Warranty Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Warrant Obligation [Roll Forward] | ||||
Beginning Balance | $ 6,380 | $ 6,192 | $ 7,660 | $ 10,202 |
Additional Accrual/ Revenue Deferred | 6,454 | 8,124 | 9,347 | |
Warranty Revenue Recognized | (6,266) | (9,592) | (11,889) | |
Ending Balance | $ 6,380 | $ 6,192 | $ 7,660 | $ 10,202 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) | Feb. 27, 2019USD ($)credit_increase | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jul. 08, 2019USD ($) |
Line of Credit Facility [Line Items] | |||||
Limit on annual cash dividends paid | $ 30,000,000 | ||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||
Percentage of total principal debt subject to floating interest rate | 30.00% | ||||
Interest income | $ 400,000 | $ 1,209,000 | $ 789,000 | ||
Interest expense | 4,391,000 | 4,442,000 | $ 1,188,000 | ||
Interest Rate Contract | Designated as Hedging Instrument | |||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||
Notional interest rate contracts outstanding | 15,000,000 | 40,000,000 | $ 50,000,000 | ||
Term Loan Facility | |||||
Line of Credit Facility [Line Items] | |||||
Credit agreement term | 5 years | ||||
Credit agreement, maximum borrowing capacity | $ 100,000,000 | ||||
Outstanding borrowings | 21,392,000 | ||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||
2021 | 2,051,000 | ||||
2022 | 3,223,000 | ||||
2023 | 3,517,000 | ||||
2024 | 12,601,000 | ||||
Unamortized deferred financing costs | $ 123,000 | ||||
Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Credit agreement term | 5 years | ||||
Credit agreement, maximum borrowing capacity | $ 100,000,000 | ||||
Floating interest rate | 1.90% | ||||
Commitment fee | $ 325,000 | $ 374,000 | |||
Outstanding borrowings | 62,000,000 | ||||
Number of credit increases | credit_increase | 4 | ||||
Letter of Credit | |||||
Line of Credit Facility [Line Items] | |||||
Outstanding borrowings | $ 10,000,000 |
Hedging Activities And Financ_3
Hedging Activities And Financial Instruments (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2020 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Jul. 08, 2019 | |
Derivative [Line Items] | |||||
De-designation of derivative instrument | $ 1,235,000 | ||||
Derivative financial instruments | (700,000) | $ (318,000) | |||
Accumulated other comprehensive loss to be reclassified to earnings in the next 12 months | 721,000 | ||||
Not Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Foreign currency contracts | 101,781,000 | 102,407,000 | |||
Level 2 | |||||
Derivative [Line Items] | |||||
Derivative financial instruments | (700,000) | (318,000) | |||
Level 2 | Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Derivative financial instruments | (700,000) | (318,000) | |||
Interest Rate Contract | |||||
Derivative [Line Items] | |||||
De-designation of derivative instrument | $ 1,253,000 | ||||
Reclass into interest and other expense | 1,235,000 | ||||
Changes in swap's fair value recognized in accumulated other comprehensive loss | 721,000 | ||||
Interest Rate Contract | Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Notional interest rate contracts outstanding | $ 15,000,000 | $ 40,000,000 | $ 50,000,000 | ||
Floor interest rate (as a percentage) | 0.00% | ||||
Interest Rate Contract | Not Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Notional interest rate contracts outstanding | $ 15,000,000 |
Inventory Financing Agreements
Inventory Financing Agreements (Details) - Supply And Offtake Agreements - USD ($) $ in Thousands | Dec. 31, 2020 | Mar. 31, 2020 |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Obligation to purchase inventory | $ 287 | $ 12,100 |
Inventory held at assemblers | 3,889 | |
Purchase commitment | $ 4,199 |
Preferred Stock (Narrative) (De
Preferred Stock (Narrative) (Details) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Equity [Abstract] | ||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ / shares in Units, shares in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)tranche$ / sharesshares | May 19, 2020shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Vesting percentage | 33.33% | |
Aggregate intrinsic value of stock option exercised | $ 0 | |
Increase in number of shares reserved for future issuance (in shares) | shares | 4,860 | |
Restricted Stock - Market Conditions | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares awarded (in shares) | shares | 100 | |
Restricted Stock - Performance Measures | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares awarded (in shares) | shares | 374 | |
Stock Options and Restricted Stock Awards | 2015 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of tranches | tranche | 2 | |
Trading price for stock award, tranche one (in usd per share) | $ / shares | $ 30 | |
Trading price for stock award, tranche two (in usd per share) | $ / shares | $ 40 | |
Stock award tranche granting period | 90 days | |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | $ 0 | |
Restricted Stock Awards And Restricted Stock Unit Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | $ 21,020,000 | |
Restricted Stock Awards And Restricted Stock Unit Awards | Weighted Average | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 1 year 9 months 18 days | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | $ 0 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Stock-based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 17,725 | $ 23,587 | $ 29,253 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 24,088 | 25,154 | 24,933 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ (6,363) | $ (1,567) | $ 4,320 |
Stock-Based Compensation (Sch_2
Stock-Based Compensation (Schedule of Shares and Units of Restricted Common Stock) (Details) - Restricted Stock Units (RSUs) shares in Thousands | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Number of Shares/Units | |
Outstanding at beginning of period — unvested (in shares) | shares | 4,582 |
Granted (in shares) | shares | 4,228 |
Cancelled (in shares) | shares | (1,859) |
Vested (in shares) | shares | (3,411) |
Outstanding at end of period — unvested (in shares) | shares | 3,540 |
Weighted Average Grant Date Fair Value | |
Outstanding at beginning of period — unvested (in usd per share) | $ / shares | $ 11.42 |
Granted (in usd per share) | $ / shares | 7.57 |
Cancelled (in usd per share) | $ / shares | 10.30 |
Vested (in usd per share) | $ / shares | 9.56 |
Outstanding at end of period — unvested (in usd per share) | $ / shares | $ 8.81 |
Stock-Based Compensation (Sch_3
Stock-Based Compensation (Schedule of Stock Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Shares | ||
Outstanding at beginning of period (in shares) | 1,240 | |
Granted (in shares) | 0 | |
Exercised (in shares) | 0 | |
Forfeited and expired (in shares) | (820) | |
Outstanding at end of period (in shares) | 420 | 1,240 |
Weighted Average Exercise | ||
Outstanding at beginning of period (in usd per share) | $ 14.43 | |
Granted (in usd per share) | 0 | |
Exercised (in usd per share) | 0 | |
Forfeited and expired (in usd per share) | 15.03 | |
Outstanding at end of period (in usd per share) | $ 13.26 | $ 14.43 |
Weighted Average Remaining Contractual Term (in years) | 5 years 8 months 12 days | 6 years 6 months |
Aggregate Intrinsic Value (in thousands) | $ 0 |
International Retirement Plan_2
International Retirement Plan (Reconciliation of Changes In Projected Benefit Obligation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of benefit obligations: | |||
Obligations as of January 1 | $ 10,497 | $ 8,658 | |
Service cost | 204 | 166 | $ 155 |
Interest cost | 84 | 151 | 148 |
Actuarial loss (gain) | (1,222) | 1,815 | |
Benefit payments | (151) | (139) | |
Effect of foreign currency exchange rate changes | 979 | (154) | |
Benefit obligations as of December 31 | 10,391 | 10,497 | $ 8,658 |
Fair value of assets as of December 31 | 3,844 | 3,343 | |
Funded status as of December 31, net of tax benefit | $ (6,547) | $ (7,154) |
International Retirement Plan_3
International Retirement Plan (Summary of Amounts Recognized in Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Retirement Benefits [Abstract] | ||
Other assets | $ 3,844 | $ 3,343 |
Accrued liabilities | (163) | (140) |
Other liabilities | (10,228) | (10,357) |
Net liability | $ (6,547) | $ (7,154) |
International Retirement Plan_4
International Retirement Plan (Schedule of Accumulated And Projected Benefit Obligations) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Retirement Benefits [Abstract] | |||
Projected benefit obligation | $ 10,391 | $ 10,497 | $ 8,658 |
Accumulated benefit obligation | $ 9,343 | $ 9,351 |
International Retirement Plan_5
International Retirement Plan (Components of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 204 | $ 166 | $ 155 |
Interest cost | 84 | 151 | 148 |
Amortization of actuarial loss | 351 | 200 | 177 |
Total net periodic pension cost | 639 | 517 | 480 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Net loss (gain) | (1,223) | 1,815 | 453 |
Amortization of prior years' unrecognized loss | (351) | (200) | (177) |
Tax (benefit) provision | 791 | (555) | (88) |
Total recognized as accumulated other comprehensive income (loss) | (783) | 1,060 | 188 |
Total expense recognized in net periodic benefit cost and other comprehensive income | $ (144) | $ 1,577 | $ 668 |
International Retirement Plan_6
International Retirement Plan (Assumptions Used to Determine Benefit Obligations) (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Retirement Benefits [Abstract] | ||
Discount rate | 1.30% | 0.80% |
Rate of compensation | 3.00% | 3.00% |
International Retirement Plan_7
International Retirement Plan (Summary of Estimated Future Benefit Payments) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2021 | $ 190 |
2022 | 196 |
2023 | 200 |
2024 | 202 |
2025 | 204 |
2026-2030 | $ 1,557 |
Net Loss Per Share (Schedule Of
Net Loss Per Share (Schedule Of Net Loss Per Share Reconciliation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator for basic and diluted net loss per share: | |||||||||||||||
Net loss attributable to 3D Systems Corporation | $ (19,830) | $ (72,889) | $ (37,951) | $ (18,924) | $ (4,714) | $ (16,843) | $ (23,929) | $ (24,394) | $ (4,136) | $ (11,550) | $ (8,862) | $ (20,957) | $ (149,594) | $ (69,880) | $ (45,505) |
Denominator for basic and diluted net loss per share: | |||||||||||||||
Weighted average shares (in shares) | 117,579 | 113,811 | 112,327 | ||||||||||||
Net loss per share — basic and diluted (in dollars per share) | $ (0.16) | $ (0.61) | $ (0.33) | $ (0.17) | $ (0.04) | $ (0.15) | $ (0.21) | $ (0.22) | $ (0.04) | $ (0.10) | $ (0.08) | $ (0.19) | $ (1.27) | $ (0.61) | $ (0.41) |
Net Loss Per Share (Narrative)
Net Loss Per Share (Narrative) (Details) - USD ($) shares in Thousands | Aug. 05, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Subsidiary, Sale of Stock [Line Items] | ||||
Shares excluded from diluted loss per share calculation (in shares) | 3,960 | 5,822 | 5,015 | |
Fees, commissions and other costs | $ 849,000 | |||
At-The-Market Equity Offering | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Aggregate gross sales price, up to | $ 150,000,000 | |||
Number of shares sold (in shares) | 4,616 | |||
Net proceeds from sale of stock | $ 24,664,000 | |||
Availability remaining under ATM Program | $ 124,487,000 |
Noncontrolling Interests (Narra
Noncontrolling Interests (Narrative) (Details) - USD ($) $ in Thousands | Jan. 07, 2020 | Dec. 31, 2019 | Nov. 25, 2014 |
Business Acquisition [Line Items] | |||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 10,000 | ||
Robtec | |||
Business Acquisition [Line Items] | |||
Ownership percentage | 100.00% | ||
Robtec | |||
Business Acquisition [Line Items] | |||
Acquired ownership percentage | 30.00% | 70.00% |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 199 | $ 20,869 |
Israeli severance funds | 6,422 | 7,449 |
Derivative financial instruments | (700) | (318) |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 199 | 20,869 |
Israeli severance funds | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Israeli severance funds | 6,422 | 7,449 |
Derivative financial instruments | (700) | (318) |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Israeli severance funds | 0 | 0 |
Derivative financial instruments | $ 0 | $ 0 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (45,973) | $ (79,821) | $ (59,233) |
Foreign | (97,437) | 14,721 | 16,005 |
Loss before income taxes | $ (143,410) | $ (65,100) | $ (43,228) |
Income Taxes (Components of I_2
Income Taxes (Components of Income Tax Provision) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||||||||||||||
U.S. federal | $ 1,294 | $ (135) | $ (5,882) | ||||||||||||
State | 451 | 801 | 286 | ||||||||||||
Foreign | 5,645 | 7,220 | 10,621 | ||||||||||||
Total | 7,390 | 7,886 | 5,025 | ||||||||||||
Deferred: | |||||||||||||||
U.S. federal | 67 | (1,008) | (322) | ||||||||||||
State | 0 | 0 | 3 | ||||||||||||
Foreign | (1,273) | (2,346) | (2,671) | ||||||||||||
Total | (1,206) | (3,354) | (2,990) | ||||||||||||
Total income tax provision (benefit) | $ 3,712 | $ 2,866 | $ 1,464 | $ (1,858) | $ (1,260) | $ 2,010 | $ 1,938 | $ 1,844 | $ (4,051) | $ 1,593 | $ 2,539 | $ 1,954 | $ 6,184 | $ 4,532 | $ 2,035 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Tax provision based on the federal statutory rate | 21.00% | 21.00% | 21.00% |
Increase in valuation allowances | (8.50%) | (21.30%) | (34.80%) |
Dividends Not Taxable | 9.50% | 0.00% | 0.00% |
Net Operating Loss Carryback Claim | 6.20% | 0.00% | 0.00% |
Change in Carryforward Attributes | (3.20%) | 0.00% | 0.00% |
Global intangible low-taxed income inclusion | (0.30%) | (7.00%) | (6.60%) |
One-Time transition tax | 0 | 0 | (0.028) |
Nondeductible expenses | (13.50%) | (1.80%) | (2.30%) |
Taxes related to distributions | 0.00% | (0.80%) | (2.30%) |
Foreign income tax rate differential | (3.30%) | 1.00% | (1.50%) |
Deemed income related to foreign operations | (1.60%) | (0.50%) | (1.50%) |
Tax rate change | (0.30%) | (1.10%) | (1.40%) |
Employee share-based payments | (1.40%) | 0.00% | 0.10% |
Other | (0.40%) | (0.90%) | 0.60% |
Deferred and payable adjustments | (2.60%) | 3.30% | 0.90% |
ASU 842 Adoption | 0.00% | (0.10%) | 0.00% |
State taxes, net of federal benefit, before valuation allowance | 0.50% | 2.80% | 2.40% |
Return to provision adjustments | 0.90% | (2.50%) | 2.70% |
Other tax credits | 0.20% | (1.90%) | 5.10% |
U.S. Tax Cuts and Jobs Act - rate change adjustment | 0 | 0 | 0.064 |
Uncertain tax positions and audit settlements | (7.50%) | 2.80% | 9.40% |
Effective tax rate | (4.30%) | (7.00%) | (4.60%) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019 | Dec. 31, 2018USD ($) | |
Operating Loss Carryforwards [Line Items] | |||
Tax benefit from revalue of deferred tax liabilities | $ 1,524 | ||
Adjustment to valuation allowance | $ 1,524 | ||
Deferred income tax assets | $ 67,025 | ||
Net operating loss carryforwards | 417,802 | ||
Loss carryforwards for U.S. federal income tax purposes | 223,724 | ||
Loss carryforwards for U.S. state income tax purposes | 155,366 | ||
Loss carryforwards for foreign income tax purposes | 38,713 | ||
Unremitted earnings | 189,699 | ||
Unrecognized deferred tax liability | 7,114 | ||
Unrecognized tax benefits, period decrease | 788 | ||
Unrecognized tax benefits, period increase | 11,223 | ||
Unrecognized tax benefits that would impact effective tax rate | $ 15,380 | ||
Domestic Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Difference in effective rate due to Tax Act (as a percentage) | 0.253 | 0.280 | 0.256 |
Research and experimentation tax credit carryforwards | $ 6,359 | ||
Foreign tax credits | 6,629 | ||
State and Local Jurisdiction | |||
Operating Loss Carryforwards [Line Items] | |||
Research and experimentation tax credit carryforwards | 4,037 | ||
Foreign Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Research and experimentation tax credit carryforwards | 1,059 | ||
Other State Income Tax | |||
Operating Loss Carryforwards [Line Items] | |||
Other tax credits | $ 729 |
Income Taxes (Components of Net
Income Taxes (Components of Net Deferred Income Tax Assets and Net Deferred Income Tax Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred income tax assets: | ||
Intangibles | $ 17,395 | $ 20,624 |
Stock options and restricted stock awards | 2,544 | 6,065 |
Reserves and allowances | 10,450 | 11,959 |
Net operating loss carryforwards | 67,025 | 57,782 |
Tax credit carryforwards | 18,813 | 12,749 |
Accrued liabilities | 6,077 | 3,218 |
Deferred revenue | 4,637 | 3,940 |
Lease Tax Asset | 8,343 | 5,970 |
163(j) Limitation Carryforward | 2,854 | 1,519 |
Valuation allowance | (123,113) | (109,643) |
Total deferred income tax assets | 15,025 | 14,183 |
Deferred income tax liabilities: | ||
Intangibles | 2,548 | 4,495 |
Property, plant and equipment | 2,662 | 3,282 |
Lease Tax Liability | 6,379 | 4,195 |
Liabilities related to distributions | 0 | 0 |
Other | 1,345 | 830 |
Total deferred income tax liabilities | 12,934 | 12,802 |
Deferred income tax asset held for sale | 560 | 0 |
Net deferred income tax assets | $ 1,531 | $ 1,381 |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Unrecognized Tax Benefits* | |||
Balance at January 1 | $ (15,467) | $ (13,031) | $ (18,310) |
Increases related to prior year tax positions | (10,426) | (2,684) | (1,400) |
Decreases related to prior year tax positions | 788 | 857 | 8,272 |
Increases related to current year tax positions | (797) | (609) | (1,593) |
Balance at December 31 | $ (25,902) | $ (15,467) | $ (13,031) |
Income Taxes (Summary of Deferr
Income Taxes (Summary of Deferred Income Tax Asset Valuation Allowance) (Details) - Deferred income tax asset valuation allowance - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 109,643 | $ 95,398 | $ 80,796 |
Additions (reductions) charged to expense | 13,470 | 14,245 | 14,602 |
Other | 0 | 0 | 0 |
Balance at end of year | $ 123,113 | $ 109,643 | $ 95,398 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) | Sep. 06, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 19, 2019 |
Loss Contingencies [Line Items] | ||||
Supply commitments | $ 55,317,000 | $ 53,562,000 | ||
Maximum of awards allowed to be received | $ 35,000 | |||
Agreement term (in years) | 2 years | |||
Printer Assemblies and Inventory Items | ||||
Loss Contingencies [Line Items] | ||||
Supply commitments | 27,030,000 | 34,570,000 | ||
Capital Expenditures and Operating Costs | ||||
Loss Contingencies [Line Items] | ||||
Supply commitments | $ 28,287,000 | $ 18,992,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss By Component) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | $ 513,896 | $ 575,987 |
Ending Balance | 430,723 | 513,896 |
Foreign currency translation adjustment | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (33,616) | (36,669) |
Other comprehensive income (loss) | 28,752 | 3,053 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |
Ending Balance | (4,864) | (33,616) |
Defined benefit pension plan | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (3,707) | (2,647) |
Other comprehensive income (loss) | 783 | (1,060) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |
Ending Balance | (2,924) | (3,707) |
Derivative financial instruments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (318) | 0 |
Other comprehensive income (loss) | (1,638) | (318) |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,235 | |
Ending Balance | (721) | (318) |
Liquidation of non-US entity and purchase of non-controlling interests | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | 594 | 338 |
Other comprehensive income (loss) | (561) | 256 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |
Ending Balance | 33 | 594 |
Accumulated Other Comprehensive Income (Loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (37,047) | (38,978) |
Other comprehensive income (loss) | 27,336 | 1,931 |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,235 | |
Ending Balance | $ (8,476) | $ (37,047) |
Restructuring and Exit Activi_3
Restructuring and Exit Activity Costs - Narrative (Details) - Facility closing costs - 2020 Restructuring Plan - USD ($) $ in Thousands | Aug. 05, 2020 | Mar. 31, 2021 |
Restructuring Cost and Reserve [Line Items] | ||
Reduction of annualized costs | $ 80,000 | |
Additional savings dependent on potential divestitures | 20,000 | |
Expected noncash charges | $ 6,400 | |
Forecast | ||
Restructuring Cost and Reserve [Line Items] | ||
Reduction of workforce, percentage | 20.00% |
Restructuring and Exit Activi_4
Restructuring and Exit Activity Costs - Restructuring Cost (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Total Costs Expected to be Incurred | $ 33,400 |
Costs Incurred during the year ended December 31, 2020 | 20,052 |
Severance, termination benefits and other employee costs | |
Restructuring Cost and Reserve [Line Items] | |
Total Costs Expected to be Incurred | 21,200 |
Costs Incurred during the year ended December 31, 2020 | 12,914 |
Facility closing costs | |
Restructuring Cost and Reserve [Line Items] | |
Total Costs Expected to be Incurred | 9,700 |
Costs Incurred during the year ended December 31, 2020 | 6,470 |
Other costs | |
Restructuring Cost and Reserve [Line Items] | |
Total Costs Expected to be Incurred | 2,500 |
Costs Incurred during the year ended December 31, 2020 | $ 668 |
Restructuring and Exit Activi_5
Restructuring and Exit Activity Costs - Restructuring Reserve Activity (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Restructuring Reserve [Roll Forward] | |
Liability at December 31, 2019 | $ 0 |
Costs Incurred during 2020 | 20,052 |
Costs Paid During 2020 | (6,674) |
Non-cash adjustments | (6,205) |
Liability at December 31, 2020 | 7,173 |
Severance, termination benefits and other employee costs | |
Restructuring Reserve [Roll Forward] | |
Liability at December 31, 2019 | 0 |
Costs Incurred during 2020 | 12,914 |
Costs Paid During 2020 | (5,741) |
Non-cash adjustments | 0 |
Liability at December 31, 2020 | 7,173 |
Facility closing costs | |
Restructuring Reserve [Roll Forward] | |
Liability at December 31, 2019 | 0 |
Costs Incurred during 2020 | 6,470 |
Costs Paid During 2020 | (265) |
Non-cash adjustments | (6,205) |
Liability at December 31, 2020 | 0 |
Other costs | |
Restructuring Reserve [Roll Forward] | |
Liability at December 31, 2019 | 0 |
Costs Incurred during 2020 | 668 |
Costs Paid During 2020 | (668) |
Non-cash adjustments | 0 |
Liability at December 31, 2020 | $ 0 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Consolidated revenue a | $ 136,176 | $ 112,777 | $ 135,635 | $ 168,215 | $ 156,248 | $ 158,627 | $ 153,263 | $ 181,892 | $ 165,493 | $ 177,800 | $ 166,362 | ||||
Gross profit | $ 72,449 | 58,627 | 35,167 | 57,132 | 74,256 | 67,281 | 73,299 | 65,705 | 82,553 | 77,810 | 86,162 | 77,869 | $ 223,375 | $ 280,541 | $ 324,394 |
Operating Expenses | 71,718 | 126,231 | 69,039 | 75,350 | 78,955 | 79,215 | 92,465 | 87,010 | 89,572 | 88,794 | 93,884 | 95,335 | 342,338 | 337,645 | 367,585 |
Loss from operations | 731 | (67,604) | (33,872) | (18,218) | (4,699) | (11,934) | (19,166) | (21,305) | (7,019) | (10,984) | (7,722) | (17,466) | (118,963) | (57,104) | (43,191) |
Benefit (provision) for income taxes | (3,712) | (2,866) | (1,464) | 1,858 | 1,260 | (2,010) | (1,938) | (1,844) | 4,051 | (1,593) | (2,539) | (1,954) | (6,184) | (4,532) | (2,035) |
Net loss attributable to 3D Systems | $ (19,830) | $ (72,889) | $ (37,951) | $ (18,924) | $ (4,714) | $ (16,843) | $ (23,929) | $ (24,394) | $ (4,136) | $ (11,550) | $ (8,862) | $ (20,957) | $ (149,594) | $ (69,880) | $ (45,505) |
Net loss per share — basic and diluted (in dollars per share) | $ (0.16) | $ (0.61) | $ (0.33) | $ (0.17) | $ (0.04) | $ (0.15) | $ (0.21) | $ (0.22) | $ (0.04) | $ (0.10) | $ (0.08) | $ (0.19) | $ (1.27) | $ (0.61) | $ (0.41) |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | Feb. 02, 2021USD ($) | Jan. 01, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Feb. 25, 2021ft² |
Subsequent Event [Line Items] | ||||||
Proceeds from sale of assets | $ 1,554 | $ 1,620 | $ 333 | |||
Subsequent Event | Minimum | ||||||
Subsequent Event [Line Items] | ||||||
Rentable area (sq ft) | ft² | 80,000 | |||||
Subsequent Event | Maximum | ||||||
Subsequent Event [Line Items] | ||||||
Rentable area (sq ft) | ft² | 100,000 | |||||
Subsequent Event | Two Private Letter IRS Rulings | ||||||
Subsequent Event [Line Items] | ||||||
Release of reverse for uncertain tax positions | $ 8,900 | |||||
Subsequent Event | Term Loan Facility | ||||||
Subsequent Event [Line Items] | ||||||
Extinguishment of debt | $ 21,392 | |||||
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | GIBBSCam Cimatron | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Ownership interest disposed of | 100.00% | |||||
Proceeds from sale of assets | $ 64,200 | |||||
Cash amounts transferred | $ 9,161 |