Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 23, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
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 | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,883,584,523 | ||
Entity Common Stock, Shares Outstanding | 128,309,940 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement for its 2022 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 | 2021 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | BDO USA, LLP |
Auditor Location | Charlotte, North Carolina |
Auditor Firm ID | 243 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 789,657 | $ 75,010 |
Accounts receivable, net of reserves — $2,445 and $4,392 | 106,540 | 114,254 |
Inventories | 92,887 | 116,667 |
Prepaid expenses and other current assets | 42,653 | 33,145 |
Current assets held for sale | 0 | 18,439 |
Total current assets | 1,031,737 | 357,515 |
Property and equipment, net | 57,257 | 75,356 |
Intangible assets, net | 45,835 | 28,083 |
Goodwill | 345,588 | 161,765 |
Right of use assets | 46,356 | 48,620 |
Deferred income tax asset | 5,054 | 6,247 |
Assets held for sale | 0 | 31,684 |
Other assets | 17,272 | 23,785 |
Total assets | 1,549,099 | 733,055 |
Current liabilities: | ||
Current portion of long term debt | 0 | 2,051 |
Current right of use liabilities | 8,344 | 9,534 |
Accounts payable | 57,366 | 45,174 |
Accrued and other liabilities | 76,994 | 69,812 |
Customer deposits | 7,281 | 7,750 |
Deferred revenue | 28,027 | 30,302 |
Current liabilities held for sale | 0 | 11,107 |
Total current liabilities | 178,012 | 175,730 |
Long-term debt, net | 0 | 19,218 |
Convertible notes payable, net | 446,859 | 0 |
Long-term right of use liabilities | 47,420 | 48,469 |
Deferred income tax liability | 2,173 | 4,716 |
Liabilities held for sale | 0 | 2,952 |
Other liabilities | 32,254 | 51,247 |
Total liabilities | 706,718 | 302,332 |
Commitments and contingencies (Note 23) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value, authorized 220,000 shares; issued 128,375 and 127,626 | 128 | 128 |
Additional paid-in capital | 1,501,210 | 1,404,964 |
Treasury stock, at cost — 0 shares and 3,494 shares | 0 | (22,590) |
Accumulated deficit | (621,251) | (943,303) |
Accumulated other comprehensive loss | (37,706) | (8,476) |
Total stockholders’ equity | 842,381 | 430,723 |
Total liabilities and stockholders’ equity | $ 1,549,099 | $ 733,055 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, reserves | $ 2,445 | $ 4,392 |
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) | 128,375 | 127,626 |
Treasury stock, at cost, shares (in shares) | 0 | 3,494 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue: | |||
Total revenue | $ 615,639 | $ 557,240 | $ 636,354 |
Cost of sales: | |||
Total cost of sales | 351,861 | 333,865 | 355,813 |
Gross profit | 263,778 | 223,375 | 280,541 |
Operating expenses: | |||
Selling, general and administrative | 227,697 | 219,895 | 254,355 |
Research and development | 69,150 | 74,143 | 83,290 |
Impairment of goodwill | 0 | 48,300 | 0 |
Total operating expenses | 296,847 | 342,338 | 337,645 |
Loss from operations | (33,069) | (118,963) | (57,104) |
Interest and other income (expense), net | 352,609 | (24,447) | (7,996) |
Income before income taxes | 319,540 | (143,410) | (65,100) |
Benefit (provision) for income taxes | 2,512 | (6,184) | (4,532) |
Net income (loss) | 322,052 | (149,594) | (69,632) |
Less: net income attributable to noncontrolling interests | 0 | 0 | 248 |
Net income (loss) attributable to 3D Systems Corporation | $ 322,052 | $ (149,594) | $ (69,880) |
Net income (loss) per share available to 3D Systems Corporation common stockholders | |||
Basic (in dollars per share) | $ 2.62 | $ (1.27) | $ (0.61) |
Diluted (in dollars per share) | $ 2.55 | $ 1.27 | $ (0.61) |
Products | |||
Revenue: | |||
Total revenue | $ 428,742 | $ 332,799 | $ 389,337 |
Cost of sales: | |||
Total cost of sales | 245,169 | 220,415 | 234,581 |
Services | |||
Revenue: | |||
Total revenue | 186,897 | 224,441 | 247,017 |
Cost of sales: | |||
Total cost of sales | $ 106,692 | $ 113,450 | $ 121,232 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 322,052 | $ (149,594) | $ (69,632) |
Other comprehensive income (loss), net of taxes: | |||
Pension adjustments | 682 | 783 | (1,060) |
Derivative financial instruments | 721 | (403) | (318) |
Foreign currency translation | (39,546) | 28,752 | 2,996 |
Foreign currency translation reclassification - sales of Cimatron and Simbionix | 8,912 | 0 | 0 |
Total other comprehensive (loss) income, net of taxes: | (29,231) | 29,132 | 1,618 |
Total comprehensive income (loss), net of taxes | 292,821 | (120,462) | (68,014) |
Comprehensive income attributable to noncontrolling interests | 0 | 0 | 191 |
Comprehensive income (loss) attributable to 3D Systems Corporation | $ 292,821 | $ (120,462) | $ (68,205) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Cash flows from operating activities: | ||||
Net income (loss) | $ 322,052 | $ (149,594) | $ (69,632) | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Depreciation and amortization | 34,623 | 44,595 | 50,396 | |
Stock-based compensation | 55,153 | 17,725 | 23,587 | |
Provision for inventory obsolescence and revaluation | (2,909) | 12,373 | 0 | |
Loss on hedge accounting de-designation and termination | 721 | 1,235 | 0 | |
Provision for bad debts | 232 | 457 | 1,308 | |
(Gain) Loss on the disposition of businesses, property, equipment and other assets | (350,846) | 5,274 | 2,282 | |
Provision for deferred income taxes and reserve adjustments | (11,679) | (1,206) | (3,354) | |
Impairment of goodwill and assets | 1,676 | 55,484 | 1,728 | |
Changes in operating accounts: | ||||
Accounts receivable | (11,912) | (6,052) | 15,071 | |
Inventories | 7,866 | (9,901) | 18,447 | |
Prepaid expenses and other current assets | (8,106) | (16,218) | 9,150 | |
Accounts payable | 27,159 | (6,653) | (16,846) | |
Deferred revenue and customer deposits | (3,325) | 3,231 | 677 | |
Accrued and other liabilities | (12,389) | 28,286 | (1,346) | |
All other operating activities | (169) | 843 | 113 | |
Net cash provided by (used in) operating activities | 48,147 | (20,121) | 31,581 | |
Cash flows from investing activities: | ||||
Purchases of property and equipment | (18,791) | (13,643) | (23,985) | |
Proceeds from sale of assets and businesses, net of cash | 421,485 | 1,554 | 1,620 | |
Business acquisitions, net of cash acquired | (139,685) | 0 | 0 | |
Other investing activities | (2,454) | 356 | (2,007) | |
Net cash provided by (used in) investing activities | 260,555 | (11,733) | (24,372) | |
Cash flows from financing activities: | ||||
Proceeds from revolving credit facilities | 0 | 20,000 | 0 | |
Payments on revolving credit facilities | 0 | (20,000) | 0 | |
Proceeds from borrowings | 460,000 | 0 | 100,000 | |
Debt issuance costs | (13,466) | 0 | 0 | |
Repayment of borrowings/long-term debt | (21,392) | (26,840) | (76,768) | |
Proceeds from issuance of common stock | 0 | 24,702 | 0 | |
Purchase of noncontrolling interests | (6,300) | (12,500) | (2,500) | |
Payments related to net-share settlement of stock-based compensation | (12,619) | (5,138) | (3,194) | |
Other financing activities | (423) | 296 | (1,338) | |
Net cash provided by (used in) financing activities | 405,800 | (19,480) | 16,200 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (9,243) | 1,428 | 289 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 705,259 | (49,906) | 23,698 | |
Cash, cash equivalents and restricted cash at the beginning of the year | [1] | 84,711 | 134,617 | 110,919 |
Cash, cash equivalents and restricted cash at the end of the year | [1] | 789,970 | 84,711 | 134,617 |
Supplemental cash flow information | ||||
Lease assets obtained in exchange for new lease liabilities (excludes adoption) | 4,502 | 23,309 | 8,662 | |
Cash interest payments | 1,138 | 2,109 | 3,715 | |
Cash income tax payments (receipts), net | 4,709 | 3,706 | 10,722 | |
Transfer of equipment from inventory to property and equipment, net | [2] | 1,738 | 1,055 | 3,187 |
Transfer of equipment to inventory from property and equipment, net | [3] | 0 | 0 | 32 |
Stock issued for acquisition | 99,044 | 0 | 0 | |
Noncash financing activity | ||||
Purchase of noncontrolling interest | [4] | $ 0 | $ 0 | $ (11,000) |
[1] | The amounts for cash and cash equivalents shown above include restricted cash of $313, $540 and $921 as of December 31, 2021, 2020 and 2019, 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Noncontrolling interest purchase, installment payment period | 4 years | ||
Other Assets | |||
Restricted cash included in other assets | $ 313 | $ 540 | $ 921 |
Current Assets Held for Sale | |||
Restricted cash included in other assets | $ 9,161 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Total 3D Systems Corporation Stockholders' Equity | Common Stock | Additional Paid In Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Equity Attributable to Noncontrolling Interests |
Beginning balance (in shares) at Dec. 31, 2018 | 118,650 | |||||||
Beginning balance at Dec. 31, 2018 | $ 575,987 | $ 578,369 | $ 117 | $ 1,355,503 | $ (15,572) | $ (722,701) | $ (38,978) | $ (2,382) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance (repurchase) of stock (in shares) | 2,616 | |||||||
Issuance (repurchase) of stock | (3,194) | (3,194) | $ 3 | (3,197) | ||||
Acquisition of non-controlling interest | (13,342) | (7,270) | (7,526) | 256 | (6,072) | |||
Adjustment of RNCI carrying value | (1,128) | (1,128) | (1,128) | |||||
Stock-based compensation expense | 23,587 | 23,587 | 23,587 | |||||
Net income | (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 (in shares) at Dec. 31, 2019 | 121,266 | |||||||
Ending balance at Dec. 31, 2019 | 513,896 | 522,159 | $ 120 | 1,371,564 | (18,769) | (793,709) | (37,047) | (8,263) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance (repurchase) of stock (in shares) | 6,360 | |||||||
Issuance (repurchase) of stock | 19,564 | 19,564 | $ 8 | 23,377 | (3,821) | |||
Acquisition of non-controlling interest | 0 | (8,263) | (7,702) | (561) | 8,263 | |||
Stock-based compensation expense | 17,725 | 17,725 | 17,725 | |||||
Net income | (149,594) | (149,594) | (149,594) | |||||
Pension adjustment | 783 | 783 | 783 | |||||
Derivative financial instrument adjustment | (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 | 28,752 | |||||
Ending balance (in shares) at Dec. 31, 2020 | 127,626 | |||||||
Ending balance at Dec. 31, 2020 | 430,723 | 430,723 | $ 128 | 1,404,964 | (22,590) | (943,303) | (8,476) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance (repurchase) of stock (in shares) | 813 | |||||||
Issuance (repurchase) of stock | (12,620) | (12,620) | (12,620) | |||||
Shares issued to acquire assets and businesses (in shares) | 3,430 | |||||||
Shares issued to acquire assets and businesses | 99,044 | 99,044 | $ 3 | 99,041 | ||||
Stock-based compensation expense | 32,412 | 32,412 | 32,412 | |||||
Net income | 322,052 | 322,052 | 322,052 | |||||
Pension adjustment | 181 | 181 | 181 | |||||
Gain on pension plan - unrealized | 501 | 501 | 501 | |||||
De-designation of derivative instrument | 721 | 721 | 721 | |||||
Retirement of treasury shares (in shares) | (3,494) | |||||||
Retirement of treasury shares | 0 | $ (3) | (22,587) | 22,590 | ||||
Foreign currency translation adjustment | (30,633) | (30,633) | (30,633) | |||||
Ending balance (in shares) at Dec. 31, 2021 | 128,375 | |||||||
Ending balance at Dec. 31, 2021 | $ 842,381 | $ 842,381 | $ 128 | $ 1,501,210 | $ 0 | $ (621,251) | $ (37,706) | $ 0 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | Dec. 31, 2021 | Nov. 16, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
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 and wholly-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 income (loss) used to arrive at net income (loss) attributable to 3D Systems Corporation in the consolidated statements of operations and comprehensive income (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 top priority is the health and safety of our employees and their families and communities, as we continue to manage our business through the COVID-19 pandemic. Throughout this past year, our leadership regularly reviewed and adapted our COVID-19 protocols based on evolving research and guidance. We have reopened our offices and begun business travel, with safety measures in place and in accordance with local guidance. Additionally, we implemented a hybrid-work program globally, providing more flexibility for employees to work remotely. We continue to monitor local transmission rates and regulatory guidance, and remain committed to protecting our employees, delivering for our customers, and supporting our communities. We are subject to vaccination and workplace safety protocols of the United States Federal Government Executive Order on Ensuring Adequate COVID Safety Protocols for Federal Contractors, and the COVID-19 Workplace Safety Guidance for Federal Contractors and Subcontractors issued by the Safer Federal Workforce Task Force. In support of a safe work environment, we have a vaccine policy for our U.S. employees, and a visitor policy to ensure those visiting our sites are taking the necessary health and safety precautions. 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 and Oceania regions (collectively referred to as "APAC") expose us to risks associated with public health crises and epidemics/pandemics, such as the COVID-19 pandemic. While the COVID-19 pandemic continued to impact our reported results for the years ended December 31, 2021 and 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 the severity or resurgence of the outbreak and actions by government authorities to contain the outbreak or treat its impact. Furthermore, the impacts of uncertain global economic conditions, further supply chain disruptions, including the shortages of critical components, and the continued disruptions to, and volatility in, the financial markets remain unknown. As of January 1, 2021, we determined the Company has two reportable segments, Healthcare and Industrial. The Company previously only reported its consolidated results in one segment. This change in segment reporting as of January 1, 2021 was the result of changes to how the chief operating decision maker (“CODM”) assesses the financial performance of the Company and in the decision-making process driving future operating performance. As a result of this re-segmentation, the Company performed a quantitative analysis for potential impairment of our goodwill immediately following the re-segmentation, noting that we determined the fair value of the Healthcare and Industrial reporting segments exceeded their carrying values. See Note 6. Fair value 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 of multiples of various financial metrics of comparable companies. All dollar and share amounts presented in the accompanying footnotes are presented in thousands, except for per share information. During the first quarter ended March 31, 2021 we became aware that certain amounts previously presented within our statements of operations as products cost of sales related to services cost of sales. We note that the total cost of sales line item was not affected. We further note that this error did not affect our gross profit, loss from operations, net income (loss), consolidated balance sheets or statements of cash flows. We evaluated the materiality of this presentation-only error and concluded it was not material to any previously reported quarter or year-end financial statement. The following schedule depicts the effect on our previously reported statements of operations. Year Ended December 31, 2020 (in thousands) As reported Change Revised Cost of sales: Products $ 227,681 $ (7,266) $ 220,415 Services 106,184 7,266 113,450 Total cost of sales $ 333,865 $ — $ 333,865 Revision of Previously Issued Financial Statements During the fourth quarter ended December 31, 2021, we became aware that certain amounts previously presented as investing cash outflows should be reported as financing cash outflows within the statements of cash flows. The error affected the previously issued statements of cash flows for the three, six and nine month periods within the December 31, 2021 and 2020 annual periods as well as the annual periods ended December 31, 2020 and 2019. We note that this change did not impact the as reported net increase (decrease) in cash, cash equivalents and restricted cash within the annual 2020 and 2019 statements of cash flows or the interim statements of cash flows for the years ended December 31, 2021 and 2020. We further note that this reclassification did not affect our balance sheet, statements of operations, statements of comprehensive income (loss) and statements of stockholders' equity. We evaluated the materiality, including both quantitative and qualitative considerations, of this presentation-only error and concluded it was not material to any previously reported quarter or year-end financial statement. The following schedule depicts the effect on our previously reported interim and annual statements of cash flows. Year Ended December 31, 2020 Year Ended December 31, 2019 As Reported Changed Revised As Reported Changed Revised Net cash provided by (used in) operating activities $ (20,121) $ — $ (20,121) $ 31,581 $ — $ 31,581 Net cash provided by (used in) investing activities (24,233) 12,500 (11,733) (26,872) 2,500 (24,372) Net cash provided by (used in) financing activities (6,980) (12,500) (19,480) 18,700 (2,500) 16,200 Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,428 — 1,428 289 — 289 Net increase (decrease) in cash, cash equivalents and restricted cash $ (49,906) $ — $ (49,906) $ 23,698 $ — $ 23,698 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 As Reported Changed Revised As Reported Changed Revised Net cash provided by (used in) operating activities $ 62,652 $ — $ 62,652 $ (32,649) $ — $ (32,649) Net cash (used in) investing activities 395,641 4,000 399,641 (22,459) 12,500 (9,959) Net cash provided by (used in) financing activities (32,202) (4,000) (36,202) (3,773) (12,500) (16,273) Effect of exchange rate changes on cash, cash equivalents and restricted cash (7,737) — (7,737) 526 — 526 Net increase (decrease) in cash, cash equivalents and restricted cash $ 418,354 $ — $ 418,354 $ (58,355) $ — $ (58,355) Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 As Reported Changed Revised As Reported Changed Revised Net cash provided by (used in) operating activities $ 41,976 $ — $ 41,976 $ (21,018) $ — $ (21,018) Net cash (used in) investing activities 31,325 4,000 35,325 (19,584) 12,500 (7,084) Net cash provided by (used in) financing activities (28,444) (4,000) (32,444) (27,270) (12,500) (39,770) Effect of exchange rate changes on cash, cash equivalents and restricted cash 2,902 — 2,902 (1,856) — (1,856) Net increase (decrease) in cash, cash equivalents and restricted cash $ 47,759 $ — $ 47,759 $ (69,728) $ — $ (69,728) Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 As Reported Changed Revised As Reported Changed Revised Net cash provided by (used in) operating activities $ 28,453 $ — $ 28,453 $ (2,285) $ — $ (2,285) Net cash (used in) investing activities 46,563 4,000 50,563 (16,598) 12,500 (4,098) Net cash provided by (used in) financing activities (24,337) (4,000) (28,337) 1,229 (12,500) (11,271) Effect of exchange rate changes on cash, cash equivalents and restricted cash (2,434) — (2,434) (3,241) — (3,241) Net increase (decrease) in cash, cash equivalents and restricted cash $ 48,245 $ — $ 48,245 $ (20,895) $ — $ (20,895) |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
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. ” Collaborative revenue contracts in which the collaboration partner meets the definition of a customer are recorded in accordance with ASC Topic 606, otherwise the collaborative arrangements are recorded in accordance with ASC 808 - "Collaborative Arrangements". See Note 5 for further discussion. Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid investments with maturities of three months or less when acquired. Investments 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, 2021 and 2020, we recorded impairment charges of $0 and $2,361, respectively, related to certain cost-method investments. The aggregate carrying amount of all investments accounted for under the cost method totaled $5,632 and $5,016 at December 31, 2021 and 2020, respectively, and is included in other assets, on our consolidated balance sheets. Accounts Receivable and Allowance 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. One customer represents a significant concentration of credit risk, as they represent greater than 10% of our total accounts receivable. 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 (a) Balance at end of year 2021 Allowance for doubtful accounts $ 4,392 $ 232 $ (2,179) $ 2,445 2020 Allowance for doubtful accounts 8,762 457 (4,827) 4,392 2019 Allowance for doubtful accounts 8,423 1,308 (969) 8,762 (a) Other includes the impact of subsequent collections or write-offs to the allowance for doubtful accounts. Inventories Inventories are stated at the lower of cost or net realizable value, with cost being standard cost, which approximates 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, 2021 and 2020. 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 Healthcare and Industrial. We completed the required annual goodwill impairment test as of November 30, 2021. 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 and a market approach. The estimated fair value for each of our reporting units was in excess of their respective carrying values as of November 30, 2021. For a summary of our goodwill by reporting unit and discussion of goodwill impairment, see Note 11. 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 4. 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 The local currency in which a subsidiary operates is generally considered its functional currency for those subsidiaries domiciled outside the United States. Assets and liabilities for non-U.S. subsidiaries are translated to the USD at month-end exchange rates of the period reported. Income and expense items are translated monthly using the monthly average exchange rate. Cumulative translation adjustments are recorded as a component of accumulated other comprehensive income (loss) in shareholders’ equity. For the Year Ended December 31, 2021, 2020, 2019 the aggregate foreign currency gain or (loss) was 1,681, (4,762), (2,287), respectively, and has been recorded as a component of interest and other income (expense) in the accompanying consolidated statements of operations. 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 may 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. If appropriate, we enter into foreign currency contracts to hedge the exposure arising from those transactions. See Note 15. 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 using the weighted-average number of common shares outstanding during each period. Diluted earnings per share are calculated using dilutive shares which include shares issuable upon exercise of outstanding stock options, upon vesting of employee stock-based awards, upon the accrual of incentive compensation to be paid in shares, and to settle the portion of the convertible notes that may be settled in shares, where the conversion of such instruments would be dilutive. See Note 19. Advertising Costs Advertising costs are expensed as incurred and recorded in Selling General & Administrative expenses. Advertising costs, including trade shows, were $5,486, $7,561 and $13,732 for the years ended December 31, 2021, 2020 and 2019, 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 12. Equity Compensation Plans We recognize compensation expense for our stock-based compensation programs, which include stock options, restricted stock, restricted stock units (“RSU”), performance shares and market based awards. The fair value for service-based awards, is estimated at the grant date and recognized as expense ratably over the requisite service period of the award. The fair value of performance-based awards are recognized on the grant date and expensed ratably over any implicit or explicit service period when the performance condition is deemed probable of achievement. Stock compensation recorded for performance shares is reversed if the performance condition is no longer deemed probable of achievement. The fair value for awards with market conditions is determined using a Monte Carlo valuation model and is expensed ratably over any implicit or explicit service period regardless if the market condition is probable of achievement or not. Stock compensation expense is not reversed if the market condition is not met. We recognize forfeitures when they occur. Some RSUs are granted with a performance measure derived from non-GAAP-based management targets or non-financial targets. Depending on our performance with respect to these metrics, 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. 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. These amounts were immaterial for 2021, 2020 and 2019. See Note 22 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 recorded when these expenses are incurred during the lease term. See Note 7. Recent Accounting Pronouncements Recently Adopted Accounting Standards In October 2020, the FASB issued ASU 2021-08, " Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ", amends ASC 805 to add contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and to “require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606.” While primarily related to contract assets and contract liabilities that were accounted for by the acquiree in accordance with ASC 606, “the amendments also apply to contract assets and contract liabilities from other contracts to which the provisions of Topic 606 apply, such as contract liabilities from the sale of nonfinancial assets within the scope of Subtopic 610-20.” For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption of the amendments is permitted. The Company expects to early adopt this standard in the first quarter of 2022, and does not expect it to be material to results of operations, cash flows or financial position. In August 2020, the FASB issued ASU 2020-06, "Debt - Debt with Conversion and Other Options (Subtopic 470-20)," and "Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40)," which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. For public companies, this guidance is effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted the standard as of January 1, 2021 and applied this guidance to the convertible senior notes issued in November 2021. See Note 14. In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “ Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes ,” which simplifies the accounting for income taxes by eliminating some exceptions to the general approach in Accounting Standards Codification 740, Income Taxes. It also clarifies certain aspects of the existing guidance to promote more consistent application. This standard is effective for calendar-year public business entities in 2021 and interim periods within that year, and early adoption is permitted. The Company adopted this guidance during the first quarter of 2021. The implementation did not have a material effect on our financial position, results of operations or cash flows. In June 2016, the FASB issued 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, results of operations or cash flows. 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. The implementation did not have a material effect on our financial position, results of operations or cash flows. 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. 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 any individual quarter therein and the effect on the individual quarters in 2020 was immaterial. No other new accounting pronouncements, issued or effective during 2021, have had or are expected to have a significant impact on our consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions On November 1, 2021, we acquired Oqton, Inc. (“Oqton”), for $188,168, excluding customary closing adjustments. $107,471 paid in cash and the issuance of 2,553 shares of the Company’s common stock having a fair value at the date of issuance of $80,697. The acquisition’s near term impact on the Company’s results of operations and cash flows are expected to be dilutive. Oqton's operating results will be reported in the Industrial segment. We incurred approximately $1,458 of acquisition related expenses. Oqton is a software company that creates an intelligent, cloud-based Manufacturing Operating System (MOS) platform tailored for flexible production environments that increasingly utilize a range of advanced manufacturing and automation technologies, including additive manufacturing (AM) solutions, in their production workflows. The cloud-based solution leverages the Industrial Internet of Things, artificial intelligence, and machine learning technologies to deliver a solution for customers to automate their digital manufacturing workflows, scale their operations and enhance their competitive position. The Oqton acquisition will allow the Company to expand its existing additive manufacturing software suite to the entire additive industry. We accounted for the Acquisition using the acquisition method as prescribed by Accounting Standards Codification (ASC) 805 Business Combinations. In accordance with valuation methodologies described in ASC 820 Fair Value Measurement, the acquired assets and assumed liabilities were recorded at their estimated fair values at as of the date of acquisition. Shown below is the preliminary purchase price allocation, which summarizes the fair value of the assets and liabilities assumed, at the date of acquisition: Current assets, including cash acquired of $3,454 $ 4,462 Intangible assets: Product technology $ 11,200 Trade name 6,800 Total intangible assets 18,000 Goodwill 167,576 Other assets 855 Liabilities: Accounts payable and accrued liabilities $ 2,235 Deferred revenue 490 Total liabilities 2,725 Net assets acquired $ 188,168 On December 1, 2021, we acquired Volumetric Biotechnologies, Inc. (“Volumetric”), for $40,172 of which $24,814 was paid in cash and the remainder was paid via the issuance of 720 shares of the Company's common stock having a fair value on the date of issuance of $15,358. Additional payments of up to $355,000 are possible which are linked to the attainment of seven non-financial milestones through December 31, 2030 and 2035 and continued employment of certain key individuals from Volumetric. Any additional payments made will be paid approximately half in cash and half in shares of the Company’s common stock. The additional payments are considered compensation expense which will be recorded ratably from the time a milestone is deemed probable of achievement to the estimated time of achievement. Any compensation expense recorded will be reversed if the milestone is no longer probable of achievement. As of December 31, 2021, one of the seven milestones are considered probable of achievement for which $1,326 of expense was recorded in 2021. Volumetric will be part of the Healthcare reporting unit and segment. The acquisition’s near-term impact on the Company's results of operations and cash flows are expected to be dilutive. The impact of potential share issuance related to the achievement of milestones is not included in dilutive shares until the milestone is met. We incurred approximately $1,200 of acquisition related expenses. Volumetric’s mission is to develop the ability to manufacture human organs using bioprinting methods and the underlying technologies required to create these highly complex biological structures. With this acquisition, 3D Systems will expand our capabilities and capacity in 3D printing related to bio-printing and regenerative medicine. Combining 3D Systems regenerative medicine group with Volumetric’s highly complementary skill sets of biological expertise and cellular engineering is expected to accelerate our core regenerative medicine strategies which include the bio-printing of human organs, additional non-organ applications and bio-printing technologies for research labs. We accounted for the Acquisition using the acquisition method as prescribed by Accounting Standards Codification (ASC) 805 Business Combinations. In accordance with valuation methodologies described in ASC 820 Fair Value Measurement, the acquired assets and assumed liabilities were recorded at their estimated fair values at as of the date of acquisition. Shown below is the preliminary purchase price allocation, which summarizes the fair value of the assets and liabilities assumed, at the date of acquisition: Current assets, including cash acquired of $389 $ 3,143 Intangible assets: Patents $ 639 Total intangible assets 639 Goodwill 38,620 Other assets 1,194 Liabilities: Accounts payable and accrued liabilities 3,424 Total liabilities 3,424 Net assets acquired $ 40,172 The Company has performed preliminary valuation analyses of the fair market value of acquired assets and liabilities of both Oqton and Volumetric. The final purchase price allocations will be determined when the Company has completed and fully reviewed the detailed valuations and determined the final purchase consideration for items such as but not limited to working capital adjustments. The final allocations could differ materially from the preliminary allocations. The final allocations may include changes in allocations to acquired intangible assets, changes to assets and liabilities including but not limited to deferred tax assets and liabilities and tax liabilities, as well as goodwill. The estimated useful lives of acquired intangible assets are also preliminary. On May 6, 2021, we purchased Allevi, Inc. to expand regenerative medicine initiatives into medical and pharmaceutical research and development laboratories. Additionally, on June 15, 2021, we closed the acquisition of a German software firm, Additive Works GmbH (“Additive”). Additive expands the simulation capabilities for rapid optimization of industrial-scale 3D printing processes. The purchase price for both acquisitions, individually and combined, and the expected impacts on the Company’s financial position, results of operations and cash flows are not material. Acquisitions of Noncontrolling Interests We own 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 were 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. We own 100% of Easyway, a service bureau and distributor of 3D printing and scanning products in China. Approximately 65% of the capital and voting rights of Easyway were acquired on April 2, 2015, and an additional 5% of the capital and voting rights of Easyway were acquired on July 19, 2017 for $2,300. The remaining 30% of the capital and voting rights of Easyway were acquired on January 21, 2019 for $13,500 to be paid in installments over four years for which $6,300 and $2,500 were paid in 2021 and 2020, respectively. |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | (4) Dispositions On January 1, 2021, we 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 $64,173, after certain adjustments and excluding $9,476 of cash amounts transferred to the purchaser. We recorded a gain on the sale of $32,047 included within Interest and other income (expense), net on the accompanying consolidated statements of operations for the year ended December 31, 2021. Additionally, at the time of the sale, we recognized a gain of $6,481 for accumulated foreign currency translation gain previously included in Accumulated other comprehensive loss (“AOCL”), which is included within Interest and other income (expense), net. This disposed of business would have been included within the Industrial segment. 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 In September 2021, we completed the sale of the Company’s On Demand Manufacturing business ("ODM") for $82,000, excluding certain adjustments. We recorded a gain on the sale of $38,490 included within Interest and other income (expense), net on the accompanying consolidated statements of operations for the year ended December 31, 2021. ODM was primarily included within the Industrial segment. At closing, the Company and the purchaser entered into a supply agreement and a transition services agreement pursuant to which the Company will provide certain information technology, corporate finance, tax, treasury, accounting, human resources and payroll, sales and marketing, operations, facilities and other customary services to support the purchaser in the ongoing operation of ODM for a period of time post-closing. On August 24, 2021, we completed the sale of 100% of the issued and outstanding equity interests of Simbionix USA Corporation, which owned our global medical simulation business (“Simbionix”), for $305,000, excluding certain closing adjustments and excluding $6,794 of cash transferred to the purchaser. We recorded a gain on the sale of $271,404 included within Interest and other income (expense), net on the accompanying consolidated statements of operations for the year ended December 31, 2021. Additionally, we recognized a gain of $2,431 for accumulated foreign currency translation gain previously included in AOCL, which is included within Interest and other income (expense), net. Simbionix was included within the Healthcare segment. 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 2020 interest and other expense, net on the consolidated statement of operations. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | (5) Revenue We account for revenue in accordance with ASC Topic 606, “ Revenue from Contracts with Customers ,”. 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, 2021, we had $143,169 of outstanding performance obligations, comprised of deferred revenue, customer order backlog and customer deposits. We expect to recognize approximately 77.0% of deferred revenue as revenue within the next twelve months, an additional 13.0% by the end of 2023 and the remaining 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 $6,804, $6,953 and $7,260 in revenue related to collaboration arrangements with customers for the years ended December 31, 2021, 2020 and 2019, respectively. Services We offer training, installation and non-contract maintenance services for our products. Additionally, we offer maintenance contracts that 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. We disposed of the majority of our service revenue businesses, including; Cimatron, Simbionix, and ODM, which were minimally offset by the purchase of Oqton. See Note 3 and Note 4. 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 or when certain performance milestones are deemed probable of achievement. In our on demand manufacturing business, which was sold in September of 2021, 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, 2021. Contract assets with a remaining performance obligation are netted with contract liabilities. Through December 31, 2021, we recognized revenue of 30,302 related to our contract liabilities at 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. 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 Concentrations For the years ended December 31, 2021, 2020, and 2019, one customer accounted for approximately 22%, 13% and 11% of our consolidated revenue, respectively. We expect to maintain our relationship with this customer. Revenue by geographic region for the years ended December 31, 2021, 2020, and 2019 were as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Americas $ 344,619 $ 280,028 $ 323,085 EMEA 201,684 213,575 240,403 APAC 69,336 63,637 72,866 Total $ 615,639 $ 557,240 $ 636,354 United States (Included in Americas above) $ 341,123 $ 275,145 $ 313,910 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Effective January 1, 2021, we changed our segment reporting under ASC 280 Segment Reporting. For periods prior to January 1, 2021, we operated under one operating segment, consistent with the information that was presented to our CODM. Effective January 1, 2021, we have identified two operating segments, Healthcare and Industrial. This change in reportable segments was necessitated as a result of changes to our enterprise wide financial reporting to reflect the re-organization of the business into the Healthcare and Industrial verticals that were launched January 1, 2021 at the request of our CODM. These changes resulted in revisions to the financial information provided to the CODM on a recurring basis in his evaluation of financial performance of the Company and in the decision-making process driving future operating performance. The CODM does not review disaggregated assets on a segment basis; therefore, such information is not presented. In addition, the changes made to our enterprise wide financial reporting system were prospective and prevent historical financial information for the Healthcare and Industrial segments to be available other than for revenue which has been disclosed below. We have evaluated potential alternatives to generate comparative prior period financial information for the Healthcare and Industrial segments, and believe that the practicality exception as proscribed in ASC 280 Segment Reporting is applicable due to the high degree of difficulty involved and the significant expense associated with overhauling the structure of legacy financial systems. The following table set forth our net sales and operating results by segment: Year Ended December 31, 2021 2020 2021 (in thousands) Net Sales (a) Operating Profit Operations by segment: Healthcare $ 306,184 $ 246,437 $ 69,358 Industrial 309,455 310,803 48,555 Total $ 615,639 $ 557,240 117,913 General corporate expense, net (b) (150,982) Operating loss, as reported (33,069) Interest and other income, net 352,609 Income before income taxes $ 319,540 a. Approximately 44.6% and 50.6% of sales for the year ended December 31, 2021 and 2020, respectively, were located outside of the U.S. b. General corporate expense, net includes expenses not specifically attributable to our segments for functions such as corporate human resources, finance, and legal, including salaries, benefits, and other related costs. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | (7) Leases We have various lease agreements for our facilities, equipment and vehicles with remaining lease terms ranging from one one Most of our leases do not provide an implicit rate; therefore, we use our incremental borrowing rate based on the information available at the lease commencement date to determine the present value of the future lease payments. Certain leases include variable costs. Variable costs include non-lease components incurred based upon actual terms rather than contractually fixed amounts. In addition, incremental lease payments that are indexed to a change in rate or index are considered variable costs. Because the ROU asset and lease liability 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, result in variable expenses being incurred when actual payments differ from estimated payments. 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 agreement, the Company sold land owned adjacent to our corporate office for $389 and entered into a lease with the buyer of the land for a new building, containing approximately 80,000 to 100,000 rentable square feet, to be constructed and funded by the lessor up to a certain amount. The lease terms, as amended, for both the existing building and the expansion site extend through August 2037. The lease for the new building will not commence until construction is substantially complete and the total estimated lease payments are $16,875 which are not included in the lease information below as the lease has not commenced. Additionally, we entered into a lease for a new building in Littleton, CO containing approximately 50,000 rentable square feet to be constructed and funded by the lessor up to a certain amount. The lease term is for ten years upon commencement which is when construction is substantially complete. The total estimated lease payments are $14,233 which are not included in the lease information below as the lease has not commenced. Components of lease cost (income) were as follows: (in thousands) Year Ended December 31, 2021 Year Ended December 31, 2020 Operating lease cost $ 10,226 $ 13,937 Finance lease cost - amortization expense 714 937 Finance lease cost - interest expense 238 664 Short-term lease cost 76 159 Variable lease cost 3,163 1,363 Sublease income (569) (615) Total $ 13,848 $ 16,445 Balance sheet classifications at December 31, 2021 and 2020 are summarized below: December 31, 2021 December 31, 2020 (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 $ 42,502 $ 7,711 $ 43,359 $ 40,586 $ 8,562 $ 38,296 Finance Leases 3,854 633 4,061 8,034 972 10,173 Total $ 46,356 $ 8,344 $ 47,420 $ 48,620 $ 9,534 $ 48,469 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, 2021 under operating lease and finance leases, with initial or remaining lease terms in excess of one year, were as follows: December 31, 2021 (in thousands) Finance Leases Operating Leases Years ending December 31: 2022 $ 828 $ 10,199 2023 801 9,110 2024 753 7,518 2025 690 5,830 2026 649 5,153 Thereafter 1,799 26,519 Total lease payments (undiscounted) 5,520 64,329 Less: imputed interest (826) (13,259) Present value of lease liabilities $ 4,694 $ 51,070 Supplemental cash flow information related to our operating leases for the years ending December 31, 2021, and 2020 was as follows: (in thousands) December 31, 2021 December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow from operating leases $ 11,108 $ 13,151 Operating cash outflow from finance leases 238 661 Financing cash outflow from finance leases $ 721 $ 496 Weighted-average remaining lease terms and discount rate for our operating leases for the year ending December 31, 2021, were as follows: December 31, 2021 Finance Operating Weighted-average remaining lease term (in years) 7.4 8.7 Weighted-average discount rate 4.63% 5.45% |
Leases | (7) Leases We have various lease agreements for our facilities, equipment and vehicles with remaining lease terms ranging from one one Most of our leases do not provide an implicit rate; therefore, we use our incremental borrowing rate based on the information available at the lease commencement date to determine the present value of the future lease payments. Certain leases include variable costs. Variable costs include non-lease components incurred based upon actual terms rather than contractually fixed amounts. In addition, incremental lease payments that are indexed to a change in rate or index are considered variable costs. Because the ROU asset and lease liability 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, result in variable expenses being incurred when actual payments differ from estimated payments. 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 agreement, the Company sold land owned adjacent to our corporate office for $389 and entered into a lease with the buyer of the land for a new building, containing approximately 80,000 to 100,000 rentable square feet, to be constructed and funded by the lessor up to a certain amount. The lease terms, as amended, for both the existing building and the expansion site extend through August 2037. The lease for the new building will not commence until construction is substantially complete and the total estimated lease payments are $16,875 which are not included in the lease information below as the lease has not commenced. Additionally, we entered into a lease for a new building in Littleton, CO containing approximately 50,000 rentable square feet to be constructed and funded by the lessor up to a certain amount. The lease term is for ten years upon commencement which is when construction is substantially complete. The total estimated lease payments are $14,233 which are not included in the lease information below as the lease has not commenced. Components of lease cost (income) were as follows: (in thousands) Year Ended December 31, 2021 Year Ended December 31, 2020 Operating lease cost $ 10,226 $ 13,937 Finance lease cost - amortization expense 714 937 Finance lease cost - interest expense 238 664 Short-term lease cost 76 159 Variable lease cost 3,163 1,363 Sublease income (569) (615) Total $ 13,848 $ 16,445 Balance sheet classifications at December 31, 2021 and 2020 are summarized below: December 31, 2021 December 31, 2020 (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 $ 42,502 $ 7,711 $ 43,359 $ 40,586 $ 8,562 $ 38,296 Finance Leases 3,854 633 4,061 8,034 972 10,173 Total $ 46,356 $ 8,344 $ 47,420 $ 48,620 $ 9,534 $ 48,469 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, 2021 under operating lease and finance leases, with initial or remaining lease terms in excess of one year, were as follows: December 31, 2021 (in thousands) Finance Leases Operating Leases Years ending December 31: 2022 $ 828 $ 10,199 2023 801 9,110 2024 753 7,518 2025 690 5,830 2026 649 5,153 Thereafter 1,799 26,519 Total lease payments (undiscounted) 5,520 64,329 Less: imputed interest (826) (13,259) Present value of lease liabilities $ 4,694 $ 51,070 Supplemental cash flow information related to our operating leases for the years ending December 31, 2021, and 2020 was as follows: (in thousands) December 31, 2021 December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow from operating leases $ 11,108 $ 13,151 Operating cash outflow from finance leases 238 661 Financing cash outflow from finance leases $ 721 $ 496 Weighted-average remaining lease terms and discount rate for our operating leases for the year ending December 31, 2021, were as follows: December 31, 2021 Finance Operating Weighted-average remaining lease term (in years) 7.4 8.7 Weighted-average discount rate 4.63% 5.45% |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | (8) Inventories Components of inventories at December 31, 2021 and 2020 are summarized as follows: (in thousands) 2021 2020 Raw materials $ 23,530 $ 23,762 Work in process 5,173 5,912 Finished goods and parts 64,184 86,993 Inventories $ 92,887 $ 116,667 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 w as $16,509 and $20,125 as of December 31, 2021 and 2020, 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 25. As a result, for the year ended December 31, 2020, we recorded a charge o f $10,894 to products costs of sales, primarily attributable to inventory, accessories and inventory commitments for these products. W e have ceased production for these items. There was no material product line life ended for year ended December 31, 2021. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | (9) Property and Equipment Property and equipment at December 31, 2021 and 2020 are summarized as follows: (in thousands) 2021 2020 Useful Life (in years) Land $ — $ 541 N/A Building 84 5,422 25-30 Machinery and equipment 117,446 163,688 2-5 Capitalized software 24,149 24,814 3-5 Office furniture and equipment 5,188 5,106 1-5 Leasehold improvements 32,200 32,349 Life of lease a Construction in progress 12,051 4,910 N/A Total property and equipment 191,118 236,830 Less: Accumulated depreciation and amortization (133,861) (161,474) Total property and equipment, net $ 57,257 $ 75,356 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 on property and equipment is calculated on a straight-line basis. Depreciation expense on property and equipment for the years ended December 31, 2021, 2020 and 2019 was $24,242, $28,397 and $29,982, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | (10) Intangible Assets Intangible assets, net, other than goodwill, at December 31, 2021 and 2020 are summarized as follows: 2021 2020 (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 $ 53,062 $ (45,613) $ 7,449 $ 71,123 $ (56,682) $ 14,441 2.8 Acquired technology 17,518 (5,430) 12,088 42,472 (41,201) 1,271 5.2 Trade names 20,448 (10,438) 10,010 17,477 (16,506) 971 18.9 Patent costs 21,852 (11,812) 10,040 19,828 (10,999) 8,829 10.5 Trade secrets 19,924 (18,971) 953 20,188 (18,216) 1,972 1.1 Acquired patents 16,257 (15,945) 312 16,317 (15,723) 594 6.1 Other 12,982 (7,999) 4,983 19,793 (19,788) 5 9.4 Total intangible assets $ 162,043 $ (116,208) $ 45,835 $ 207,198 $ (179,115) $ 28,083 8.5 a. Change in gross carrying amounts primarily due to divestitures of Cimatron, Simbionix and ODM partially offset by the acquisition of Oqton and foreign currency translation. Amortization expense related to intangible assets was $10,469, $15,810 and $20,312 for the years ended December 31, 2021 2020 and 2019, respectively. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | (11) Goodwill The following are the changes in the carrying amount of goodwill by reporting unit: Year Ended December 31, 2021 Healthcare Industrial Consolidated (in thousands) Gross Goodwill Dispositions, Acquisitions and Impairments Net Goodwill Gross Goodwill Dispositions, Acquisitions and Impairments Net Goodwill Gross Goodwill Dispositions, Acquisitions and Impairments Net Goodwill Balance at beginning of year $101,767 $(32,055) $69,712 $134,382 $(42,329) $92,053 $236,149 $(74,384) $161,765 Acquisition (a) — 39,182 39,182 — 170,033 170,033 — 209,215 209,215 Dispositions (b) — (15,598) (15,598) — (3,873) (3,873) — (19,471) (19,471) Adjustments (c) (900) — (900) 900 — 900 — — — Foreign currency translation adjustments (2,481) — (2,481) (3,440) — (3,440) (5,921) — (5,921) Total goodwill $98,386 $(8,471) $89,915 $131,842 $123,831 $255,673 $230,228 $115,360 $345,588 a. The 2021 acquisition, for the Healthcare and Industrial segments in the table above relate to Allevi, Additive Works, Oqton and Volumetric. Approximately $560 of goodwill related to Allevi will be deductible for tax purposes. b. The 2021 dispositions for the Healthcare and Industrial segments in the table above relate to of ODM and Simbionix c. The 2021Adjustment, for the Healthcare and Industrial segments in the table above relate to reclassification within the segments. The following are the changes in the carrying amount of goodwill by reporting unit for 2020. This presentation reflects the prior year reporting unit structure, which has been changed for 2021. Due to unnecessarily burdensome procedures to recast this information into our new segment structure, we have taken the practicability exception allowed and presented as in prior year : (in thousands) Americas EMEA APAC Total 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 4. The effect of foreign currency exchange in the above tables reflect 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. Our reporting units are Healthcare and Industrial. We completed the required annual goodwill impairment test as of November 30, 2021. 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 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 judgment 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 of multiples for various financial metrics of comparable companies. The estimated fair value for each of our reporting units was in excess of their respective carrying values as of November 30, 2021. As of September 30, 2020, we experienced a goodwill valuation triggering event due to a drop in our stock price, which was negatively impacted by the business environment as a result of the COVID-19 pandemic. Accordingly, we 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. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefits | (12) 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, 2021, 2020 and 2019, we expensed $2,039, $2,456 and $2,688, respectively, for matching contributions to the defined contribution plan. 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, 2021 and 2020: (in thousands) 2021 2020 Reconciliation of benefit obligations: Obligations as of January 1 $ 10,391 $ 10,497 Service cost 187 204 Interest cost 130 84 Actuarial loss (gain) (234) (1,222) Benefit payments (627) (151) Effect of foreign currency exchange rate changes (773) 979 Benefit obligations as of December 31 9,074 10,391 Fair value of assets as of December 31 a 3,577 3,844 Funded status as of December 31, net of tax benefit $ (5,497) $ (6,547) a. No change in underlying asset value for the periods. We recognized the following amounts in the consolidated balance sheets at December 31, 2021 and 2020: (in thousands) 2021 2020 Other assets $ 3,577 $ 3,844 Accrued liabilities (163) (163) Other liabilities (8,911) (10,228) Net liability $ (5,497) $ (6,547) The following projected benefit obligation and accumulated benefit obligation were estimated as of December 31, 2021 and 2020: (in thousands) 2021 2020 Projected benefit obligation $ 9,074 $ 10,391 Accumulated benefit obligation $ 8,635 $ 9,343 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, 2021, 2020 and 2019: (in thousands) 2021 2020 2019 Net periodic benefit cost: Service cost $ 187 $ 204 $ 166 Interest cost 130 84 151 Amortization of actuarial loss 259 351 200 Total net periodic pension cost 576 639 517 Other changes in plan assets and benefit obligations recognized in other comprehensive income: Net (gain) loss (234) (1,223) 1,815 Amortization of prior years' unrecognized loss (259) (351) (200) Total recognized as accumulated other comprehensive income (loss), excluding tax (493) (1,574) 1,615 Total expense recognized in net periodic benefit cost and other comprehensive income $ 83 $ (935) $ 2,132 The following assumptions are used to determine benefit obligations as of December 31, 2021 and 2020: 2021 2020 Discount rate 1.2% 1.3% 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: 2022 $ 175 2023 181 2024 185 2025 187 2026 189 2027 through 2031 $ 1,439 |
Accrued and Other Liabilities
Accrued and Other Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued and Other Liabilities | (13) Accrued and Other Liabilities Accrued liabilities at December 31, 2021 and 2020 are summarized as follows: (in thousands) 2021 2020 Compensation and benefits $ 39,846 $ 24,629 Accrued taxes 19,836 14,952 Vendor accruals 9,045 18,762 Product warranty liability 3,585 2,348 Accrued professional fees 2,263 1,773 Accrued other 1,593 6,138 Royalties payable 826 1,210 Total $ 76,994 $ 69,812 Other liabilities at December 31, 2021 and 2020 are summarized as follows: (in thousands) 2021 2020 Long term employee indemnity $ 5,237 $ 12,228 Long term tax liability 6,099 15,532 Defined benefit pension obligation 8,911 10,228 Long term deferred revenue 10,244 6,163 Other long term liabilities 1,763 7,096 Total $ 32,254 $ 51,247 Changes in product warranty obligations, including deferred revenue on extended warranty contracts, for the years ended December 31, 2021, 2020 and 2019, are summarized below: (in thousands) Beginning Balance Additional Accrual/ Revenue Deferred Costs Incurred/ Deferred Revenue Amortization Ending Balance Year Ended December 31, 2021 $ 6,380 $ 8,670 $ (8,784) $ 6,266 2020 6,192 6,454 (6,266) 6,380 2019 $ 7,660 $ 8,124 $ (9,592) $ 6,192 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings | (14) Borrowings Convertible Notes On November 16, 2021 the Company issued $460,000 in aggregate principal amount of its 0% Convertible Senior Notes due November 15, 2026 (the “Notes”) pursuant to an Indenture, dated November 16, 2021 (the “Indenture”), between the Company and The Bank of New York Mellon, N.A., as trustee. The net proceeds from the offering of the Notes were $446,534 after deducting the initial purchasers’ discounts and commissions and offering expenses payable by the Company in the amount of $13,466 for which $13,141 is unamortized at December 31, 2021. The annual effective interest rate of the Notes is 0.594% when including purchasers' discounts and commissions and offering expenses incurred by the Company. The Notes are senior, unsecured obligations of the Company, will not bear regular interest and the principal amount of the Notes will not accrete. The Notes will mature on November 15, 2026, unless earlier redeemed, repurchased or converted in accordance with the terms of the Notes. The Notes will be convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding August 15, 2026, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on March 31, 2022 (and only during such quarter), if the last reported sale price of the Company’s common stock, par value $0.001 per share (the “Common Stock”), is greater than or equal to 130% of the conversion price for each of at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter on each applicable trading day; (2) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the trading price (as defined in the Indenture) per $1 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of the Common Stock and the conversion rate on each such trading day; (3) if the Company calls such Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; and (4) upon the occurrence of specified corporate events, including a Fundamental Change (as defined in the Indenture), or distributions of the Common Stock. On or after August 15, 2026, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Notes at any time, at the option of the holder regardless of the foregoing circumstances. Upon conversion, the Company will pay cash up to the aggregate principal amount of the Notes to be converted and pay or deliver, as the case may be, cash, shares of the Common Stock, or a combination of cash and shares of the Common Stock, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the Notes being converted. The Notes have an initial conversion rate of 27.8364 shares of Common Stock per $1 principal amount of Notes (which is subject to adjustment in certain circumstances). This is equivalent to an initial conversion price of approximately $35.92 per share. The conversion rate is subject to customary adjustments under certain circumstances in accordance with the terms of the Indenture. Holders of the Notes have the right to require the Company to repurchase for cash all or a portion of their Notes at 100% of their principal amount, plus any accrued and unpaid special interest, upon the occurrence of a Fundamental Change. The Company is also required to increase the conversion rate for holders who convert their Notes in connection with a Fundamental Change or convert their Notes that are called for redemption, as the case may be, prior to the maturity date. The Company may not redeem the Notes prior to November 20, 2024. The Notes are redeemable, in whole or in part, for cash at the Company’s option at any time, and from time to time, on or after November 20, 2024 and before the 41st scheduled trading day immediately preceding the maturity date, but only if the last reported sale price per share of the Common Stock has been at least 130% of the conversion price then in effect for a specified period of time. The Notes are the Company’s senior unsecured obligations and will rank senior in right of payment to any of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the Notes; rank equal in right of payment to any of the Company’s future unsecured indebtedness that is not so subordinated; be effectively subordinated in right of payment to any of the Company’s existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness; and structurally subordinated to all existing and future indebtedness and other liabilities (including trade payables) of current or future subsidiaries of the Company. The Indenture also contains covenants, events of default and other provisions which are customary for offerings of convertible notes. We are in compliance with all covenants. At the December 31, 2021 the fair value of the Notes is $436,600. This based on the quoted market price where the volume of activity is not active and thus this is deemed a level 2 fair value measurement. The Company incurred $324 of debt issuance cost amortization in 2021. Debt issuance cost accretion of $2,663, $2,679 $2,695, $2,711, and $2,394 are expected to be incurred in 2022, 2023, 2024, 2025 and 2026, respectively. Credit Facility We had a 5-year $100,000 senior secured revolving credit facility (the “Senior Credit Facility”) to support working capital and general corporate purposes. The Senior Credit Facility also included a 5-year $100,000 senior secured term loan facility (the “Term Facility”) that was fully repaid and terminated in the first quarter of 2021, as discussed below. Effective August 24, 2021, we terminated the 5-year $100,000 Senior Credit Facility. The Senior Credit Facility contained customary covenants, some of which required 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 through the date of termination. Borrowings under the Senior Credit Facility were subject to interest at varying spreads above quoted market rates and a commitment fee was paid on the total unused commitment. The interest rate at December 31, 2020 was 1.9%. We had a balance of $21,392 outstanding on the Term Facility at December 31, 2020. On January 1, 2021, the Company completed the sale of Cimatron. A portion of the proceeds from the sale were used to repay the outstanding balance on the Term Facility. The Term Facility was fully repaid and terminated in the first quarter of 2021. Concurrent with the repayment of the Term Facility, we terminated the related interest rate swap, resulting in a marked-to-market payment of $721. See Note 15 for additional information. Interest Income and Expense Interest income totaled $438, $400 and $1,209 for the years ended December 31, 2021, 2020 and 2019, respectively. |
Hedging Activities and Financia
Hedging Activities and Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Hedging Activities and Financial Instruments | (15) 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 Term Facility. On June 30, 2020, we executed an amendment to the swap which reduced the notional amount to $15,000 and resulted in 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 Interest and other expense, net. The remaining $721 in AOCL as of December 31, 2020 was expensed to Interest and other expense, net in 2021 when the Company terminated this agreement in connection with repayment of the Term Facility. See Note 14 for additional information. We had no exposure to LIBOR rates as of December 31, 2021. The notional amount and fair value of the historical derivative on our balance sheet at December 31, 2021 and 2020 are disclosed below: (in thousands) Balance Sheet location Notional amount Fair value December 31, 2021 Interest rate swap contract Other liabilities $ — $ — December 31, 2020 Interest rate swap contract Other liabilities $ 15,000 $ (700) 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 $43,000 and $101,781 in notional foreign exchange contracts outstanding as of December 31, 2021 and 2020, respectively. The fair values of these contracts were not material. |
Inventory Financing Agreements
Inventory Financing Agreements | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Inventory Financing Agreements | (16) 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, 2021, our obligation to repurchase inventory, included in Accrued and other liabilities on our consolidated balance sheets, was $2,826, 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, 2021, inventory held at assemblers was $26. |
Preferred Stock
Preferred Stock | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Preferred Stock | (17) Preferred Stock We had 5,000 shares of preferred stock that were authorized but unissued at December 31, 2021 and 2020. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | (18) Stock-Based Compensation The Company maintains the 2004 Restricted Stock Plan, as amended, for Non-Employee Directors and the 2015 Incentive Plan of 3D Systems Corporation. The 2015 Incentive Plan was amended and restated in May 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 the granting of 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 and market-based awards. The Director Plan authorizes shares of restricted stock for our non-employee directors. The vesting period for awards under the Stock Plans is generally determined by the Board at the date of the grant and generally the awards vest one third each year over 3 years. Stock-based compensation expense 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 recognized in net earnings in each of the past three years: Year Ended December 31, (in thousands) 2021 2020 2019 Total stock-based compensation expense $ 55,153 $ 17,725 $ 23,587 Included in the above expense for 2021 is $22,057 pertaining to the annual incentive compensation awards that will be paid in company shares of which a $1,914 liability was reduced and recorded as part of the divestiture gains. Additionally, the above expense includes $683 related to the Volumetric contingent milestone payments as discussed in Note 3. 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 vesting period. Forfeitures are recognized in the period in which they occur. A summary of restricted stock and RSU activity for the year ended December 31, 2021 follows: (in thousands, except per share amounts) Number of Shares/Units Weighted Average Grant Date Fair Value Outstanding at beginning of year — unvested 3,540 $ 8.81 Granted 2,547 29.30 Canceled (462) 18.17 Vested (1,645) 11.68 Outstanding at end of year — unvested 3,980 $ 19.72 Included in the outstanding balance above are 606 shares of restricted stock that vest under specified market conditions and 747 shares of restricted stock that vest under specified Company performance measures. Awards with specified market conditions were awarded to certain employees in 2016, 2020 and 2021. The fair value for awards with market conditions is determined using a binomial lattice Monte Carlo simulation model and is expensed ratably over any implicit or explicit service period regardless if the market condition is probable of achievement or not. Stock compensation expense is not reversed if the market condition is not met. We recognize forfeitures when they occur. The fair value of performance-based awards are recognized on the grant date and expensed ratably over any implicit or explicit service period when the performance condition is deemed probable of achievement. Stock compensation recorded for performance shares is reversed when the performance condition is no longer deemed probable of achievement. Some RSUs are granted with a performance measure derived from non-GAAP-based management targets or based on non-financial metrics. Depending on our performance with respect to these metrics, 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. On December 1, 2021, we issued Performance Share Units (PSUs) to employees of Volumetric as part of the acquisition agreement. Vesting of these shares is based on four non-financial milestones that involve various medical achievements. These awards were divided into four tranches, one tranche per milestone, and compensation expense is recognized only when a milestone is probable of achievement. As of December 31, 2021 one of the four milestones was deemed probable of achievement and the company recorded $81 of expense in 2021 related to these awards. At December 31, 2021, there was $60,612 of unrecognized stock-based compensation expense related to all non-vested restricted stock award shares and units, which we expect to recognize over a weighted-average period of 2.8 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. Expense for awards with a market condition are not reversed if the market condition is not met. Stock option activity for the year ended December 31, 2021 was as follows: Year Ended December 31, 2021 (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 year 420 $ 13.26 5.7 $ — Granted — — — — Exercised — — — — Forfeited and expired — — — — Outstanding at end of year 420 $ 13.26 4.7 $ 3,479 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. At December 31, 2021, there was no unrecognized pre-tax stock-based compensation expense related to stock options. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Net Income (Loss) Per Share We compute basic earnings (loss) per share using net income (loss) attributable to 3D Systems Corporation and the weighted average number of common shares outstanding during the applicable period. Diluted earnings (loss) per share incorporates the additional shares issuable upon assumed exercise of stock options and the assumed vesting 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) 2021 2020 2019 Numerator for basic and diluted net earnings (loss) per share: Net income (loss) attributable to 3D Systems Corporation $ 322,052 $ (149,594) $ (69,880) Denominator for net earnings (loss) per share: Weighted average shares - basic 122,867 117,579 113,811 Dilutive effect of shares issuable under stock based compensation and other plans (1) 3,467 — — Weighted average shares - diluted 126,334 117,579 113,811 Anti-dilutive shares of restricted share awards which are excluded from the dilutive shares above (2) 1,779 3,960 5,822 Net income (loss) per share - basic $ 2.62 $ (1.27) $ (0.61) Net income (loss) per share - diluted $ 2.55 $ 1.27 $ (0.61) (1) The dilutive impact of share awards is 2,755 shares for which the calculation requires certain assumptions regarding assumed proceeds that will hypothetically repurchase unvested restricted shares and outstanding stock options and an estimate of 712 shares for the payment of accrued incentive compensation that will be settled in shares. The share estimate is based on the accrued incentive compensation balance at the end of the year divided by the average 2021 share price. (2) Excludes the impact of shares contingently issuable upon the achievement of certain milestones in the Volumetric acquisition as discussed in Note 3. The 2020 and 2019 amounts represent outstanding equity awards that are anti-dilutive because we had a net loss in both years. On November 16, 2021 the Company issued $460.0 million in aggregate principal amount of its 0% Convertible Senior Notes due November 15, 2026 as discussed in Note 14. The Notes’ impact to diluted shares will be calculated using the if-converted method as prescribed in ASU 2020-06. The Notes will increase the diluted share count when the average share price over a quarterly or annual reporting period is greater than $35.92, the conversion price of the Notes. For the year ended December 31, 2021 the Notes were anti-dilutive. 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. On January 6, 2021, we terminated the ATM Program. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2021 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | (20) 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, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (21) 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, 2021 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents a $ 485,521 $ — $ — $ 485,521 Israeli severance funds b — 2,070 — 2,070 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) 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 15 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, 2021. In addition to the assets and liabilities included in the above table, certain of our assets and liabilities are measured at fair value on a non-recurring basis. This includes goodwill and other intangible assets which are measured at fair value at acquisition and adjusted to fair value only if their fair value falls below the initial fair value. For further discussion on the valuation techniques and inputs used in the fair value measurement of goodwill and other intangible assets, see Notes 2, 3, 10 and 11. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (22) Income Taxes The components of our income before income taxes are as follows: 2021 2020 2019 Income (Loss) before income taxes: Domestic $ 308,514 $ (45,973) $ (79,821) Foreign 11,026 (97,437) 14,721 Total $ 319,540 $ (143,410) $ (65,100) The components of income tax provision for the years ended December 31, 2021, 2020 and 2019 are as follows: 2021 2020 2019 Current: U.S. federal $ (8,675) $ 1,294 $ (135) State 2,097 451 801 Foreign 6,861 5,645 7,220 Total 283 7,390 7,886 Deferred: U.S. federal — 67 (1,008) State — — — Foreign (2,795) (1,273) (2,346) Total (2,795) (1,206) (3,354) Total income tax (benefit) provision $ (2,512) $ 6,184 $ 4,532 The overall effective tax rate differs from the statutory federal tax rate for the years ended December 31, 2021, 2020 and 2019 as follows: % of Pretax Loss 2021 2020 2019 Tax provision based on the federal statutory rate 21.0 % 21.0 % 21.0 % Increase in valuation allowances (10.4) (8.5) (21.3) Dividends not taxable — 9.5 — Net operating loss carryback claim — 6.2 — Change in carryforward attributes (0.7) (3.2) — Global intangible low-taxed income inclusion 1.2 (0.3) (7.0) Nondeductible expenses 1.4 (13.5) (1.8) Taxes related to distributions — — (0.8) Foreign income tax rate differential — (3.3) 1.0 Deemed income related to foreign operations — (1.6) (0.5) Tax rate change (0.7) (0.3) (1.1) Employee share-based payments (1.3) (1.4) — Other — (0.4) (0.9) Deferred and payable adjustments 1.4 (2.6) 3.3 ASU 842 adoption — — (0.1) State taxes, net of federal benefit, before valuation allowance 1.0 0.5 2.8 Return to provision adjustments (0.1) 0.9 (2.5) Other tax credits (0.5) 0.2 (1.9) Uncertain tax positions and audit settlements (3.0) (7.5) 2.8 Divestitures (10.1) — — Effective tax rate (0.8) % (4.3) % (7.0) % The difference between our effective tax rate for 2021 and the federal statutory rate was 21.8 percentage points. The difference in the effective rate is primarily due to differences in book and stock bases related to the divestitures of Cimatron and Simbionix, valuation allowance changes, and adjustments to uncertain tax positions, provisions for GILTI, and non-deductible expenses. 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 Global Intangible Low Taxed Income ("GILTI"), prior period adjustments and adjustments to uncertain tax positions. In 2021, 2020 and 2019, 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, 2021 and 2020 are as follows: (in thousands) 2021 2020 Deferred income tax assets: Intangibles $ 10,950 $ 17,395 Stock options and restricted stock awards 8,005 2,544 Reserves and allowances 8,692 10,450 Net operating loss carryforwards 38,394 67,025 Tax credit carryforwards 19,967 18,813 Accrued liabilities 2,893 6,077 Deferred revenue 8,141 4,637 Lease Tax Asset 10,362 8,343 163(j) Limitation Carryforward — 2,854 Valuation allowance (91,165) (123,113) Total deferred income tax assets 16,239 15,025 Deferred income tax liabilities: Intangibles 2,356 2,548 Property, plant, and equipment 2,110 2,662 Lease Tax Liability 8,458 6,379 Other 434 1,345 Total deferred income tax liabilities 13,358 12,934 Deferred income tax asset held for sale $ — $ 560 Net deferred income tax assets $ 2,881 $ 1,531 At December 31, 2021, $38,394 of our deferred income tax assets was attributable to $279,684 of gross net operating loss carryforwards, which consisted of $84,869 of loss carryforwards for U.S. federal income tax purposes, $144,455 of loss carryforwards for U.S. state income tax purposes and $50,360 of loss carryforwards for foreign income tax purposes. $23,797 of gross net operating loss carryforwards for U.S. federal income tax purposes are acquisition related and are subject to potential measurement period adjustments under ASC 805. $1,304 of gross net operating loss carryforwards for U.S. federal income tax purposes will expire in 2037. All other loss carryforwards for U.S. federal income tax purposes do not expire. The net operating loss carryforwards for U.S. state income tax purposes begin to expire in 2022. In addition, certain loss carryforwards for foreign income tax purposes begin to expire in 2024 and certain other loss carryforwards for foreign purposes do not expire. At December 31, 2021, tax credit carryforwards included in our deferred income tax assets consisted of $8,411 of research and experimentation credit carryforwards for U.S. federal income tax purposes, $4,201 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, and $729 of other state tax credits. Certain state research and experimentation and other state credits began 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 $121,509 of unremitted earnings. We believe the unrecognized deferred tax liability related to these earnings is approximately $5,210. Including interest and penalties, we decreased our unrecognized benefits by $10,300 for the year ended December 31, 2021 and increased our unrecognized tax benefits by $1,659 for the year ended December 31, 2021. The decrease was primarily related to the release of unrecognized tax benefits due to the receipt of two favorable U.S. private letter rulings and the settlement of an audit in a foreign jurisdiction. We do not anticipate any additional unrecognized tax benefits during the next 12 months that would result in a material change to our consolidated financial position. The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is $5,596. We include interest and penalties in the consolidated financial statements as a component of income tax expense. Unrecognized Tax Benefits* (in thousands) 2021 2020 2019 Balance at January 1 $ (25,902) $ (15,467) $ (13,031) Increases related to prior year tax positions (467) (10,426) (2,684) Decreases related to prior year tax positions 8,886 788 857 Decreases related to prior year tax positions as a result of lapse of statute 371 — — Decreases related to settlement 1,043 — — Increases related to current year tax positions (553) (797) (609) Increases related to acquired tax positions (639) — — Balance at December 31 $ (17,261) $ (25,902) $ (15,467) * The unrecognized tax benefit balance includes an insignificant amount of interest and penalties. Tax years 2013 through 2020 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 2016 through 2020 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 2021 Deferred income tax asset valuation allowance $ 123,113 $ (31,948) $ — $ 91,165 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 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (23) Commitments and Contingencies We lease certain of our facilities and equipment under non-cancelable operating and finance leases. See Note 7. We have an inventory purchase commitment with an assembling manufacturer. See Note 16. Supply commitments totaled $31,094 and $55,317 as of December 31, 2021 and 2020, respectively. Commitments for printer assemblies and inventory items at December 31, 2021 and 2020 were $29,916 and $27,030, respectively. Commitments for operating costs and capital expenditures at December 31, 2021 and 2020 were $1,179 and $28,287, 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 ”) 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 final disclosures with OFAC on May 20, 2020 and December 21, 2021. 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 ODM 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 were monitored and evaluated by independent monitors who reported 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. The Air Force terminated the Administrative Agreement and associated monitorship early, on August 12, 2021, after the monitors found that we had satisfied the requirements of the Administrative Agreement. 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. Shareholder Suits The Company and certain of its current and former executive officers have been named as defendants in a consolidated putative stockholder class action lawsuit pending in the United States District Court for the Eastern District of New York. The action is styled In re 3D Systems Securities Litigation, No. 1:21-cv-01920-NGG-TAM (E.D.N.Y.) (the “Securities Class Action”). On July 14, 2021, the Court appointed a Lead Plaintiff for the putative class and approved his choice of Lead Counsel. Lead Plaintiff filed his Consolidated Amended Complaint (the “Amended Complaint”) on September 13, 2021, alleging that defendants violated the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and SEC Rule 10b-5 promulgated thereunder by making false and misleading statements and omissions, and that the current and former executive officers named as defendants are control persons under Section 20(a) of the Exchange Act. The Amended Complaint was filed on behalf of stockholders who purchased shares of the Company’s common stock between May 6, 2020 and March 5, 2021, and seeks monetary damages on behalf of the purported class. Defendants moved to dismiss the Amended Complaint on February 15, 2022, and the motion will be fully briefed in May 2022. The Company has been named as a nominal defendant and certain of its current and former executive officers have been named as defendants in derivative lawsuits pending in the United States District Court for the Eastern District of New York and the South Carolina Court of Common Pleas for the 16th Circuit, York County. The actions are styled Nguyen v. Joshi, et al., No. 21-cv-03389-DG-CLP (E.D.N.Y.) (the “New York Derivative Action”), Lesar v. Graves, et al., No. 2021CP4602308 (S.C., Ct. of Common Pleas for the 16th Judicial Cir., Cty. of York) (the “Lesar Action”), and Scanlon v. Graves, et al., No. 2021CP4602312 (S.C., Ct. of Common Pleas for the 16th Judicial Cir., Cty. of York) (the “Scanlon Action”). The Complaint in the New York Derivative Action, which was filed on June 15, 2021, asserts breach of fiduciary duty claims against all defendants and claims for contribution under the federal securities laws against certain of the defendants. The Complaints in the Lesar Action and the Scanlon Action, which were filed on July 26, 2021, assert breach of fiduciary duty and unjust enrichment claims against defendants. On August 27, 2021, the New York Derivative Action was stayed until 30 days after the earlier of: (i) the close of discovery in the Securities Class Action, or (ii) the deadline for appealing a dismissal of the Securities Class Action with prejudice. On October 26, 2021, the Lesar Action and the Scanlon Action were consolidated into a single stockholder derivative action, styled as In Re 3D Systems Corp. Shareholder Derivative Litigation, No. 2021CP4602308 (S.C., Ct. of Common Pleas for the 16th Judicial Cir., Cty. Of York) (the “South Carolina Derivative Action”). The Company believes the claims alleged in the putative securities class action and derivative lawsuits are without merit and the Company intends to defend itself and its current and former officers vigorously. 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, 2021 | |
Stockholders' Equity Note [Abstract] | |
Accumulated Other Comprehensive Loss | (24) 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, 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) Other comprehensive income (loss) (30,633) 682 — — (29,951) Amounts reclassified from accumulated other comprehensive income (loss) a — — 721 — 721 Balance at December 31, 2021 $ (35,497) $ (2,242) $ — $ 33 $ (37,706) a. Amount reclassified into Interest and other expense, net on the statement of operations. See Note 15. |
Restructuring and Exit Activity
Restructuring and Exit Activity Costs | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Exit Activity Costs | (25) Restructuring and Exit Activity Costs On August 5, 2020, we announced, in connection with the new strategic focus, 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 included a reduction of nearly 20% of our workforce, with the majority of the workforce reduction completed by December 31, 2020. We completed the restructuring efforts in the second quarter of 2021. Cost reduction efforts included 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, and continued to incur additional charges through the second quarter of 2021, when we finalized all the actions to be taken. Non-cash charges related to these actions were $6,400 and are included in facility closing costs. We also divested parts of the business that did not align with this strategic focus. See Note 4. In connection with the restructuring plan, we recorded pre-tax costs during the years ended December 31, 2021 and 2020, included within selling, general and administrative in the consolidated statement of operations as follows: (in thousands) Costs Incurred during 2020 Costs Incurred during 2021 Total Costs Incurred Severance, termination benefits and other employee costs $ 12,914 $ 660 $ 13,574 Facility closing costs 6,470 640 7,110 Other costs 668 (179) 489 Total $ 20,052 $ 1,121 $ 21,173 The liabilities at December 31, 2020 related to these costs were principally recorded in accrued expenses in the consolidated balance sheets and consisted of severance, termination benefits and other employee costs of $7,173. There were no liabilities at December 31, 2021. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | (26) Subsequent Events We have agreed to acquire Kumovis GmbH and Titan Additive LLC for a combined purchase price of $80 million, before customary closing adjustments. Titan is a pellet-based extrusion platform that addresses customer applications requiring large build volumes, superior performance, and improved productivity at significantly lower cost, opens up new markets in the Industrial segment. Kumovis, servicing the Healthcare segment, utilizes polyether ether keton or PEEK materials, which has properties that lend it to many medical applications, including many implant applications, that fit perfectly into our personalized healthcare operations. These are expected to close in the second quarter of 2022 and the combined impact of both acquisitions are not expected to have a near-term material impact to the Company's financial position, statement of operations or cash flows, other than the use of cash for the purchase price and the potential increase in goodwill and intangible assets. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The consolidated financial statements include the accounts of 3D Systems Corporation and all majority and wholly-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 income (loss) used to arrive at net income (loss) attributable to 3D Systems Corporation in the consolidated statements of operations and comprehensive income (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 top priority is the health and safety of our employees and their families and communities, as we continue to manage our business through the COVID-19 pandemic. Throughout this past year, our leadership regularly reviewed and adapted our COVID-19 protocols based on evolving research and guidance. We have reopened our offices and begun business travel, with safety measures in place and in accordance with local guidance. Additionally, we implemented a hybrid-work program globally, providing more flexibility for employees to work remotely. We continue to monitor local transmission rates and regulatory guidance, and remain committed to protecting our employees, delivering for our customers, and supporting our communities. We are subject to vaccination and workplace safety protocols of the United States Federal Government Executive Order on Ensuring Adequate COVID Safety Protocols for Federal Contractors, and the COVID-19 Workplace Safety Guidance for Federal Contractors and Subcontractors issued by the Safer Federal Workforce Task Force. In support of a safe work environment, we have a vaccine policy for our U.S. employees, and a visitor policy to ensure those visiting our sites are taking the necessary health and safety precautions. 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 and Oceania regions (collectively referred to as "APAC") expose us to risks associated with public health crises and epidemics/pandemics, such as the COVID-19 pandemic. While the COVID-19 pandemic continued to impact our reported results for the years ended December 31, 2021 and 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 the severity or resurgence of the outbreak and actions by government authorities to contain the outbreak or treat its impact. Furthermore, the impacts of uncertain global economic conditions, further supply chain disruptions, including the shortages of critical components, and the continued disruptions to, and volatility in, the financial markets remain unknown. As of January 1, 2021, we determined the Company has two reportable segments, Healthcare and Industrial. The Company previously only reported its consolidated results in one segment. This change in segment reporting as of January 1, 2021 was the result of changes to how the chief operating decision maker (“CODM”) assesses the financial performance of the Company and in the decision-making process driving future operating performance. As a result of this re-segmentation, the Company performed a quantitative analysis for potential impairment of our goodwill immediately following the re-segmentation, noting that we determined the fair value of the Healthcare and Industrial reporting segments exceeded their carrying values. See Note 6. Fair value 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 of multiples of various financial metrics of comparable companies. All dollar and share amounts presented in the accompanying footnotes are presented in thousands, except for per share information. |
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 $6,804, $6,953 and $7,260 in revenue related to collaboration arrangements with customers for the years ended December 31, 2021, 2020 and 2019, respectively. Services We offer training, installation and non-contract maintenance services for our products. Additionally, we offer maintenance contracts that 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. We disposed of the majority of our service revenue businesses, including; Cimatron, Simbionix, and ODM, which were minimally offset by the purchase of Oqton. See Note 3 and Note 4. 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 or when certain performance milestones are deemed probable of achievement. In our on demand manufacturing business, which was sold in September of 2021, 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, 2021. Contract assets with a remaining performance obligation are netted with contract liabilities. Through December 31, 2021, we recognized revenue of 30,302 related to our contract liabilities at 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. 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 Concentrations For the years ended December 31, 2021, 2020, and 2019, one customer accounted for approximately 22%, 13% and 11% of our consolidated revenue, respectively. We expect to maintain our relationship with this customer. Revenue by geographic region for the years ended December 31, 2021, 2020, and 2019 were as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Americas $ 344,619 $ 280,028 $ 323,085 EMEA 201,684 213,575 240,403 APAC 69,336 63,637 72,866 Total $ 615,639 $ 557,240 $ 636,354 United States (Included in Americas above) $ 341,123 $ 275,145 $ 313,910 |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid investments with maturities of three months or less when acquired. |
Investments | InvestmentsWe 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 Allowance for Doubtful AccountsTrade 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. One customer represents a significant concentration of credit risk, as they represent greater than 10% of our total accounts receivable. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value, with cost being standard cost, which approximates 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, 2021 and 2020. 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 Healthcare and Industrial. We completed the required annual goodwill impairment test as of November 30, 2021. 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 and a market approach. The estimated fair value for each of our reporting units was in excess of their respective carrying values as of November 30, 2021. |
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 The local currency in which a subsidiary operates is generally considered its functional currency for those subsidiaries domiciled outside the United States. Assets and liabilities for non-U.S. subsidiaries are translated to the USD at month-end exchange rates of the period reported. Income and expense items are translated monthly using the monthly average exchange rate. 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 may 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. If appropriate, we enter into foreign currency contracts to hedge the exposure arising from those transactions. See Note 15. 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 using the weighted-average number of common shares outstanding during each period. Diluted earnings per share are calculated using dilutive shares which include shares issuable upon exercise of outstanding stock options, upon vesting of employee stock-based awards, upon the accrual of incentive compensation to be paid in shares, and to settle the portion of the convertible notes that may be settled in shares, where the conversion of such instruments would be dilutive. |
Advertising Costs | Advertising CostsAdvertising costs are expensed as incurred and recorded in Selling General & Administrative expenses. |
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”), performance shares and market based awards. The fair value for service-based awards, is estimated at the grant date and recognized as expense ratably over the requisite service period of the award. The fair value of performance-based awards are recognized on the grant date and expensed ratably over any implicit or explicit service period when the performance condition is deemed probable of achievement. Stock compensation recorded for performance shares is reversed if the performance condition is no longer deemed probable of achievement. The fair value for awards with market conditions is determined using a Monte Carlo valuation model and is expensed ratably over any implicit or explicit service period regardless if the market condition is probable of achievement or not. Stock compensation expense is not reversed if the market condition is not met. We recognize forfeitures when they occur. Some RSUs are granted with a performance measure derived from non-GAAP-based management targets or non-financial targets. Depending on our performance with respect to these metrics, 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. |
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. These amounts were immaterial for 2021, 2020 and 2019. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Standards In October 2020, the FASB issued ASU 2021-08, " Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ", amends ASC 805 to add contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and to “require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606.” While primarily related to contract assets and contract liabilities that were accounted for by the acquiree in accordance with ASC 606, “the amendments also apply to contract assets and contract liabilities from other contracts to which the provisions of Topic 606 apply, such as contract liabilities from the sale of nonfinancial assets within the scope of Subtopic 610-20.” For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption of the amendments is permitted. The Company expects to early adopt this standard in the first quarter of 2022, and does not expect it to be material to results of operations, cash flows or financial position. In August 2020, the FASB issued ASU 2020-06, "Debt - Debt with Conversion and Other Options (Subtopic 470-20)," and "Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40)," which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. For public companies, this guidance is effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years. Early adoption is permitted. The Company early adopted the standard as of January 1, 2021 and applied this guidance to the convertible senior notes issued in November 2021. See Note 14. In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, “ Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes ,” which simplifies the accounting for income taxes by eliminating some exceptions to the general approach in Accounting Standards Codification 740, Income Taxes. It also clarifies certain aspects of the existing guidance to promote more consistent application. This standard is effective for calendar-year public business entities in 2021 and interim periods within that year, and early adoption is permitted. The Company adopted this guidance during the first quarter of 2021. The implementation did not have a material effect on our financial position, results of operations or cash flows. In June 2016, the FASB issued 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, results of operations or cash flows. 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. The implementation did not have a material effect on our financial position, results of operations or cash flows. 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. 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 any individual quarter therein and the effect on the individual quarters in 2020 was immaterial. No other new accounting pronouncements, issued or effective during 2021, 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. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Annual Effect of Adoption of Previously Reported Statement of Operations | Year Ended December 31, 2020 (in thousands) As reported Change Revised Cost of sales: Products $ 227,681 $ (7,266) $ 220,415 Services 106,184 7,266 113,450 Total cost of sales $ 333,865 $ — $ 333,865 Year Ended December 31, 2020 Year Ended December 31, 2019 As Reported Changed Revised As Reported Changed Revised Net cash provided by (used in) operating activities $ (20,121) $ — $ (20,121) $ 31,581 $ — $ 31,581 Net cash provided by (used in) investing activities (24,233) 12,500 (11,733) (26,872) 2,500 (24,372) Net cash provided by (used in) financing activities (6,980) (12,500) (19,480) 18,700 (2,500) 16,200 Effect of exchange rate changes on cash, cash equivalents and restricted cash 1,428 — 1,428 289 — 289 Net increase (decrease) in cash, cash equivalents and restricted cash $ (49,906) $ — $ (49,906) $ 23,698 $ — $ 23,698 Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 As Reported Changed Revised As Reported Changed Revised Net cash provided by (used in) operating activities $ 62,652 $ — $ 62,652 $ (32,649) $ — $ (32,649) Net cash (used in) investing activities 395,641 4,000 399,641 (22,459) 12,500 (9,959) Net cash provided by (used in) financing activities (32,202) (4,000) (36,202) (3,773) (12,500) (16,273) Effect of exchange rate changes on cash, cash equivalents and restricted cash (7,737) — (7,737) 526 — 526 Net increase (decrease) in cash, cash equivalents and restricted cash $ 418,354 $ — $ 418,354 $ (58,355) $ — $ (58,355) Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 As Reported Changed Revised As Reported Changed Revised Net cash provided by (used in) operating activities $ 41,976 $ — $ 41,976 $ (21,018) $ — $ (21,018) Net cash (used in) investing activities 31,325 4,000 35,325 (19,584) 12,500 (7,084) Net cash provided by (used in) financing activities (28,444) (4,000) (32,444) (27,270) (12,500) (39,770) Effect of exchange rate changes on cash, cash equivalents and restricted cash 2,902 — 2,902 (1,856) — (1,856) Net increase (decrease) in cash, cash equivalents and restricted cash $ 47,759 $ — $ 47,759 $ (69,728) $ — $ (69,728) Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 As Reported Changed Revised As Reported Changed Revised Net cash provided by (used in) operating activities $ 28,453 $ — $ 28,453 $ (2,285) $ — $ (2,285) Net cash (used in) investing activities 46,563 4,000 50,563 (16,598) 12,500 (4,098) Net cash provided by (used in) financing activities (24,337) (4,000) (28,337) 1,229 (12,500) (11,271) Effect of exchange rate changes on cash, cash equivalents and restricted cash (2,434) — (2,434) (3,241) — (3,241) Net increase (decrease) in cash, cash equivalents and restricted cash $ 48,245 $ — $ 48,245 $ (20,895) $ — $ (20,895) |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Allowance for Doubtful Accounts | The following presents the changes in the balance of our allowance for doubtful accounts: Year Ended Item Balance at beginning of year Additions charged to expense Other (a) Balance at end of year 2021 Allowance for doubtful accounts $ 4,392 $ 232 $ (2,179) $ 2,445 2020 Allowance for doubtful accounts 8,762 457 (4,827) 4,392 2019 Allowance for doubtful accounts 8,423 1,308 (969) 8,762 (a) Other includes the impact of subsequent collections or write-offs to the allowance for doubtful accounts. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Shown below is the preliminary purchase price allocation, which summarizes the fair value of the assets and liabilities assumed, at the date of acquisition: Current assets, including cash acquired of $3,454 $ 4,462 Intangible assets: Product technology $ 11,200 Trade name 6,800 Total intangible assets 18,000 Goodwill 167,576 Other assets 855 Liabilities: Accounts payable and accrued liabilities $ 2,235 Deferred revenue 490 Total liabilities 2,725 Net assets acquired $ 188,168 Shown below is the preliminary purchase price allocation, which summarizes the fair value of the assets and liabilities assumed, at the date of acquisition: Current assets, including cash acquired of $389 $ 3,143 Intangible assets: Patents $ 639 Total intangible assets 639 Goodwill 38,620 Other assets 1,194 Liabilities: Accounts payable and accrued liabilities 3,424 Total liabilities 3,424 Net assets acquired $ 40,172 |
Dispositions (Tables)
Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [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 (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue by Geographic Region | Revenue by geographic region for the years ended December 31, 2021, 2020, and 2019 were as follows: Year Ended December 31, (in thousands) 2021 2020 2019 Americas $ 344,619 $ 280,028 $ 323,085 EMEA 201,684 213,575 240,403 APAC 69,336 63,637 72,866 Total $ 615,639 $ 557,240 $ 636,354 United States (Included in Americas above) $ 341,123 $ 275,145 $ 313,910 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | The following table set forth our net sales and operating results by segment: Year Ended December 31, 2021 2020 2021 (in thousands) Net Sales (a) Operating Profit Operations by segment: Healthcare $ 306,184 $ 246,437 $ 69,358 Industrial 309,455 310,803 48,555 Total $ 615,639 $ 557,240 117,913 General corporate expense, net (b) (150,982) Operating loss, as reported (33,069) Interest and other income, net 352,609 Income before income taxes $ 319,540 a. Approximately 44.6% and 50.6% of sales for the year ended December 31, 2021 and 2020, respectively, were located outside of the U.S. b. General corporate expense, net includes expenses not specifically attributable to our segments for functions such as corporate human resources, finance, and legal, including salaries, benefits, and other related costs. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Components of Lease Cost | Components of lease cost (income) were as follows: (in thousands) Year Ended December 31, 2021 Year Ended December 31, 2020 Operating lease cost $ 10,226 $ 13,937 Finance lease cost - amortization expense 714 937 Finance lease cost - interest expense 238 664 Short-term lease cost 76 159 Variable lease cost 3,163 1,363 Sublease income (569) (615) Total $ 13,848 $ 16,445 Supplemental cash flow information related to our operating leases for the years ending December 31, 2021, and 2020 was as follows: (in thousands) December 31, 2021 December 31, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow from operating leases $ 11,108 $ 13,151 Operating cash outflow from finance leases 238 661 Financing cash outflow from finance leases $ 721 $ 496 Weighted-average remaining lease terms and discount rate for our operating leases for the year ending December 31, 2021, were as follows: December 31, 2021 Finance Operating Weighted-average remaining lease term (in years) 7.4 8.7 Weighted-average discount rate 4.63% 5.45% |
Balance Sheet Classifications | Balance sheet classifications at December 31, 2021 and 2020 are summarized below: December 31, 2021 December 31, 2020 (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 $ 42,502 $ 7,711 $ 43,359 $ 40,586 $ 8,562 $ 38,296 Finance Leases 3,854 633 4,061 8,034 972 10,173 Total $ 46,356 $ 8,344 $ 47,420 $ 48,620 $ 9,534 $ 48,469 |
Future Minimum Lease Payments - Finance Leases | Our future minimum lease payments as of December 31, 2021 under operating lease and finance leases, with initial or remaining lease terms in excess of one year, were as follows: December 31, 2021 (in thousands) Finance Leases Operating Leases Years ending December 31: 2022 $ 828 $ 10,199 2023 801 9,110 2024 753 7,518 2025 690 5,830 2026 649 5,153 Thereafter 1,799 26,519 Total lease payments (undiscounted) 5,520 64,329 Less: imputed interest (826) (13,259) Present value of lease liabilities $ 4,694 $ 51,070 |
Future Minimum Lease Payments - Operating Leases | Our future minimum lease payments as of December 31, 2021 under operating lease and finance leases, with initial or remaining lease terms in excess of one year, were as follows: December 31, 2021 (in thousands) Finance Leases Operating Leases Years ending December 31: 2022 $ 828 $ 10,199 2023 801 9,110 2024 753 7,518 2025 690 5,830 2026 649 5,153 Thereafter 1,799 26,519 Total lease payments (undiscounted) 5,520 64,329 Less: imputed interest (826) (13,259) Present value of lease liabilities $ 4,694 $ 51,070 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Components of inventories at December 31, 2021 and 2020 are summarized as follows: (in thousands) 2021 2020 Raw materials $ 23,530 $ 23,762 Work in process 5,173 5,912 Finished goods and parts 64,184 86,993 Inventories $ 92,887 $ 116,667 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment at December 31, 2021 and 2020 are summarized as follows: (in thousands) 2021 2020 Useful Life (in years) Land $ — $ 541 N/A Building 84 5,422 25-30 Machinery and equipment 117,446 163,688 2-5 Capitalized software 24,149 24,814 3-5 Office furniture and equipment 5,188 5,106 1-5 Leasehold improvements 32,200 32,349 Life of lease a Construction in progress 12,051 4,910 N/A Total property and equipment 191,118 236,830 Less: Accumulated depreciation and amortization (133,861) (161,474) Total property and equipment, net $ 57,257 $ 75,356 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, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Other Than Goodwill | Intangible assets, net, other than goodwill, at December 31, 2021 and 2020 are summarized as follows: 2021 2020 (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 $ 53,062 $ (45,613) $ 7,449 $ 71,123 $ (56,682) $ 14,441 2.8 Acquired technology 17,518 (5,430) 12,088 42,472 (41,201) 1,271 5.2 Trade names 20,448 (10,438) 10,010 17,477 (16,506) 971 18.9 Patent costs 21,852 (11,812) 10,040 19,828 (10,999) 8,829 10.5 Trade secrets 19,924 (18,971) 953 20,188 (18,216) 1,972 1.1 Acquired patents 16,257 (15,945) 312 16,317 (15,723) 594 6.1 Other 12,982 (7,999) 4,983 19,793 (19,788) 5 9.4 Total intangible assets $ 162,043 $ (116,208) $ 45,835 $ 207,198 $ (179,115) $ 28,083 8.5 a. Change in gross carrying amounts primarily due to divestitures of Cimatron, Simbionix and ODM partially offset by the acquisition of Oqton and foreign currency translation. |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following are the changes in the carrying amount of goodwill by reporting unit: Year Ended December 31, 2021 Healthcare Industrial Consolidated (in thousands) Gross Goodwill Dispositions, Acquisitions and Impairments Net Goodwill Gross Goodwill Dispositions, Acquisitions and Impairments Net Goodwill Gross Goodwill Dispositions, Acquisitions and Impairments Net Goodwill Balance at beginning of year $101,767 $(32,055) $69,712 $134,382 $(42,329) $92,053 $236,149 $(74,384) $161,765 Acquisition (a) — 39,182 39,182 — 170,033 170,033 — 209,215 209,215 Dispositions (b) — (15,598) (15,598) — (3,873) (3,873) — (19,471) (19,471) Adjustments (c) (900) — (900) 900 — 900 — — — Foreign currency translation adjustments (2,481) — (2,481) (3,440) — (3,440) (5,921) — (5,921) Total goodwill $98,386 $(8,471) $89,915 $131,842 $123,831 $255,673 $230,228 $115,360 $345,588 a. The 2021 acquisition, for the Healthcare and Industrial segments in the table above relate to Allevi, Additive Works, Oqton and Volumetric. Approximately $560 of goodwill related to Allevi will be deductible for tax purposes. b. The 2021 dispositions for the Healthcare and Industrial segments in the table above relate to of ODM and Simbionix c. The 2021Adjustment, for the Healthcare and Industrial segments in the table above relate to reclassification within the segments. The following are the changes in the carrying amount of goodwill by reporting unit for 2020. This presentation reflects the prior year reporting unit structure, which has been changed for 2021. Due to unnecessarily burdensome procedures to recast this information into our new segment structure, we have taken the practicability exception allowed and presented as in prior year : (in thousands) Americas EMEA APAC Total 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 4. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020: (in thousands) 2021 2020 Reconciliation of benefit obligations: Obligations as of January 1 $ 10,391 $ 10,497 Service cost 187 204 Interest cost 130 84 Actuarial loss (gain) (234) (1,222) Benefit payments (627) (151) Effect of foreign currency exchange rate changes (773) 979 Benefit obligations as of December 31 9,074 10,391 Fair value of assets as of December 31 a 3,577 3,844 Funded status as of December 31, net of tax benefit $ (5,497) $ (6,547) |
Summary of Amounts Recognized in Consolidated Balance Sheets | We recognized the following amounts in the consolidated balance sheets at December 31, 2021 and 2020: (in thousands) 2021 2020 Other assets $ 3,577 $ 3,844 Accrued liabilities (163) (163) Other liabilities (8,911) (10,228) Net liability $ (5,497) $ (6,547) |
Schedule of Accumulated and Projected Benefit Obligations | The following projected benefit obligation and accumulated benefit obligation were estimated as of December 31, 2021 and 2020: (in thousands) 2021 2020 Projected benefit obligation $ 9,074 $ 10,391 Accumulated benefit obligation $ 8,635 $ 9,343 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, 2021, 2020 and 2019: (in thousands) 2021 2020 2019 Net periodic benefit cost: Service cost $ 187 $ 204 $ 166 Interest cost 130 84 151 Amortization of actuarial loss 259 351 200 Total net periodic pension cost 576 639 517 Other changes in plan assets and benefit obligations recognized in other comprehensive income: Net (gain) loss (234) (1,223) 1,815 Amortization of prior years' unrecognized loss (259) (351) (200) Total recognized as accumulated other comprehensive income (loss), excluding tax (493) (1,574) 1,615 Total expense recognized in net periodic benefit cost and other comprehensive income $ 83 $ (935) $ 2,132 |
Assumptions Used to Determine Benefit Obligations | The following assumptions are used to determine benefit obligations as of December 31, 2021 and 2020: 2021 2020 Discount rate 1.2% 1.3% 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: 2022 $ 175 2023 181 2024 185 2025 187 2026 189 2027 through 2031 $ 1,439 |
Accrued and Other Liabilities (
Accrued and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities at December 31, 2021 and 2020 are summarized as follows: (in thousands) 2021 2020 Compensation and benefits $ 39,846 $ 24,629 Accrued taxes 19,836 14,952 Vendor accruals 9,045 18,762 Product warranty liability 3,585 2,348 Accrued professional fees 2,263 1,773 Accrued other 1,593 6,138 Royalties payable 826 1,210 Total $ 76,994 $ 69,812 |
Schedule of Other Liabilities | Other liabilities at December 31, 2021 and 2020 are summarized as follows: (in thousands) 2021 2020 Long term employee indemnity $ 5,237 $ 12,228 Long term tax liability 6,099 15,532 Defined benefit pension obligation 8,911 10,228 Long term deferred revenue 10,244 6,163 Other long term liabilities 1,763 7,096 Total $ 32,254 $ 51,247 |
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, 2021, 2020 and 2019, are summarized below: (in thousands) Beginning Balance Additional Accrual/ Revenue Deferred Costs Incurred/ Deferred Revenue Amortization Ending Balance Year Ended December 31, 2021 $ 6,380 $ 8,670 $ (8,784) $ 6,266 2020 6,192 6,454 (6,266) 6,380 2019 $ 7,660 $ 8,124 $ (9,592) $ 6,192 |
Hedging Activities and Financ_2
Hedging Activities and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 historical derivative on our balance sheet at December 31, 2021 and 2020 are disclosed below: (in thousands) Balance Sheet location Notional amount Fair value December 31, 2021 Interest rate swap contract Other liabilities $ — $ — December 31, 2020 Interest rate swap contract Other liabilities $ 15,000 $ (700) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Expense | The following table details the components of stock-based compensation expense recognized in net earnings in each of the past three years: Year Ended December 31, (in thousands) 2021 2020 2019 Total stock-based compensation expense $ 55,153 $ 17,725 $ 23,587 |
Schedule of Shares and Units of Restricted Common Stock | A summary of restricted stock and RSU activity for the year ended December 31, 2021 follows: (in thousands, except per share amounts) Number of Shares/Units Weighted Average Grant Date Fair Value Outstanding at beginning of year — unvested 3,540 $ 8.81 Granted 2,547 29.30 Canceled (462) 18.17 Vested (1,645) 11.68 Outstanding at end of year — unvested 3,980 $ 19.72 |
Schedule of Stock Option Activity | Stock option activity for the year ended December 31, 2021 was as follows: Year Ended December 31, 2021 (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 year 420 $ 13.26 5.7 $ — Granted — — — — Exercised — — — — Forfeited and expired — — — — Outstanding at end of year 420 $ 13.26 4.7 $ 3,479 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule Of Net Loss Per Share Reconciliation | Year Ended December 31, (in thousands, except per share amounts) 2021 2020 2019 Numerator for basic and diluted net earnings (loss) per share: Net income (loss) attributable to 3D Systems Corporation $ 322,052 $ (149,594) $ (69,880) Denominator for net earnings (loss) per share: Weighted average shares - basic 122,867 117,579 113,811 Dilutive effect of shares issuable under stock based compensation and other plans (1) 3,467 — — Weighted average shares - diluted 126,334 117,579 113,811 Anti-dilutive shares of restricted share awards which are excluded from the dilutive shares above (2) 1,779 3,960 5,822 Net income (loss) per share - basic $ 2.62 $ (1.27) $ (0.61) Net income (loss) per share - diluted $ 2.55 $ 1.27 $ (0.61) (1) The dilutive impact of share awards is 2,755 shares for which the calculation requires certain assumptions regarding assumed proceeds that will hypothetically repurchase unvested restricted shares and outstanding stock options and an estimate of 712 shares for the payment of accrued incentive compensation that will be settled in shares. The share estimate is based on the accrued incentive compensation balance at the end of the year divided by the average 2021 share price. (2) Excludes the impact of shares contingently issuable upon the achievement of certain milestones in the Volumetric acquisition as discussed in Note 3. The 2020 and 2019 amounts represent outstanding equity awards that are anti-dilutive because we had a net loss in both years. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 (in thousands) Level 1 Level 2 Level 3 Total Description Cash equivalents a $ 485,521 $ — $ — $ 485,521 Israeli severance funds b — 2,070 — 2,070 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) 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 15 for additional information on our derivative financial instruments. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of Income Before Income Taxes | The components of our income before income taxes are as follows: 2021 2020 2019 Income (Loss) before income taxes: Domestic $ 308,514 $ (45,973) $ (79,821) Foreign 11,026 (97,437) 14,721 Total $ 319,540 $ (143,410) $ (65,100) |
Components of Income Tax Provision | The components of income tax provision for the years ended December 31, 2021, 2020 and 2019 are as follows: 2021 2020 2019 Current: U.S. federal $ (8,675) $ 1,294 $ (135) State 2,097 451 801 Foreign 6,861 5,645 7,220 Total 283 7,390 7,886 Deferred: U.S. federal — 67 (1,008) State — — — Foreign (2,795) (1,273) (2,346) Total (2,795) (1,206) (3,354) Total income tax (benefit) provision $ (2,512) $ 6,184 $ 4,532 |
Schedule of Effective Tax Rate Reconciliation | The overall effective tax rate differs from the statutory federal tax rate for the years ended December 31, 2021, 2020 and 2019 as follows: % of Pretax Loss 2021 2020 2019 Tax provision based on the federal statutory rate 21.0 % 21.0 % 21.0 % Increase in valuation allowances (10.4) (8.5) (21.3) Dividends not taxable — 9.5 — Net operating loss carryback claim — 6.2 — Change in carryforward attributes (0.7) (3.2) — Global intangible low-taxed income inclusion 1.2 (0.3) (7.0) Nondeductible expenses 1.4 (13.5) (1.8) Taxes related to distributions — — (0.8) Foreign income tax rate differential — (3.3) 1.0 Deemed income related to foreign operations — (1.6) (0.5) Tax rate change (0.7) (0.3) (1.1) Employee share-based payments (1.3) (1.4) — Other — (0.4) (0.9) Deferred and payable adjustments 1.4 (2.6) 3.3 ASU 842 adoption — — (0.1) State taxes, net of federal benefit, before valuation allowance 1.0 0.5 2.8 Return to provision adjustments (0.1) 0.9 (2.5) Other tax credits (0.5) 0.2 (1.9) Uncertain tax positions and audit settlements (3.0) (7.5) 2.8 Divestitures (10.1) — — Effective tax rate (0.8) % (4.3) % (7.0) % |
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, 2021 and 2020 are as follows: (in thousands) 2021 2020 Deferred income tax assets: Intangibles $ 10,950 $ 17,395 Stock options and restricted stock awards 8,005 2,544 Reserves and allowances 8,692 10,450 Net operating loss carryforwards 38,394 67,025 Tax credit carryforwards 19,967 18,813 Accrued liabilities 2,893 6,077 Deferred revenue 8,141 4,637 Lease Tax Asset 10,362 8,343 163(j) Limitation Carryforward — 2,854 Valuation allowance (91,165) (123,113) Total deferred income tax assets 16,239 15,025 Deferred income tax liabilities: Intangibles 2,356 2,548 Property, plant, and equipment 2,110 2,662 Lease Tax Liability 8,458 6,379 Other 434 1,345 Total deferred income tax liabilities 13,358 12,934 Deferred income tax asset held for sale $ — $ 560 Net deferred income tax assets $ 2,881 $ 1,531 |
Schedule of Unrecognized Tax Benefits | Unrecognized Tax Benefits* (in thousands) 2021 2020 2019 Balance at January 1 $ (25,902) $ (15,467) $ (13,031) Increases related to prior year tax positions (467) (10,426) (2,684) Decreases related to prior year tax positions 8,886 788 857 Decreases related to prior year tax positions as a result of lapse of statute 371 — — Decreases related to settlement 1,043 — — Increases related to current year tax positions (553) (797) (609) Increases related to acquired tax positions (639) — — Balance at December 31 $ (17,261) $ (25,902) $ (15,467) * 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 2021 Deferred income tax asset valuation allowance $ 123,113 $ (31,948) $ — $ 91,165 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 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 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) Other comprehensive income (loss) (30,633) 682 — — (29,951) Amounts reclassified from accumulated other comprehensive income (loss) a — — 721 — 721 Balance at December 31, 2021 $ (35,497) $ (2,242) $ — $ 33 $ (37,706) a. Amount reclassified into Interest and other expense, net on the statement of operations. See Note 15. |
Restructuring and Exit Activi_2
Restructuring and Exit Activity Costs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | In connection with the restructuring plan, we recorded pre-tax costs during the years ended December 31, 2021 and 2020, included within selling, general and administrative in the consolidated statement of operations as follows: (in thousands) Costs Incurred during 2020 Costs Incurred during 2021 Total Costs Incurred Severance, termination benefits and other employee costs $ 12,914 $ 660 $ 13,574 Facility closing costs 6,470 640 7,110 Other costs 668 (179) 489 Total $ 20,052 $ 1,121 $ 21,173 |
Basis of Presentation (Details)
Basis of Presentation (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Number of reportable segments | segment | 2 | 1 | |||||||
Cost of sales: | |||||||||
Total cost of sales | $ 351,861 | $ 333,865 | $ 355,813 | ||||||
Net cash provided by (used in) operating activities | $ 28,453 | $ (2,285) | $ 41,976 | $ (21,018) | $ 62,652 | $ (32,649) | 48,147 | (20,121) | 31,581 |
Net cash provided by (used in) investing activities | 50,563 | (4,098) | 35,325 | (7,084) | 399,641 | (9,959) | 260,555 | (11,733) | (24,372) |
Net cash provided by (used in) financing activities | (28,337) | (11,271) | (32,444) | (39,770) | (36,202) | (16,273) | 405,800 | (19,480) | 16,200 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2,434) | (3,241) | 2,902 | (1,856) | (7,737) | 526 | (9,243) | 1,428 | 289 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 48,245 | (20,895) | 47,759 | (69,728) | 418,354 | (58,355) | 705,259 | (49,906) | 23,698 |
As reported | |||||||||
Cost of sales: | |||||||||
Total cost of sales | 333,865 | ||||||||
Net cash provided by (used in) operating activities | 28,453 | (2,285) | 41,976 | (21,018) | 62,652 | (32,649) | (20,121) | 31,581 | |
Net cash provided by (used in) investing activities | 46,563 | (16,598) | 31,325 | (19,584) | 395,641 | (22,459) | (24,233) | (26,872) | |
Net cash provided by (used in) financing activities | (24,337) | 1,229 | (28,444) | (27,270) | (32,202) | (3,773) | (6,980) | 18,700 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2,434) | (3,241) | 2,902 | (1,856) | (7,737) | 526 | 1,428 | 289 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 48,245 | (20,895) | 47,759 | (69,728) | 418,354 | (58,355) | (49,906) | 23,698 | |
Change | |||||||||
Cost of sales: | |||||||||
Total cost of sales | 0 | ||||||||
Net cash provided by (used in) operating activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Net cash provided by (used in) investing activities | 4,000 | 12,500 | 4,000 | 12,500 | 4,000 | 12,500 | 12,500 | 2,500 | |
Net cash provided by (used in) financing activities | (4,000) | (12,500) | (4,000) | (12,500) | (4,000) | (12,500) | (12,500) | (2,500) | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | 0 | |
Products | |||||||||
Cost of sales: | |||||||||
Total cost of sales | 245,169 | 220,415 | 234,581 | ||||||
Products | As reported | |||||||||
Cost of sales: | |||||||||
Total cost of sales | 227,681 | ||||||||
Products | Change | |||||||||
Cost of sales: | |||||||||
Total cost of sales | (7,266) | ||||||||
Services | |||||||||
Cost of sales: | |||||||||
Total cost of sales | $ 106,692 | 113,450 | $ 121,232 | ||||||
Services | As reported | |||||||||
Cost of sales: | |||||||||
Total cost of sales | 106,184 | ||||||||
Services | Change | |||||||||
Cost of sales: | |||||||||
Total cost of sales | $ 7,266 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Impairment charges on minority investments | $ 0 | $ 2,361,000 | |
Carrying amount of cost method investments | 5,632,000 | 5,016,000 | |
Finite lives impairment charge | 0 | 0 | |
Foreign currency gain (loss) included in net income | 1,681,000 | (4,762,000) | $ (2,287,000) |
Advertising costs | $ 5,486,000 | $ 7,561,000 | $ 13,732,000 |
Lease renewal term | 1 year |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule of Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of year | $ 4,392 | $ 8,762 | $ 8,423 |
Additions charged to expense | 232 | 457 | 1,308 |
Other | (2,179) | (4,827) | (969) |
Balance at end of year | $ 2,445 | $ 4,392 | $ 8,762 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Dec. 01, 2021USD ($)shares | Nov. 01, 2021USD ($)shares | Jan. 07, 2020USD ($) | Jan. 21, 2019USD ($) | Jul. 19, 2017USD ($) | Dec. 31, 2021USD ($)milestone | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Apr. 02, 2015 | Nov. 25, 2014 |
Business Acquisition [Line Items] | ||||||||||
Payments for repurchase of redeemable noncontrolling interest | $ 10,000 | |||||||||
Payment period | 4 years | |||||||||
Installment payments | $ 6,300 | $ 12,500 | $ 2,500 | |||||||
Robtec | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Ownership percentage | 100.00% | 100.00% | ||||||||
Oqton, Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Net assets acquired | $ 188,168 | |||||||||
Amount paid in cash | $ 107,471 | |||||||||
Issuance of shares (in share) | shares | 2,553,000 | |||||||||
Issuance of shares amount | $ 80,697 | |||||||||
Acquisition related expenses | $ 1,458 | |||||||||
Volumetric Biotechnologies, Inc. | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Net assets acquired | $ 40,172 | |||||||||
Amount paid in cash | $ 24,814 | |||||||||
Issuance of shares (in share) | shares | 720,000 | |||||||||
Issuance of shares amount | $ 15,358 | |||||||||
Acquisition related expenses | 1,200 | |||||||||
Additional payments | $ 355,000 | |||||||||
Number of milestones | milestone | 7 | |||||||||
Number of milestones probable of achievement | milestone | 1 | |||||||||
Expense for milestones | $ 1,326 | |||||||||
Robtec | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Acquired ownership percentage | 30.00% | 70.00% | ||||||||
Easyway | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Net assets acquired | $ 13,500 | $ 2,300 | ||||||||
Acquired ownership percentage | 30.00% | 5.00% | 100.00% | 65.00% | ||||||
Installment payments | $ 6,300 | $ 2,500 |
Acquisitions (Assets and Liabil
Acquisitions (Assets and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Dec. 01, 2021 | Nov. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Intangible assets: | |||||
Goodwill | $ 345,588 | $ 161,765 | $ 223,176 | ||
Oqton, Inc. | |||||
Business Acquisition [Line Items] | |||||
Current assets, including cash acquired of $3,454 | $ 4,462 | ||||
Intangible assets: | |||||
Total intangible assets | 18,000 | ||||
Goodwill | 167,576 | ||||
Other assets | 855 | ||||
Net assets acquired | 188,168 | ||||
Liabilities: | |||||
Accounts payable and accrued liabilities | 2,235 | ||||
Total liabilities | 2,725 | ||||
Deferred revenue | 490 | ||||
Net assets acquired | 188,168 | ||||
Cash acquired | 3,454 | ||||
Oqton, Inc. | Product technology | |||||
Intangible assets: | |||||
Total intangible assets | 11,200 | ||||
Oqton, Inc. | Trade names | |||||
Intangible assets: | |||||
Total intangible assets | $ 6,800 | ||||
Volumetric Biotechnologies, Inc. | |||||
Business Acquisition [Line Items] | |||||
Current assets, including cash acquired of $3,454 | $ 3,143 | ||||
Intangible assets: | |||||
Total intangible assets | 639 | ||||
Goodwill | 38,620 | ||||
Other assets | 1,194 | ||||
Net assets acquired | 40,172 | ||||
Liabilities: | |||||
Accounts payable and accrued liabilities | 3,424 | ||||
Total liabilities | 3,424 | ||||
Net assets acquired | 40,172 | ||||
Cash acquired | 389 | ||||
Volumetric Biotechnologies, Inc. | Patent costs | |||||
Intangible assets: | |||||
Total intangible assets | $ 639 |
Dispositions (Narrative) (Detai
Dispositions (Narrative) (Details) - USD ($) $ in Thousands | Sep. 20, 2021 | Aug. 24, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | Nov. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from sale of assets and businesses, net of cash | $ 421,485 | $ 1,554 | $ 1,620 | |||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | GIBBSCam Cimatron | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Ownership interest prior to disposal | 100.00% | |||||||
Proceeds from sale of assets and businesses, net of cash | $ 64,173 | |||||||
Cash transferred to the purchaser | $ 9,476 | |||||||
Gain (loss) on disposition | 32,047 | |||||||
Gain for accumulated foreign currency translation gain | 6,481 | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | On Demand Manufacturing | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Proceeds from sale of assets and businesses, net of cash | $ 82,000 | |||||||
Gain (loss) on disposition | $ 38,490 | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Simbionix | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Ownership interest prior to disposal | 100.00% | |||||||
Proceeds from sale of assets and businesses, net of cash | $ 305,000 | |||||||
Cash transferred to the purchaser | 6,794 | |||||||
Gain (loss) on disposition | 271,404 | |||||||
Gain for accumulated foreign currency translation gain | $ 2,431 | |||||||
Disposal Group, 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 and businesses, net of cash | $ 685 | |||||||
Carrying value of assets | $ 1,482 | |||||||
Disposal Group, 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 and businesses, net of cash | $ 79 | |||||||
Gain (loss) on disposition | (4,524) | |||||||
Carrying value of assets | $ 3,806 |
Dispositions (Assets and Liabil
Dispositions (Assets and Liabilities Held for Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | |||
Total current assets held for sale | $ 0 | $ 18,439 | |
Goodwill | 345,588 | 161,765 | $ 223,176 |
Deferred income tax asset | 0 | 560 | |
Liabilities | |||
Current liabilities held for sale | 0 | $ 11,107 | |
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 | ||
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 | ||
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) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Outstanding performance obligation | $ 143,169 | ||
Warranty maintenance period | 1 year | ||
Revenue | $ 615,639 | $ 557,240 | $ 636,354 |
Amounts included in contract liability at the beginning of period | $ 30,302 | $ 30,635 | $ 26,486 |
One Customer | Revenue from Contract with Customer Benchmark | Customer Concentration Risk | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Concentration risk (as a percentage) | 22.00% | 13.00% | 11.00% |
Collaborative Arrangement | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue | $ 6,804 | $ 6,953 | $ 7,260 |
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) | 77.00% | ||
Performance obligations expected to be satisfied, expected timing | 12 months | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Axis]: 2023-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation (as a percentage) | 13.00% | ||
Performance obligations expected to be satisfied, expected timing | 12 months |
Revenue - Revenue by Geographic
Revenue - Revenue by Geographic Region (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 615,639 | $ 557,240 | $ 636,354 |
Americas | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 344,619 | 280,028 | 323,085 |
EMEA | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 201,684 | 213,575 | 240,403 |
APAC | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 69,336 | 63,637 | 72,866 |
United States (Included in Americas above) | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 341,123 | $ 275,145 | $ 313,910 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 2 | 1 | |
Net Sales | $ 615,639 | $ 557,240 | $ 636,354 |
Operating Profit | (33,069) | (118,963) | (57,104) |
Interest and other income (expense), net | 352,609 | (24,447) | (7,996) |
Income before income taxes | $ 319,540 | $ (143,410) | $ (65,100) |
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | Non-US | |||
Segment Reporting Information [Line Items] | |||
Concentration risk (as a percentage) | 44.60% | 50.60% | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net Sales | $ 615,639 | $ 557,240 | |
Operating Profit | 117,913 | ||
General corporate expense, net | |||
Segment Reporting Information [Line Items] | |||
Operating Profit | (150,982) | ||
Healthcare | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 306,184 | 246,437 | |
Operating Profit | 69,358 | ||
Industrial | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 309,455 | $ 310,803 | |
Operating Profit | $ 48,555 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Thousands | Sep. 01, 2020USD ($)location | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Feb. 25, 2021USD ($)ft² |
Lessee, Lease, Description [Line Items] | |||||
Renewal term | 1 year | ||||
Ground lease sold | $ 389 | ||||
Number of facilities closed | location | 2 | ||||
Impairment of goodwill and assets | $ 1,676 | $ 55,484 | $ 1,728 | ||
Operating Leases | 42,502 | $ 40,586 | |||
Lease liabilities | 4,694 | ||||
Lease not yet commenced, lease payments | $ 16,875 | ||||
Colorado | |||||
Lessee, Lease, Description [Line Items] | |||||
Rentable area | ft² | 50,000 | ||||
Lease not yet commenced, lease payments | $ 14,233 | ||||
Lease not yet commenced, lease terms | 10 years | ||||
Fourth Quarter 2019 | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating Leases | 1,469 | ||||
Lease liabilities | 1,469 | ||||
Second Quarter 2020 | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating Leases | 2,021 | ||||
Lease liabilities | 2,021 | ||||
Third Quarter 2020 | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating Leases | 3,467 | ||||
Lease liabilities | $ 3,467 | ||||
Lessee, Right Of Use Asset | |||||
Lessee, Lease, Description [Line Items] | |||||
Impairment of goodwill and assets | $ 1,627 | ||||
Leasehold improvements | |||||
Lessee, Lease, Description [Line Items] | |||||
Impairment of goodwill and assets | $ 1,953 | ||||
Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Remaining lease term | 1 year | ||||
Rentable area | ft² | 80,000 | ||||
Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Remaining lease term | 16 years | ||||
Rentable area | ft² | 100,000 |
Leases (Components of Lease Cos
Leases (Components of Lease Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 10,226 | $ 13,937 |
Finance lease cost - amortization expense | 714 | 937 |
Finance lease cost - interest expense | 238 | 664 |
Short-term lease cost | 76 | 159 |
Variable lease cost | 3,163 | 1,363 |
Sublease income | (569) | (615) |
Total | $ 13,848 | $ 16,445 |
Leases (Balance Sheet Classific
Leases (Balance Sheet Classifications) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Right of use assets | ||
Operating Leases | $ 42,502 | $ 40,586 |
Finance Leases | 3,854 | 8,034 |
Right of use assets | 46,356 | 48,620 |
Current right of use liabilities | ||
Operating Leases | 7,711 | 8,562 |
Finance Leases | 633 | 972 |
Current right of use liabilities | 8,344 | 9,534 |
Long-term right of use liabilities | ||
Operating Leases | 43,359 | 38,296 |
Finance Leases | 4,061 | 10,173 |
Long-term right of use liabilities | $ 47,420 | $ 48,469 |
Operating lease, right-of-use asset, statement of financial position, extensible list | Right of use assets | Right of use assets |
Finance lease, right-of-use asset, statement of financial position, extensible list | Right of use assets | Right of use assets |
Operating lease, liability, current, statement of financial position, extensible list | Current right of use liabilities | Current right of use liabilities |
Finance lease, liability, current, statement of financial position, extensible list | Current right of use liabilities, Right of use assets | Current right of use liabilities, Right of use assets |
Operating lease, liability, noncurrent, statement of financial position, extensible list | Long-term right of use liabilities | Long-term right of use liabilities |
Finance lease, liability, noncurrent, statement of financial position, extensible list | Long-term right of use liabilities | Long-term right of use liabilities |
Leases (Future Minimum Lease Pa
Leases (Future Minimum Lease Payments) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Finance Leases | |
2022 | $ 828 |
2023 | 801 |
2024 | 753 |
2025 | 690 |
2026 | 649 |
Thereafter | 1,799 |
Total lease payments (undiscounted) | 5,520 |
Less: imputed interest | (826) |
Present value of lease liabilities | 4,694 |
Operating Leases | |
2022 | 10,199 |
2023 | 9,110 |
2024 | 7,518 |
2025 | 5,830 |
2026 | 5,153 |
Thereafter | 26,519 |
Total lease payments (undiscounted) | 64,329 |
Less: imputed interest | (13,259) |
Present value of lease liabilities | $ 51,070 |
Leases (Supplemental Cash Flows
Leases (Supplemental Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash outflow from operating leases | $ 11,108 | $ 13,151 |
Operating cash outflow from finance leases | 238 | 661 |
Financing cash outflow from finance leases | $ 721 | $ 496 |
Leases (Lease Weighted Average)
Leases (Lease Weighted Average) (Details) | Dec. 31, 2021 |
Weighted-average remaining lease term (in years) | |
Operating | 7 years 4 months 24 days |
Operating | 8 years 8 months 12 days |
Weighted-average discount rate | |
Finance | 5.45% |
Financing | 4.63% |
Inventories (Components Of Inve
Inventories (Components Of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 23,530 | $ 23,762 |
Work in process | 5,173 | 5,912 |
Finished goods and parts | 64,184 | 86,993 |
Inventories | $ 92,887 | $ 116,667 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Inventory [Line Items] | |||
Inventory reserve | $ 16,509 | $ 20,125 | |
Provision for inventory obsolescence and revaluation | $ (2,909) | 12,373 | $ 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, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 191,118 | $ 236,830 |
Less: Accumulated depreciation and amortization | (133,861) | (161,474) |
Total property and equipment, net | 57,257 | 75,356 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 0 | 541 |
Building | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 84 | 5,422 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 117,446 | 163,688 |
Capitalized software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 24,149 | 24,814 |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 5,188 | 5,106 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 32,200 | 32,349 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 12,051 | $ 4,910 |
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) | 5 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation expense | $ 24,242 | $ 28,397 | $ 29,982 |
Impairment of goodwill and assets | 1,676 | 55,484 | 1,728 |
Property, Plant and Equipment | |||
Impairment of goodwill and assets | $ 788 | $ 3,406 | $ 181 |
Intangible Assets (Intangible A
Intangible Assets (Intangible Assets Other Than Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 162,043 | $ 207,198 |
Accumulated Amortization | (116,208) | (179,115) |
Net | $ 45,835 | 28,083 |
Weighted Average Useful Life Remaining (in years) | 8 years 6 months | |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 53,062 | 71,123 |
Accumulated Amortization | (45,613) | (56,682) |
Net | $ 7,449 | 14,441 |
Weighted Average Useful Life Remaining (in years) | 2 years 9 months 18 days | |
Acquired technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 17,518 | 42,472 |
Accumulated Amortization | (5,430) | (41,201) |
Net | $ 12,088 | 1,271 |
Weighted Average Useful Life Remaining (in years) | 5 years 2 months 12 days | |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 20,448 | 17,477 |
Accumulated Amortization | (10,438) | (16,506) |
Net | $ 10,010 | 971 |
Weighted Average Useful Life Remaining (in years) | 18 years 10 months 24 days | |
Patent costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 21,852 | 19,828 |
Accumulated Amortization | (11,812) | (10,999) |
Net | $ 10,040 | 8,829 |
Weighted Average Useful Life Remaining (in years) | 10 years 6 months | |
Trade secrets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 19,924 | 20,188 |
Accumulated Amortization | (18,971) | (18,216) |
Net | $ 953 | 1,972 |
Weighted Average Useful Life Remaining (in years) | 1 year 1 month 6 days | |
Acquired patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 16,257 | 16,317 |
Accumulated Amortization | (15,945) | (15,723) |
Net | $ 312 | 594 |
Weighted Average Useful Life Remaining (in years) | 6 years 1 month 6 days | |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 12,982 | 19,793 |
Accumulated Amortization | (7,999) | (19,788) |
Net | $ 4,983 | $ 5 |
Weighted Average Useful Life Remaining (in years) | 9 years 4 months 24 days |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 10,469 | $ 15,810 | $ 20,312 |
Annual amortization expense for intangible assets | |||
Year one | 10,767 | ||
Year two | 6,190 | ||
Year three | 5,395 | ||
Year four | 5,365 | ||
Year five | $ 4,415 |
Goodwill (Roll Forward) (Detail
Goodwill (Roll Forward) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Balance at beginning of year, Gross | $ 236,149 | |
Balance at beginning of year, Dispositions, Acquisitions and Impairments | (74,384) | |
Balance at beginning of period | 161,765 | $ 223,176 |
Acquisition | 209,215 | |
Dispositions | (19,471) | |
Foreign currency translation adjustments | (5,921) | 12,973 |
Total goodwill, Gross | 230,228 | 236,149 |
Total goodwill, Dispositions, Acquisitions and Impairments | 115,360 | (74,384) |
Balance at end of period | 345,588 | 161,765 |
Allevi and Additive | ||
Goodwill [Roll Forward] | ||
Adjustments | 560 | |
Healthcare | ||
Goodwill [Roll Forward] | ||
Balance at beginning of year, Gross | 101,767 | |
Balance at beginning of year, Dispositions, Acquisitions and Impairments | (32,055) | |
Balance at beginning of period | 69,712 | |
Acquisition | 39,182 | |
Dispositions | (15,598) | |
Adjustments | (900) | |
Foreign currency translation adjustments | (2,481) | |
Total goodwill, Gross | 98,386 | 101,767 |
Total goodwill, Dispositions, Acquisitions and Impairments | (8,471) | (32,055) |
Balance at end of period | 89,915 | 69,712 |
Industrial | ||
Goodwill [Roll Forward] | ||
Balance at beginning of year, Gross | 134,382 | |
Balance at beginning of year, Dispositions, Acquisitions and Impairments | (42,329) | |
Balance at beginning of period | 92,053 | |
Acquisition | 170,033 | |
Dispositions | (3,873) | |
Adjustments | 900 | |
Foreign currency translation adjustments | (3,440) | |
Total goodwill, Gross | 131,842 | 134,382 |
Total goodwill, Dispositions, Acquisitions and Impairments | 123,831 | (42,329) |
Balance at end of period | $ 255,673 | $ 92,053 |
Goodwill (Schedule of Goodwill)
Goodwill (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Balance at beginning of period | $ 161,765 | $ 223,176 |
Dispositions and impairments | (74,384) | |
Foreign currency translation adjustments | (5,921) | 12,973 |
Balance at end of period | 345,588 | 161,765 |
Americas | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 0 | 0 |
Dispositions and impairments | 0 | |
Foreign currency translation adjustments | 0 | |
Balance at end of period | 0 | |
EMEA | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 127,592 | 186,695 |
Dispositions and impairments | (69,685) | |
Foreign currency translation adjustments | 10,582 | |
Balance at end of period | 127,592 | |
APAC | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 34,173 | 36,481 |
Dispositions and impairments | (4,699) | |
Foreign currency translation adjustments | 2,391 | |
Balance at end of period | 34,173 | |
Discontinued Operations, Held-for-sale | GIBBSCam Cimatron | ||
Goodwill [Roll Forward] | ||
Balance at beginning of period | 21,385 | |
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 beginning of period | $ 4,699 | |
Balance at end of period | $ 4,699 |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Impairment of goodwill | $ 48,300 | $ 0 | $ 48,300 | $ 0 |
Employee Benefits (Narrative) (
Employee Benefits (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Employer matching contribution percentage | 50.00% | ||
Employee percentage of match | 6.00% | ||
Employee benefit expenses | $ 2,039 | $ 2,456 | $ 2,688 |
Employee Benefits (Reconciliati
Employee Benefits (Reconciliation of Changes In Projected Benefit Obligation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of benefit obligations: | |||
Obligations as of January 1 | $ 10,391 | $ 10,497 | |
Service cost | 187 | 204 | $ 166 |
Interest cost | 130 | 84 | 151 |
Actuarial loss (gain) | (234) | (1,222) | |
Benefit payments | (627) | (151) | |
Effect of foreign currency exchange rate changes | (773) | 979 | |
Benefit obligations as of December 31 | 9,074 | 10,391 | $ 10,497 |
Fair value of assets as of December 31 | 3,577 | 3,844 | |
Funded status as of December 31, net of tax benefit | $ (5,497) | $ (6,547) |
Employee Benefits (Summary of A
Employee Benefits (Summary of Amounts Recognized in Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Retirement Benefits [Abstract] | ||
Other assets | $ 3,577 | $ 3,844 |
Accrued liabilities | (163) | (163) |
Other liabilities | (8,911) | (10,228) |
Net liability | $ (5,497) | $ (6,547) |
Employee Benefits (Schedule of
Employee Benefits (Schedule of Accumulated And Projected Benefit Obligations) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Retirement Benefits [Abstract] | |||
Projected benefit obligation | $ 9,074 | $ 10,391 | $ 10,497 |
Accumulated benefit obligation | $ 8,635 | $ 9,343 |
Employee Benefits (Components o
Employee Benefits (Components of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 187 | $ 204 | $ 166 |
Interest cost | 130 | 84 | 151 |
Amortization of actuarial loss | 259 | 351 | 200 |
Total net periodic pension cost | 576 | 639 | 517 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Net (gain) loss | (234) | (1,223) | 1,815 |
Amortization of prior years' unrecognized loss | (259) | (351) | (200) |
Total recognized as accumulated other comprehensive income (loss), excluding tax | (493) | (1,574) | 1,615 |
Total expense recognized in net periodic benefit cost and other comprehensive income | $ 83 | $ (935) | $ 2,132 |
Employee Benefits (Assumptions
Employee Benefits (Assumptions Used to Determine Benefit Obligations) (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Retirement Benefits [Abstract] | ||
Discount rate | 1.20% | 1.30% |
Rate of compensation | 3.00% | 3.00% |
Employee Benefits (Summary of E
Employee Benefits (Summary of Estimated Future Benefit Payments) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Estimated future benefit payments: | |
2022 | $ 175 |
2023 | 181 |
2024 | 185 |
2025 | 187 |
2026 | 189 |
2027 through 2031 | $ 1,439 |
Accrued and Other Liabilities_2
Accrued and Other Liabilities (Schedule Of Accrued Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Compensation and benefits | $ 39,846 | $ 24,629 |
Accrued taxes | 19,836 | 14,952 |
Vendor accruals | 9,045 | 18,762 |
Product warranty liability | 3,585 | 2,348 |
Accrued professional fees | 2,263 | 1,773 |
Accrued other | 1,593 | 6,138 |
Royalties payable | 826 | 1,210 |
Total | $ 76,994 | $ 69,812 |
Accrued and Other Liabilities_3
Accrued and Other Liabilities (Schedule Of Other Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Long term employee indemnity | $ 5,237 | $ 12,228 |
Long term tax liability | 6,099 | 15,532 |
Defined benefit pension obligation | 8,911 | 10,228 |
Long term deferred revenue | 10,244 | 6,163 |
Other long term liabilities | 1,763 | 7,096 |
Total | $ 32,254 | $ 51,247 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Warrant Obligation [Roll Forward] | ||||
Beginning Balance | $ 6,266 | $ 6,380 | $ 6,192 | $ 7,660 |
Additional Accrual/ Revenue Deferred | 8,670 | 6,454 | 8,124 | |
Costs Incurred/ Deferred Revenue Amortization | (8,784) | (6,266) | (9,592) | |
Ending Balance | $ 6,266 | $ 6,380 | $ 6,192 | $ 7,660 |
Borrowings (Details)
Borrowings (Details) | Nov. 16, 2021USD ($)day$ / shares | Feb. 27, 2019USD ($) | Dec. 31, 2026USD ($) | Dec. 31, 2025USD ($) | Dec. 31, 2024USD ($) | Dec. 31, 2023USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares |
Line of Credit Facility [Line Items] | ||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||
Amortization of debt issuance costs | $ 324,000 | |||||||||
Interest income | 438,000 | $ 400,000 | $ 1,209,000 | |||||||
Interest expense | 2,340,000 | $ 4,391,000 | $ 4,442,000 | |||||||
Convertible Senior Notes Due 2026 | Convertible Debt | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Issued amount | $ 460,000 | |||||||||
Interest rate (as a percentage) | 0.00% | |||||||||
Net proceeds from offering | $ 446,534,000 | |||||||||
Discounts and expenses | 13,466,000 | |||||||||
Unamortized amount | $ 13,141,000 | |||||||||
Effective interest rate | 0.594% | |||||||||
Percentage of conversion price | 130.00% | |||||||||
Threshold trading days | day | 20 | |||||||||
Threshold consecutive trading days | day | 30 | |||||||||
Threshold consecutive trading days, sale price per share | day | 5 | |||||||||
Measurement period | day | 5 | |||||||||
Percentage of sales price per share | 98.00% | |||||||||
Conversion ratio | 0.0278364 | |||||||||
Conversion price (in dollars per share) | $ / shares | $ 35.92 | |||||||||
Redemption percentage of principal amount | 100.00% | |||||||||
Fair value of Notes | 436,600,000 | |||||||||
Forecast | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Amortization of debt issuance costs | $ 2,394,000 | $ 2,711,000 | $ 2,695,000 | $ 2,679,000 | $ 2,663,000 | |||||
Term Loan Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit agreement term | 5 years | |||||||||
Credit agreement, maximum borrowing capacity | $ 100,000 | |||||||||
Interest rate (as a percentage) | 1.90% | |||||||||
Outstanding borrowings | $ 21,392,000 | |||||||||
Remaining in AOCL | $ 721,000 | |||||||||
Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Credit agreement term | 5 years | |||||||||
Credit agreement, maximum borrowing capacity | $ 100,000 |
Hedging Activities And Financ_3
Hedging Activities And Financial Instruments (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Jul. 08, 2019 | |
Derivative [Line Items] | |||||
De-designation of derivative instrument | $ 721,000 | $ 1,235,000 | |||
Fair value | (700,000) | ||||
Term Loan Facility | |||||
Derivative [Line Items] | |||||
Remaining in AOCL | 721,000 | ||||
Not Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Foreign currency contracts | 43,000,000 | 101,781,000 | |||
Level 2 | |||||
Derivative [Line Items] | |||||
Fair value | (700,000) | ||||
Level 2 | Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Fair value | 0 | (700,000) | |||
Interest Rate Contract | |||||
Derivative [Line Items] | |||||
De-designation of derivative instrument | $ 1,253,000 | ||||
Reclass into interest and other expense | 1,235,000 | ||||
Interest Rate Contract | Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Notional interest rate contracts outstanding | $ 15,000,000 | $ 0 | $ 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, 2021 | Mar. 31, 2020 |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Obligation to purchase inventory | $ 2,826 | $ 12,100 |
Inventory held at assemblers | 26 | |
Purchase commitment | $ 5,187 |
Preferred Stock (Narrative) (De
Preferred Stock (Narrative) (Details) - shares | Dec. 31, 2021 | Dec. 31, 2020 |
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, $ in Thousands | Dec. 01, 2021tranchemilestone | Dec. 31, 2021USD ($)milestonetranche$ / sharesshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | May 19, 2020shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Increase in number of shares reserved for future issuance (in shares) | shares | 4,860,000 | ||||
Vesting period | 3 years | ||||
Stock-based compensation expense | $ 55,153 | $ 17,725 | $ 23,587 | ||
Liability reduced and recorded as part of divestiture gain | $ 1,914 | ||||
Vesting percentage | 33.33% | ||||
Volumetric Biotechnologies, Inc. | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 683 | ||||
Incentive Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 22,057 | ||||
Restricted Stock - Market Conditions | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares awarded (in shares) | shares | 606,000 | ||||
Restricted Stock - Performance Measures | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares awarded (in shares) | shares | 747,000 | ||||
Restricted Stock Awards and Restricted Stock Unit Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock compensation expense | $ 60,612 | ||||
Restricted Stock Awards and Restricted Stock Unit Awards | Weighted Average | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 2 years 9 months 18 days | ||||
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 81 | ||||
Number of non-financial milestones | milestone | 4 | 4 | |||
Number of tranches | tranche | 4 | ||||
Number of tranches per milestone | tranche | 1 | ||||
Number of non-financial milestones probable of achievement | milestone | 1 | ||||
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 | ||||
Share-based Payment Arrangement, Option | |||||
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Stock-based compensation expense | $ 55,153 | $ 17,725 | $ 23,587 |
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, 2021$ / sharesshares | |
Number of Shares/Units | |
Outstanding at beginning of year — unvested (in shares) | shares | 3,540 |
Granted (in shares) | shares | 2,547 |
Cancelled (in shares) | shares | (462) |
Vested (in shares) | shares | (1,645) |
Outstanding at end of year — unvested (in shares) | shares | 3,980 |
Weighted Average Grant Date Fair Value | |
Outstanding at beginning of year — unvested (in usd per share) | $ / shares | $ 8.81 |
Granted (in usd per share) | $ / shares | 29.30 |
Cancelled (in usd per share) | $ / shares | 18.17 |
Vested (in usd per share) | $ / shares | 11.68 |
Outstanding at end of year — unvested (in usd per share) | $ / shares | $ 19.72 |
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, 2021 | Dec. 31, 2020 | |
Number of Shares | ||
Outstanding at beginning of year (in shares) | 420 | |
Granted (in shares) | 0 | |
Exercised (in shares) | 0 | |
Forfeited and expired (in shares) | 0 | |
Outstanding at end of year (in shares) | 420 | 420 |
Weighted Average Exercise | ||
Outstanding at beginning of year (in usd per share) | $ 13.26 | |
Granted (in usd per share) | 0 | |
Exercised (in usd per share) | 0 | |
Forfeited and expired (in usd per share) | 0 | |
Outstanding at end of year (in usd per share) | $ 13.26 | $ 13.26 |
Weighted Average Remaining Contractual Term (in years) | 4 years 8 months 12 days | 5 years 8 months 12 days |
Aggregate Intrinsic Value (in thousands) | $ 3,479 |
Net Income (Loss) Per Share (Sc
Net Income (Loss) Per Share (Schedule of Net Income (Loss) Per Share Reconciliation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator for basic and diluted net earnings (loss) per share: | |||
Net income (loss) attributable to 3D Systems Corporation | $ 322,052 | $ (149,594) | $ (69,880) |
Denominator for net earnings (loss) per share: | |||
Weighted average shares - basic (in shares) | 122,867 | 117,579 | 113,811 |
Dilutive effect of shares issuable under stock based compensation and other plans (in shares) | 3,467 | 0 | 0 |
Weighted average shares - diluted (in shares) | 126,334 | 117,579 | 113,811 |
Anti-dilutive shares of restricted share awards which are excluded from the dilutive shares above (in shares) | 1,779 | 3,960 | 5,822 |
Net income (loss) per share - basic (in dollars per share) | $ 2.62 | $ (1.27) | $ (0.61) |
Net income (loss) per share - diluted (in dollars per share) | $ 2.55 | $ 1.27 | $ (0.61) |
Restricted Stock [Member] | |||
Denominator for net earnings (loss) per share: | |||
Dilutive effect of shares issuable under stock based compensation and other plans (in shares) | 2,755 | ||
Incentive Awards | |||
Denominator for net earnings (loss) per share: | |||
Dilutive effect of shares issuable under stock based compensation and other plans (in shares) | 712 |
Net Income (Loss) Per Share (Na
Net Income (Loss) Per Share (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands | Nov. 16, 2021 | Aug. 05, 2020 | Dec. 31, 2020 |
Subsidiary, Sale of Stock [Line Items] | |||
Fees, commissions and other costs | $ 849,000 | ||
Convertible Senior Notes Due 2026 | Senior Notes | |||
Subsidiary, Sale of Stock [Line Items] | |||
Issued amount | $ 460,000,000 | ||
Interest rate (as a percentage) | 0.00% | ||
Conversion price (in dollars per share) | $ 35.92 | ||
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, 2021 | Dec. 31, 2020 | Jan. 21, 2019 | Jul. 19, 2017 | Apr. 02, 2015 | 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% | 100.00% | |||||
Robtec | |||||||
Business Acquisition [Line Items] | |||||||
Acquired ownership percentage | 30.00% | 70.00% | |||||
Easyway | |||||||
Business Acquisition [Line Items] | |||||||
Acquired ownership percentage | 100.00% | 30.00% | 5.00% | 65.00% |
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, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 485,521 | $ 199 |
Israeli severance funds | 2,070 | 6,422 |
Derivative financial instruments | (700) | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 485,521 | 199 |
Israeli severance funds | 0 | 0 |
Derivative financial instruments | 0 | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Israeli severance funds | 2,070 | 6,422 |
Derivative financial instruments | (700) | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Israeli severance funds | $ 0 | 0 |
Derivative financial instruments | $ 0 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 308,514 | $ (45,973) | $ (79,821) |
Foreign | 11,026 | (97,437) | 14,721 |
Income before income taxes | $ 319,540 | $ (143,410) | $ (65,100) |
Income Taxes (Components of I_2
Income Taxes (Components of Income Tax Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
U.S. federal | $ (8,675) | $ 1,294 | $ (135) |
State | 2,097 | 451 | 801 |
Foreign | 6,861 | 5,645 | 7,220 |
Total | 283 | 7,390 | 7,886 |
Deferred: | |||
U.S. federal | 0 | 67 | (1,008) |
State | 0 | 0 | 0 |
Foreign | (2,795) | (1,273) | (2,346) |
Total | (2,795) | (1,206) | (3,354) |
Total income tax (benefit) provision | $ (2,512) | $ 6,184 | $ 4,532 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | (10.40%) | (8.50%) | (21.30%) |
Dividends not taxable | 0.00% | 9.50% | 0.00% |
Net operating loss carryback claim | 0.00% | 6.20% | 0.00% |
Change in carryforward attributes | (0.70%) | (3.20%) | 0.00% |
Global intangible low-taxed income inclusion | 1.20% | (0.30%) | (7.00%) |
Nondeductible expenses | 1.40% | (13.50%) | (1.80%) |
Taxes related to distributions | 0.00% | 0.00% | (0.80%) |
Foreign income tax rate differential | 0.00% | (3.30%) | 1.00% |
Deemed income related to foreign operations | 0.00% | (1.60%) | (0.50%) |
Tax rate change | (0.70%) | (0.30%) | (1.10%) |
Employee share-based payments | (1.30%) | (1.40%) | 0.00% |
Other | 0.00% | (0.40%) | (0.90%) |
Deferred and payable adjustments | 1.40% | (2.60%) | 3.30% |
ASU 842 adoption | 0.00% | 0.00% | (0.10%) |
State taxes, net of federal benefit, before valuation allowance | 1.00% | 0.50% | 2.80% |
Return to provision adjustments | (0.10%) | 0.90% | (2.50%) |
Other tax credits | (0.50%) | 0.20% | (1.90%) |
Uncertain tax positions and audit settlements | (3.00%) | (7.50%) | 2.80% |
Divestitures | (10.10%) | 0.00% | 0.00% |
Effective tax rate | (0.80%) | (4.30%) | (7.00%) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | |||
Deferred income tax assets | $ 38,394 | ||
Net operating loss carryforwards | 279,684 | ||
Loss carryforwards for U.S. federal income tax purposes | 84,869 | ||
Loss carryforwards for U.S. state income tax purposes | 144,455 | ||
Loss carryforwards for foreign income tax purposes | 50,360 | ||
Net operating loss carryforwards, subject to expiration | 1,304 | ||
Unremitted earnings | 121,509 | ||
Unrecognized deferred tax liability | 5,210 | ||
Unrecognized tax benefits, period decrease | 10,300 | ||
Unrecognized tax benefits, period increase | 1,659 | ||
Unrecognized tax benefits that would impact effective tax rate | $ 5,596 | ||
Domestic Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Difference in effective rate due to Tax Act (as a percentage) | 0.218 | 0.253 | 0.280 |
Net operating loss carryforwards | $ 23,797 | ||
Research and experimentation tax credit carryforwards | 8,411 | ||
Foreign tax credits | 6,629 | ||
State and Local Jurisdiction | |||
Operating Loss Carryforwards [Line Items] | |||
Research and experimentation tax credit carryforwards | 4,201 | ||
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, 2021 | Dec. 31, 2020 |
Deferred income tax assets: | ||
Intangibles | $ 10,950 | $ 17,395 |
Stock options and restricted stock awards | 8,005 | 2,544 |
Reserves and allowances | 8,692 | 10,450 |
Net operating loss carryforwards | 38,394 | 67,025 |
Tax credit carryforwards | 19,967 | 18,813 |
Accrued liabilities | 2,893 | 6,077 |
Deferred revenue | 8,141 | 4,637 |
Lease Tax Asset | 10,362 | 8,343 |
163(j) Limitation Carryforward | 0 | 2,854 |
Valuation allowance | (91,165) | (123,113) |
Total deferred income tax assets | 16,239 | 15,025 |
Deferred income tax liabilities: | ||
Intangibles | 2,356 | 2,548 |
Property, plant, and equipment | 2,110 | 2,662 |
Lease Tax Liability | 8,458 | 6,379 |
Other | 434 | 1,345 |
Total deferred income tax liabilities | 13,358 | 12,934 |
Deferred income tax asset held for sale | 0 | 560 |
Net deferred income tax assets | $ 2,881 | $ 1,531 |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Unrecognized Tax Benefits* | |||
Balance at January 1 | $ (25,902) | $ (15,467) | $ (13,031) |
Increases related to prior year tax positions | (467) | (10,426) | (2,684) |
Decreases related to prior year tax positions | 8,886 | 788 | 857 |
Decreases related to prior year tax positions as a result of lapse of statute | 371 | 0 | 0 |
Decreases related to settlement | 1,043 | 0 | 0 |
Increases related to current year tax positions | (553) | (797) | (609) |
Increases related to acquired tax positions | (639) | 0 | 0 |
Balance at December 31 | $ (17,261) | $ (25,902) | $ (15,467) |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 123,113 | $ 109,643 | $ 95,398 |
Additions (reductions) charged to expense | (31,948) | 13,470 | 14,245 |
Other | 0 | 0 | 0 |
Balance at end of year | $ 91,165 | $ 123,113 | $ 109,643 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) | Sep. 06, 2019 | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Aug. 31, 2020subpoena | Jul. 19, 2019USD ($) |
Loss Contingencies [Line Items] | |||||
Supply commitments | $ 31,094,000 | $ 55,317,000 | |||
Number of subpoenas | subpoena | 2 | ||||
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 | 29,916,000 | 27,030,000 | |||
Capital Expenditures and Operating Costs | |||||
Loss Contingencies [Line Items] | |||||
Supply commitments | $ 1,179,000 | $ 28,287,000 |
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, 2021 | Dec. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 430,723 | $ 513,896 |
Ending balance | 842,381 | 430,723 |
Accumulated Other Comprehensive Income (Loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (8,476) | (37,047) |
Other comprehensive income (loss) | (29,951) | 27,336 |
Amounts reclassified from accumulated other comprehensive income (loss) | 721 | 1,235 |
Ending balance | (37,706) | (8,476) |
Foreign currency translation adjustment | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (4,864) | (33,616) |
Other comprehensive income (loss) | (30,633) | 28,752 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Ending balance | (35,497) | (4,864) |
Defined benefit pension plan | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (2,924) | (3,707) |
Other comprehensive income (loss) | 682 | 783 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Ending balance | (2,242) | (2,924) |
Derivative financial instruments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (721) | (318) |
Other comprehensive income (loss) | 0 | (1,638) |
Amounts reclassified from accumulated other comprehensive income (loss) | 721 | 1,235 |
Ending balance | 0 | (721) |
Liquidation of non-US entity and purchase of non-controlling interests | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 33 | 594 |
Other comprehensive income (loss) | 0 | (561) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Ending balance | $ 33 | $ 33 |
Restructuring and Exit Activi_3
Restructuring and Exit Activity Costs (Narrative) (Details) - USD ($) | Aug. 05, 2020 | Dec. 31, 2020 | Dec. 31, 2021 |
Facility closing costs | 2020 Restructuring Plan | |||
Restructuring Cost and Reserve [Line Items] | |||
Reduction of workforce, percentage | 20.00% | ||
Expected noncash charges | $ 6,400,000 | ||
Severance, termination benefits and other employee costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve | $ 7,173,000 | $ 0 |
Restructuring and Exit Activi_4
Restructuring and Exit Activity Costs (Restructuring Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||
Costs Incurred | $ 1,121 | $ 20,052 |
Total Costs Incurred | 21,173 | |
Severance, termination benefits and other employee costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Costs Incurred | 660 | 12,914 |
Total Costs Incurred | 13,574 | |
Facility closing costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Costs Incurred | 640 | 6,470 |
Total Costs Incurred | 7,110 | |
Other costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Costs Incurred | (179) | $ 668 |
Total Costs Incurred | $ 489 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2022USD ($) | |
Kumovis GbmH And Titan Robotics LLC | Forecast | |
Subsequent Event [Line Items] | |
Net assets acquired | $ 80 |