Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 07, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
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 | $ 1,223,082,545 | ||
Entity Common Stock, Shares Outstanding | 131,155,200 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement for its 2023 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Entity Central Index Key | 0000910638 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 388,134 | $ 789,657 |
Short-term investments | 180,603 | 0 |
Accounts receivable, net of reserves — $3,114 and $2,445 | 93,886 | 106,540 |
Inventories | 137,832 | 92,887 |
Prepaid expenses and other current assets | 33,790 | 42,653 |
Total current assets | 834,245 | 1,031,737 |
Property and equipment, net | 58,072 | 57,257 |
Intangible assets, net | 90,230 | 45,835 |
Goodwill | 385,312 | 345,588 |
Right-of-use assets | 42,746 | 46,356 |
Deferred income tax asset | 7,038 | 5,054 |
Other assets | 28,970 | 17,272 |
Total assets | 1,446,613 | 1,549,099 |
Current liabilities: | ||
Current lease liabilities | 9,036 | 8,344 |
Accounts payable | 53,826 | 57,366 |
Accrued and other liabilities | 55,571 | 76,994 |
Customer deposits | 6,911 | 7,281 |
Deferred revenue | 26,464 | 28,027 |
Total current liabilities | 151,808 | 178,012 |
Long-term debt, net of deferred financing costs | 449,510 | 446,859 |
Long-term lease liabilities | 41,779 | 47,420 |
Deferred income tax liability | 7,631 | 2,173 |
Other liabilities | 44,181 | 32,254 |
Total liabilities | 694,909 | 706,718 |
Commitments and contingencies (Note 23) | ||
Redeemable non-controlling interest | 1,760 | 0 |
Stockholders’ equity: | ||
Common stock, $0.001 par value, authorized 220,000 shares; shares issued 131,207 and 128,375 as of December 31, 2022 and 2021, respectively | 131 | 128 |
Additional paid-in capital | 1,547,597 | 1,501,210 |
Accumulated deficit | (743,962) | (621,251) |
Accumulated other comprehensive loss | (53,822) | (37,706) |
Total stockholders’ equity | 749,944 | 842,381 |
Total liabilities, redeemable non-controlling interest and stockholders’ equity | $ 1,446,613 | $ 1,549,099 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, reserves | $ 3,114 | $ 2,445 |
Stockholders’ equity: | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 220,000,000 | 220,000,000 |
Common stock, shares issued (in shares) | 131,207,000 | 128,375,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue: | |||
Total revenue | $ 538,031 | $ 615,639 | $ 557,240 |
Cost of sales: | |||
Total cost of sales | 323,798 | 351,861 | 333,865 |
Gross profit | 214,233 | 263,778 | 223,375 |
Operating expenses: | |||
Selling, general and administrative | 244,181 | 227,697 | 219,895 |
Research and development | 87,071 | 69,150 | 74,143 |
Impairment of goodwill | 0 | 0 | 48,300 |
Total operating expenses | 331,252 | 296,847 | 342,338 |
Loss from operations | (117,019) | (33,069) | (118,963) |
Interest and other (expense) income, net | (3,790) | 352,609 | (24,447) |
(Loss) income before income taxes | (120,809) | 319,540 | (143,410) |
(Provision) benefit for income taxes | (2,140) | 2,512 | (6,184) |
Net (loss) income before redeemable non-controlling interest | (122,949) | 322,052 | (149,594) |
Less: net (loss) attributable to redeemable non-controlling interest | (238) | 0 | 0 |
Net (loss) income attributable to 3D Systems Corporation | $ (122,711) | $ 322,052 | $ (149,594) |
Net (loss) income per common share: | |||
Basic (in dollars per share) | $ (0.96) | $ 2.62 | $ (1.27) |
Diluted (in dollars per share) | $ (0.96) | $ 2.55 | $ (1.27) |
Weighted average shares outstanding: | |||
Basic (in shares) | 127,818,000 | 122,867,000 | 117,579,000 |
Diluted (in shares) | 127,818,000 | 126,334,000 | 117,579,000 |
Products | |||
Revenue: | |||
Total revenue | $ 395,396 | $ 428,742 | $ 332,799 |
Cost of sales: | |||
Total cost of sales | 237,386 | 245,169 | 220,415 |
Services | |||
Revenue: | |||
Total revenue | 142,635 | 186,897 | 224,441 |
Cost of sales: | |||
Total cost of sales | $ 86,412 | $ 106,692 | $ 113,450 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income before redeemable non-controlling interest | $ (122,949) | $ 322,052 | $ (149,594) |
Other comprehensive (loss) income, net of taxes: | |||
Pension plan adjustments | 2,942 | 682 | 783 |
Derivative financial instruments | 0 | 721 | (403) |
Foreign currency translation | (18,730) | (39,546) | 28,752 |
Unrealized loss on short-term investments | (328) | 0 | 0 |
Foreign currency translation reclassification - sales of businesses | 0 | 8,912 | 0 |
Total other comprehensive (loss) income, net of taxes: | (16,116) | (29,231) | 29,132 |
Total comprehensive (loss) income, net of taxes | (139,065) | 292,821 | (120,462) |
Less: comprehensive loss attributable to redeemable non-controlling interest | (238) | 0 | 0 |
Comprehensive (loss) income attributable to 3D Systems Corporation | $ (138,827) | $ 292,821 | $ (120,462) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Cash flows from operating activities: | ||||
Net (loss) income before redeemable non-controlling interest | $ (122,949) | $ 322,052 | $ (149,594) | |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||
Depreciation, amortization and accretion of debt discount | 38,686 | 34,623 | 44,595 | |
Stock-based compensation | 42,415 | 55,153 | 17,725 | |
Loss on short-term investments | 3,146 | 0 | 0 | |
Non-cash operating lease expense | 6,366 | 5,681 | 0 | |
Provision for inventory obsolescence and revaluation | 2,586 | (2,909) | 12,373 | |
Loss on hedge accounting de-designation and termination | 0 | 721 | 1,235 | |
Provision for bad debts | 562 | 232 | 457 | |
Loss (gain) on the disposition of businesses, property, equipment and other assets | 104 | (350,846) | 5,274 | |
Benefit for deferred income taxes and reserve adjustments | (2,518) | (11,679) | (1,206) | |
Asset impairment | 4,095 | 1,676 | 55,484 | |
Changes in operating accounts: | ||||
Accounts receivable | 8,144 | (11,912) | (6,052) | |
Inventories | (51,082) | 7,866 | (9,901) | |
Prepaid expenses and other current assets | 8,229 | (8,106) | (16,218) | |
Accounts payable | (3,787) | 27,159 | (6,653) | |
Deferred revenue and customer deposits | (6,947) | (3,325) | 3,231 | |
Accrued and other liabilities | 10,702 | (12,389) | 28,286 | |
All other operating activities | (7,773) | (5,850) | 843 | |
Net cash (used in) provided by operating activities | (70,021) | 48,147 | (20,121) | |
Cash flows from investing activities: | ||||
Purchases of property and equipment | (20,907) | (18,791) | (13,643) | |
Purchases of short-term investments | (384,388) | 0 | 0 | |
Sales and maturities of short-term investments | 200,314 | 0 | 0 | |
Proceeds from sale of assets and businesses, net of cash sold | 325 | 421,485 | 1,554 | |
Acquisitions and other investments, net of cash acquired | (103,699) | (139,685) | 0 | |
Other investing activities | 0 | (2,454) | 356 | |
Net cash (used in) provided by investing activities | (308,355) | 260,555 | (11,733) | |
Cash flows from financing activities: | ||||
Proceeds from revolving credit facilities | 0 | 0 | 20,000 | |
Payments on revolving credit facilities | 0 | 0 | (20,000) | |
Proceeds from borrowings | 0 | 460,000 | 0 | |
Debt issuance costs | 0 | (13,466) | 0 | |
Repayment of borrowings/long-term debt | 0 | (21,392) | (26,840) | |
Proceeds from issuance of common stock | 0 | 0 | 24,702 | |
Purchase of non-controlling interests | (2,300) | (6,300) | (12,500) | |
Taxes paid related to net-share settlement of equity awards | (10,864) | (12,619) | (5,138) | |
Other financing activities | (651) | (423) | 296 | |
Net cash (used in) provided by financing activities | (13,815) | 405,800 | (19,480) | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (5,804) | (9,243) | 1,428 | |
Net (decrease) increase in cash, cash equivalents and restricted cash | (397,995) | 705,259 | (49,906) | |
Cash, cash equivalents and restricted cash at the beginning of the year | [1] | 789,970 | 84,711 | 134,617 |
Cash, cash equivalents and restricted cash at the end of the year | [1] | 391,975 | 789,970 | 84,711 |
Supplemental cash flow information | ||||
Lease assets obtained in exchange for new lease liabilities | 6,037 | 4,502 | 23,309 | |
Cash interest payments | 196 | 1,138 | 2,109 | |
Cash income tax payments, net | 5,330 | 4,709 | 3,706 | |
Transfer of equipment from inventory to property and equipment, net | [2] | (2,004) | 1,738 | 1,055 |
Stock issued for acquisition | $ 7,091 | $ 99,044 | $ 0 | |
[1]The amounts for cash and cash equivalents shown above include restricted cash of $114, $313 and $540 as of December 31, 2022, 2021 and 2020, respectively, which are included in prepaid expenses and other current assets. In addition, included in cash and cash equivalents above as of December 31, 2022 is $3,727 of restricted cash, which, is included in other non-current assets. Finally, included in cash and cash equivalents above as of December 31, 2020 is $9,161, which was included in current assets held for sale.[2]Inventory is transferred to property and equipment at cost when we require additional machines for training or demonstration or for placement into on demand manufacturing services locations. |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Cash Flows [Abstract] | |||
Restricted cash and cash equivalents, current | $ 114 | $ 313 | $ 540 |
Restricted cash, current | $ 3,727 | ||
Restricted cash, noncurrent | $ 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 Non-controlling Interests |
Beginning balance (in shares) at Dec. 31, 2019 | 121,266 | |||||||
Beginning 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 (loss) income | (149,594) | (149,594) | (149,594) | |||||
Pension plan adjustment | 783 | 783 | 783 | |||||
Unrealized loss on short-term investments | 0 | |||||||
Derivative financial instrument adjustment | (1,638) | (1,638) | (1,638) | |||||
De-designation of derivative instrument | 1,235 | 1,235 | 1,235 | |||||
Redeemable non-controlling interest redemption value in excess of carrying value | 0 | |||||||
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 (loss) income | 322,052 | 322,052 | 322,052 | |||||
Pension plan adjustment | 181 | 181 | 181 | |||||
Gain on pension plan - unrealized | 501 | 501 | 501 | |||||
Unrealized loss on short-term investments | 0 | |||||||
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 | ||||
Redeemable non-controlling interest redemption value in excess of carrying value | 0 | |||||||
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 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Shares issued, vested & expired under compensation (in shares) | 2,783 | |||||||
Shares issued, vested & expired under equity incentive plans | 3 | 3 | $ 3 | |||||
Shares withheld related to net-share settlement of equity awards (in shares) | (746) | |||||||
Shares withheld related to net-share settlement of equity awards | (10,864) | (10,864) | $ (1) | (10,863) | ||||
Shares issued to acquire assets and businesses (in shares) | 795 | |||||||
Shares issued to acquire assets and businesses | 7,091 | 7,091 | $ 1 | 7,090 | ||||
Stock-based compensation expense | 50,756 | 50,756 | 50,756 | |||||
Net (loss) income | (122,711) | (122,711) | (122,711) | |||||
Pension plan adjustment | 2,942 | 2,942 | 2,942 | |||||
Unrealized loss on short-term investments | (328) | (328) | (328) | |||||
Redeemable non-controlling interest redemption value in excess of carrying value | (596) | (596) | (596) | |||||
Foreign currency translation adjustment | (18,730) | (18,730) | (18,730) | |||||
Ending balance (in shares) at Dec. 31, 2022 | 131,207 | |||||||
Ending balance at Dec. 31, 2022 | $ 749,944 | $ 749,944 | $ 131 | $ 1,547,597 | $ 0 | $ (743,962) | $ (53,822) | $ 0 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 16, 2021 | Dec. 31, 2020 |
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, 2022 | |
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 “our” 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 redeemable non-controlling interests in temporary equity, and non-controlling interests as a component of total equity, in the consolidated balance sheets. The net income (loss) attributable to non-controlling interests is presented as an adjustment to the Company's consolidated net income (loss) to arrive at net income (loss) attributable to 3D Systems Corporation in the consolidated statements of operations and consolidated statements of 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. All dollar and share amounts and other amounts presented in the accompanying footnotes are presented in thousands, except for per share information. Reportable Segments As of January 1, 2021, we determined that the Company had two reportable segments: Healthcare Solutions ("Healthcare") and Industrial Solutions ("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, we performed a quantitative analysis to test for potential impairment of our goodwill immediately following the re-segmentation, and we concluded that the fair values of both our Healthcare Solutions and Industrial Solutions reportable segments, which also comprised our reporting units for purposes of the goodwill impairment test, exceeded their respective carrying values. At the time of our re-segmentation, the fair value of each of our reporting units was determined using a combination of an (1) income approach, which estimates fair value based upon projections of future revenues, expenses, and cash flows discounted to their present value, and (2) a market approach. The valuation methodologies 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 assumptions included estimates of multiples of various financial metrics of comparable companies. See Note 6 for details regarding the operating results of our reportable segments. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
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 (1) the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the balance sheet date and (2) 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, for 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. At times, cash and cash equivalents balances may be in excess of FDIC insurance limits. Short-Term Investments A portion of the company's excess cash is invested in short-term investments. The company's short-term investment accounting policy is that securities with maturities greater than 90 days at the time of purchase that are available for operations in the next 12 months are classified as short-term investments. The Company’s short-term investments primarily consist of investment grade bonds, certificates of deposit, commercial paper, and short maturity bond funds, all with a remaining maturity of generally less than twelve months at the date of purchase and classified as available-for-sale. Interest and dividends on these investments are recorded into income when earned. Available-for-sale securities, which consist of debt securities, are carried at fair value, with unrealized gains and losses, net of related tax, reported in accumulated other comprehensive (loss) income. Adjustments to the fair value of investments classified as available-for-sale are recorded as an increase or decrease in accumulated other comprehensive (loss) income in shareholders’ equity, unless the adjustment is considered an other-than-temporary impairment, in which case the adjustment is recorded to interest and other income (expense), net, in the period in which they become impaired. The Company periodically evaluates its investments for impairment. There were no other-than-temporary impairments of investments recognized in any of the fiscal years presented. 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, historical collection experience, current economic conditions, and reasonable and supportable forecasts. 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 Item Balance at beginning of year Additions charged to expense Other (a) Balance at end of year 2022 Allowance for doubtful accounts $ 2,445 $ 562 $ 107 $ 3,114 2021 Allowance for doubtful accounts 4,392 232 (2,179) 2,445 2020 Allowance for doubtful accounts 8,762 457 (4,827) 4,392 (a) Other includes the impact of write-offs, recoveries, divestitures and foreign currency translation adjustments. Inventories Inventories are stated at the lower of cost or net realizable value, with cost reflecting standard cost, which approximates the first-in, first-out method. Capitalized inventory costs include materials, labor, and manufacturing overhead that relate to the acquisition of raw materials and production into finished goods. The Company regularly reviews inventory for excess and obsolescence and records a provision to write down inventory to its net realizable value when carrying value is in excess of such value. Property and Equipment Property and equipment are recorded at cost and are depreciated over their estimated useful lives using the straight-line method. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the determination of net income or loss. Repairs and maintenance costs are expensed as incurred. Long-Lived Assets and Goodwill Long-Lived Assets We review long-lived assets 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 were recorded for tangible assets with finite lives for the years ended December 31, 2022, 2021, and 2020. Intangible Assets (Excluding Goodwill) Intangible assets include patents, trade names, customer relationships, purchased technology, and in-process research and development (IPR&D). Intangible assets with a finite life are amortized on a straight-line basis with estimated useful lives typically ranging from 2 to 20 years and are assessed for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable, consistent with the Company's accounting policy for other long-lived assets with a finite life. Amortization is recognized within selling, general and administrative expenses in the consolidated statements of operations. Acquired IPR&D represents the fair value assigned to those research and development projects that were acquired in a business combination for which the related products have not received regulatory approval or commercial viability and have no alternative future use. IPR&D is capitalized at its fair value as an indefinite-lived intangible asset, and any development costs incurred after the acquisition are expensed as incurred. The fair value of IPR&D is determined by estimating the future cash flows of each project and discounting the net cash flows back to their present values. Upon achieving regulatory approval or commercial viability for the related product, the indefinite-lived intangible asset is accounted for as a finite-lived asset and is amortized on a straight-line basis over the estimated useful life. If the project is not completed or is terminated or abandoned, the Company may have an impairment related to the IPR&D, which is charged to expense. Indefinite-lived intangible assets are tested for impairment annually in the fourth quarter of the fiscal year and whenever events or changes in circumstances indicate that the carrying amount may be impaired. Impairment is calculated as the excess of the asset’s carrying value over its fair value. Fair value is generally determined using a discounted future cash flow analysis. IPR&D with no alternative future use acquired outside of a business combination is expensed immediately. Goodwill Goodwill is the excess of the cost of an acquired entity over the amounts assigned to the 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. The test for impairment of goodwill requires the Company to make several estimates related to projected future cash flows to determine the fair value of the goodwill reporting units. The Company calculates the excess of each reporting unit's fair value over its carrying amount, including goodwill, utilizing a discounted cash flow analysis and other valuation techniques, as deemed appropriate. Internal operational budgets and long-range strategic plans are used as a basis for the cash flow analysis. The Company also utilizes assumptions for working capital, capital expenditures, and terminal growth rates. The discount rate applied to the cash flow analysis is based on the weighted average cost of capital (“WACC”) for each reporting unit. An impairment is recognized when the carrying amount of the reporting unit’s net assets exceeds the estimated fair value of the reporting unit. For a summary of our goodwill by reporting unit and discussion of goodwill impairment, see Note 11. Non-Current Investments We recognize investments in equity securities without a readily determinable fair value at cost minus impairment. We assess these investments for potential impairment if an event occurs or circumstances change that would indicate the carrying amount may be impaired. We assess declines in the fair value of investments in debt securities to determine whether such declines are other-than-temporary. Impairments of non-current investments are recorded to interest and other income (expense), net in the consolidated statements of operations in the period in which they become impaired. For the years ended December 31, 2022, 2021, and 2020, we recorded impairment charges of $2,900, $0 and $2,361, respectively, related to non-current investments. The aggregate carrying amount of all non-current investments totaled $13,668 and $5,632 at December 31, 2022 and 2021, respectively, and is included in other assets on our consolidated balance sheets. 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 (1) it is probable that an asset has been impaired or that a liability has been incurred and (2) the amount of the loss can be reasonably estimated. Legal costs related to the defense or settlement of a loss contingency are expensed when such costs are incurred and, accordingly, future legal costs expected to be incurred are not accrued as part of the liability recorded when a loss contingency has been deemed probable and estimable. Redeemable Non-controlling Interest In connection with the acquisition of 93.75% of Kumovis on April 1, 2022, as discussed in Note 3, the Company recorded a redeemable non-controlling interest (RNCI). The RNCI represents non-controlling shareholders’ interest in Kumovis, which is controlled by, but not wholly owned by, 3D Systems, and for which 3D Systems' obligation to redeem the minority shareholders’ interest is governed by a put/call relationship. Subsequent to the initial fair value measurement, the RNCI is recorded at the greater of its redemption value or its carrying value at the end of each reporting period. If the RNCI is carried at its redemption value, the difference between the redemption value and the carrying value is adjusted at the end of each reporting period through additional paid-in capital, and the excess redemption value is recognized as a reduction to the net income, or increase to the net loss, attributable to 3D Systems’ shareholders for purposes of reporting earnings or loss per share. See Note 20. Foreign Currency Translation and Transactions The local currency in which a subsidiary operates is generally considered its functional currency for those subsidiaries domiciled outside the United States ("foreign subsidiaries"). The functional currency financial statements of foreign subsidiaries are translated to U.S. dollars ("USD") in connection with the preparation of the Company's consolidated financial statements. Assets and liabilities of foreign subsidiaries are translated to USD at month-end exchange rates of the period reported. Income and expense items are translated monthly using the monthly average exchange rate. The effects of translating a foreign subsidiary's financial statements are recorded as cumulative translation adjustments and reported as a component of accumulated other comprehensive income (loss) in shareholders’ equity. Foreign currency transactions are those transactions whose terms are denominated in a currency other than an entity's functional currency. Foreign currency transactions that remain unsettled as of the end of a reporting period must be remeasured into the entity's functional currency, resulting in the recognition of a gain or loss when a change in exchange rate has occurred subsequent to the date on which the transaction was originally recognized or was most recently remeasured. The Company recognizes foreign currency transaction gains and losses within interest and other income (expense), net in its consolidated statements of operations. See Note 16. 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 cash flow hedge accounting treatment under ASC 815, “ Derivatives and Hedging ,” 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. 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 and other 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 currency exchange rates between the dates that non-functional currency transactions are entered into and their respective settlement dates will result in a foreign currency 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 exchange contracts to hedge the exposure arising from foreign currency transactions. See Note 15. For our hedges of foreign currency 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. ” Accordingly, changes in fair value are recognized in interest and other income (expense), net in the consolidated statements of operations and, depending on the fair value at the end of the reporting period, derivatives are recorded either in prepaid expenses and other current assets or in accrued and other liabilities in the consolidated balance sheets. We are exposed to credit risk if the counterparties to our derivative 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, consisting primarily of employee compensation, operating supplies, facility costs and depreciation, are expensed as incurred. When the Company is reimbursed by a collaboration partner for work the Company performs, it records the costs incurred as research and development expense and the related reimbursement as a reduction to research and development expense in its consolidated statements of operations. Earnings (Loss) Per Share Basic earnings (loss) per share is calculated using the weighted-average number of common shares outstanding during each period. Diluted earnings per share is calculated based upon the inclusion of additional dilutive and potentially dilutive shares, which include shares issuable upon exercise of outstanding stock options, upon vesting of employee restricted stock-based awards, upon the accrual of incentive compensation to be paid in shares (if any performance-based conditions have been satisfied as of the end of the reporting period), 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 and administrative expenses. Advertising costs, including trade shows, were $7,255, $5,486 and $7,561 for the years ended December 31, 2022, 2021 and 2020, 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 is estimated on the grant date and expensed over an implicit or explicit service period when the performance condition is deemed probable of achievement. Performance-based awards that cliff vest are expensed ratably using the straight-line method; whereas, performance-based awards with graded vesting features are expensed using the graded vesting method. Stock compensation expense recorded for performance-based awards is reversed if the performance condition is no longer deemed probable of achievement or ultimately is not met. 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. The fair value of awards with market conditions ("market-based awards") is determined using a Monte Carlo valuation model and is expensed over an implicit or explicit service period regardless of whether the market condition is probable of achievement or not. Market-based awards that cliff vest are expensed ratably using the straight-line method; whereas, market-based awards with graded vesting features are expensed using the graded vesting method. Stock compensation expense is not reversed if the market condition is not met. For all share-based payment awards, we recognize forfeitures when they occur. Income Taxes We and the majority of our domestic subsidiaries file a consolidated U.S. federal income tax return, while three 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 for 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 2022, 2021 and 2020. See Note 22 for further discussion. Operating and Finance Leases We determine if an arrangement contains a lease at inception. We record both operating leases and finance leases on our balance sheet and do not separate non-lease components from our real estate leases. We exclude leases with a term of one year of less from our balance sheet. Some leases include the options to purchase the leased asset, terminate the lease or extend the lease 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 are 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 right-of-use ("ROU") assets recorded on the balance sheet are 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 at commencement 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 2021, the Financial Accounting Standard Board ("FASB") issued Accounting Standard Update ("ASU") 2021-08, " Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ", which 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 ASC 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 ASC 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 ASU 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 early adopted this standard in the first quarter of 2022, and it did not have an impact on its 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 FASB issued ASU 2019-12, “ Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes ,” which simplifies the accounting for income taxes by eliminating some exceptions to the general approach in ASC 740, " Income Taxes ." It also clarifies certain aspects of the existing guidance to promote more consistent application. This standard is effective for calendar-year public business entities in 2021 and interim periods within that year, and early adoption is permitted. 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 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 year ended December 31, 2019. The Company acknowledges this standard should have been adopted as of January 1, 2020. The adoption of this standard did not change the Company's previously reported net loss or loss from operations for the year ended December 31, 2019 or any individual quarter therein, and the effect on the individual quarters in 2020 was immaterial. 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 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. No other new accounting pronouncements, issued or effective during 2022, have had or are expected to have a significant impact on our consolidated financial statements. |
Acquisitions_Investments
Acquisitions/Investments | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions/Investments | (3) Acquisitions/Investments dp polar On October 4, 2022, we completed the acquisition of 100% of dp polar GmbH ("dp polar"), a German-based designer and manufacturer of the industry’s first additive manufacturing system designed for true high-speed mass production of customized components, for $26,695 (excluding customary post-closing adjustments), of which $19,604 was paid in cash, and the remaining $7,091 was paid via the issuance of the Company’s common stock. An additional payment of $2,229, to be settled via the issuance of 249,865 shares of the Company’s common stock, is possible upon the continued employment of a certain key individual from dp polar through October 4, 2024. Upon assessment, management concluded that this potential obligation for the payment of an additional 249,865 in shares of common stock should be accounted for as compensation expense recognized over the required service period of the individual to whom the amount will potentially be paid and, accordingly, the related $2,229 has been excluded from purchase consideration attributable to the acquisition. The Company acquired dp polar for access to dp polar's patented continuous printing process. This business and its technology are expected to contribute to the operations of the Company's Healthcare Solutions and Industrial Solutions segments. Central to dp polar’s patented continuous printing process is a large-scale, segmented, rotating print platform that eliminates the start/stop operations of virtually all additive manufacturing platforms. With dp polar’s technology and patented polar coordinate control, the print heads remain stationary above the rotating platform, providing a continuous print process. The revenue generated from the acquisition date through December 31, 2022 was immaterial and the acquisition’s near-term impact on the Company’s results of operations and cash flows is expected to be dilutive. In addition, the Company incurred $165 of acquisition-related expenses that are reported in selling, general and administrative expenses in the consolidated statements of operations. We accounted for the acquisition of dp polar using the acquisition method, as prescribed by ASC 805, "Business Combinations" (“ASC 805”). In accordance with valuation methodologies described in ASC 820, "Fair Value Measurement" (“ASC 820”), the acquired assets and assumed liabilities were recorded at their estimated fair values as of the date of the dp polar acquisition. Shown below is the preliminary purchase price allocation, which summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition: (in thousands) Current assets, including cash acquired of $243 $ 302 Intangible assets: In-process research and development $ 5,014 Trade name 3,930 Total intangible assets 8,944 Goodwill 15,350 Other assets 2,376 Liabilities: Accounts payable and accrued liabilities $ 277 Total liabilities 277 Net assets acquired $ 26,695 The goodwill recognized is attributable to synergies which are expected to enhance and expand the Company’s overall product portfolio and opportunities in new and existing markets, future products that have yet to be determined and dp polar’s assembled workforce. This goodwill is not expected to be deductible for tax purposes. As of December 31, 2022, the purchase price allocation for dp polar is preliminary. The Company continues to review the final closing balance sheet of dp polar and may further adjust the acquisition-date fair values of acquired assets and assumed liabilities based on this review. The Company also continues to review dp polar’s pre-acquisition tax returns to determine the final tax positions, including net operating losses and any required valuation allowance. The final purchase price allocations will be completed when the Company has finished its valuation activities and the review of dp polar’s closing balance sheet and the pre-acquisition tax returns. These final allocations could differ materially from the current preliminary allocations. The final allocations may include (1) changes in the preliminary allocations to acquired intangible assets and goodwill and (2) changes in the preliminary allocations to other assets and liabilities, including but not limited to tax assets and liabilities, inclusive of deferred taxes. The estimated useful lives of acquired intangible assets are also preliminary. Kumovis On April 1, 2022, we completed the acquisition of 93.75% of Kumovis GmbH ("Kumovis") for an all-cash purchase price of $37,726, plus an estimated RNCI of $1,559. $3,628 of the cash payment is deferred for up to fifteen months from the closing date. Kumovis, which is part of the Healthcare Solutions segment and reporting unit, utilizes polyether ether keton or “PEEK” materials, which has properties that lend it to many medical applications that fit into our personalized healthcare solutions operations, including many implant applications. The revenue generated from the acquisition date through December 31, 2022 was immaterial and the acquisition’s near-term impact on the Company’s results of operations and cash flows is expected to be dilutive. In addition, the Company incurred $126 of acquisition-related expenses that are reported in selling, general and administrative expenses in the consolidated statements of operations. In conjunction with the Kumovis acquisition, the Company and the non-controlling shareholders entered into a put/call option agreement, whereby, at a later date, the Company has the option to purchase from the non-controlling shareholders, and the non-controlling shareholders have the option to sell to the Company, the remaining 6.25% ownership interest in Kumovis for an exercise price calculated based on the achievement of pre-determined revenue and gross profit targets. Fifty percent of the Kumovis common shares related to the put/call can be exercised upon the achievement of an initial revenue and gross profit target, while the remaining 50% can be exercised upon the achievement of a second revenue and gross profit target. If one or both sets of targets have not been met within 5.75 years from the acquisition date, there is a floor strike price that must be exercised. Up to 50% of the exercise price can be paid in Company common stock at the election of 3D Systems. This arrangement results in the recognition of RNCI, for which an estimated fair value of $1,559 was recorded as of the acquisition date. We accounted for the acquisition of Kumovis using the acquisition method, as prescribed by ASC 805. In accordance with valuation methodologies described in ASC 820, the acquired assets and assumed liabilities were recorded at their estimated fair values as of the date of the Kumovis acquisition. The table below reflects the fair value of both the consideration transferred and the RNCI. (in thousands) Cash paid at acquisition $ 34,098 Deferred cash consideration 3,628 Estimated fair value of RNCI 1,559 Total fair value of consideration transferred $ 39,285 Shown below is the current preliminary purchase price allocation, which summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition: (in thousands) Current assets, including cash acquired of $125 $ 1,407 Intangible assets: Product technology $ 20,770 Trade name 5,802 Total intangible assets 26,572 Goodwill 17,469 Other assets 705 Liabilities: Accounts payable and accrued liabilities $ 332 Deferred revenue 70 Deferred tax liability 6,466 Total liabilities 6,868 Net assets acquired $ 39,285 The goodwill recognized is attributable to synergies which are expected to enhance and expand the Company’s overall product portfolio and opportunities in new and existing markets, future products that have yet to be determined and Kumovis’s assembled workforce. This goodwill is not expected to be deductible for tax purposes. The Company continues to review the final closing balance sheet of Kumovis and may further adjust the acquisition-date fair values of acquired assets and assumed liabilities based on this review. The Company also continues to review Kumovis’s pre-acquisition tax returns to determine the final tax positions, including net operating losses and any required valuation allowance. The final purchase price allocations will be completed when the Company has finished its valuation activities and the review of Kumovis’s closing balance sheet and the pre-acquisition tax returns. The final allocations could differ materially from the current preliminary allocations. The final allocations may include (1) changes in allocations to acquired intangible assets and goodwill, (2) changes to other assets and liabilities, including but not limited to tax assets and liabilities, inclusive of deferred taxes, and (3) changes to the initial acquisition-date RNCI balance. The estimated useful lives of acquired intangible assets are also preliminary. Titan On April 1, 2022, we completed the acquisition of 100% of Titan Additive LLC ("Titan") for an all-cash purchase price of $39,040. Titan, which is part of the Industrial Solutions segment and reporting unit, is a pellet-based extrusion platform that addresses customer applications requiring large build volumes, superior performance, and improved productivity at significantly lower cost. We believe the acquisition of Titan will open up new markets in the Industrial Solutions segment. The revenue generated from the acquisition date through December 31, 2022 was immaterial and the acquisition’s near-term impact on the Company’s results of operations and cash flows is expected to be dilutive. In addition, the Company incurred $612 of acquisition-related expenses that are reported in Selling, general and administrative expenses in the consolidated statements of operations. We accounted for the acquisition of Titan using the acquisition method, as prescribed by ASC 805. In accordance with valuation methodologies described in ASC 820, the acquired assets and assumed liabilities were recorded at their estimated fair values as of the date of the Titan acquisition. Shown below is the current preliminary purchase price allocation, which summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition: (in thousands) Current assets $ 661 Intangible assets: Product technology $ 15,940 Trade name 5,580 Total intangible assets 21,520 Goodwill 17,430 Other assets 68 Liabilities: Accounts payable and accrued liabilities $ 229 Deferred revenue 410 Total liabilities 639 Net assets acquired $ 39,040 The goodwill recognized is attributable to synergies which are expected to enhance and expand the Company’s overall product portfolio and opportunities in new and existing markets, future products that have yet to be determined and Titan’s assembled workforce. This goodwill is expected to be deductible for tax purposes. The Company continues to review the final closing balance sheet of Titan and may further adjust the acquisition-date fair values of acquired assets and assumed liabilities based on this review. The Company also continues to review Titan’s pre-acquisition tax returns in order to determine the final tax positions, including net operating losses and any required valuation allowance. The final purchase price allocations will be completed when the Company has finished its valuation activities and the review of Titan’s closing balance sheet and the pre-acquisition tax returns. The final allocations could differ materially from the current preliminary allocations. The final allocations may include (1) changes in allocations to acquired intangible assets and goodwill and (2) changes to other assets and liabilities, including but not limited to tax assets and liabilities, inclusive of deferred taxes. The estimated useful lives of acquired intangible assets are also preliminary. Dussur In March 2022, we and the Saudi Arabian Industrial Investments Company ("Dussur") signed an agreement to form a joint venture intended to expand the use of additive manufacturing within the Kingdom of Saudi Arabia and surrounding geographies, including the Middle East and North Africa. The joint venture is to enable the development of Saudi Arabia's domestic additive manufacturing production capabilities, consistent with the Kingdom’s ‘Vision 2030,’ which is focused on diversification of the economy and long-term sustainability. Once the joint venture is formed, 3D Systems will own approximately 49% and is committed to an initial investment of about $6,500, of which $3,435 has been deposited in an escrow account and is reported as restricted cash within other assets on the balance sheet as of December 31, 2022. Use of the amount deposited in escrow is limited to funding the Company's initial investment in the joint venture, and such amount is expected to be deposited into a bank account of the joint venture for use in its operations or to pay outstanding liabilities upon legal formation. Additional future investments are contingent upon achievement of certain milestones by the joint venture. The impact on the Company’s financial position, results of operations and cash flows is not expected to be material other than the cash outflow(s) related to the initial and contingent investments. Enhatch In March 2022, we made a $10,000 investment in convertible preferred shares for an approximate 26.6% ownership interest in Enhatch Inc. ("Enhatch"), the developer of the Intelligent Surgery Ecosystem. We simultaneously entered into a supply agreement with Enhatch. We also obtained warrants to purchase additional shares of Enhatch, as well as the right to purchase in the future ("call option") the remaining shares of Enhatch that 3D Systems does not own if certain revenue targets are achieved. The investment, including the embedded call option and the warrants, are recorded in other assets on the consolidated balance sheet. Enhatch's Intelligent Surgery Ecosystem provides technologies which streamline and scale the design and delivery of patient-specific medical devices by automating the process. Incorporating these capabilities into 3D Systems’ workflow for patient-specific solutions, which includes advanced software, expert treatment planning services, custom implants and instrumentation design, and industry-leading production processes, will help more efficiently meet the growing demand for personalized medical devices. As of the investment date, a fair value was determined for each element of the Enhatch transaction, including the convertible preferred shares, inclusive of the embedded call option, and the warrants, for which the total fair value was $10,000. As of the investment date, the fair values of the convertible preferred shares, inclusive of the embedded call option, and warrants were $9,670 and $330, respectively. The convertible preferred shares and call option were recorded at their initial fair value and are subsequently evaluated for impairment or the existence of an orderly and observable transaction indicating that a change in carrying value is appropriate, for which any adjustment will be recorded through the statement of operations. The warrants are marked to market on a quarterly basis, with the changes in fair value recorded through the statement of operations. During the third quarter of 2022, the Company recorded an impairment charge of $2,770 related to the carrying value of the convertible preferred stock, inclusive of the embedded call option, held in Enhatch. This impairment charge was the result of lower than projected revenues recognized by Enhatch during the third quarter of 2022, as well as a reduction to near-term forecasted revenues due to a delay in receiving certain regulatory approvals. In addition, the carrying value of the Enhatch warrants, which are required to be recorded at their fair value as of the end of each quarter, has been reduced from their initial fair value of $330 to $200 during the year ended December 31, 2022. The Company has recorded the impairment charge related to its Enhatch investment, as well as the change in the fair value of the Enhatch warrants, within interest and other income (expense), net on the statement of operations for the year ended December 31, 2022. See Note 21 for additional information related to Enhatch. Volumetric On December 1, 2021, we acquired Volumetric Biotechnologies, Inc. (“Volumetric”) for $40,173, 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 $15,359. We also incurred approximately $1,306 of acquisition-related expenses during the year ended December 31, 2021, which are reported in selling, general and administrative expenses in the consolidated statements of operations. Additional payments of up to $355,000 are possible upon (1) the attainment of seven non-financial milestones, each of which requires achievement prior to either December 31, 2030 or December 31, 2035, and (2) the 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 through the estimated time of achievement. Any compensation expense recorded will be reversed if the milestone is no longer deemed probable of achievement. As of December 31, 2022 and 2021, one of the seven milestones was considered probable of achievement, resulting in the recognition of $15,918 and $1,326 of expense during the years ended December 31, 2022 and 2021, respectively. The impact of potential share issuances related to the achievement of milestones is not included in dilutive shares for purposes of calculating diluted earnings per share until the milestone is met. 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 seeks to 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 of Volumetric using the acquisition method, as prescribed by ASC 805. In accordance with valuation methodologies described in ASC 820, the acquired assets and assumed liabilities were recorded at their estimated fair values as of the date of acquisition. Shown below is the final purchase price allocation, which summarizes the fair values of the acquired assets and liabilities assumed at the date of acquisition: (in thousands) Current assets, including cash acquired of $389 $ 3,143 Intangible assets: Product technology $ 1,100 Distributor relationship 400 Total intangible assets 1,500 Goodwill 37,492 Other assets 1,194 Liabilities: Accounts payable and accrued liabilities $ 3,156 Total liabilities 3,156 Net assets acquired $ 40,173 During the year ended December 31, 2022, the Company updated its preliminary valuation of the fair value of acquired assets and assumed liabilities. As a result of the incremental valuation procedures performed during the current year, the preliminary acquisition-date fair value assigned to the acquired intangible assets increased by $861. This increase in fair value was offset by a corresponding decrease in the acquisition-date fair value of goodwill and resulted in an immaterial cumulative catch-up adjustment to amortization expense. The goodwill recognized is attributable to synergies which are expected to enhance and expand the Company’s overall product portfolio and opportunities in new and existing markets, future products that have yet to be determined and Volumetric’s assembled workforce. Goodwill is not expected to be deductible for tax purposes. Volumetric is part of the Healthcare Solutions reporting unit and segment. The acquisition’s impact on the Company's results of operations and cash flows has been dilutive. Oqton On November 1, 2021, we acquired Oqton, Inc. (“Oqton”) for $187,775, of which $107,078 was paid in cash, and the remainder was paid via the issuance of 2,553 shares of the Company’s common stock having a fair value at the date of issuance of $80,697. We also incurred approximately $1,780 of acquisition related expenses during the year ended December 31, 2021, which are reported in selling, general and administrative expenses in the consolidated statements of operations. 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 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 of Oqton using the acquisition method, as prescribed by ASC 805. In accordance with valuation methodologies described in ASC 820, the acquired assets and assumed liabilities were recorded at their estimated fair values as of the date of the Oqton acquisition. Shown below is the final purchase price allocation, which summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition: (in thousands) Current assets, including cash acquired of $7,603 $ 8,344 Intangible assets: Product technology $ 12,600 Trade name 7,300 Total intangible assets 19,900 Goodwill 165,904 Other assets 760 Liabilities: Accounts payable and accrued liabilities $ 6,643 Deferred revenue 490 Total liabilities 7,133 Net assets acquired $ 187,775 During the year ended December 31, 2022, the Company updated its preliminary valuation of the fair value of acquired assets and assumed liabilities. As a result of the incremental valuation procedures performed during the current year, the preliminary acquisition-date fair value assigned to the acquired product technology and trade name increased by $1,400 and $500, respectively. These increases in fair value were primarily offset by a corresponding decrease in the acquisition-date fair value of goodwill and resulted in an immaterial cumulative catch-up adjustment to amortization expense. The goodwill recognized is attributable to synergies which are expected to enhance and expand the Company’s overall product portfolio and opportunities in new and existing markets, future products that have yet to be determined and Oqton’s assembled workforce. Goodwill is non-deductible for tax purposes. Oqton's operating results are reported in the Industrial Solutions segment. The acquisition’s impact on the Company’s results of operations and cash flows has been dilutive. Other In May 2021, we purchased Allevi, Inc. ("Allevi") to expand regenerative medicine initiatives into medical and pharmaceutical research and development laboratories. Additionally, in June 2021, we closed the acquisition of a German software firm, Additive Work s 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, as well as the impacts to the Company’s financial position, results of operations and cash flows, are not material. Acquisitions of Non-controlling 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. As of December 31, 2018, the Company owned approximately 70% of the capital and voting rights of Easyway, a service bureau and distributor of 3D printing and scanning products in China. The remaining 30% of the capital and voting rights of Easyway were acquired on January 21, 2019 for $13,500, which has been paid in installments. Of the total installment payments made, $2,300, $6,300, and $2,500 were paid during the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, there are no more installments due. |
Divestitures
Divestitures | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures | (4) Divestitures ODM In September 2021, we completed the sale of the Company’s On Demand Manufacturing business ("ODM") for $82,000, excluding certain customary closing adjustments. We recorded a gain on the sale of $38,490 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 Solutions segment. At closing, the Company and the purchaser entered into a supply agreement and a transition services agreement pursuant to which the Company agreed to 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. At December 31, 2022 only the supply agreement was active. Simbionix 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, 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 within interest and other income (expense), net Cimatron 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 within interest and other income (expense), net on the accompanying consolidated statement of operations for the year ended December 31, 2021. Additionally, at the time of the sale, we recognized a gain of $6,481 upon the reclassification of accumulated foreign currency translation gains previously included in AOCL, which is included within interest and other income (expense), net for the year ended December 31, 2021. Cimatron was included within the Industrial Solutions segment. Other In November 2020, we sold our Australia ODM business in an asset sale for $685. The carrying value of the net assets disposed, 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 net assets disposed, including net working capital and allocable goodwill, was $3,806. Recognized losses of $4,524 were included within interest and other income (expense), net on the consolidated statement of operations for the year ended December 31, 2020. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | (5) Revenue We account for revenue in accordance with ASC 606. 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 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, 2022, we had $80,639 of outstanding performance obligations, comprised of deferred revenue, customer order backlog and customer deposits. We expect to recognize approximately 89.4% of the $38,348 of deferred revenue and customer deposits as revenue within the next twelve months, an additional 6.0% by the end of 2024 and the remaining balance thereafter. Revenue Recognition Revenue is recognized when control of the promised products or services is transferred to customers. Revenue is recognized 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, accordingly, are accounted for as separate performance obligations. For such arrangements, we allocate revenue to each performance obligation based upon its relative stand-alone selling price (“SSP”). Revenue is recognized net of allowances for returns and any taxes collected from customers that 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. Hardware and Materials Revenue from hardware and material sales is recognized when control has transferred to the customer, which generally occurs when the goods have been shipped or delivered to the customer, risk of loss has transferred to the customer, and we have a present right to payment. 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 regarding 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. Our 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 of support is included, but subsequent years are optional. This optional support is considered a separate obligation from the software. Accordingly, revenue is deferred at the time of sale and subsequently recognized ratably over future periods. Services We offer training, installation and non-contract maintenance services for our products. Additionally, we offer maintenance contracts customers can purchase at their option. For maintenance contracts, revenue is deferred at the time of sale based on the stand-alone selling prices of these services. Deferred revenue is recognized ratably over the term of the maintenance period on a straight-line basis and costs are expensed as incurred. Revenue from training, installation and non-contract maintenance services is recognized at the time of performance of the service. We have also recently commenced selling software as a service, whereby the customer has the right to access the software. Revenue is recognized ratably over the related subscription period, as our performance obligation to provide access to the software is progressively fulfilled over the stated term of the contract. On demand manufacturing and Healthcare Solutions 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. 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 of transfer of control for each distinct performance obligation. The Company recognized $13,497, $6,804 and $6,953 in revenue related to collaboration arrangements with customers for the years ended December 31, 2022, 2021 and 2020, respectively. 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. Creditworthiness is determined, and credit is extended, based upon 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. 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 revenue 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, we 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 the recognition of billed accounts receivable and unbilled receivables (contract assets) and customer deposits and deferred revenue (contract liabilities) on our consolidated balance sheets. Timing of revenue recognition may differ from the timing of invoicing to customers. We record accounts receivable when revenue is recognized at the time of invoicing, and 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 has 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 for extended warranties, resulting in deferred revenue. Changes in contract asset and liability balances were not materially impacted by any other factors for the year ended December 31, 2022. During the year ended December 31, 2022, we recognized revenue of $31,038 related to our contract liabilities at December 31, 2021. During the year ended December 31, 2021, we recognized revenue of $30,302 related to our contract liabilities at December 31, 2020. During the year ended December 31, 2020, we recognized revenue of $30,635 related to our contract liabilities at December 31, 2019. 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, 2022, 2021, and 2020, one customer accounted for approximately 23%, 22% and 13% of our consolidated revenue, respectively. We expect to maintain our relationship with this customer. Revenue by geographic region for the years ended December 31, 2022, 2021, and 2020 was as follows: Year Ended December 31, (in thousands) 2022 2021 2020 Americas $ 308,516 $ 344,619 $ 280,028 EMEA 167,114 201,684 213,575 APAC 62,401 69,336 63,637 Total $ 538,031 $ 615,639 $ 557,240 United States (included in Americas above) $ 304,503 $ 341,123 $ 275,145 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | (6) Segment Information Effective January 1, 2021, we identified two reportable segments: Healthcare Solutions and Industrial Solutions. 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 Solutions and Industrial Solutions 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 the financial performance of the Company and in the decision-making process driving future operating performance. However, the CODM does not review disaggregated asset information on the basis of the Company's segments; therefore, such information is not presented. In addition, our results for the fiscal year ended December 31, 2020 have not been presented on the basis of our revised segmentation as the Company did not report those results internally or externally on the basis of Healthcare versus Industrial. Accordingly, restating our results for the period based upon our revised segmentation was not practicable. The following tables set forth our operating results by segment for the years ended December 31, 2022 and 2021: Year Ended December 31, 2022 2021 Healthcare Industrial Consolidated Healthcare Industrial Consolidated (in thousands) Revenue $ 260,988 $ 277,043 $ 538,031 $ 306,184 $ 309,455 $ 615,639 Cost of sales 162,222 161,576 323,798 170,434 181,427 351,861 Gross profit 98,766 115,467 214,233 135,750 128,028 263,778 Less: Segment operating expenses 72,954 92,630 165,584 66,392 79,473 145,865 Segment operating income $ 25,812 $ 22,837 48,649 $ 69,358 $ 48,555 117,913 General corporate expense, net (a) 165,668 150,982 Operating (loss) $ (117,019) $ (33,069) (a) 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. For the year ended December 31, 2022, depreciation and amortization expense was $6,450 for Healthcare Solutions, $10,472 for Industrial Solutions, and $19,650 for corporate. For the year ended December 31, 2021, depreciation and amortization expense was $7,355 for Healthcare Solutions, $13,713 for Industrial Solutions, and $13,643 for corporate. As of December 31, 2022, and 2021, long-lived assets in the United States totaled $67,334 and $71,611, respectively, and long-lived assets outside of the United States totaled $33,484 and $32,002 respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | (7) Leases We have various lease agreements for our facilities, equipment and vehicles with remaining lease terms ranging from one 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 100,000 rentable square feet, to be constructed and funded by the lessor up to a certain amount. The lease terms, as amended, extend through March 31, 2038 for both the existing building and the expansion site. Lease payments for the new building started during December 2022 upon construction becoming substantially complete. The total estimated base rent lease payments as of December 31, 2022 are $19,142, which are not included in the lease information below as the lease did not commence until February 2023 upon our receipt of the certificate of occupancy and, as a result, the building becoming available for use by the Company. Additionally, we entered into a lease for a new building in Littleton, CO, which will contain approximately 50,000 rentable square feet, and will 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 base rent lease payments at December 31, 2022 are $14,233, which are not included in the lease information below as the lease has not yet commenced. Components of lease cost (income) for the years ended December 31, 2022, 2021, and 2020 were as follows: (in thousands) 2022 2021 2020 Operating lease cost $ 9,135 $ 10,226 $ 13,937 Finance lease cost - amortization expense 621 714 937 Finance lease cost - interest expense 196 238 664 Short-term lease cost 705 76 159 Variable lease cost 764 3,163 1,363 Sublease income (158) (569) (615) Total $ 11,263 $ 13,848 $ 16,445 Balance sheet classifications at December 31, 2022 and 2021 are summarized below: 2022 2021 (in thousands) Right-of-use assets Current lease liabilities Long-term lease liabilities Right-of-use assets Current lease liabilities Long-term lease liabilities Operating leases $ 39,502 $ 8,343 $ 38,499 $ 42,502 $ 7,711 $ 43,359 Finance leases 3,244 693 3,280 3,854 633 4,061 Total $ 42,746 $ 9,036 $ 41,779 $ 46,356 $ 8,344 $ 47,420 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 charge s totaling $1,627 related to our ROU assets and impairment charges totaling $1,953 related to leasehold improvements. As of December 31, 2022, our future minimum lease payments under operating leases and finance leases with initial or remaining lease terms in excess of one year were as follows: (in thousands) Finance Leases Operating Leases Years ending December 31: 2023 $ 823 $ 10,780 2024 800 9,322 2025 743 7,194 2026 605 5,867 2027 578 5,458 Thereafter 1,012 22,077 Total lease payments (undiscounted) 4,561 60,698 Less: imputed interest (588) (13,856) Present value of lease liabilities $ 3,973 $ 46,842 Supplemental cash flow information related to our leases for the years ending December 31, 2022, 2021 and 2020 was as follows: (in thousands) 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow for operating leases $ 10,268 $ 11,108 $ 13,151 Operating cash outflow for finance leases $ 196 $ 238 $ 661 Financing cash outflow for finance leases $ 652 $ 721 $ 496 The weighted-average remaining lease term and discount rate for our finance and operating leases as of December 31, 2022 and 2021 were as follows: 2022 2021 Finance Operating Finance Operating Weighted-average remaining lease term (in years) 6.2 7.7 7.4 8.7 Weighted-average discount rate 4.83% 6.49% 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 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 100,000 rentable square feet, to be constructed and funded by the lessor up to a certain amount. The lease terms, as amended, extend through March 31, 2038 for both the existing building and the expansion site. Lease payments for the new building started during December 2022 upon construction becoming substantially complete. The total estimated base rent lease payments as of December 31, 2022 are $19,142, which are not included in the lease information below as the lease did not commence until February 2023 upon our receipt of the certificate of occupancy and, as a result, the building becoming available for use by the Company. Additionally, we entered into a lease for a new building in Littleton, CO, which will contain approximately 50,000 rentable square feet, and will 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 base rent lease payments at December 31, 2022 are $14,233, which are not included in the lease information below as the lease has not yet commenced. Components of lease cost (income) for the years ended December 31, 2022, 2021, and 2020 were as follows: (in thousands) 2022 2021 2020 Operating lease cost $ 9,135 $ 10,226 $ 13,937 Finance lease cost - amortization expense 621 714 937 Finance lease cost - interest expense 196 238 664 Short-term lease cost 705 76 159 Variable lease cost 764 3,163 1,363 Sublease income (158) (569) (615) Total $ 11,263 $ 13,848 $ 16,445 Balance sheet classifications at December 31, 2022 and 2021 are summarized below: 2022 2021 (in thousands) Right-of-use assets Current lease liabilities Long-term lease liabilities Right-of-use assets Current lease liabilities Long-term lease liabilities Operating leases $ 39,502 $ 8,343 $ 38,499 $ 42,502 $ 7,711 $ 43,359 Finance leases 3,244 693 3,280 3,854 633 4,061 Total $ 42,746 $ 9,036 $ 41,779 $ 46,356 $ 8,344 $ 47,420 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 charge s totaling $1,627 related to our ROU assets and impairment charges totaling $1,953 related to leasehold improvements. As of December 31, 2022, our future minimum lease payments under operating leases and finance leases with initial or remaining lease terms in excess of one year were as follows: (in thousands) Finance Leases Operating Leases Years ending December 31: 2023 $ 823 $ 10,780 2024 800 9,322 2025 743 7,194 2026 605 5,867 2027 578 5,458 Thereafter 1,012 22,077 Total lease payments (undiscounted) 4,561 60,698 Less: imputed interest (588) (13,856) Present value of lease liabilities $ 3,973 $ 46,842 Supplemental cash flow information related to our leases for the years ending December 31, 2022, 2021 and 2020 was as follows: (in thousands) 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow for operating leases $ 10,268 $ 11,108 $ 13,151 Operating cash outflow for finance leases $ 196 $ 238 $ 661 Financing cash outflow for finance leases $ 652 $ 721 $ 496 The weighted-average remaining lease term and discount rate for our finance and operating leases as of December 31, 2022 and 2021 were as follows: 2022 2021 Finance Operating Finance Operating Weighted-average remaining lease term (in years) 6.2 7.7 7.4 8.7 Weighted-average discount rate 4.83% 6.49% 4.63% 5.45% |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | (8) Inventories Components of inventories at December 31, 2022 and 2021 are summarized as follows: (in thousands) 2022 2021 Raw materials $ 59,907 $ 23,530 Work in process 4,972 5,173 Finished goods and parts 72,953 64,184 Total inventories $ 137,832 $ 92,887 The inventory reserve w as $15,550 and $16,509 as of December 31, 2022 and 2021, respectively. In the second quarter of 2022, we notified one of our contract manufacturers of our intent to terminate our manufacturing services arrangement and in-source the assembly and production process. The exit agreement was finalized in July 2022 and resulted in a $1,670 exit fee that we paid in third quarter of 2022, as well as the purchase of $23,913 of inventory and $369 of fixed assets from the assembly manufacturer in the third quarter of 2022. Part of the inventory purchased was prepaid during previous quarters for $8,892, resulting in a net payment of $17,060 in July 2022. 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 of $10,894 to products costs of sales, primarily attributable to inventory, accessories and inventory commitments for these products. We have ceased production for these items. There was no material product line life ended during the years ended December 31, 2022 or 2021. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | (9) Property and Equipment Property and equipment at December 31, 2022 and 2021 are summarized as follows: (in thousands) 2022 2021 Useful Life (in years) Building $ 94 $ 84 25-30 Machinery and equipment 130,874 117,446 2-5 Capitalized software 25,952 24,149 3-5 Office furniture and equipment 5,540 5,188 1-5 Leasehold improvements 34,567 32,200 Life of lease a Construction in progress 9,175 12,051 N/A Total property and equipment 206,202 191,118 Less: Accumulated depreciation and amortization (148,130) (133,861) Total property and equipment, net $ 58,072 $ 57,257 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 cost of sales on the statements of operations. Depreciation related to assets that are not attributable to the generation of revenue is included in the research and development and selling, general and administrative expense line items on the statements 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, 2022, 2021 and 2020 was $21,096, $24,242 and $28,397, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | (10) Intangible Assets Intangible assets at December 31, 2022 and 2021 are summarized as follows: 2022 2021 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Weighted Average Useful Life Remaining (in years) Intangible assets with finite lives: Customer relationships $ 51,137 $ (48,695) $ 2,442 $ 53,062 $ (45,613) $ 7,449 3.7 Acquired technology 55,480 (10,707) 44,773 17,518 (5,430) 12,088 8.3 Trade names 35,930 (12,455) 23,475 20,448 (10,438) 10,010 9.3 Patent costs 18,673 (10,909) 7,764 21,852 (11,812) 10,040 9.5 Trade secrets 19,828 (19,828) — 19,924 (18,971) 953 — Acquired patents 17,499 (15,661) 1,838 16,257 (15,945) 312 12.7 Other 13,255 (8,765) 4,490 12,982 (7,999) 4,983 8.6 Total intangible assets $ 211,802 $ (127,020) $ 84,782 $ 162,043 $ (116,208) $ 45,835 8.7 The Company's total intangible assets reported on the balance sheet include an indefinite-life intangible asset related to dp polar IPR&D. The carrying value of the Company's indefinite-lived intangible assets was $5,448 and $0 as of December 31, 2022 and 2021, respectively. Amortization expense related to intangible assets was $15,480, $10,469 and $15,810 for the years ended December 31, 2022, 2021 and 2020, respectively. Annual amortization expense for intangible assets is estimated to be $10,528 in 2023, $10,504 in 2024, $10,229 in 2025, $7,324 in 2026 and $6,843 in 2027. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | (11) Goodwill The following table reflects the changes in the carrying amount of goodwill by reporting unit for the year ended December 31, 2022: Year Ended December 31, 2022 Healthcare Industrial Consolidated (in thousands) Gross Goodwill Impairments Net Goodwill Gross Goodwill Impairments Net Goodwill Gross Goodwill Impairments Net Goodwill Balance at beginning of year $121,970 $(32,055) $89,915 $298,002 $(42,329) $255,673 $419,972 $(74,384) $345,588 Acquisitions 25,378 — 25,378 23,433 — 23,433 48,811 — 48,811 Foreign currency translation adjustments (3,917) — (3,917) (5,170) — (5,170) (9,087) — (9,087) Balance at end of year $143,431 $(32,055) $111,376 $316,265 $(42,329) $273,936 $459,696 $(74,384) $385,312 The effect of foreign currency exchange in the table above reflects the impact on goodwill of amounts recorded in currencies other than the U.S. dollar on the financial statements of foreign subsidiaries and the resulting effect of foreign currency translation between the applicable functional currency and the U.S. dollar. Our reporting units are Healthcare Solutions and Industrial Solutions. We completed the required annual goodwill impairment tests as of November 30, 2022 and 2021. The goodwill impairment tests compared the fair value of each reporting unit to its carrying value. We estimated the fair value of our reporting units based primarily on projections of future revenues, expenses, and cash flows discounted to their 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 assumptions included estimates 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, 2022 and 2021. Goodwill Impairment Prior to Change in Segments Prior to identifying Healthcare Solutions and Industrial Solutions as the Company's reportable segments, which took effect as of January 1, 2021, the reporting units at which goodwill was tested for impairment were based upon geographic regions. 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 also determined that, as of September 30, 2020, the fair values of the Americas and APAC reporting units exceeded their carrying values, and the carrying values of our long-lived assets were recoverable for all reporting units. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefits | (12) Employee Benefits We sponsor a Section 401(k) plan (the “Plan”) covering substantially all of 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, 2022, 2021 and 2020, we expensed $2,254, $2,039 and $2,456, respectively, for matching contributions related 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. 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, 2022 and 2021: (in thousands) 2022 2021 Reconciliation of benefit obligation: Obligation as of January 1 $ 9,074 $ 10,391 Service cost 103 187 Interest cost 99 130 Actuarial (gain) loss (3,387) (234) Benefit payments (162) (627) Effect of foreign currency exchange rate changes (512) (773) Benefit obligation as of December 31 5,215 9,074 Fair value of assets as of December 31 3,463 3,577 Funded status as of December 31 $ (1,752) $ (5,497) We recognized the following amounts in the consolidated balance sheets at December 31, 2022 and 2021: (in thousands) 2022 2021 Other assets $ 3,463 $ 3,577 Accrued and other liabilities (165) (163) Other liabilities (5,050) (8,911) Net liability $ (1,752) $ (5,497) Following are the projected benefit obligation and accumulated benefit obligation at December 31, 2022 and 2021: (in thousands) 2022 2021 Projected benefit obligation $ 5,215 $ 9,074 Accumulated benefit obligation $ 4,984 $ 8,635 The following table shows the components of net periodic benefit costs and the amounts recognized in accumulated other comprehensive income (loss) (in thousands) 2022 2021 2020 Net periodic benefit cost: Service cost $ 103 $ 187 $ 204 Interest cost 99 130 84 Amortization of actuarial loss 45 259 351 Total net periodic pension cost 247 576 639 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net (gain) loss (3,387) (234) (1,223) Amortization of prior years' unrecognized loss (45) (259) (351) Total recognized as other comprehensive income (loss), excluding tax (3,432) (493) (1,574) Total (gain) expense recognized in net periodic benefit cost and other comprehensive income (loss) $ (3,185) $ 83 $ (935) The following assumptions are used to determine the benefit obligations as of December 31, 2022 and 2021: 2022 2021 Discount rate 4.2% 1.2% 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 for the years ending December 31: 2023 $ 174 2024 $ 176 2025 $ 177 2026 $ 208 2027 $ 234 2028 through 2032 $ 1,578 |
Accrued and Other Liabilities
Accrued and Other Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued and Other Liabilities | (13) Accrued and Other Liabilities Accrued and other liabilities at December 31, 2022 and 2021 are summarized as follows: (in thousands) 2022 2021 Compensation and benefits $ 19,814 $ 39,846 Accrued taxes 10,694 19,836 Vendor accruals 6,920 9,045 Legal contingencies 9,948 — Product warranty liability 3,677 3,585 Accrued professional fees 2,405 2,263 Accrued other 1,488 1,593 Royalties payable 625 826 Total $ 55,571 $ 76,994 Other liabilities at December 31, 2022 and 2021 are summarized as follows: (in thousands) 2022 2021 Long-term employee indemnity $ 4,817 $ 5,237 Long-term tax liability 5,711 6,099 Defined benefit pension obligation 5,050 8,911 Long-term deferred revenue 4,974 10,244 Earnout liability 17,244 1,327 Legal contingencies 6,096 — Other long-term liabilities 289 436 Total $ 44,181 $ 32,254 Changes in the product warranty obligation for the years ended December 31, 2022, 2021 and 2020 are summarized below: (in thousands) Beginning Balance Settlements made Accruals for warranties issued Ending Balance Year ended December 31, 2022 $ 3,585 $ (5,961) $ 6,053 $ 3,677 2021 $ 2,348 $ (7,547) $ 8,784 $ 3,585 2020 $ 2,908 $ (6,826) $ 6,266 $ 2,348 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings | (14) Borrowings Convertible Notes On November 16, 2021, the Company issued $460,000 in aggregate principal amount of 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, of which $10,490 is unamortized at December 31, 2022. 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 their terms. 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 equal to or greater than 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 Common Stock, or a combination of cash and shares of 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 December 31, 2022, the fair value of the Notes is $315,592. This is based on the quoted market price where the volume of activity is limited and not active and, thus, this is deemed a Level 2 fair value measurement. The Company incurred $2,652 of debt issuance cost accretion for the twelve months ended December 31, 2022 and $324 for the period between the date of the Notes issuance and December 31, 2021. Debt issuance cost accretion of $2,683, $2,698, $2,714, and $2,395 is expected to be incurred in 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. Effective August 24, 2021, we terminated this 5-year $100,000 Senior Credit Facility. 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. Concurrent with the repayment of the Term Facility, we terminated the related interest rate swap. See Note 15 for additional information. |
Hedging Activities and Financia
Hedging Activities and Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
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 related to 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 were expected to offset the changes in cash flows attributable to fluctuations in the one-month USD-LIBOR rate upon which the interest payments associated with our Term Facility were based prior to repayment. 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. Subsequent to June 2020, changes in the swap’s fair value were recognized in earnings and included in interest and other income (expense), net. The Company terminated this contract in connection with repayment of the Term Facility. See Note 14 for additional information. During the years ended December 31, 2022, 2021 and 2020, we recognized losses of $0, $711, and $1,513, respectively, on interest rate swap contracts. There were no derivatives designated as hedging instruments on our balance sheets at December 31, 2022 and 2021. 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 currency exchange rates between the dates that non-functional currency transactions are entered into and their respective settlement dates will result in a foreign currency 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 exchange contracts to hedge exposures arising from foreign currency transactions. We have elected not to prepare and maintain the documentation required to qualify for hedge accounting treatment under ASC 815, “ Derivatives and Hedging ” and, therefore, all gains and losses (realized or unrealized) on our foreign currency contracts are recognized in interest and other income (expense), net on the consolidated statements of operations. 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 and other liabilities on the consolidated balance sheets. We had $0 and $43,000 in notional foreign currency exchange contracts outstanding as of December 31, 2022 and 2021, respectively. The fair values of these contracts were not material. During the years ended December 31, 2022, 2021 and 2020, we recognized losses (gain) related to foreign exchange hedging activities of $2,322, $335, and $(608), respectively. |
Interest income (expense)
Interest income (expense) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Interest income (expense) | (16) Interest income (expense) Year Ended December 31, (in thousands) 2022 2021 2020 Interest and other income (expense), net Foreign exchange (loss) gain, net $ (4,424) $ 1,681 $ (4,762) Interest income (expense), net 6,541 (1,902) (3,991) Other (expense) income, net (5,907) 352,830 (15,694) Total interest and other (expense) income, net $ (3,790) $ 352,609 $ (24,447) |
Common Stock and Preferred Stoc
Common Stock and Preferred Stock | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Common Stock and Preferred Stock | (17) Common Stock and Preferred Stock Common Stock The Company is authorized to issue 220,000 shares of common stock. The holders of the common stock are entitled to one vote for each share held at all meetings of stockholders (and written actions in lieu of meetings). Dividends may be declared and paid on common stock from funds lawfully available as and when determined by the Board of Directors and subject to any preferential dividend rights of any then outstanding preferred stock. Through the year ended December 31, 2022, no dividends had been declared. Preferred Stock The Company is authorized to issue 5,000 shares of preferred stock, all of which remained unissued at December 31, 2022 and 2021. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | (18) Stock-Based Compensation The Company maintains the 2015 Incentive Plan. The 2015 Incentive Plan was amended and restated in May 2022 to, among other things, increase the number of shares reserved for issuance by 6,935 shares (as amended and restated, the “2015 Plan”). The total number of shares of common stock reserved and available for distribution under the 2015 Plan and the total number of shares of common stock that can be issued pursuant to stock options is 25,235 shares. The 2015 Plan authorizes the granting of shares of restricted stock, restricted stock units ("RSUs"), stock appreciation rights, cash incentive awards and 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 the granting of shares of restricted stock to our non-employee directors. The vesting period for awards under the stock plans is generally determined by the Board of Directors 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. The following table shows the stock-based compensation expense recognized during the years ended December 31, 2022, 2021, and 2020: (in thousands) 2022 2021 2020 Stock-based compensation expense $ 42,415 $ 55,153 $ 17,725 Tax benefit $ — $ — $ — Included in the above expenses for the years ended December 31, 2022, 2021, 2020 are $4,030, $22,057, and $0 of expense, respectively, pertaining to annual incentive compensation which is paid in Company shares of common stock. Also, included in the above expenses for the years ended December 31, 2022, 2021, and 2020 are $7,959, $683, and $0, respectively, of expense related to the Volumetric earnout arrangement discussed in Note 3. Finally, the above expenses for the years ended December 31, 2022, 2021 and 2020 include $268, $0 and $0, respectively, of expense related to the dp polar earnout arrangement discussed in Note 3. Restricted Stock and Restricted Stock Units A summary of our restricted stock and RSU activity for the year ended December 31, 2022 is as follows: (in thousands, except per share amounts) Number of Shares/Units Weighted Average Grant Date Fair Value Outstanding at beginning of year — unvested 3,980 $ 19.72 Granted 4,422 $ 15.23 Canceled (700) $ 16.90 Vested (2,687) $ 15.92 Outstanding at end of year — unvested 5,015 $ 18.19 Included in the above outstanding balance as of December 31, 2022 are 834 shares of restricted stock that vest under specified market conditions and 1,215 shares of restricted stock that vest under specified Company performance measures. Awards with specified market conditions were awarded to certain employees in 2022, 2021, and 2020. Included in the above granted and vested activity for the year ended December 31, 2022 are 1,286 shares of stock related to the Company's annual incentive plan that were granted under the 2015 Plan in lieu of cash and immediately vested in the first quarter of 2022. 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. During the year ended December 31, 2022, an additional 213 PSUs with corresponding milestones were issued to employees. As of December 31, 2022 and 2021, one of the four milestones was deemed probable of achievement and, accordingly, the company recognized expense related to these awards of $1,031 and $81 for the years ended December 31, 2022 and 2021, respectively. At December 31, 2022, there was $46,601 of unrecognized stock-based compensation expense related to all unvested restricted stock and RSUs, which we expect to recognize over a weighted-average period of 1.9 years. Stock Options During the year ended December 31, 2016, we awarded certain employees market condition stock options under the 2015 Plan 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. 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 is not reversed if the market condition is not met. Stock option activity for the year ended December 31, 2022 was as follows: Year Ended December 31, 2022 (in thousands, except per share amounts) Number of Shares Weighted Average Exercise Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Stock option activity: Outstanding at beginning of year 420 $ 13.26 4.7 $ 3,479 Granted — — — — Exercised — — — — Forfeited and expired — — — — Outstanding at end of year 420 $ 13.26 3.7 $ — As of December 31, 2022 and 2021, none of the 420 outstanding stock options were exercisable, and there was no unrecognized stock-based compensation expense related to stock options. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | (19) Net Income (Loss) Per Share Basic net income (loss) per share is calculated by dividing net income (loss) attributable to 3D Systems' common stock shareholders by the weighted average number of common shares outstanding during the applicable period. Diluted net income (loss) per share incorporates the additional shares issuable upon the assumed exercise of stock options, the vesting of restricted stock and restricted stock units, and the assumed conversion of debt, except in such case when (1) the inclusion of such shares or potential shares would be anti-dilutive or (2) when the vesting of restricted stock or restricted stock units is contingent upon one or more performance conditions that have not been met as of the balance sheet date. Year Ended December 31, (in thousands, except per share amounts) 2022 2021 2020 Numerator for basic and diluted net (loss) income per share: Net (loss) income attributable to 3D Systems Corporation $ (122,711) $ 322,052 $ (149,594) Redeemable non-controlling interest redemption value in excess of carrying value (596) — — Net (loss) income attributable to common stock shareholders $ (123,307) $ 322,052 $ (149,594) Denominator for net (loss) income per share: Weighted average shares – basic 127,818 122,867 117,579 Dilutive effect of shares issuable under stock based compensation and other plans (1) — 3,467 — Weighted average shares – diluted 127,818 126,334 117,579 Net income (loss) per share – basic $ (0.96) $ 2.62 $ (1.27) Net income (loss) per share – diluted $ (0.96) $ 2.55 $ (1.27) (1) Equity awards for the years ended December 31, 2022 and 2020 are deemed anti-dilutive because we reported a net loss for these periods. The dilutive impact of equity awards for December 31, 2021 is 2,755 shares, for which the calculation requires certain assumptions regarding assumed proceeds that would hypothetically repurchase common shares upon the conversion and exercise of restricted shares and outstanding stock options, respectively, and an estimate of 712 shares for the payment of accrued incentive compensation that was to be settled in shares. The share estimate is based on the accrued incentive compensation balance at the end of 2021 divided by the 2021 average share price. The following table presents the potentially dilutive shares that were excluded from the computation of diluted earnings (loss) per share attributable to common stockholders because their effect was considered anti-dilutive for the years ended December 31, 2022, 2021 and 2020, respectively. Year Ended December 31, (in thousands) 2022 2021 2020 Restricted stock and restricted stock units 5,015 1,779 3,540 Stock options 420 — 420 Total 5,435 1,779 3,960 For the year ended December 31, 2022, the table above excludes the following: (1) an estimate of 718 shares shares contingently issuable upon the achievement of certain milestones in the Volumetric earnout arrangement discussed in Note 3; (2) an estimate of 341 shares for the payment of accrued incentive compensation that is expected to be settled in shares during the first quarter of 2023; and (3) an estimate of 22 shares related to the dp polar earnout arrangement discussed in Note 3 that are contingently issuable. These share estimates are based on the expense recognized through December 31, 2022 divided by the 2022 average share price of $12 per share. On November 16, 2021, the Company issued $460.0 million in aggregate principal amount of 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 per share, the conversion price of the Notes. For the years ended December 31, 2022 and 2021, the Notes were anti-dilutive on a stand-alone basis because the average share price during these periods did not exceed the conversion price, and because we had a net loss for the year ended December 31, 2022. |
Redeemable Non-controlling Inte
Redeemable Non-controlling Interest | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Redeemable Non-controlling Interest | (20) Redeemable Non-controlling Interest The following table shows changes in the RNCI related to Kumovis: Year Ended December 31, (in thousands) 2022 Balance at January 1, 2022 $ — Fair value at the date of acquisition 1,559 Net loss (238) Redemption value in excess of carrying value 596 Translation adjustments (157) Balance at December 31, 2022 $ 1,760 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
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. The accounting guidance for fair value measurements and disclosures establishes a three-level fair value hierarchy: • Level 1 - Inputs are based on quoted prices in active markets for identical assets and liabilities. • Level 2 - Inputs are based on observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. • Level 3 - One or more inputs are unobservable and significant. Financial and nonfinancial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Cash equivalents and short-term investments 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. The carrying amounts of our cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate fair value as of December 31, 2022 and 2021 because of the relatively short duration of these instruments. Assets measured at fair value on a recurring basis are summarized below: Fair Value Measurement as of December 31, 2022 Fair Value Measurement Balance Sheet Classification (in thousands) Fair Value Level Cost Basis Unrealized Gains (Losses) Fair Value Cash and Cash Equivalents (b) Short-term Investments and Marketable Securities Money market funds Level 1 $ 232,018 $ — $ 232,018 $ 232,018 $ — Certificates of deposit Level 2 990 6 996 — 996 Commercial paper Level 2 1,281 6 1,287 — 1,287 Short-term bond mutual funds Level 2 100,242 (99) 100,143 — 100,143 Corporate bonds (a) Level 2 78,418 (241) 78,177 — 78,177 Total $ 412,949 $ (328) $ 412,621 $ 232,018 $ 180,603 (a) Includes $745 and $743 of cost basis and fair market value, respectively, with a weighted average maturity of 1.3 years. As of December 31, 2021, financial instruments measured at fair value on a recurring basis consisted of $485,521 of money market funds classified as Level 1 within the fair value hierarchy and reported within cash and cash equivalents on the consolidated balance sheet. 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 years ended December 31, 2022 and 2021. Enhatch As discussed in Note 3, the Enhatch warrants are measured at fair value on a recurring basis and are considered Level 3 in the fair value hierarchy. The fair value of these warrants at December 31, 2022 was $200. This balance is recorded in other non-current assets. The fair value of the warrants was determined via a valuation as of December 31, 2022 using a Monte Carlo simulation which applied a number of assumptions including, but not limited to, financial projections, equity and revenue volatility estimates, risk free rates, comparable company financial metrics, correlations, risk factors and rates of returns. In addition, as a result of a decline in the estimated enterprise value of Enhatch as of September 30, 2022, as determined in connection with the measurement of the fair value of the Enhatch warrants, the Company recorded a non-recurring impairment charge of $2,770 as of September 30, 2022, which relates to its investment interest held in Enhatch in the form of preferred stock, inclusive of an embedded call option. The decline in the estimated enterprise value of Enhatch was the result of lower than projected revenues recognized by Enhatch during the third quarter of 2022, as well as a reduction to near-term forecasted revenues due to a delay in receiving certain regulatory approvals. The recognition of lower than projected revenues and the reduction to near-term forecasted revenues directly impacted the estimated fair value of the Company's investment in Enhatch, as Enhatch's enterprise value was estimated using a discounted cash flow model. As the discounted cash flow model applied relied upon significant unobservable inputs related to Enhatch's future performance, capital expenditures, working capital needs, and the required rate of return, the valuation of the Company's investment in Enhatch and the resulting impairment charge are deemed to be based upon Level 3 assumptions and a Level 3 valuation approach within the fair value hierarchy. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (22) Income Taxes The components of our income before income taxes for the years ended December 31, 2022, 2021 and 2020 are as follows: (in thousands) 2022 2021 2020 Income (loss) before income taxes: Domestic $ (110,610) $ 308,514 $ (45,973) Foreign (10,199) 11,026 (97,437) Total $ (120,809) $ 319,540 $ (143,410) The components of income tax provision for the years ended December 31, 2022, 2021 and 2020 are as follows: (in thousands) 2022 2021 2020 Current: U.S. federal $ 119 $ (8,675) $ 1,294 State (498) 2,097 451 Foreign 5,037 6,861 5,645 Total 4,658 283 7,390 Deferred: U.S. federal — — 67 State — — — Foreign (2,518) (2,795) (1,273) Total (2,518) (2,795) (1,206) Total income tax (benefit) provision $ 2,140 $ (2,512) $ 6,184 The overall effective tax rate differs from the statutory federal tax rate for the years ended December 31, 2022, 2021 and 2020 as follows: % of Pretax (Loss) Income 2022 2021 2020 Tax provision based on the federal statutory rate 21.0 % 21.0 % 21.0 % Increase in valuation allowances (10.7) (10.4) (8.5) Dividends not taxable — — 9.5 Net operating loss carryback claim — — 6.2 Change in carryforward attributes (1.9) (0.7) (3.2) Global intangible low-taxed income inclusion (0.5) 1.2 (0.3) Non-deductible expenses (1.6) 1.4 (13.5) Non-deductible earnout expense (2.8) — — Foreign income tax rate differential (0.3) — (3.3) Deemed income related to foreign operations (0.2) — (1.6) Tax rate change (1.2) (0.7) (0.3) Employee share-based payments (1.6) (1.3) (1.4) Other 0.4 — (0.4) Deferred and payable adjustments (1.7) 1.4 (2.6) Non-deductible penalties (2.5) — — State taxes, net of federal benefit, before valuation allowance 1.4 1.0 0.5 Return-to-provision adjustments (0.2) (0.1) 0.9 Other tax credits 0.8 (0.5) 0.2 Uncertain tax positions and audit settlements (0.2) (3.0) (7.5) Divestitures — (10.1) — Effective tax rate (1.8) % (0.8) % (4.3) % The difference between our effective tax rate for 2022 and the federal statutory rate was 22.8 percentage points. The difference in the effective rate is primarily due to valuation allowance changes and non-deductible expenses, including earnout expense and penalties. 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. In 2022, 2021 and 2020, 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, 2022 and 2021 are as follows: (in thousands) 2022 2021 Deferred income tax assets: Intangible assets $ 8,601 $ 10,950 Stock options and restricted stock awards 6,091 8,005 Reserves and allowances 6,145 8,692 Net operating loss carryforwards 51,845 38,394 Tax credit carryforwards 19,649 19,967 Accrued liabilities 2,518 2,893 Deferred revenue 5,502 8,141 Lease tax assets 9,589 10,362 Research expenditures capitalization 11,140 — Other 1,180 — Valuation allowance (100,694) (91,165) Total deferred income tax assets 21,566 16,239 Deferred income tax liabilities: Intangible assets 9,090 2,356 Property and equipment 4,477 2,110 Lease tax liabilities 7,785 8,458 Other 807 434 Total deferred income tax liabilities 22,159 13,358 Net deferred income tax (liabilities) assets $ (593) $ 2,881 At December 31, 2022, $51,845 of our deferred income tax assets was attributable to $367,611 of gross net operating loss carryforwards, which consisted of $120,659 of loss carryforwards for U.S. federal income tax purposes, $168,364 of loss carryforwards for U.S. state income tax purposes and $78,587 of loss carryforwards for foreign income tax purposes. $11,128 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. The net operating 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 2023. In addition, certain net 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, 2022, tax credit carryforwards included in our deferred income tax assets consisted of $9,090 of research and experimentation credit carryforwards for U.S. federal income tax purposes, $4,975 of research and experimentation tax credit carryforwards for U.S. state income tax purposes, and $6,629 of foreign tax credits for U.S. federal income tax purposes. Certain state research and experimentation and other state credits begin to expire in 2023. 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 our earnings outside the U.S. and as such, have not provided for any additional taxes on approximately $122,732 of unremitted earnings. We believe the unrecognized deferred tax liability related to these earnings is approximately $5,761. Including interest and penalties, we decreased our unrecognized benefits by $691 for the year ended December 31, 2022 and increased our unrecognized tax benefits by $580 for the year ended December 31, 2022. 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 $5,710. We include interest and penalties in the consolidated financial statements as a component of income tax expense. Unrecognized Tax Benefits* (in thousands) 2022 2021 2020 Balance at January 1 $ (17,261) $ (25,902) $ (15,467) Increases related to prior year tax positions (192) (467) (10,426) Decreases related to prior year tax positions 508 8,886 788 Decreases related to prior year tax positions as a result of lapse of statute 145 371 — Decreases related to settlement — 1,043 — Increases related to current year tax positions (269) (553) (797) Increases related to acquired tax positions (119) (639) — Decreases related to acquired tax positions 38 — — Balance at December 31 $ (17,150) $ (17,261) $ (25,902) * The unrecognized tax benefit balance includes an insignificant amount of interest and penalties. Tax years 2013 through 2021 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 2017 through 2021 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 2022 Deferred income tax asset valuation allowance $ 91,165 $ 12,848 $ (3,319) $ 100,694 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 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
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. The Company has purchase commitments in excess of a year related to printer assemblies, inventory, and capital expenditures. As of December 31, 2022, purchase commitments totaled $4,051. 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 our 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 former 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 potentially unauthorized exports between 2012 and 2017, including to China, of controlled items including technical data. In connection with these matters, in August 2020, we 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 (“DOJ“) in the related investigation. Over the past several months, the Company engaged in settlement discussions with DDTC, BIS, and DOJ to settle the potential export control violations described above. On February 27, 2023, the Company settled these matters with all three agencies. As a part of these settlement agreements, the Company agreed to pay $15,048 in civil monetary penalties to these agencies. The penalties are broken down as follows: The Company will pay DDTC $10,000 (in three installments over a three-year period), BIS $2,778, and DOJ $2,270, with an additional $10,000 in suspended penalty amounts to be allocated to remedial compliance measures required by DDTC. DDTC and BIS are further imposing remedial compliance measures in their agreements, including a Special Compliance Officer to monitor the company’s export compliance (DDTC only), additional processes, procedures, and training related to export control compliance (DDTC only), and external audit requirements (DDTC and BIS). To the extent any portion of the $10,000 suspended penalty is not expended on required remedial compliance measures by the end of the three-year term of the settlement agreement, then such shortfall shall be paid by the Company to DDTC. Accordingly, the $10,000 suspended penalty has not been recognized as a liability as of December 31, 2022 and will be recognized as incurred during the three-year term of the settlement agreement. The agencies are not criminally prosecuting the Company, nor anyone associated with the Company, and the Company is not subject to any administrative debarment. Over the course of our internal investigation, we have made meaningful improvements to our compliance program and will continue to further enhance export compliance going forward. In cooperation with the government on our export controls investigation, on November 20, 2019, we submitted to the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) an initial notice of voluntary self-disclosure regarding potential violations of economic sanctions related to Iran. As part of our ongoing review of trade compliance risks and our cooperation with the government, we filed a final self-disclosure report with OFAC on May 20, 2020 and a supplemental report December 21, 2021. On December 22, 2022, we filed an initial notice with OFAC to further supplement the report. We continue to investigate the matter in support of a final supplemental self-disclosure report. OFAC is not a party to the DDTC, BIS and DOJ settlements discussed above, and we will continue to cooperate with OFAC in this matter. 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. The defendants moved to dismiss the Amended Complaint on February 15, 2022, and the motion was fully briefed in May 2022. On October 28, 2022, the parties notified the District Court that they reached an agreement in principle resolving this action, and on December 19, 2022, Lead Plaintiff filed a motion seeking entry of an order preliminary approving the settlement and establishing notice procedures. The settlement is subject to both preliminary and final approval by the District Court. On April 15, 2022, the Company was informed the SEC is conducting a formal investigation of the Company related to, among other things, the allegations in the Securities Class Action and the Company received a subpoena from the SEC for the production of documents and information related to its investigation as a follow on to a previous voluntary request for documents. The Company is cooperating with the SEC. The Company has been named as a nominal defendant and certain of its current and former executive officers and directors 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, and the Supreme Court of the State of New York, Kings County. The actions are styled Nguyen v. Joshi, et al., No. 21-cv-03389-NGG-TAM (E.D.N.Y.) (the “Nguyen 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”), Scanlon v. Graves, et al., No. 2021CP4602312 (S.C., Ct. of Common Pleas for the 16th Judicial Cir., Cty. of York) (the “Scanlon Action”), Bohus v. Joshi, et al., No. 22-cv-2203-CBA-RML (E.D.N.Y.) (the “Bohus Action”), and Fernicola v. Clinton, et. al., No. 512613/2022 (N.Y., Kings County Supreme Court) (the “Fernicola Action”). The Complaints in the Nguyen and Bohus Actions, which were filed on June 15, 2021 and April 18, 2022, respectively, assert 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 and Scanlon Actions, which were filed on July 26, 2021, assert breach of fiduciary duty and unjust enrichment claims against the defendants. The Complaint in the Fernicola Action was filed on May 2, 2022, and asserts claims for breach of fiduciary duty and waste of corporate assets against the director defendants. On August 27, 2021, the Nguyen 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”). On March 3, 2022, the South Carolina 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 June 16, 2022, the Bohus Action was consolidated with the Nguyen Action (the “E.D.N.Y. Derivative Action”). The E.D.N.Y. Derivative Action is 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 August 15, 2022, the Fernicola Action was voluntarily dismissed without prejudice. 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. In connection with the foregoing matters, we have recognized a liability of $16,044 as of December 31, 2022, which includes the $10,000 DDTC civil monetary penalty being recognized at a discount using the risk-free interest rate. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2022 | |
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 Unrealized loss on short-term investments Total Balance at December 31, 2019 $ (33,022) $ (3,707) $ (318) $ — $ (37,047) Other comprehensive income (loss) 28,191 783 (1,638) — 27,336 Amounts reclassified from accumulated other comprehensive income (loss) a — — 1,235 — 1,235 Balance at December 31, 2020 (4,831) (2,924) (721) — (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 (35,464) (2,242) — — (37,706) Other comprehensive income (loss) (18,730) 2,777 — (3,557) (19,510) Amounts reclassified from accumulated other comprehensive income (loss) a — 165 — 3,229 3,394 Balance at December 31, 2022 $ (54,194) $ 700 $ — $ (328) $ (53,822) a. Amount reclassified into interest and other income (expense), net on the statement of operations. See Note 15. The amounts presented in the table above are net of income taxes. For additional information about foreign currency translation and derivative financial instruments, see Notes 2 and 15. For additional information about the defined benefit pension plan, see Note 12. |
Restructuring and Exit Activity
Restructuring and Exit Activity Costs | 12 Months Ended |
Dec. 31, 2022 | |
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. 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 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 There were no liabilities recorded at December 31, 2022 and 2021. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | (26) Subsequent Events There are no subsequent events except as disclosed within Note 7 and Note 23. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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 “our” 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 redeemable non-controlling interests in temporary equity, and non-controlling interests as a component of total equity, in the consolidated balance sheets. The net income (loss) attributable to non-controlling interests is presented as an adjustment to the Company's consolidated net income (loss) to arrive at net income (loss) attributable to 3D Systems Corporation in the consolidated statements of operations and consolidated statements of 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. All dollar and share amounts and other amounts presented in the accompanying footnotes are presented in thousands, except for per share information. Reportable Segments As of January 1, 2021, we determined that the Company had two reportable segments: Healthcare Solutions ("Healthcare") and Industrial Solutions ("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, we performed a quantitative analysis to test for potential impairment of our goodwill immediately following the re-segmentation, and we concluded that the fair values of both our Healthcare Solutions and Industrial Solutions reportable segments, which also comprised our reporting units for purposes of the goodwill impairment test, exceeded their respective carrying values. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect (1) the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the balance sheet date and (2) 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. Revenue is recognized 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, accordingly, are accounted for as separate performance obligations. For such arrangements, we allocate revenue to each performance obligation based upon its relative stand-alone selling price (“SSP”). Revenue is recognized net of allowances for returns and any taxes collected from customers that 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. Hardware and Materials Revenue from hardware and material sales is recognized when control has transferred to the customer, which generally occurs when the goods have been shipped or delivered to the customer, risk of loss has transferred to the customer, and we have a present right to payment. 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 regarding 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. Our 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 of support is included, but subsequent years are optional. This optional support is considered a separate obligation from the software. Accordingly, revenue is deferred at the time of sale and subsequently recognized ratably over future periods. Services We offer training, installation and non-contract maintenance services for our products. Additionally, we offer maintenance contracts customers can purchase at their option. For maintenance contracts, revenue is deferred at the time of sale based on the stand-alone selling prices of these services. Deferred revenue is recognized ratably over the term of the maintenance period on a straight-line basis and costs are expensed as incurred. Revenue from training, installation and non-contract maintenance services is recognized at the time of performance of the service. We have also recently commenced selling software as a service, whereby the customer has the right to access the software. Revenue is recognized ratably over the related subscription period, as our performance obligation to provide access to the software is progressively fulfilled over the stated term of the contract. On demand manufacturing and Healthcare Solutions 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. 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 of transfer of control for each distinct performance obligation. The Company recognized $13,497, $6,804 and $6,953 in revenue related to collaboration arrangements with customers for the years ended December 31, 2022, 2021 and 2020, respectively. 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. Creditworthiness is determined, and credit is extended, based upon 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. 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 revenue 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, we 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 the recognition of billed accounts receivable and unbilled receivables (contract assets) and customer deposits and deferred revenue (contract liabilities) on our consolidated balance sheets. Timing of revenue recognition may differ from the timing of invoicing to customers. We record accounts receivable when revenue is recognized at the time of invoicing, and 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 has 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 for extended warranties, resulting in deferred revenue. Changes in contract asset and liability balances were not materially impacted by any other factors for the year ended December 31, 2022. During the year ended December 31, 2022, we recognized revenue of $31,038 related to our contract liabilities at December 31, 2021. During the year ended December 31, 2021, we recognized revenue of $30,302 related to our contract liabilities at December 31, 2020. During the year ended December 31, 2020, we recognized revenue of $30,635 related to our contract liabilities at December 31, 2019. 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, 2022, 2021, and 2020, one customer accounted for approximately 23%, 22% and 13% of our consolidated revenue, respectively. We expect to maintain our relationship with this customer. Revenue by geographic region for the years ended December 31, 2022, 2021, and 2020 was as follows: Year Ended December 31, (in thousands) 2022 2021 2020 Americas $ 308,516 $ 344,619 $ 280,028 EMEA 167,114 201,684 213,575 APAC 62,401 69,336 63,637 Total $ 538,031 $ 615,639 $ 557,240 United States (included in Americas above) $ 304,503 $ 341,123 $ 275,145 |
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. At times, cash and cash equivalents balances may be in excess of FDIC insurance limits. |
Short-Term Investments and Non Current Investments | Short-Term Investments A portion of the company's excess cash is invested in short-term investments. The company's short-term investment accounting policy is that securities with maturities greater than 90 days at the time of purchase that are available for operations in the next 12 months are classified as short-term investments. The Company’s short-term investments primarily consist of investment grade bonds, certificates of deposit, commercial paper, and short maturity bond funds, all with a remaining maturity of generally less than twelve months at the date of purchase and classified as available-for-sale. Interest and dividends on these investments are recorded into income when earned. Available-for-sale securities, which consist of debt securities, are carried at fair value, with unrealized gains and losses, net of related tax, reported in accumulated other comprehensive (loss) income. Adjustments to the fair value of investments classified as available-for-sale are recorded as an increase or decrease in accumulated other comprehensive (loss) income in shareholders’ equity, unless the adjustment is considered an other-than-temporary impairment, in which case the adjustment is recorded to interest and other income (expense), net, in the period in which they become impaired. The Company periodically evaluates its investments for impairment. There were no other-than-temporary impairments of investments recognized in any of the fiscal years presented. Non-Current Investments We recognize investments in equity securities without a readily determinable fair value at cost minus impairment. We assess these investments for potential impairment if an event occurs or circumstances change that would indicate the carrying amount may be impaired. We assess declines in the fair value of investments in debt securities to determine whether such declines are other-than-temporary. Impairments of non-current investments are recorded to interest and other income (expense), net in the consolidated statements of operations 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, historical collection experience, current economic conditions, and reasonable and supportable forecasts. 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 | InventoriesInventories are stated at the lower of cost or net realizable value, with cost reflecting standard cost, which approximates the first-in, first-out method. Capitalized inventory costs include materials, labor, and manufacturing overhead that relate to the acquisition of raw materials and production into finished goods. The Company regularly reviews inventory for excess and obsolescence and records a provision to write down inventory to its net realizable value when carrying value is in excess of such value. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost and are depreciated over their estimated useful lives using the straight-line method. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the determination of net income or loss. Repairs and maintenance costs are expensed as incurred. |
Long-Lived Assets and Goodwill | Long-Lived Assets and Goodwill Long-Lived Assets We review long-lived assets 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 were recorded for tangible assets with finite lives for the years ended December 31, 2022, 2021, and 2020. Intangible Assets (Excluding Goodwill) Intangible assets include patents, trade names, customer relationships, purchased technology, and in-process research and development (IPR&D). Intangible assets with a finite life are amortized on a straight-line basis with estimated useful lives typically ranging from 2 to 20 years and are assessed for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable, consistent with the Company's accounting policy for other long-lived assets with a finite life. Amortization is recognized within selling, general and administrative expenses in the consolidated statements of operations. Acquired IPR&D represents the fair value assigned to those research and development projects that were acquired in a business combination for which the related products have not received regulatory approval or commercial viability and have no alternative future use. IPR&D is capitalized at its fair value as an indefinite-lived intangible asset, and any development costs incurred after the acquisition are expensed as incurred. The fair value of IPR&D is determined by estimating the future cash flows of each project and discounting the net cash flows back to their present values. Upon achieving regulatory approval or commercial viability for the related product, the indefinite-lived intangible asset is accounted for as a finite-lived asset and is amortized on a straight-line basis over the estimated useful life. If the project is not completed or is terminated or abandoned, the Company may have an impairment related to the IPR&D, which is charged to expense. Indefinite-lived intangible assets are tested for impairment annually in the fourth quarter of the fiscal year and whenever events or changes in circumstances indicate that the carrying amount may be impaired. Impairment is calculated as the excess of the asset’s carrying value over its fair value. Fair value is generally determined using a discounted future cash flow analysis. IPR&D with no alternative future use acquired outside of a business combination is expensed immediately. Goodwill Goodwill is the excess of the cost of an acquired entity over the amounts assigned to the 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. The test for impairment of goodwill requires the Company to make several estimates related to projected future cash flows to determine the fair value of the goodwill reporting units. The Company calculates the excess of each reporting unit's fair value over its carrying amount, including goodwill, utilizing a discounted cash flow analysis and other valuation techniques, as deemed appropriate. Internal operational budgets and long-range strategic plans are used as a basis for the cash flow analysis. The Company also utilizes assumptions for working capital, capital expenditures, and terminal growth rates. The discount rate applied to the cash flow analysis is based on the weighted average cost of capital (“WACC”) for each reporting unit. An impairment is recognized when the carrying amount of the reporting unit’s net assets exceeds the estimated fair value of the reporting unit. |
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 (1) it is probable that an asset has been impaired or that a liability has been incurred and (2) the amount of the loss can be reasonably estimated. Legal costs related to the defense or settlement of a loss contingency are expensed when such costs are incurred and, accordingly, future legal costs expected to be incurred are not accrued as part of the liability recorded when a loss contingency has been deemed probable and estimable. |
Redeemable Non-controlling Interest | Redeemable Non-controlling InterestIn connection with the acquisition of 93.75% of Kumovis on April 1, 2022, as discussed in Note 3, the Company recorded a redeemable non-controlling interest (RNCI). The RNCI represents non-controlling shareholders’ interest in Kumovis, which is controlled by, but not wholly owned by, 3D Systems, and for which 3D Systems' obligation to redeem the minority shareholders’ interest is governed by a put/call relationship. Subsequent to the initial fair value measurement, the RNCI is recorded at the greater of its redemption value or its carrying value at the end of each reporting period. If the RNCI is carried at its redemption value, the difference between the redemption value and the carrying value is adjusted at the end of each reporting period through additional paid-in capital, and the excess redemption value is recognized as a reduction to the net income, or increase to the net loss, attributable to 3D Systems’ shareholders for purposes of reporting earnings or loss per share. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions The local currency in which a subsidiary operates is generally considered its functional currency for those subsidiaries domiciled outside the United States ("foreign subsidiaries"). The functional currency financial statements of foreign subsidiaries are translated to U.S. dollars ("USD") in connection with the preparation of the Company's consolidated financial statements. Assets and liabilities of foreign subsidiaries are translated to USD at month-end exchange rates of the period reported. Income and expense items are translated monthly using the monthly average exchange rate. The effects of translating a foreign subsidiary's financial statements are recorded as cumulative translation adjustments and reported 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 cash flow hedge accounting treatment under ASC 815, “ Derivatives and Hedging ,” 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. 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 and other 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 currency exchange rates between the dates that non-functional currency transactions are entered into and their respective settlement dates will result in a foreign currency 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 exchange contracts to hedge the exposure arising from foreign currency transactions. See Note 15. For our hedges of foreign currency 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. ” Accordingly, changes in fair value are recognized in interest and other income (expense), net in the consolidated statements of operations and, depending on the fair value at the end of the reporting period, derivatives are recorded either in prepaid expenses and other current assets or in accrued and other liabilities in the consolidated balance sheets. We are exposed to credit risk if the counterparties to our derivative 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, consisting primarily of employee compensation, operating supplies, facility costs and depreciation, are expensed as incurred. When the Company is reimbursed by a collaboration partner for work the Company performs, it records the costs incurred as research and development expense and the related reimbursement as a reduction to research and development expense in its consolidated statements of operations. |
Earnings (Loss) Per Share | Earnings (Loss) Per ShareBasic earnings (loss) per share is calculated using the weighted-average number of common shares outstanding during each period. Diluted earnings per share is calculated based upon the inclusion of additional dilutive and potentially dilutive shares, which include shares issuable upon exercise of outstanding stock options, upon vesting of employee restricted stock-based awards, upon the accrual of incentive compensation to be paid in shares (if any performance-based conditions have been satisfied as of the end of the reporting period), 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 and 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 is estimated on the grant date and expensed over an implicit or explicit service period when the performance condition is deemed probable of achievement. Performance-based awards that cliff vest are expensed ratably using the straight-line method; whereas, performance-based awards with graded vesting features are expensed using the graded vesting method. Stock compensation expense recorded for performance-based awards is reversed if the performance condition is no longer deemed probable of achievement or ultimately is not met. 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. The fair value of awards with market conditions ("market-based awards") is determined using a Monte Carlo valuation model and is expensed over an implicit or explicit service period regardless of whether the market condition is probable of achievement or not. Market-based awards that cliff vest are expensed ratably using the straight-line method; whereas, market-based awards with graded vesting features are expensed using the graded vesting method. Stock compensation expense is not reversed if the market condition is not met. |
Income Taxes | Income Taxes We and the majority of our domestic subsidiaries file a consolidated U.S. federal income tax return, while three 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 for 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 2022, 2021 and 2020. |
Operating and Finance Leases | Operating and Finance Leases We determine if an arrangement contains a lease at inception. We record both operating leases and finance leases on our balance sheet and do not separate non-lease components from our real estate leases. We exclude leases with a term of one year of less from our balance sheet. Some leases include the options to purchase the leased asset, terminate the lease or extend the lease 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Standards In October 2021, the Financial Accounting Standard Board ("FASB") issued Accounting Standard Update ("ASU") 2021-08, " Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ", which 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 ASC 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 ASC 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 ASU 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 early adopted this standard in the first quarter of 2022, and it did not have an impact on its 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 FASB issued ASU 2019-12, “ Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes ,” which simplifies the accounting for income taxes by eliminating some exceptions to the general approach in ASC 740, " Income Taxes ." It also clarifies certain aspects of the existing guidance to promote more consistent application. This standard is effective for calendar-year public business entities in 2021 and interim periods within that year, and early adoption is permitted. 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 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 year ended December 31, 2019. The Company acknowledges this standard should have been adopted as of January 1, 2020. The adoption of this standard did not change the Company's previously reported net loss or loss from operations for the year ended December 31, 2019 or any individual quarter therein, and the effect on the individual quarters in 2020 was immaterial. 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 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. No other new accounting pronouncements, issued or effective during 2022, have had or are expected to have a significant impact on our consolidated financial statements. |
Fair Value Measurements | Cash equivalents and short-term investments 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. The carrying amounts of our cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate fair value as of December 31, 2022 and 2021 because of the relatively short duration of these instruments. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Allowance for Doubtful Accounts | The following presents the changes in the balance of our allowance for doubtful accounts: Year Item Balance at beginning of year Additions charged to expense Other (a) Balance at end of year 2022 Allowance for doubtful accounts $ 2,445 $ 562 $ 107 $ 3,114 2021 Allowance for doubtful accounts 4,392 232 (2,179) 2,445 2020 Allowance for doubtful accounts 8,762 457 (4,827) 4,392 (a) Other includes the impact of write-offs, recoveries, divestitures and foreign currency translation adjustments. |
Acquisitions_Investments (Table
Acquisitions/Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 values of the assets acquired and liabilities assumed at the date of acquisition: (in thousands) Current assets, including cash acquired of $243 $ 302 Intangible assets: In-process research and development $ 5,014 Trade name 3,930 Total intangible assets 8,944 Goodwill 15,350 Other assets 2,376 Liabilities: Accounts payable and accrued liabilities $ 277 Total liabilities 277 Net assets acquired $ 26,695 (in thousands) Cash paid at acquisition $ 34,098 Deferred cash consideration 3,628 Estimated fair value of RNCI 1,559 Total fair value of consideration transferred $ 39,285 Shown below is the current preliminary purchase price allocation, which summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition: (in thousands) Current assets, including cash acquired of $125 $ 1,407 Intangible assets: Product technology $ 20,770 Trade name 5,802 Total intangible assets 26,572 Goodwill 17,469 Other assets 705 Liabilities: Accounts payable and accrued liabilities $ 332 Deferred revenue 70 Deferred tax liability 6,466 Total liabilities 6,868 Net assets acquired $ 39,285 (in thousands) Current assets $ 661 Intangible assets: Product technology $ 15,940 Trade name 5,580 Total intangible assets 21,520 Goodwill 17,430 Other assets 68 Liabilities: Accounts payable and accrued liabilities $ 229 Deferred revenue 410 Total liabilities 639 Net assets acquired $ 39,040 (in thousands) Current assets, including cash acquired of $389 $ 3,143 Intangible assets: Product technology $ 1,100 Distributor relationship 400 Total intangible assets 1,500 Goodwill 37,492 Other assets 1,194 Liabilities: Accounts payable and accrued liabilities $ 3,156 Total liabilities 3,156 Net assets acquired $ 40,173 (in thousands) Current assets, including cash acquired of $7,603 $ 8,344 Intangible assets: Product technology $ 12,600 Trade name 7,300 Total intangible assets 19,900 Goodwill 165,904 Other assets 760 Liabilities: Accounts payable and accrued liabilities $ 6,643 Deferred revenue 490 Total liabilities 7,133 Net assets acquired $ 187,775 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue by Geographic Region | Revenue by geographic region for the years ended December 31, 2022, 2021, and 2020 was as follows: Year Ended December 31, (in thousands) 2022 2021 2020 Americas $ 308,516 $ 344,619 $ 280,028 EMEA 167,114 201,684 213,575 APAC 62,401 69,336 63,637 Total $ 538,031 $ 615,639 $ 557,240 United States (included in Americas above) $ 304,503 $ 341,123 $ 275,145 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | The following tables set forth our operating results by segment for the years ended December 31, 2022 and 2021: Year Ended December 31, 2022 2021 Healthcare Industrial Consolidated Healthcare Industrial Consolidated (in thousands) Revenue $ 260,988 $ 277,043 $ 538,031 $ 306,184 $ 309,455 $ 615,639 Cost of sales 162,222 161,576 323,798 170,434 181,427 351,861 Gross profit 98,766 115,467 214,233 135,750 128,028 263,778 Less: Segment operating expenses 72,954 92,630 165,584 66,392 79,473 145,865 Segment operating income $ 25,812 $ 22,837 48,649 $ 69,358 $ 48,555 117,913 General corporate expense, net (a) 165,668 150,982 Operating (loss) $ (117,019) $ (33,069) (a) 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, 2022 | |
Leases [Abstract] | |
Components of Lease Cost | Components of lease cost (income) for the years ended December 31, 2022, 2021, and 2020 were as follows: (in thousands) 2022 2021 2020 Operating lease cost $ 9,135 $ 10,226 $ 13,937 Finance lease cost - amortization expense 621 714 937 Finance lease cost - interest expense 196 238 664 Short-term lease cost 705 76 159 Variable lease cost 764 3,163 1,363 Sublease income (158) (569) (615) Total $ 11,263 $ 13,848 $ 16,445 Supplemental cash flow information related to our leases for the years ending December 31, 2022, 2021 and 2020 was as follows: (in thousands) 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflow for operating leases $ 10,268 $ 11,108 $ 13,151 Operating cash outflow for finance leases $ 196 $ 238 $ 661 Financing cash outflow for finance leases $ 652 $ 721 $ 496 The weighted-average remaining lease term and discount rate for our finance and operating leases as of December 31, 2022 and 2021 were as follows: 2022 2021 Finance Operating Finance Operating Weighted-average remaining lease term (in years) 6.2 7.7 7.4 8.7 Weighted-average discount rate 4.83% 6.49% 4.63% 5.45% |
Balance Sheet Classifications | Balance sheet classifications at December 31, 2022 and 2021 are summarized below: 2022 2021 (in thousands) Right-of-use assets Current lease liabilities Long-term lease liabilities Right-of-use assets Current lease liabilities Long-term lease liabilities Operating leases $ 39,502 $ 8,343 $ 38,499 $ 42,502 $ 7,711 $ 43,359 Finance leases 3,244 693 3,280 3,854 633 4,061 Total $ 42,746 $ 9,036 $ 41,779 $ 46,356 $ 8,344 $ 47,420 |
Future Minimum Lease Payments - Finance Leases | As of December 31, 2022, our future minimum lease payments under operating leases and finance leases with initial or remaining lease terms in excess of one year were as follows: (in thousands) Finance Leases Operating Leases Years ending December 31: 2023 $ 823 $ 10,780 2024 800 9,322 2025 743 7,194 2026 605 5,867 2027 578 5,458 Thereafter 1,012 22,077 Total lease payments (undiscounted) 4,561 60,698 Less: imputed interest (588) (13,856) Present value of lease liabilities $ 3,973 $ 46,842 |
Future Minimum Lease Payments - Operating Leases | As of December 31, 2022, our future minimum lease payments under operating leases and finance leases with initial or remaining lease terms in excess of one year were as follows: (in thousands) Finance Leases Operating Leases Years ending December 31: 2023 $ 823 $ 10,780 2024 800 9,322 2025 743 7,194 2026 605 5,867 2027 578 5,458 Thereafter 1,012 22,077 Total lease payments (undiscounted) 4,561 60,698 Less: imputed interest (588) (13,856) Present value of lease liabilities $ 3,973 $ 46,842 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Components of inventories at December 31, 2022 and 2021 are summarized as follows: (in thousands) 2022 2021 Raw materials $ 59,907 $ 23,530 Work in process 4,972 5,173 Finished goods and parts 72,953 64,184 Total inventories $ 137,832 $ 92,887 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment at December 31, 2022 and 2021 are summarized as follows: (in thousands) 2022 2021 Useful Life (in years) Building $ 94 $ 84 25-30 Machinery and equipment 130,874 117,446 2-5 Capitalized software 25,952 24,149 3-5 Office furniture and equipment 5,540 5,188 1-5 Leasehold improvements 34,567 32,200 Life of lease a Construction in progress 9,175 12,051 N/A Total property and equipment 206,202 191,118 Less: Accumulated depreciation and amortization (148,130) (133,861) Total property and equipment, net $ 58,072 $ 57,257 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, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Other Than Goodwill | Intangible assets at December 31, 2022 and 2021 are summarized as follows: 2022 2021 (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Weighted Average Useful Life Remaining (in years) Intangible assets with finite lives: Customer relationships $ 51,137 $ (48,695) $ 2,442 $ 53,062 $ (45,613) $ 7,449 3.7 Acquired technology 55,480 (10,707) 44,773 17,518 (5,430) 12,088 8.3 Trade names 35,930 (12,455) 23,475 20,448 (10,438) 10,010 9.3 Patent costs 18,673 (10,909) 7,764 21,852 (11,812) 10,040 9.5 Trade secrets 19,828 (19,828) — 19,924 (18,971) 953 — Acquired patents 17,499 (15,661) 1,838 16,257 (15,945) 312 12.7 Other 13,255 (8,765) 4,490 12,982 (7,999) 4,983 8.6 Total intangible assets $ 211,802 $ (127,020) $ 84,782 $ 162,043 $ (116,208) $ 45,835 8.7 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table reflects the changes in the carrying amount of goodwill by reporting unit for the year ended December 31, 2022: Year Ended December 31, 2022 Healthcare Industrial Consolidated (in thousands) Gross Goodwill Impairments Net Goodwill Gross Goodwill Impairments Net Goodwill Gross Goodwill Impairments Net Goodwill Balance at beginning of year $121,970 $(32,055) $89,915 $298,002 $(42,329) $255,673 $419,972 $(74,384) $345,588 Acquisitions 25,378 — 25,378 23,433 — 23,433 48,811 — 48,811 Foreign currency translation adjustments (3,917) — (3,917) (5,170) — (5,170) (9,087) — (9,087) Balance at end of year $143,431 $(32,055) $111,376 $316,265 $(42,329) $273,936 $459,696 $(74,384) $385,312 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021: (in thousands) 2022 2021 Reconciliation of benefit obligation: Obligation as of January 1 $ 9,074 $ 10,391 Service cost 103 187 Interest cost 99 130 Actuarial (gain) loss (3,387) (234) Benefit payments (162) (627) Effect of foreign currency exchange rate changes (512) (773) Benefit obligation as of December 31 5,215 9,074 Fair value of assets as of December 31 3,463 3,577 Funded status as of December 31 $ (1,752) $ (5,497) |
Summary of Amounts Recognized in Consolidated Balance Sheets | We recognized the following amounts in the consolidated balance sheets at December 31, 2022 and 2021: (in thousands) 2022 2021 Other assets $ 3,463 $ 3,577 Accrued and other liabilities (165) (163) Other liabilities (5,050) (8,911) Net liability $ (1,752) $ (5,497) |
Schedule of Accumulated and Projected Benefit Obligations | Following are the projected benefit obligation and accumulated benefit obligation at December 31, 2022 and 2021: (in thousands) 2022 2021 Projected benefit obligation $ 5,215 $ 9,074 Accumulated benefit obligation $ 4,984 $ 8,635 The following table shows the components of net periodic benefit costs and the amounts recognized in accumulated other comprehensive income (loss) (in thousands) 2022 2021 2020 Net periodic benefit cost: Service cost $ 103 $ 187 $ 204 Interest cost 99 130 84 Amortization of actuarial loss 45 259 351 Total net periodic pension cost 247 576 639 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net (gain) loss (3,387) (234) (1,223) Amortization of prior years' unrecognized loss (45) (259) (351) Total recognized as other comprehensive income (loss), excluding tax (3,432) (493) (1,574) Total (gain) expense recognized in net periodic benefit cost and other comprehensive income (loss) $ (3,185) $ 83 $ (935) |
Assumptions Used to Determine Benefit Obligations | The following assumptions are used to determine the benefit obligations as of December 31, 2022 and 2021: 2022 2021 Discount rate 4.2% 1.2% 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 for the years ending December 31: 2023 $ 174 2024 $ 176 2025 $ 177 2026 $ 208 2027 $ 234 2028 through 2032 $ 1,578 |
Accrued and Other Liabilities (
Accrued and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued and other liabilities at December 31, 2022 and 2021 are summarized as follows: (in thousands) 2022 2021 Compensation and benefits $ 19,814 $ 39,846 Accrued taxes 10,694 19,836 Vendor accruals 6,920 9,045 Legal contingencies 9,948 — Product warranty liability 3,677 3,585 Accrued professional fees 2,405 2,263 Accrued other 1,488 1,593 Royalties payable 625 826 Total $ 55,571 $ 76,994 |
Schedule of Other Liabilities | Other liabilities at December 31, 2022 and 2021 are summarized as follows: (in thousands) 2022 2021 Long-term employee indemnity $ 4,817 $ 5,237 Long-term tax liability 5,711 6,099 Defined benefit pension obligation 5,050 8,911 Long-term deferred revenue 4,974 10,244 Earnout liability 17,244 1,327 Legal contingencies 6,096 — Other long-term liabilities 289 436 Total $ 44,181 $ 32,254 |
Schedule of Recognized Warranty Revenue and Incurred Warranty Costs | Changes in the product warranty obligation for the years ended December 31, 2022, 2021 and 2020 are summarized below: (in thousands) Beginning Balance Settlements made Accruals for warranties issued Ending Balance Year ended December 31, 2022 $ 3,585 $ (5,961) $ 6,053 $ 3,677 2021 $ 2,348 $ (7,547) $ 8,784 $ 3,585 2020 $ 2,908 $ (6,826) $ 6,266 $ 2,348 |
Interest income (expense) (Tabl
Interest income (expense) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Interest and Other Income (Expenses), Net | Year Ended December 31, (in thousands) 2022 2021 2020 Interest and other income (expense), net Foreign exchange (loss) gain, net $ (4,424) $ 1,681 $ (4,762) Interest income (expense), net 6,541 (1,902) (3,991) Other (expense) income, net (5,907) 352,830 (15,694) Total interest and other (expense) income, net $ (3,790) $ 352,609 $ (24,447) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Expense | The following table shows the stock-based compensation expense recognized during the years ended December 31, 2022, 2021, and 2020: (in thousands) 2022 2021 2020 Stock-based compensation expense $ 42,415 $ 55,153 $ 17,725 Tax benefit $ — $ — $ — |
Schedule of Shares and Units of Restricted Common Stock | A summary of our restricted stock and RSU activity for the year ended December 31, 2022 is as follows: (in thousands, except per share amounts) Number of Shares/Units Weighted Average Grant Date Fair Value Outstanding at beginning of year — unvested 3,980 $ 19.72 Granted 4,422 $ 15.23 Canceled (700) $ 16.90 Vested (2,687) $ 15.92 Outstanding at end of year — unvested 5,015 $ 18.19 |
Schedule of Stock Option Activity | Stock option activity for the year ended December 31, 2022 was as follows: Year Ended December 31, 2022 (in thousands, except per share amounts) Number of Shares Weighted Average Exercise Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Stock option activity: Outstanding at beginning of year 420 $ 13.26 4.7 $ 3,479 Granted — — — — Exercised — — — — Forfeited and expired — — — — Outstanding at end of year 420 $ 13.26 3.7 $ — |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule Of Net Loss Per Share Reconciliation | Year Ended December 31, (in thousands, except per share amounts) 2022 2021 2020 Numerator for basic and diluted net (loss) income per share: Net (loss) income attributable to 3D Systems Corporation $ (122,711) $ 322,052 $ (149,594) Redeemable non-controlling interest redemption value in excess of carrying value (596) — — Net (loss) income attributable to common stock shareholders $ (123,307) $ 322,052 $ (149,594) Denominator for net (loss) income per share: Weighted average shares – basic 127,818 122,867 117,579 Dilutive effect of shares issuable under stock based compensation and other plans (1) — 3,467 — Weighted average shares – diluted 127,818 126,334 117,579 Net income (loss) per share – basic $ (0.96) $ 2.62 $ (1.27) Net income (loss) per share – diluted $ (0.96) $ 2.55 $ (1.27) (1) Equity awards for the years ended December 31, 2022 and 2020 are deemed anti-dilutive because we reported a net loss for these periods. The dilutive impact of equity awards for December 31, 2021 is 2,755 shares, for which the calculation requires certain assumptions regarding assumed proceeds that would hypothetically repurchase common shares upon the conversion and exercise of restricted shares and outstanding stock options, respectively, and an estimate of 712 shares for the payment of accrued incentive compensation that was to be settled in shares. The share estimate is based on the accrued incentive compensation balance at the end of 2021 divided by the 2021 average share price. The following table presents the potentially dilutive shares that were excluded from the computation of diluted earnings (loss) per share attributable to common stockholders because their effect was considered anti-dilutive for the years ended December 31, 2022, 2021 and 2020, respectively. Year Ended December 31, (in thousands) 2022 2021 2020 Restricted stock and restricted stock units 5,015 1,779 3,540 Stock options 420 — 420 Total 5,435 1,779 3,960 |
Redeemable Non-controlling In_2
Redeemable Non-controlling Interest (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest | The following table shows changes in the RNCI related to Kumovis: Year Ended December 31, (in thousands) 2022 Balance at January 1, 2022 $ — Fair value at the date of acquisition 1,559 Net loss (238) Redemption value in excess of carrying value 596 Translation adjustments (157) Balance at December 31, 2022 $ 1,760 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis | Assets measured at fair value on a recurring basis are summarized below: Fair Value Measurement as of December 31, 2022 Fair Value Measurement Balance Sheet Classification (in thousands) Fair Value Level Cost Basis Unrealized Gains (Losses) Fair Value Cash and Cash Equivalents (b) Short-term Investments and Marketable Securities Money market funds Level 1 $ 232,018 $ — $ 232,018 $ 232,018 $ — Certificates of deposit Level 2 990 6 996 — 996 Commercial paper Level 2 1,281 6 1,287 — 1,287 Short-term bond mutual funds Level 2 100,242 (99) 100,143 — 100,143 Corporate bonds (a) Level 2 78,418 (241) 78,177 — 78,177 Total $ 412,949 $ (328) $ 412,621 $ 232,018 $ 180,603 (a) Includes $745 and $743 of cost basis and fair market value, respectively, with a weighted average maturity of 1.3 years. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of Income Before Income Taxes | The components of our income before income taxes for the years ended December 31, 2022, 2021 and 2020 are as follows: (in thousands) 2022 2021 2020 Income (loss) before income taxes: Domestic $ (110,610) $ 308,514 $ (45,973) Foreign (10,199) 11,026 (97,437) Total $ (120,809) $ 319,540 $ (143,410) |
Components of Income Tax Provision | The components of income tax provision for the years ended December 31, 2022, 2021 and 2020 are as follows: (in thousands) 2022 2021 2020 Current: U.S. federal $ 119 $ (8,675) $ 1,294 State (498) 2,097 451 Foreign 5,037 6,861 5,645 Total 4,658 283 7,390 Deferred: U.S. federal — — 67 State — — — Foreign (2,518) (2,795) (1,273) Total (2,518) (2,795) (1,206) Total income tax (benefit) provision $ 2,140 $ (2,512) $ 6,184 |
Schedule of Effective Tax Rate Reconciliation | The overall effective tax rate differs from the statutory federal tax rate for the years ended December 31, 2022, 2021 and 2020 as follows: % of Pretax (Loss) Income 2022 2021 2020 Tax provision based on the federal statutory rate 21.0 % 21.0 % 21.0 % Increase in valuation allowances (10.7) (10.4) (8.5) Dividends not taxable — — 9.5 Net operating loss carryback claim — — 6.2 Change in carryforward attributes (1.9) (0.7) (3.2) Global intangible low-taxed income inclusion (0.5) 1.2 (0.3) Non-deductible expenses (1.6) 1.4 (13.5) Non-deductible earnout expense (2.8) — — Foreign income tax rate differential (0.3) — (3.3) Deemed income related to foreign operations (0.2) — (1.6) Tax rate change (1.2) (0.7) (0.3) Employee share-based payments (1.6) (1.3) (1.4) Other 0.4 — (0.4) Deferred and payable adjustments (1.7) 1.4 (2.6) Non-deductible penalties (2.5) — — State taxes, net of federal benefit, before valuation allowance 1.4 1.0 0.5 Return-to-provision adjustments (0.2) (0.1) 0.9 Other tax credits 0.8 (0.5) 0.2 Uncertain tax positions and audit settlements (0.2) (3.0) (7.5) Divestitures — (10.1) — Effective tax rate (1.8) % (0.8) % (4.3) % |
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, 2022 and 2021 are as follows: (in thousands) 2022 2021 Deferred income tax assets: Intangible assets $ 8,601 $ 10,950 Stock options and restricted stock awards 6,091 8,005 Reserves and allowances 6,145 8,692 Net operating loss carryforwards 51,845 38,394 Tax credit carryforwards 19,649 19,967 Accrued liabilities 2,518 2,893 Deferred revenue 5,502 8,141 Lease tax assets 9,589 10,362 Research expenditures capitalization 11,140 — Other 1,180 — Valuation allowance (100,694) (91,165) Total deferred income tax assets 21,566 16,239 Deferred income tax liabilities: Intangible assets 9,090 2,356 Property and equipment 4,477 2,110 Lease tax liabilities 7,785 8,458 Other 807 434 Total deferred income tax liabilities 22,159 13,358 Net deferred income tax (liabilities) assets $ (593) $ 2,881 |
Schedule of Unrecognized Tax Benefits | Unrecognized Tax Benefits* (in thousands) 2022 2021 2020 Balance at January 1 $ (17,261) $ (25,902) $ (15,467) Increases related to prior year tax positions (192) (467) (10,426) Decreases related to prior year tax positions 508 8,886 788 Decreases related to prior year tax positions as a result of lapse of statute 145 371 — Decreases related to settlement — 1,043 — Increases related to current year tax positions (269) (553) (797) Increases related to acquired tax positions (119) (639) — Decreases related to acquired tax positions 38 — — Balance at December 31 $ (17,150) $ (17,261) $ (25,902) * 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 2022 Deferred income tax asset valuation allowance $ 91,165 $ 12,848 $ (3,319) $ 100,694 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 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 Unrealized loss on short-term investments Total Balance at December 31, 2019 $ (33,022) $ (3,707) $ (318) $ — $ (37,047) Other comprehensive income (loss) 28,191 783 (1,638) — 27,336 Amounts reclassified from accumulated other comprehensive income (loss) a — — 1,235 — 1,235 Balance at December 31, 2020 (4,831) (2,924) (721) — (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 (35,464) (2,242) — — (37,706) Other comprehensive income (loss) (18,730) 2,777 — (3,557) (19,510) Amounts reclassified from accumulated other comprehensive income (loss) a — 165 — 3,229 3,394 Balance at December 31, 2022 $ (54,194) $ 700 $ — $ (328) $ (53,822) a. Amount reclassified into interest and other income (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, 2022 | |
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 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) - segment | 12 Months Ended | 24 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Number of reportable segments | 2 | 1 | 2 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 01, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Finite lives impairment charge | $ 0 | $ 0 | $ 0 | |
Impairment charges on minority investments | 2,900,000 | 0 | 2,361,000 | |
Carrying amount of non-current investments | 13,668,000 | 5,632,000 | ||
Advertising costs | $ 7,255,000 | $ 5,486,000 | $ 7,561,000 | |
Lease renewal term | 1 year | |||
Accounts Receivable | One Customer | Customer Concentration Risk | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Concentration risk (as a percentage) | 10% | |||
Minimum | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Useful life | 2 years | |||
Maximum | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Useful life | 20 years | |||
Kumovis GmbH | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Acquired ownership percentage | 93.75% |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule of Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of year | $ 2,445 | $ 4,392 | $ 8,762 |
Additions charged to expense | 562 | 232 | 457 |
Other | 107 | (2,179) | (4,827) |
Balance at end of year | $ 3,114 | $ 2,445 | $ 4,392 |
Acquisitions_Investments (Narra
Acquisitions/Investments (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Oct. 04, 2022 USD ($) shares | Apr. 01, 2022 USD ($) | Dec. 01, 2021 USD ($) milestone shares | Nov. 01, 2021 USD ($) shares | Jan. 07, 2020 USD ($) | Jan. 21, 2019 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) milestone | Dec. 31, 2021 USD ($) milestone | Dec. 31, 2020 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2018 | Nov. 25, 2014 | |
Business Acquisition [Line Items] | ||||||||||||||
Payments for repurchase of redeemable noncontrolling interest | $ 10,000 | |||||||||||||
Installment payments | $ 2,300 | $ 6,300 | $ 12,500 | |||||||||||
Arabian Industrial Investments Company | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Ownership percentage | 49% | |||||||||||||
Initial investment | $ 6,500 | |||||||||||||
Escrow deposit | $ 3,435 | |||||||||||||
Entach Inc | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Ownership percentage | 26.60% | |||||||||||||
Investments | $ 10,000 | |||||||||||||
Deferred tax assets, investments | $ 9,670 | |||||||||||||
Warrants | $ 200 | 330 | ||||||||||||
Investment impairment charge | $ 2,770 | $ 2,770 | ||||||||||||
Robtec | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Ownership percentage | 100% | |||||||||||||
Dp polar GmbH | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquired ownership percentage | 100% | |||||||||||||
Purchase price | $ 26,695 | |||||||||||||
Payment in cash | 19,604 | |||||||||||||
Issuance of shares amount | 7,091 | |||||||||||||
Additional payments | $ 2,229 | |||||||||||||
Issuance of shares (in shares) | shares | 249,865 | |||||||||||||
Acquisition related expenses | $ 165 | |||||||||||||
Kumovis GmbH | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquired ownership percentage | 93.75% | |||||||||||||
Purchase price | $ 39,285 | |||||||||||||
Payment in cash | 37,726 | |||||||||||||
Acquisition related expenses | 126 | |||||||||||||
Fair value of RNCI | 1,559 | |||||||||||||
Deferred cash consideration | $ 3,628 | |||||||||||||
Cash deferment period | 15 months | |||||||||||||
Equity interest percentage | 50% | |||||||||||||
Acquisition years | 5 years 9 months | |||||||||||||
Purchase price | $ 39,285 | |||||||||||||
Kumovis GmbH | Kumovis GmbH | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Ownership percentage | 6.25% | |||||||||||||
Titan Additive LLC | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquired ownership percentage | 100% | |||||||||||||
Purchase price | $ 39,040 | |||||||||||||
Payment in cash | 39,040 | |||||||||||||
Acquisition related expenses | $ 612 | |||||||||||||
Volumetric Biotechnologies, Inc. | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Purchase price | $ 40,173 | |||||||||||||
Payment in cash | 24,814 | |||||||||||||
Issuance of shares amount | 15,359 | |||||||||||||
Additional payments | $ 355,000 | |||||||||||||
Issuance of shares (in shares) | shares | 720,000 | |||||||||||||
Acquisition related expenses | $ 1,306 | |||||||||||||
Number of milestones | milestone | 7 | 7 | 7 | |||||||||||
Expense for milestones | $ 15,918 | $ 1,326 | ||||||||||||
Oqton, Inc. | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Purchase price | $ 187,775 | |||||||||||||
Payment in cash | 107,078 | |||||||||||||
Issuance of shares amount | $ 80,697 | |||||||||||||
Issuance of shares (in shares) | shares | 2,553,000 | |||||||||||||
Acquisition related expenses | 1,780 | |||||||||||||
Purchase price | $ 187,775 | |||||||||||||
Robtec | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquired ownership percentage | 30% | 70% | ||||||||||||
Easyway | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquired ownership percentage | 30% | 70% | ||||||||||||
Purchase price | $ 13,500 | |||||||||||||
Installment payments | $ 2,300 | $ 6,300 | $ 2,500 |
Acquisitions_Investments (Asset
Acquisitions/Investments (Assets and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Oct. 04, 2022 | Apr. 01, 2022 | Dec. 31, 2021 | Dec. 01, 2021 | Nov. 01, 2021 |
Intangible assets: | ||||||
Goodwill | $ 385,312 | $ 345,588 | ||||
Dp polar GmbH | ||||||
Business Acquisition [Line Items] | ||||||
Current assets, including cash acquired | $ 302 | |||||
Intangible assets: | ||||||
Total intangible assets | 8,944 | |||||
Goodwill | 15,350 | |||||
Other assets | 2,376 | |||||
Liabilities: | ||||||
Accounts payable and accrued liabilities | 277 | |||||
Total liabilities | 277 | |||||
Net assets acquired | 26,695 | |||||
Cash acquired | 243 | |||||
Dp polar GmbH | In-process research and development | ||||||
Intangible assets: | ||||||
Total intangible assets | 5,014 | |||||
Dp polar GmbH | Trade names | ||||||
Intangible assets: | ||||||
Total intangible assets | $ 3,930 | |||||
Kumovis GmbH | ||||||
Business Acquisition [Line Items] | ||||||
Current assets, including cash acquired | $ 1,407 | |||||
Intangible assets: | ||||||
Total intangible assets | 26,572 | |||||
Goodwill | 17,469 | |||||
Other assets | 705 | |||||
Liabilities: | ||||||
Accounts payable and accrued liabilities | 332 | |||||
Deferred revenue | 70 | |||||
Deferred tax liability | 6,466 | |||||
Total liabilities | 6,868 | |||||
Net assets acquired | 39,285 | |||||
Cash acquired | 125 | |||||
Kumovis GmbH | Product technology | ||||||
Intangible assets: | ||||||
Total intangible assets | 20,770 | |||||
Kumovis GmbH | Trade names | ||||||
Intangible assets: | ||||||
Total intangible assets | 5,802 | |||||
Titan Additive LLC | ||||||
Business Acquisition [Line Items] | ||||||
Current assets, including cash acquired | 661 | |||||
Intangible assets: | ||||||
Total intangible assets | 21,520 | |||||
Goodwill | 17,430 | |||||
Other assets | 68 | |||||
Liabilities: | ||||||
Accounts payable and accrued liabilities | 229 | |||||
Deferred revenue | 410 | |||||
Total liabilities | 639 | |||||
Net assets acquired | 39,040 | |||||
Titan Additive LLC | Product technology | ||||||
Intangible assets: | ||||||
Total intangible assets | 15,940 | |||||
Titan Additive LLC | Trade names | ||||||
Intangible assets: | ||||||
Total intangible assets | $ 5,580 | |||||
Volumetric Biotechnologies, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Current assets, including cash acquired | $ 3,143 | |||||
Intangible assets: | ||||||
Total intangible assets | 861 | 1,500 | ||||
Goodwill | 37,492 | |||||
Other assets | 1,194 | |||||
Liabilities: | ||||||
Accounts payable and accrued liabilities | 3,156 | |||||
Total liabilities | 3,156 | |||||
Net assets acquired | 40,173 | |||||
Cash acquired | 389 | |||||
Volumetric Biotechnologies, Inc. | Product technology | ||||||
Intangible assets: | ||||||
Total intangible assets | 1,100 | |||||
Volumetric Biotechnologies, Inc. | Customer relationships | ||||||
Intangible assets: | ||||||
Total intangible assets | $ 400 | |||||
Oqton, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Current assets, including cash acquired | $ 8,344 | |||||
Intangible assets: | ||||||
Total intangible assets | 19,900 | |||||
Goodwill | 165,904 | |||||
Other assets | 760 | |||||
Liabilities: | ||||||
Accounts payable and accrued liabilities | 6,643 | |||||
Deferred revenue | 490 | |||||
Total liabilities | 7,133 | |||||
Net assets acquired | 187,775 | |||||
Cash acquired | 7,603 | |||||
Oqton, Inc. | Product technology | ||||||
Intangible assets: | ||||||
Total intangible assets | 1,400 | 12,600 | ||||
Oqton, Inc. | Trade names | ||||||
Intangible assets: | ||||||
Total intangible assets | $ 500 | $ 7,300 |
Acquisitions_Investments (Fair
Acquisitions/Investments (Fair Value of Consideration Transferred) (Details) - Kumovis GmbH $ in Thousands | Apr. 01, 2022 USD ($) |
Business Acquisition [Line Items] | |
Cash paid at acquisition | $ 34,098 |
Deferred cash consideration | 3,628 |
Estimated fair value of RNCI | 1,559 |
Total fair value of consideration transferred | $ 39,285 |
Divestitures (Details)
Divestitures (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Aug. 24, 2021 | Jan. 01, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Nov. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 sold | $ 325 | $ 421,485 | $ 1,554 | |||||
Disposal group, not discontinued operation, gain (loss) on disposal, statement of income or comprehensive income | Nonoperating Income (Expense) | |||||||
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 sold | $ 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] | ||||||||
Proceeds from sale of assets and businesses, net of cash sold | $ 305,000 | |||||||
Gain (loss) on disposition | 271,404 | |||||||
Ownership interest prior to disposal | 100% | |||||||
Cash transferred to the purchaser | $ 6,794 | |||||||
Gain for accumulated foreign currency translation gain | 2,431 | |||||||
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] | ||||||||
Proceeds from sale of assets and businesses, net of cash sold | $ 64,173 | |||||||
Gain (loss) on disposition | 32,047 | |||||||
Ownership interest prior to disposal | 100% | |||||||
Cash transferred to the purchaser | $ 9,476 | |||||||
Gain for accumulated foreign currency translation gain | $ 6,481 | |||||||
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 sold | $ 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 sold | $ 79 | |||||||
Gain (loss) on disposition | $ (4,524) | |||||||
Carrying value of assets | $ 3,806 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Outstanding performance obligation | $ 80,639 | ||
Deferred revenue and customer deposits | $ 6,947 | $ 3,325 | $ (3,231) |
Warranty maintenance period | 1 year | ||
Revenue | $ 538,031 | 615,639 | 557,240 |
Amounts included in contract liability at the beginning of period | $ 31,038 | ||
Recognized revenue | $ 30,302 | $ 30,635 | |
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) | 23% | 22% | 13% |
Collaborative Arrangement | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue | $ 13,497 | $ 6,804 | $ 6,953 |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Axis]: 2023-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Outstanding performance obligation | $ 38,348 | ||
Remaining performance obligation (as a percentage) | 89.40% | ||
Performance obligations expected to be satisfied, expected timing | 12 months | ||
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Axis]: 2024-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation (as a percentage) | 6% | ||
Performance obligations expected to be satisfied, expected timing | 1 year |
Revenue (Revenue by Geographic
Revenue (Revenue by Geographic Region) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 538,031 | $ 615,639 | $ 557,240 |
Americas | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 308,516 | 344,619 | 280,028 |
EMEA | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 167,114 | 201,684 | 213,575 |
APAC | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | 62,401 | 69,336 | 63,637 |
United States (included in Americas above) | |||
Disaggregation of Revenue [Line Items] | |||
Total revenue | $ 304,503 | $ 341,123 | $ 275,145 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) segment | Dec. 31, 2022 USD ($) segment | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 2 | 1 | 2 | |
Revenue | $ 538,031 | $ 615,639 | $ 557,240 | |
Cost of sales | 323,798 | 351,861 | 333,865 | |
Gross profit | 214,233 | 263,778 | 223,375 | |
Segment operating expenses | 331,252 | 296,847 | 342,338 | |
Segment operating income | (117,019) | (33,069) | (118,963) | |
Depreciation and amortization | 38,686 | 34,623 | 44,595 | |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 304,503 | 341,123 | $ 275,145 | |
Long-lived assets | 67,334 | 71,611 | $ 67,334 | |
Non-US | ||||
Segment Reporting Information [Line Items] | ||||
Long-lived assets | 33,484 | 32,002 | $ 33,484 | |
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Segment operating expenses | 165,584 | 145,865 | ||
Segment operating income | 48,649 | 117,913 | ||
General corporate expense, net | ||||
Segment Reporting Information [Line Items] | ||||
Segment operating income | 165,668 | 150,982 | ||
Depreciation and amortization | 19,650 | 13,643 | ||
Healthcare | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 260,988 | 306,184 | ||
Cost of sales | 162,222 | 170,434 | ||
Gross profit | 98,766 | 135,750 | ||
Depreciation and amortization | 6,450 | 7,355 | ||
Healthcare | Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Segment operating expenses | 72,954 | 66,392 | ||
Segment operating income | 25,812 | 69,358 | ||
Industrial | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 277,043 | 309,455 | ||
Cost of sales | 161,576 | 181,427 | ||
Gross profit | 115,467 | 128,028 | ||
Depreciation and amortization | 10,472 | 13,713 | ||
Industrial | Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Segment operating expenses | 92,630 | 79,473 | ||
Segment operating income | $ 22,837 | $ 48,555 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Thousands | 12 Months Ended | ||||
Sep. 01, 2020 USD ($) facility | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Feb. 25, 2021 USD ($) ft² | |
Lessee, Lease, Description [Line Items] | |||||
Ground lease sold | $ 389 | ||||
Lease not yet commenced, lease payments | $ 19,142 | ||||
Number of facilities closed | facility | 2 | ||||
Asset impairment | 4,095 | $ 1,676 | $ 55,484 | ||
Lessee, Right Of Use Asset | |||||
Lessee, Lease, Description [Line Items] | |||||
Asset impairment | $ 1,627 | ||||
Leasehold improvements | |||||
Lessee, Lease, Description [Line Items] | |||||
Asset impairment | $ 1,953 | ||||
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 | ||||
Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Remaining lease term | 1 year | ||||
Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Remaining lease term | 15 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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating lease cost | $ 9,135 | $ 10,226 | $ 13,937 |
Finance lease cost - amortization expense | 621 | 714 | 937 |
Finance lease cost - interest expense | 196 | 238 | 664 |
Short-term lease cost | 705 | 76 | 159 |
Variable lease cost | 764 | 3,163 | 1,363 |
Sublease income | (158) | (569) | (615) |
Total | $ 11,263 | $ 13,848 | $ 16,445 |
Leases (Balance Sheet Classific
Leases (Balance Sheet Classifications) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Right-of-use assets | ||
Operating leases | $ 39,502 | $ 42,502 |
Finance leases | 3,244 | 3,854 |
Right-of-use assets | 42,746 | 46,356 |
Current lease liabilities | ||
Operating leases | 8,343 | 7,711 |
Finance leases | 693 | 633 |
Current lease liabilities | 9,036 | 8,344 |
Long-term lease liabilities | ||
Operating leases | 38,499 | 43,359 |
Finance leases | 3,280 | 4,061 |
Long-term lease liabilities | $ 41,779 | $ 47,420 |
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 lease liabilities | Current lease liabilities |
Finance lease, liability, current, statement of financial position, extensible list | Current lease liabilities, Right-of-use assets | Current lease liabilities, Right-of-use assets |
Operating lease, liability, noncurrent, statement of financial position, extensible list | Long-term lease liabilities | Long-term lease liabilities |
Finance lease, liability, noncurrent, statement of financial position, extensible list | Long-term lease liabilities | Long-term lease liabilities |
Leases (Future Minimum Lease Pa
Leases (Future Minimum Lease Payments) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Finance Leases | |
2023 | $ 823 |
2024 | 800 |
2025 | 743 |
2026 | 605 |
2027 | 578 |
Thereafter | 1,012 |
Total lease payments (undiscounted) | 4,561 |
Less: imputed interest | (588) |
Present value of lease liabilities | 3,973 |
Operating Leases | |
2023 | 10,780 |
2024 | 9,322 |
2025 | 7,194 |
2026 | 5,867 |
2027 | 5,458 |
Thereafter | 22,077 |
Total lease payments (undiscounted) | 60,698 |
Less: imputed interest | (13,856) |
Present value of lease liabilities | $ 46,842 |
Leases (Supplemental Cash Flows
Leases (Supplemental Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash outflow for operating leases | $ 10,268 | $ 11,108 | $ 13,151 |
Operating cash outflow for finance leases | 196 | 238 | 661 |
Financing cash outflow for finance leases | $ 652 | $ 721 | $ 496 |
Leases (Lease Weighted Average)
Leases (Lease Weighted Average) (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Weighted-average remaining lease term (in years) | ||
Finance | 6 years 2 months 12 days | 7 years 4 months 24 days |
Operating | 7 years 8 months 12 days | 8 years 8 months 12 days |
Weighted-average discount rate | ||
Finance | 4.83% | 4.63% |
Operating | 6.49% | 5.45% |
Inventories (Components Of Inve
Inventories (Components Of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 59,907 | $ 23,530 |
Work in process | 4,972 | 5,173 |
Finished goods and parts | 72,953 | 64,184 |
Total inventories | $ 137,832 | $ 92,887 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Inventory [Line Items] | |||||
Inventory reserve | $ 15,550 | $ 16,509 | |||
Business exit costs | $ 1,670 | ||||
Prepaid expense and other assets, current | 33,790 | 42,653 | |||
Payments for inventory | $ 17,060 | ||||
Inventory write-down | $ 2,586 | $ (2,909) | $ 12,373 | ||
Inventory, Accessories and Inventory Commitments | |||||
Inventory [Line Items] | |||||
Inventory write-down | $ 10,894 | ||||
Inventories | |||||
Inventory [Line Items] | |||||
Long-term purchase commitment, amount | 23,913 | ||||
Prepaid expense and other assets, current | 8,892 | ||||
Capital Addition Purchase Commitments | |||||
Inventory [Line Items] | |||||
Long-term purchase commitment, amount | $ 369 |
Property and Equipment (Schedul
Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 206,202 | $ 191,118 |
Less: Accumulated depreciation and amortization | (148,130) | (133,861) |
Total property and equipment, net | 58,072 | 57,257 |
Building | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 94 | 84 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 130,874 | 117,446 |
Capitalized software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 25,952 | 24,149 |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 5,540 | 5,188 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 34,567 | 32,200 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 9,175 | $ 12,051 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 21,096 | $ 24,242 | $ 28,397 |
Asset impairment | 4,095 | 1,676 | 55,484 |
Property, Plant and Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Asset impairment | $ 18 | $ 788 | $ 3,406 |
Intangible Assets (Intangible A
Intangible Assets (Intangible Assets Other Than Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 211,802 | $ 162,043 |
Accumulated Amortization | (127,020) | (116,208) |
Net | $ 84,782 | 45,835 |
Weighted Average Useful Life Remaining (in years) | 8 years 8 months 12 days | |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 51,137 | 53,062 |
Accumulated Amortization | (48,695) | (45,613) |
Net | $ 2,442 | 7,449 |
Weighted Average Useful Life Remaining (in years) | 3 years 8 months 12 days | |
Acquired technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 55,480 | 17,518 |
Accumulated Amortization | (10,707) | (5,430) |
Net | $ 44,773 | 12,088 |
Weighted Average Useful Life Remaining (in years) | 8 years 3 months 18 days | |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 35,930 | 20,448 |
Accumulated Amortization | (12,455) | (10,438) |
Net | $ 23,475 | 10,010 |
Weighted Average Useful Life Remaining (in years) | 9 years 3 months 18 days | |
Patent costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 18,673 | 21,852 |
Accumulated Amortization | (10,909) | (11,812) |
Net | $ 7,764 | 10,040 |
Weighted Average Useful Life Remaining (in years) | 9 years 6 months | |
Trade secrets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 19,828 | 19,924 |
Accumulated Amortization | (19,828) | (18,971) |
Net | $ 0 | 953 |
Weighted Average Useful Life Remaining (in years) | 0 years | |
Acquired patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 17,499 | 16,257 |
Accumulated Amortization | (15,661) | (15,945) |
Net | $ 1,838 | 312 |
Weighted Average Useful Life Remaining (in years) | 12 years 8 months 12 days | |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 13,255 | 12,982 |
Accumulated Amortization | (8,765) | (7,999) |
Net | $ 4,490 | $ 4,983 |
Weighted Average Useful Life Remaining (in years) | 8 years 7 months 6 days |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Indefinite-lived intangible assets | $ 5,448 | $ 0 | |
Amortization expense | 15,480 | $ 10,469 | $ 15,810 |
Annual amortization expense for intangible assets | |||
Year one | 10,528 | ||
Year two | 10,504 | ||
Year three | 10,229 | ||
Year four | 7,324 | ||
Year five | $ 6,843 |
Goodwill (Roll Forward) (Detail
Goodwill (Roll Forward) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Goodwill [Roll Forward] | |
Balance at beginning of year, gross | $ 419,972 |
Balance at beginning of year, dispositions, acquisitions and impairments | (74,384) |
Balance at beginning of period | 345,588 |
Acquisitions | 48,811 |
Foreign currency translation adjustments | (9,087) |
Balance at ending of year, gross | 459,696 |
Balance at ending of year, dispositions, acquisitions and impairments | (74,384) |
Balance at end of period | 385,312 |
Healthcare | |
Goodwill [Roll Forward] | |
Balance at beginning of year, gross | 121,970 |
Balance at beginning of year, dispositions, acquisitions and impairments | (32,055) |
Balance at beginning of period | 89,915 |
Acquisitions | 25,378 |
Foreign currency translation adjustments | (3,917) |
Balance at ending of year, gross | 143,431 |
Balance at ending of year, dispositions, acquisitions and impairments | (32,055) |
Balance at end of period | 111,376 |
Industrial | |
Goodwill [Roll Forward] | |
Balance at beginning of year, gross | 298,002 |
Balance at beginning of year, dispositions, acquisitions and impairments | (42,329) |
Balance at beginning of period | 255,673 |
Acquisitions | 23,433 |
Foreign currency translation adjustments | (5,170) |
Balance at ending of year, gross | 316,265 |
Balance at ending of year, dispositions, acquisitions and impairments | (42,329) |
Balance at end of period | $ 273,936 |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Impairment of goodwill | $ 48,300 | $ 0 | $ 0 | $ 48,300 |
Employee Benefits (Narrative) (
Employee Benefits (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |||
Employer matching contribution percentage | 50% | ||
Employee percentage of match | 6% | ||
Employee benefit expenses | $ 2,254 | $ 2,039 | $ 2,456 |
Employee Benefits (Reconciliati
Employee Benefits (Reconciliation of Changes In Projected Benefit Obligation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of benefit obligation: | |||
Obligation as of January 1 | $ 9,074 | $ 10,391 | |
Service cost | 103 | 187 | $ 204 |
Interest cost | 99 | 130 | 84 |
Actuarial (gain) loss | (3,387) | (234) | |
Benefit payments | (162) | (627) | |
Effect of foreign currency exchange rate changes | (512) | (773) | |
Benefit obligation as of December 31 | 5,215 | 9,074 | $ 10,391 |
Fair value of assets as of December 31 | 3,463 | 3,577 | |
Funded status as of December 31 | $ (1,752) | $ (5,497) |
Employee Benefits (Summary of A
Employee Benefits (Summary of Amounts Recognized in Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Retirement Benefits [Abstract] | ||
Other assets | $ 3,463 | $ 3,577 |
Accrued and other liabilities | (165) | (163) |
Other liabilities | (5,050) | (8,911) |
Net liability | $ (1,752) | $ (5,497) |
Employee Benefits (Schedule of
Employee Benefits (Schedule of Accumulated And Projected Benefit Obligations) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Retirement Benefits [Abstract] | |||
Projected benefit obligation | $ 5,215 | $ 9,074 | $ 10,391 |
Accumulated benefit obligation | $ 4,984 | $ 8,635 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |||
Service cost | $ 103 | $ 187 | $ 204 |
Interest cost | 99 | 130 | 84 |
Amortization of actuarial loss | 45 | 259 | 351 |
Total net periodic pension cost | 247 | 576 | 639 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | |||
Net (gain) loss | (3,387) | (234) | (1,223) |
Amortization of prior years' unrecognized loss | (45) | (259) | (351) |
Total recognized as other comprehensive income (loss), excluding tax | (3,432) | (493) | (1,574) |
Total (gain) expense recognized in net periodic benefit cost and other comprehensive income (loss) | $ (3,185) | $ 83 | $ (935) |
Defined benefit plan, net periodic benefit cost (credit) excluding service cost, statement of income or comprehensive income | Other Comprehensive Income (Loss), Net of Tax | Other Comprehensive Income (Loss), Net of Tax | Other Comprehensive Income (Loss), Net of Tax |
Employee Benefits (Assumptions
Employee Benefits (Assumptions Used to Determine Benefit Obligations) (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Retirement Benefits [Abstract] | ||
Discount rate | 4.20% | 1.20% |
Rate of compensation | 3% | 3% |
Employee Benefits (Summary of E
Employee Benefits (Summary of Estimated Future Benefit Payments) (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Estimated future benefit payments for the years ending December 31: | |
2023 | $ 174 |
2024 | 176 |
2025 | 177 |
2026 | 208 |
2027 | 234 |
2028 through 2032 | $ 1,578 |
Accrued and Other Liabilities_2
Accrued and Other Liabilities (Schedule Of Accrued Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Compensation and benefits | $ 19,814 | $ 39,846 |
Accrued taxes | 10,694 | 19,836 |
Vendor accruals | 6,920 | 9,045 |
Legal contingencies | 9,948 | 0 |
Product warranty liability | 3,677 | 3,585 |
Accrued professional fees | 2,405 | 2,263 |
Accrued other | 1,488 | 1,593 |
Royalties payable | 625 | 826 |
Total | $ 55,571 | $ 76,994 |
Accrued and Other Liabilities_3
Accrued and Other Liabilities (Schedule Of Other Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Long-term employee indemnity | $ 4,817 | $ 5,237 |
Long-term tax liability | 5,711 | 6,099 |
Defined benefit pension obligation | 5,050 | 8,911 |
Long-term deferred revenue | 4,974 | 10,244 |
Earnout liability | 17,244 | 1,327 |
Legal contingencies | 6,096 | 0 |
Other long-term liabilities | 289 | 436 |
Total | $ 44,181 | $ 32,254 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Warrant Obligation [Roll Forward] | ||||
Beginning Balance | $ 3,677 | $ 3,585 | $ 2,348 | $ 2,908 |
Accruals for warranties issued | 6,053 | 8,784 | 6,266 | |
Settlements made | (5,961) | (7,547) | (6,826) | |
Ending Balance | $ 3,677 | $ 3,585 | $ 2,348 | $ 2,908 |
Borrowings (Details)
Borrowings (Details) | 12 Months Ended | ||||||||
Nov. 16, 2021 USD ($) day $ / shares | Feb. 27, 2019 USD ($) | Dec. 31, 2026 USD ($) | Dec. 31, 2025 USD ($) | Dec. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 $ / 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 | $ 2,652,000 | $ 324,000 | |||||||
Convertible Senior Notes Due 2026 | Convertible Debt | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Issued amount | $ 460,000,000 | ||||||||
Interest rate (as a percentage) | 0% | ||||||||
Net proceeds from offering | $ 446,534,000 | ||||||||
Discounts and expenses | $ 13,466,000 | ||||||||
Unamortized amount | 10,490,000 | ||||||||
Effective interest rate | 0.594% | ||||||||
Percentage of conversion price | 130% | ||||||||
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 | ||||||||
Threshold percentage of sales price per share | 98% | ||||||||
Conversion ratio | 0.0278364 | ||||||||
Conversion price (in dollars per share) | $ / shares | $ 35.92 | ||||||||
Redemption percentage of principal amount | 100% | ||||||||
Fair value of notes | $ 315,592,000 | ||||||||
Forecast | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Amortization of debt issuance costs | $ 2,395,000 | $ 2,714,000 | $ 2,698,000 | $ 2,683,000 | |||||
Revolving Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Credit agreement term | 5 years | ||||||||
Credit agreement, maximum borrowing capacity | $ 100,000 | ||||||||
Term Loan Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Credit agreement term | 5 years | ||||||||
Credit agreement, maximum borrowing capacity | $ 100,000 |
Hedging Activities And Financ_2
Hedging Activities And Financial Instruments (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jul. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Jul. 08, 2019 | |
Derivative [Line Items] | ||||||
De-designation of derivative instrument | $ 721 | $ 1,235 | ||||
Losses (gain) related to foreign exchange hedging activities | $ 2,322 | 335 | (608) | |||
Not Designated as Hedging Instrument | ||||||
Derivative [Line Items] | ||||||
Foreign currency contracts | 0 | 43,000 | ||||
Interest Rate Contract | ||||||
Derivative [Line Items] | ||||||
De-designation of derivative instrument | $ 1,253 | |||||
Loss in interest rate swap contracts | $ 0 | $ 711 | $ 1,513 | |||
Interest Rate Contract | Designated as Hedging Instrument | ||||||
Derivative [Line Items] | ||||||
Notional interest rate contracts outstanding | $ 50,000 | |||||
Floor interest rate (as a percentage) | 0% | |||||
Interest Rate Contract | Not Designated as Hedging Instrument | ||||||
Derivative [Line Items] | ||||||
Notional interest rate contracts outstanding | $ 15 |
Interest income (expense) (Deta
Interest income (expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Foreign exchange (loss) gain, net | $ (4,424) | $ 1,681 | $ (4,762) |
Interest income (expense), net | 6,541 | (1,902) | (3,991) |
Other (expense) income, net | (5,907) | 352,830 | (15,694) |
Total interest and other (expense) income, net | (3,790) | 352,609 | (24,447) |
Interest income | 9,352 | 438 | 400 |
Interest expenses | $ (2,811) | (2,340) | $ (4,391) |
On Demand Manufacturing, Simbionix USA And GIBBSCam Cimatron | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Other (expense) income, net | $ 350,853 |
Common Stock and Preferred St_2
Common Stock and Preferred Stock (Details) | 12 Months Ended | |
Dec. 31, 2022 vote $ / shares shares | Dec. 31, 2021 shares | |
Equity [Abstract] | ||
Common stock, shares authorized (in shares) | 220,000,000 | 220,000,000 |
Common stock, number of votes per share | vote | 1 | |
Common stock dividends declared (in dollars per share) | $ / shares | $ 0 | |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) | 12 Months Ended | ||||
Dec. 01, 2021 milestone tranche | Dec. 31, 2022 USD ($) tranche milestone $ / shares shares | Dec. 31, 2021 USD ($) milestone shares | Dec. 31, 2020 USD ($) | May 19, 2022 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Increase in number of shares reserved for future issuance (in shares) | shares | 6,935,000 | ||||
Granted (in shares) | shares | 25,235 | ||||
Vesting period | 3 years | ||||
Stock-based compensation expense | $ | $ 42,415,000 | $ 55,153,000 | $ 17,725,000 | ||
Vesting percentage | 33.33% | ||||
Stock options exercisable (in shares) | shares | 0 | 0 | |||
Unrecognized stock-based compensation expense | $ | $ 0 | $ 0 | |||
Volumetric Biotechnologies, Inc. | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ | 7,959,000 | 683,000 | 0 | ||
Dp polar GmbH | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ | $ 268,000 | 0 | 0 | ||
2015 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | shares | 1,286,000 | ||||
Incentive Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ | $ 4,030,000 | 22,057,000 | $ 0 | ||
Restricted Stock - Market Conditions | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares awarded (in shares) | shares | 834,000 | ||||
Restricted Stock - Performance Measures | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares awarded (in shares) | shares | 1,215,000 | ||||
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ | $ 1,031,000 | $ 81,000 | |||
Shares awarded (in shares) | shares | 213,000 | ||||
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 | ||||
Restricted Stock Awards and Restricted Stock Unit Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock compensation expense | $ | $ 46,601,000 | ||||
Restricted Stock Awards and Restricted Stock Unit Awards | Weighted Average | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 1 year 10 months 24 days | ||||
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 dollars per share) | $ / shares | $ 30 | ||||
Trading price for stock award, tranche two (in dollars per share) | $ / shares | $ 40 | ||||
Stock award tranche granting period | 90 days |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Stock-based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Stock-based compensation expense | $ 42,415 | $ 55,153 | $ 17,725 |
Tax benefit | $ 0 | $ 0 | $ 0 |
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, 2022 $ / shares shares | |
Number of Shares/Units | |
Outstanding at beginning of year — unvested (in shares) | shares | 3,980 |
Granted (in shares) | shares | 4,422 |
Cancelled (in shares) | shares | (700) |
Vested (in shares) | shares | (2,687) |
Outstanding at end of year — unvested (in shares) | shares | 5,015 |
Weighted Average Grant Date Fair Value | |
Outstanding at beginning of year — unvested (in dollars per share) | $ / shares | $ 19.72 |
Granted (in dollars per share) | $ / shares | 15.23 |
Cancelled (in dollars per share) | $ / shares | 16.90 |
Vested (in dollars per share) | $ / shares | 15.92 |
Outstanding at end of year — unvested (in dollars per share) | $ / shares | $ 18.19 |
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, 2022 | Dec. 31, 2021 | |
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 dollars per share) | $ 13.26 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 0 | |
Forfeited and expired (in dollars per share) | 0 | |
Outstanding at end of year (in dollars per share) | $ 13.26 | $ 13.26 |
Weighted Average Remaining Contractual Term (in years) | 3 years 8 months 12 days | 4 years 8 months 12 days |
Aggregate intrinsic value | $ 0 | $ 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, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator for basic and diluted net (loss) income per share: | |||
Net (loss) income attributable to 3D Systems Corporation | $ (122,711) | $ 322,052 | $ (149,594) |
Redeemable non-controlling interest redemption value in excess of carrying value | (596) | 0 | 0 |
Net (loss) income attributable to common stock shareholders | $ (123,307) | $ 322,052 | $ (149,594) |
Denominator for net (loss) income per share: | |||
Weighted average shares - basic (in shares) | 127,818,000 | 122,867,000 | 117,579,000 |
Dilutive effect of shares issuable under stock based compensation and other plans (in shares) | 0 | 3,467,000 | 0 |
Weighted average shares - diluted (in shares) | 127,818,000 | 126,334,000 | 117,579,000 |
Net income (loss) per share - basic (in dollars per share) | $ (0.96) | $ 2.62 | $ (1.27) |
Net income (loss) per share - diluted (in dollars per share) | $ (0.96) | $ 2.55 | $ (1.27) |
Restricted Stock | |||
Denominator for net (loss) income per share: | |||
Dilutive effect of shares issuable under stock based compensation and other plans (in shares) | 2,755,000 | ||
Incentive Awards | |||
Denominator for net (loss) income per share: | |||
Dilutive effect of shares issuable under stock based compensation and other plans (in shares) | 712,000 |
Net Income (Loss) Per Share (Eq
Net Income (Loss) Per Share (Equity Awards) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Shares excluded from diluted loss per share calculation (in shares) | 5,435 | 1,779 | 3,960 |
Restricted stock and restricted stock units | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Shares excluded from diluted loss per share calculation (in shares) | 5,015 | 1,779 | 3,540 |
Stock options | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Shares excluded from diluted loss per share calculation (in shares) | 420 | 0 | 420 |
Incentive Awards | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Shares excluded from diluted loss per share calculation (in shares) | 341 |
Net Income (Loss) Per Share (Na
Net Income (Loss) Per Share (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands | 12 Months Ended | ||||
Nov. 16, 2021 | Aug. 05, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subsidiary, Sale of Stock [Line Items] | |||||
Shares excluded from diluted loss per share calculation (in shares) | 5,435 | 1,779 | 3,960 | ||
Share price (in dollars per share) | $ 12 | ||||
Fees, commissions and other costs | $ 849,000 | ||||
Restricted Stock | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Shares excluded from diluted loss per share calculation (in shares) | 718 | ||||
Incentive Awards | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Shares excluded from diluted loss per share calculation (in shares) | 341 | ||||
Dp polar GmbH | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Shares excluded from diluted loss per share calculation (in shares) | 22 | ||||
Convertible Senior Notes Due 2026 | Senior Notes | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Issued amount | $ 460,000,000 | ||||
Interest rate (as a percentage) | 0% | ||||
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 |
Redeemable Non-controlling In_3
Redeemable Non-controlling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Redeemable Noncontrolling Interest Equity [Roll Forward] | |||
Beginning balance | $ 0 | ||
Redemption value in excess of carrying value | 596 | $ 0 | $ 0 |
Ending balance | 1,760 | 0 | |
Kumovis GmbH | |||
Redeemable Noncontrolling Interest Equity [Roll Forward] | |||
Beginning balance | 0 | ||
Fair value at the date of acquisition | 1,559 | ||
Net loss | (238) | ||
Redemption value in excess of carrying value | 596 | ||
Translation adjustments | (157) | ||
Ending balance | $ 1,760 | $ 0 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cost Basis | $ 412,949 | |||
Unrealized Gains (Losses) | (328) | |||
Fair Value | 412,621 | |||
Entach Inc | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Warrants | 200 | $ 330 | ||
Investment impairment charge | $ 2,770 | $ 2,770 | ||
Corporate bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cost Basis | 745 | |||
Fair Value | 743 | |||
Cash and Cash Equivalents | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 232,018 | |||
Short-term Investments and Marketable Securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 180,603 | |||
Level 1 | Money market funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cost Basis | 232,018 | |||
Unrealized Gains (Losses) | 0 | |||
Fair Value | 232,018 | |||
Assets, fair value disclosure | $ 485,521 | |||
Level 1 | Cash and Cash Equivalents | Money market funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 232,018 | |||
Level 1 | Short-term Investments and Marketable Securities | Money market funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 0 | |||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Weighted average maturity | 1 year 3 months 18 days | |||
Level 2 | Certificates of deposit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cost Basis | $ 990 | |||
Unrealized Gains (Losses) | 6 | |||
Fair Value | 996 | |||
Level 2 | Commercial paper | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cost Basis | 1,281 | |||
Unrealized Gains (Losses) | 6 | |||
Fair Value | 1,287 | |||
Level 2 | Short-term bond mutual funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cost Basis | 100,242 | |||
Unrealized Gains (Losses) | (99) | |||
Fair Value | 100,143 | |||
Level 2 | Corporate bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cost Basis | 78,418 | |||
Unrealized Gains (Losses) | (241) | |||
Fair Value | 78,177 | |||
Level 2 | Cash and Cash Equivalents | Certificates of deposit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | |||
Level 2 | Cash and Cash Equivalents | Commercial paper | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | |||
Level 2 | Cash and Cash Equivalents | Short-term bond mutual funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | |||
Level 2 | Cash and Cash Equivalents | Corporate bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 0 | |||
Level 2 | Short-term Investments and Marketable Securities | Certificates of deposit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 996 | |||
Level 2 | Short-term Investments and Marketable Securities | Commercial paper | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 1,287 | |||
Level 2 | Short-term Investments and Marketable Securities | Short-term bond mutual funds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 100,143 | |||
Level 2 | Short-term Investments and Marketable Securities | Corporate bonds | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 78,177 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (110,610) | $ 308,514 | $ (45,973) |
Foreign | (10,199) | 11,026 | (97,437) |
(Loss) income before income taxes | $ (120,809) | $ 319,540 | $ (143,410) |
Income Taxes (Components of I_2
Income Taxes (Components of Income Tax Provision) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
U.S. federal | $ 119 | $ (8,675) | $ 1,294 |
State | (498) | 2,097 | 451 |
Foreign | 5,037 | 6,861 | 5,645 |
Total | 4,658 | 283 | 7,390 |
Deferred: | |||
U.S. federal | 0 | 0 | 67 |
State | 0 | 0 | 0 |
Foreign | (2,518) | (2,795) | (1,273) |
Total | (2,518) | (2,795) | (1,206) |
Total income tax (benefit) provision | $ 2,140 | $ (2,512) | $ 6,184 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Tax provision based on the federal statutory rate | 21% | 21% | 21% |
Increase in valuation allowances | (10.70%) | (10.40%) | (8.50%) |
Dividends not taxable | 0% | 0% | 9.50% |
Net operating loss carryback claim | 0% | 0% | 6.20% |
Change in carryforward attributes | (1.90%) | (0.70%) | (3.20%) |
Global intangible low-taxed income inclusion | (0.50%) | 1.20% | (0.30%) |
Non-deductible expenses | (1.60%) | 1.40% | (13.50%) |
Non-deductible earnout expense | (2.80%) | 0% | 0% |
Foreign income tax rate differential | (0.30%) | 0% | (3.30%) |
Deemed income related to foreign operations | (0.20%) | 0% | (1.60%) |
Tax rate change | (1.20%) | (0.70%) | (0.30%) |
Employee share-based payments | (1.60%) | (1.30%) | (1.40%) |
Other | 0.40% | 0% | (0.40%) |
Deferred and payable adjustments | (1.70%) | 1.40% | (2.60%) |
Non-deductible penalties | (2.50%) | 0% | 0% |
State taxes, net of federal benefit, before valuation allowance | 1.40% | 1% | 0.50% |
Return-to-provision adjustments | (0.20%) | (0.10%) | 0.90% |
Other tax credits | 0.80% | (0.50%) | 0.20% |
Uncertain tax positions and audit settlements | (0.20%) | (3.00%) | (7.50%) |
Divestitures | 0% | (10.10%) | 0% |
Effective tax rate | (1.80%) | (0.80%) | (4.30%) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | |||
Difference in effective rate (as a percentage) | 22.80% | 21.80% | 25.30% |
Deferred income tax assets | $ 51,845 | ||
Net operating loss carryforwards | 367,611 | ||
Loss carryforwards for U.S. federal income tax purposes | 120,659 | ||
Loss carryforwards for U.S. state income tax purposes | 168,364 | ||
Loss carryforwards for foreign income tax purposes | 78,587 | ||
Unremitted earnings | 122,732 | ||
Unrecognized deferred tax liability | 5,761 | ||
Unrecognized tax benefits, period decrease | 691 | ||
Unrecognized tax benefits, period increase | 580 | ||
Unrecognized tax benefits that would impact effective tax rate | 5,710 | ||
Domestic Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 11,128 | ||
Research and experimentation tax credit carryforwards | 9,090 | ||
Foreign tax credits | 6,629 | ||
State and Local Jurisdiction | |||
Operating Loss Carryforwards [Line Items] | |||
Research and experimentation tax credit carryforwards | $ 4,975 |
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, 2022 | Dec. 31, 2021 |
Deferred income tax assets: | ||
Intangible assets | $ 8,601 | $ 10,950 |
Stock options and restricted stock awards | 6,091 | 8,005 |
Reserves and allowances | 6,145 | 8,692 |
Net operating loss carryforwards | 51,845 | 38,394 |
Tax credit carryforwards | 19,649 | 19,967 |
Accrued liabilities | 2,518 | 2,893 |
Deferred revenue | 5,502 | 8,141 |
Lease tax assets | 9,589 | 10,362 |
Research expenditures capitalization | 11,140 | 0 |
Other | 1,180 | 0 |
Valuation allowance | (100,694) | (91,165) |
Total deferred income tax assets | 21,566 | 16,239 |
Deferred income tax liabilities: | ||
Intangible assets | 9,090 | 2,356 |
Property and equipment | 4,477 | 2,110 |
Lease tax liabilities | 7,785 | 8,458 |
Other | 807 | 434 |
Total deferred income tax liabilities | 22,159 | 13,358 |
Net deferred income tax (liabilities) assets | $ (593) | |
Net deferred income tax (liabilities) assets | $ 2,881 |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Unrecognized Tax Benefits* | |||
Balance at January 1 | $ (17,261) | $ (25,902) | $ (15,467) |
Increases related to prior year tax positions | (192) | (467) | (10,426) |
Decreases related to prior year tax positions | 508 | 8,886 | 788 |
Decreases related to prior year tax positions as a result of lapse of statute | 145 | 371 | 0 |
Decreases related to settlement | 0 | 1,043 | 0 |
Increases related to current year tax positions | (269) | (553) | (797) |
Increases related to acquired tax positions | (119) | (639) | 0 |
Decreases related to acquired tax positions | 38 | 0 | 0 |
Balance at December 31 | $ (17,150) | $ (17,261) | $ (25,902) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of year | $ 91,165 | $ 123,113 | $ 109,643 |
Additions (reductions) charged to expense | 12,848 | (31,948) | 13,470 |
Other | (3,319) | 0 | 0 |
Balance at end of year | $ 100,694 | $ 91,165 | $ 123,113 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Feb. 27, 2023 USD ($) agency installment | Dec. 31, 2022 USD ($) | Aug. 31, 2020 subpoena | |
Loss Contingencies [Line Items] | |||
Supply commitments | $ 4,051 | ||
Litigation liability | $ 16,044 | ||
Export Controls And Government Contracts Compliance | |||
Loss Contingencies [Line Items] | |||
Number of subpoenas | subpoena | 2 | ||
Export Controls And Government Contracts Compliance | Subsequent Event | |||
Loss Contingencies [Line Items] | |||
Number of agencies | agency | 3 | ||
Amount awarded | $ 15,048 | ||
Export Controls And Government Contracts Compliance | Directorate of Defense Trade Controls | |||
Loss Contingencies [Line Items] | |||
Payment period | 3 years | ||
Suspended penalty amount | $ 10,000 | ||
Export Controls And Government Contracts Compliance | Directorate of Defense Trade Controls | Subsequent Event | |||
Loss Contingencies [Line Items] | |||
Amount awarded | $ 10,000 | ||
Number of installment payments | installment | 3 | ||
Payment period | 3 years | ||
Suspended penalty amount | $ 10,000 | ||
Export Controls And Government Contracts Compliance | Bureau Of Industry And Security Of The Department Of Commerce | Subsequent Event | |||
Loss Contingencies [Line Items] | |||
Amount awarded | 2,778 | ||
Export Controls And Government Contracts Compliance | U.S. Department Of Justice | Subsequent Event | |||
Loss Contingencies [Line Items] | |||
Amount awarded | $ 2,270 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | $ 842,381 | $ 430,723 | $ 513,896 |
Other comprehensive income (loss) | (19,510) | (29,951) | 27,336 |
Amounts reclassified from accumulated other comprehensive income (loss) | 3,394 | 721 | 1,235 |
Ending balance | 749,944 | 842,381 | 430,723 |
Accumulated Other Comprehensive Income (Loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (37,706) | (8,476) | (37,047) |
Ending balance | (53,822) | (37,706) | (8,476) |
Foreign currency translation adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (35,464) | (4,831) | (33,022) |
Other comprehensive income (loss) | (18,730) | (30,633) | 28,191 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 |
Ending balance | (54,194) | (35,464) | (4,831) |
Defined benefit pension plan | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | (2,242) | (2,924) | (3,707) |
Other comprehensive income (loss) | 2,777 | 682 | 783 |
Amounts reclassified from accumulated other comprehensive income (loss) | 165 | 0 | 0 |
Ending balance | 700 | (2,242) | (2,924) |
Derivative financial instruments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 0 | (721) | (318) |
Other comprehensive income (loss) | 0 | 0 | (1,638) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 721 | 1,235 |
Ending balance | 0 | 0 | (721) |
Unrealized loss on short-term investments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Beginning balance | 0 | 0 | 0 |
Other comprehensive income (loss) | (3,557) | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 3,229 | 0 | 0 |
Ending balance | $ (328) | $ 0 | $ 0 |
Restructuring and Exit Activi_3
Restructuring and Exit Activity Costs (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Aug. 05, 2020 | Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Facility closing costs | 2020 Restructuring Plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Reduction of workforce, percentage | 20% | |||
Expected noncash charges | $ 6,400,000 | |||
Severance, termination benefits and other employee costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve | $ 0 | $ 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 | Dec. 31, 2022 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring, incurred cost, statement of income or comprehensive income | Selling, General and Administrative Expense | Selling, General and Administrative Expense | |
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 |