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Basis of Presentation | 12 Months Ended
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Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Basis of Presentation | (1) Basis of Presentation The consolidated financial statements include the accounts of 3D Systems Corporation and all majority and wholly-owned subsidiaries and entities in which a controlling interest is maintained (“3D Systems” or the “Company” or “we” or “us”). A non-controlling interest in a subsidiary is considered an ownership interest in a majority-owned subsidiary that is not attributable to the parent. We include noncontrolling interests as a component of total equity in the consolidated balance sheets and the net income (loss) attributable to noncontrolling interests is presented as an adjustment from net income (loss) used to arrive at net income (loss) attributable to 3D Systems Corporation in the consolidated statements of operations and comprehensive income (loss). Our annual reporting period is the calendar year. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). All significant intercompany accounts and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current year presentation. Our top priority is the health and safety of our employees and their families and communities, as we continue to manage our business through the COVID-19 pandemic. Throughout this past year, our leadership regularly reviewed and adapted our COVID-19 protocols based on evolving research and guidance. We have reopened our offices and begun business travel, with safety measures in place and in accordance with local guidance. Additionally, we implemented a hybrid-work program globally, providing more flexibility for employees to work remotely. We continue to monitor local transmission rates and regulatory guidance, and remain committed to protecting our employees, delivering for our customers, and supporting our communities. We are subject to vaccination and workplace safety protocols of the United States Federal Government Executive Order on Ensuring Adequate COVID Safety Protocols for Federal Contractors, and the COVID-19 Workplace Safety Guidance for Federal Contractors and Subcontractors issued by the Safer Federal Workforce Task Force. In support of a safe work environment, we have a vaccine policy for our U.S. employees, and a visitor policy to ensure those visiting our sites are taking the necessary health and safety precautions. Our operations in North America and South America (collectively referred to as "Americas"), Europe and the Middle East (collectively referred to as "EMEA") and the Asia Pacific and Oceania regions (collectively referred to as "APAC") expose us to risks associated with public health crises and epidemics/pandemics, such as the COVID-19 pandemic. While the COVID-19 pandemic continued to impact our reported results for the years ended December 31, 2021 and 2020, we are unable to predict the longer-term impact that the pandemic may have on our business, results of operations, financial position or cash flows. The extent to which our operations may be impacted by the dynamic nature of the COVID-19 pandemic will depend largely on future developments, which are highly uncertain and cannot be accurately predicted, including the severity or resurgence of the outbreak and actions by government authorities to contain the outbreak or treat its impact. Furthermore, the impacts of uncertain global economic conditions, further supply chain disruptions, including the shortages of critical components, and the continued disruptions to, and volatility in, the financial markets remain unknown. As of January 1, 2021, we determined the Company has two reportable segments, Healthcare and Industrial. The Company previously only reported its consolidated results in one segment. This change in segment reporting as of January 1, 2021 was the result of changes to how the chief operating decision maker (“CODM”) assesses the financial performance of the Company and in the decision-making process driving future operating performance. As a result of this re-segmentation, the Company performed a quantitative analysis for potential impairment of our goodwill immediately following the re-segmentation, noting that we determined the fair value of the Healthcare and Industrial reporting segments exceeded their carrying values. See Note 6. Fair value was determined using a combination of an income approach, which estimates fair value based upon projections of future revenues, expenses, and cash flows discounted to its present value, and a market approach. The valuation methodology and underlying financial information included in the Company's determination of fair value required significant judgments by management. The principal assumptions used in the Company's discounted cash flow analysis consisted of (a) the long-term projections of future financial performance and (b) the weighted-average cost of capital of market participants, adjusted for the risk attributable to the Company and the industry in which it operates. Under the market approach, the principal assumption included an estimate of multiples of various financial metrics of comparable companies. All dollar and share amounts presented in the accompanying footnotes are presented in thousands, except for per share information. During the first quarter ended March 31, 2021 we became aware that certain amounts previously presented within our statements of operations as products cost of sales related to services cost of sales. We note that the total cost of sales line item was not affected. We further note that this error did not affect our gross profit, loss from operations, net income (loss), consolidated balance sheets or statements of cash flows. We evaluated the materiality of this presentation-only error and concluded it was not material to any previously reported quarter or year-end financial statement. The following schedule depicts the effect on our previously reported statements of operations.
| Year Ended December 31, 2020
(in thousands) | As reported |  | Change |  | Revised
Cost of sales: |  |  |  |  |
Products | $ | 227,681 |  |  | $ | (7,266) |  |  | $ | 220,415 |
Services | 106,184 |  |  | 7,266 |  |  | 113,450 |
Total cost of sales | $ | 333,865 |  |  | $ | — |  |  | $ | 333,865 |
Revision of Previously Issued Financial Statements During the fourth quarter ended December 31, 2021, we became aware that certain amounts previously presented as investing cash outflows should be reported as financing cash outflows within the statements of cash flows. The error affected the previously issued statements of cash flows for the three, six and nine month periods within the December 31, 2021 and 2020 annual periods as well as the annual periods ended December 31, 2020 and 2019. We note that this change did not impact the as reported net increase (decrease) in cash, cash equivalents and restricted cash within the annual 2020 and 2019 statements of cash flows or the interim statements of cash flows for the years ended December 31, 2021 and 2020. We further note that this reclassification did not affect our balance sheet, statements of operations, statements of comprehensive income (loss) and statements of stockholders' equity. We evaluated the materiality, including both quantitative and qualitative considerations, of this presentation-only error and concluded it was not material to any previously reported quarter or year-end financial statement. The following schedule depicts the effect on our previously reported interim and annual statements of cash flows.
|  | Year Ended December 31, 2020 |  | Year Ended December 31, 2019
|  | As Reported | Changed | Revised |  | As Reported | Changed | Revised
Net cash provided by (used in) operating activities |  | $ | (20,121) |  | $ | — |  | $ | (20,121) |  |  | $ | 31,581 |  | $ | — |  | $ | 31,581 |
Net cash provided by (used in) investing activities |  | (24,233) |  | 12,500 |  | (11,733) |  |  | (26,872) |  | 2,500 |  | (24,372) |
Net cash provided by (used in) financing activities |  | (6,980) |  | (12,500) |  | (19,480) |  |  | 18,700 |  | (2,500) |  | 16,200 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |  | 1,428 |  | — |  | 1,428 |  |  | 289 |  | — |  | 289 |
Net increase (decrease) in cash, cash equivalents and restricted cash |  | $ | (49,906) |  | $ | — |  | $ | (49,906) |  |  | $ | 23,698 |  | $ | — |  | $ | 23,698 |
|  | Nine Months Ended September 30, 2021 |  | Nine Months Ended September 30, 2020
|  | As Reported | Changed | Revised |  | As Reported | Changed | Revised
Net cash provided by (used in) operating activities |  | $ | 62,652 |  | $ | — |  | $ | 62,652 |  |  | $ | (32,649) |  | $ | — |  | $ | (32,649) |
Net cash (used in) investing activities |  | 395,641 |  | 4,000 |  | 399,641 |  |  | (22,459) |  | 12,500 |  | (9,959) |
Net cash provided by (used in) financing activities |  | (32,202) |  | (4,000) |  | (36,202) |  |  | (3,773) |  | (12,500) |  | (16,273) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |  | (7,737) |  | — |  | (7,737) |  |  | 526 |  | — |  | 526 |
Net increase (decrease) in cash, cash equivalents and restricted cash |  | $ | 418,354 |  | $ | — |  | $ | 418,354 |  |  | $ | (58,355) |  | $ | — |  | $ | (58,355) |
|  | Six Months Ended June 30, 2021 |  | Six Months Ended June 30, 2020
|  | As Reported | Changed | Revised |  | As Reported | Changed | Revised
Net cash provided by (used in) operating activities |  | $ | 41,976 |  | $ | — |  | $ | 41,976 |  |  | $ | (21,018) |  | $ | — |  | $ | (21,018) |
Net cash (used in) investing activities |  | 31,325 |  | 4,000 |  | 35,325 |  |  | (19,584) |  | 12,500 |  | (7,084) |
Net cash provided by (used in) financing activities |  | (28,444) |  | (4,000) |  | (32,444) |  |  | (27,270) |  | (12,500) |  | (39,770) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |  | 2,902 |  | — |  | 2,902 |  |  | (1,856) |  | — |  | (1,856) |
Net increase (decrease) in cash, cash equivalents and restricted cash |  | $ | 47,759 |  | $ | — |  | $ | 47,759 |  |  | $ | (69,728) |  | $ | — |  | $ | (69,728) |
|  | Three Months Ended March 31, 2021 |  | Three Months Ended March 31, 2020
|  | As Reported | Changed | Revised |  | As Reported | Changed | Revised
Net cash provided by (used in) operating activities |  | $ | 28,453 |  | $ | — |  | $ | 28,453 |  |  | $ | (2,285) |  | $ | — |  | $ | (2,285) |
Net cash (used in) investing activities |  | 46,563 |  | 4,000 |  | 50,563 |  |  | (16,598) |  | 12,500 |  | (4,098) |
Net cash provided by (used in) financing activities |  | (24,337) |  | (4,000) |  | (28,337) |  |  | 1,229 |  | (12,500) |  | (11,271) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |  | (2,434) |  | — |  | (2,434) |  |  | (3,241) |  | — |  | (3,241) |
Net increase (decrease) in cash, cash equivalents and restricted cash |  | $ | 48,245 |  | $ | — |  | $ | 48,245 |  |  | $ | (20,895) |  | $ | — |  | $ | (20,895) |

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