0001206774-17-001627.txt : 20170516 0001206774-17-001627.hdr.sgml : 20170516 20170516095844 ACCESSION NUMBER: 0001206774-17-001627 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 52 CONFORMED PERIOD OF REPORT: 20170516 FILED AS OF DATE: 20170516 DATE AS OF CHANGE: 20170516 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STRATASYS LTD. CENTRAL INDEX KEY: 0001517396 STANDARD INDUSTRIAL CLASSIFICATION: COMPUTER PERIPHERAL EQUIPMENT, NEC [3577] IRS NUMBER: 000000000 STATE OF INCORPORATION: L3 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35751 FILM NUMBER: 17847384 BUSINESS ADDRESS: STREET 1: 7665 COMMERCE WAY CITY: EDEN PRAIRIE STATE: MN ZIP: 55344 BUSINESS PHONE: 972-8-931-4314 MAIL ADDRESS: STREET 1: 2 Holtzman Street STREET 2: Science Park, P.O. Box 2496 CITY: Rehovot STATE: l3 ZIP: 76124 FORMER COMPANY: FORMER CONFORMED NAME: OBJET LTD DATE OF NAME CHANGE: 20111118 FORMER COMPANY: FORMER CONFORMED NAME: OBJET GEOMETRIES LTD DATE OF NAME CHANGE: 20110405 6-K 1 stratasys3141096-6k.htm CURRENT REPORT OF FOREIGN ISSUER

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2017

Commission File Number 001-35751

STRATASYS LTD.

(Translation of registrant’s name into English)

c/o Stratasys, Inc.	1 Holtzman Street, Science Park
7665 Commerce Way	P.O. Box 2496
Eden Prairie, Minnesota 55344	Rehovot, Israel 76124
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):____

The contents of this Report of Foreign Private Issuer on Form 6-K (this “Form 6-K”), including Exhibits 99.1, 99.2 and 101 annexed hereto, are incorporated by reference into the Registrant’s registration statements on Form S-8, SEC file numbers 333-185240 and 333-190963, filed by the Registrant with the SEC on December 3, 2012 and September 3, 2013, respectively, and shall be a part thereof from the date on which this Form 6-K is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

CONTENTS

On May 16, 2017, Stratasys Ltd., or Stratasys, released its financial results for the three months ended March 31, 2017.

Attached hereto as Exhibit 99.1 are the unaudited, condensed consolidated financial statements of Stratasys for the three months ended March 31, 2017 (including the notes thereto) (the “Q1 2017 Financial Statements”).

Attached hereto as Exhibit 99.2 is Stratasys’ review of its results of operations and financial condition for the three months ended March 31, 2017, including the following:

	(i)		Operating and Financial Review and Prospects
	(ii)		Quantitative and Qualitative Disclosures About Market Risk
	(iii)		Legal Proceedings Update

Attached hereto as Exhibit 101 are the Q1 2017 Financial Statements, formatted in XBRL (eXtensible Business Reporting Language), consisting of the following sub-exhibits:

Exhibit
Number		Document Description
EX-101.INS		XBRL Taxonomy Instance Document
EX-101.SCH		XBRL Taxonomy Extension Schema Document
EX-101.CAL		XBRL Taxonomy Calculation Linkbase Document
EX-101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
EX-101.LAB		XBRL Taxonomy Label Linkbase Document
EX-101.PRE		XBRL Taxonomy Presentation Linkbase Document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	STRATASYS LTD.
Dated: May 16, 2017	By:	/s/ Lilach Payorski
	Name:	Lilach Payorski
	Title:	Chief Financial Officer

EX-99.1 2 stratasys3141096-ex991.htm CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Exhibit 99.1

STRATASYS LTD.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED

MARCH 31, 2017

(UNAUDITED)

INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2017
(UNAUDITED)

Item			Page
Consolidated Balance Sheets			2
Consolidated Statements of Operations and Comprehensive Loss			3
Consolidated Statements of Cash Flows			4
Notes to Condensed Consolidated Financial Statements			5-15

STRATASYS LTD.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Consolidated Balance Sheets
(in thousands, except share data)
	March 31, 2017			December 31, 2016
ASSETS
Current assets
Cash and cash equivalents	$	297,246		$	280,328
Accounts receivable, net		115,099			120,411
Inventories		116,018			117,521
Net investment in sales-type leases		10,844			11,717
Prepaid expenses		6,371			7,571
Other current assets		19,411			15,491
Total current assets		564,989			553,039
Non-current assets
Net investment in sales-type leases - long-term		9,655			12,126
Property, plant and equipment, net		206,722			208,415
Goodwill		385,808			385,629
Other intangible assets, net		169,302			177,458
Other non-current assets		31,626			29,382
Total non-current assets		803,113			813,010
Total assets	$	1,368,102		$	1,366,049

LIABILITIES AND EQUITY

Current liabilities
Accounts payable	$	44,805		$	40,933
Current portion of long-term debt		3,714			3,714
Accrued expenses and other current liabilities		28,582			32,207
Accrued compensation and related benefits		42,797			34,186
Obligations in connection with acquisitions		4,315			3,619
Deferred revenues		50,673			49,952
Total current liabilities		174,886			164,611
Non-current liabilities
Long-term debt		21,357			22,286
Deferred tax liabilities		4,916			5,952
Deferred revenues - long-term		12,942			12,922
Other non-current liabilities		24,293			22,251
Total non-current liabilities		63,508			63,411
Total liabilities	$	238,394		$	228,022
Contingencies (see note 9)
Redeemable non-controlling interests		1,939			2,029
Equity
Ordinary shares, NIS 0.01 nominal value, authorized 180,000 thousands
shares; 52,728 thousands shares and 52,639 thousands shares issued
and outstanding at March 31, 2017 and December 31, 2016, respectively		142			142
Additional paid-in capital		2,637,561			2,633,129
Accumulated other comprehensive loss		(12,243	)		(13,479	)
Accumulated deficit		(1,497,782	)		(1,483,925	)
Equity attributable to Stratasys Ltd.		1,127,678			1,135,867
Non-controlling interests		91			131
Total equity		1,127,769			1,135,998
Total liabilities and equity	$	1,368,102		$	1,366,049

The accompanying notes are an integral part of these consolidated financial statements.

STRATASYS LTD.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Consolidated Statements of Operations and Comprehensive Loss
	Three Months Ended March 31,
in thousands, except per share data	2017			2016
Net sales
Products	$	115,087		$	118,634
Services		48,075			49,272
		163,162			167,906
Cost of sales
Products		54,480			56,938
Services		31,802			29,799
		86,282			86,737
Gross profit		76,880			81,169

Operating expenses
Research and development, net		24,634			25,115
Selling, general and administrative		64,179			76,387
Change in fair value of obligations in connection with acquisitions		696			727
		89,509			102,229
Operating loss		(12,629	)		(21,060	)

Financial income, net		256			180

Loss before income taxes		(12,373	)		(20,880	)

Income tax expenses		1,326			2,291

Share in loss of associated company		(288	)		-

Net loss	$	(13,987	)	$	(23,171	)

Net loss attributable to non-controlling interest		(130	)		(30	)

Net loss attributable to Stratasys Ltd.	$	(13,857	)	$	(23,141	)

Net loss per ordinary share attributable to Stratasys Ltd.
Basic	$	(0.26	)	$	(0.44	)
Diluted	$	(0.26	)	$	(0.44	)

Weighted average ordinary shares outstanding
Basic		52,690			52,098
Diluted		52,690			52,098

Comprehensive loss
Net loss	$	(13,987	)	$	(23,171	)
Other comprehensive income, net of tax:
Foreign currency translation adjustments		713			3,341
Unrealized gains on derivatives designated as
cash flow hedges		523			931
Other comprehensive income, net of tax		1,236			4,272
Comprehensive loss		(12,751	)		(18,899	)
Less: comprehensive loss attributable to non-controlling interests		(130	)		(30	)
Comprehensive loss attributable to Stratasys Ltd.	$	(12,621	)	$	(18,869	)

STRATASYS LTD.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

Consolidated Statements of Cash Flows
	Three Months Ended March 31,
in thousands	2017			2016
Cash flows from operating activities
Net loss	$	(13,987	)	$	(23,171	)
Adjustments to reconcile net loss to
net cash provided by operating activities:
Depreciation and amortization		16,566			23,496
Stock-based compensation		3,904			5,623
Foreign currency transaction loss		(2,744	)		(4,189	)
Deferred income taxes		(791	)		(889	)
Change in fair value of obligations in connection with acquisitions		696			727
Other items		1,265			614

Change in cash attributable to changes in operating assets
and liabilities:
Accounts receivable, net		6,145			15,558
Inventories		1,028			363
Net investment in sales-type leases		3,344			(1,913	)
Other current assets and prepaid expenses		(597	)		2,089
Other non-current assets		275			287
Accounts payable		3,845			(951	)
Other current liabilities		4,043			11,663
Deferred revenues		333			(79	)
Other non-current liabilities		2,035			2,356
Net cash provided by operating activities		25,360			31,584

Cash flows from investing activities
Purchase of property and equipment		(6,315	)		(7,585	)
Investment in unconsolidated entities		(2,548	)		(4,000	)
Purchase of intangible assets		(515	)		(245	)
Proceeds from maturities of short-term bank deposits		-			1,558
Investment in short-term bank deposits		-			(67,264	)
Other investing activities		(80	)		(70	)
Net cash used in investing activities		(9,458	)		(77,606	)

Cash flows from financing activities
Repayment of current portion of long-term debt		(929	)		-
Proceeds from exercise of stock options		528			122
Net cash provided by (used in) financing activities		(401	)		122

Effect of exchange rate changes on cash and cash equivalents		1,417			1,484

Net change in cash and cash equivalents		16,918			(44,416	)
Cash and cash equivalents, beginning of period		280,328			257,592

Cash and cash equivalents, end of period	$	297,246		$	213,176

Supplemental disclosures of cash flow information:
Transfer of fixed assets to inventory		129			503
Transfer of inventory to fixed assets		1,357			939

The accompanying notes are an integral part of these condensed consolidated financial statements.

STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1. Basis of Presentation and Consolidation

Stratasys Ltd. (collectively with its subsidiaries, the “Company”) is a 3D solutions company, offering additive manufacturing (“AM”) solutions for the creation of parts used in the processes of designing and manufacturing products and for the direct manufacture of end parts across a broad range of vertical markets. The Company’s solutions include products ranging from entry-level desktop 3D printers to systems for rapid prototyping (“RP”) and large production systems for direct digital manufacturing (“DDM”). The Company also develops, manufactures and sells materials for use with its systems and provides related service offerings. The Company also provides a variety of custom manufacturing solutions through its direct manufacturing printed parts service as well as 3D printing related professional services offerings.

The condensed consolidated interim financial statements include the accounts of Stratasys Ltd. and its subsidiaries. All intercompany accounts and transactions, including profits from intercompany sales not yet realized outside the Company, have been eliminated in consolidation.

The consolidated interim financial information herein is unaudited; however, such information reflects all adjustments (consisting of normal, recurring adjustments), which are, in the opinion of management, necessary for a fair statement of results for the interim period. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results to be expected for the full year. Certain financial information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. The reader is referred to the audited consolidated financial statements and notes thereto for the year ended December 31, 2016, filed with the U.S. Securities and Exchange Commission (the “SEC”) as part of the Company’s Annual Report on Form 20-F for such year on March 9, 2017.

Recently issued and adopted accounting pronouncements

In March 2016, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) which simplifies certain aspects of the accounting for share-based payments, including, among other items, accounting for income taxes and allowing an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures as they occur, rather than to account for them based on an estimate of expected forfeitures. This ASU became effective for the Company on January 1, 2017.

Upon the adoption of this ASU, the Company recorded a cumulative-effect adjustment to its net operating losses of approximately $5 million as of January 1, 2017 offset with an increase to its valuation allowance with respect to previously unrecognized excess tax benefits. Under the new ASU, excess tax benefits or deficiencies related to stock option exercises and restricted stock unit vesting are recognized in the statement of operations. The adoption of this ASU does not have a material impact on the Company’s results of operations as excess tax benefits generated from the vesting of share-based awards will be recognized in the consolidated statements of operations, but offset with consideration of the valuation allowance in the Company’s US operations. In addition, upon the adoption of this ASU, the Company has elected as an accounting policy to record forfeitures as they occur, using a modified retrospective transition method. The total cumulative-effect adjustment to retained earnings as of January 1, 2017 was immaterial. Prior periods have not been restated.

In January 2017, the FASB issued an ASU which eliminates the requirement to determine the implied fair value of the reporting unit’s goodwill by measuring the reporting unit’s assets and liabilities at fair value in a hypothetical analysis as if the reporting unit was acquired in a business combination, as part of the second step of goodwill impairment testing. Under the new guidance, goodwill impairment testing will be performed by comparing the fair value of the reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The new ASU is effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for annual or interim goodwill impairment testing performed after January 1, 2017. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements.

STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

In November 2016, the FASB issued an ASU which requires entities to include amounts generally described as restricted cash and restricted cash equivalents in cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU is effective for annual reporting periods (including interim periods within those annual reporting periods) beginning after December 15, 2017. Early adoption is permitted and should be adopted retrospectively. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated statements of cash flows.

In October 2016, the FASB issued an ASU which eliminates the exception for an intra-entity transfer of an asset other than inventory. This ASU requires that the income tax consequences of an intra-entity asset transfer other than inventory are recognized at the time of the transfer, rather than when the transferred asset is sold to a third party or otherwise recovered through use. The ASU is effective for annual reporting periods (including interim periods within those annual reporting periods) beginning after December 15, 2017. Early adoption is permitted as of the beginning of an annual reporting period (as of the first interim period if an entity issues interim financial statements). The new guidance requires adoption on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements.

In February 2016, the FASB issued a new ASU which revises lease accounting guidance. Under the new guidance, lessees will be required to recognize a right-of-use asset and a lease liability for all leases, other than leases that meet the definition of a short-term lease. The liability and the right-of-use asset arising from the lease will be measured as the present value of the lease payments. The new standard is effective for fiscal year beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition approach. The Company is currently evaluating the impact of the adoption of the new lease accounting guidance on its consolidated financial statements.

In May 2014, the FASB issued guidance on revenue from contracts with customers that will supersede the current revenue recognition guidance. The new revenue recognition standard provides a unified model to determine when and how revenue is recognized. The core principle of the new revenue recognition standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new revenue recognition standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. This standard may be applied retrospectively to each prior period presented (“full retrospective approach”) or retrospectively with the cumulative effect recognized as of the date of adoption (“modified retrospective approach”). The Company has developed a project plan to analyze the potential impact this guidance will have on its consolidated financial statements and related disclosures as well as its business processes, systems and controls. This includes reviewing revenue contracts across all revenue streams and evaluates potential differences that would result from applying the requirements under the new guidance. Based on the analysis conducted to date, the Company expects to adopt this standard using the modified retrospective approach and is still currently evaluating all the potential impacts of the adoption of this standard. Therefore, the Company cannot reasonably estimate quantitative information related to the impact of this standard on its consolidated financial statements at this time.

STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 2. Inventories

Inventories, net consisted of the following:

	March 31,		December 31,
	2017		2016
	U.S. $ in thousands
Finished goods	$	64,814	$	62,728
Work-in-process		2,337		2,389
Raw materials		48,867		52,404
	$	116,018	$	117,521

Note 3. Goodwill and Other Intangible Assets

Goodwill

Changes in the carrying amount of the Company’s goodwill for the three months ended March 31, 2017 were as follows:

	U.S. $ in millions
Goodwill as of January 1, 2017	$	385.6
Translation differences		0.2
Goodwill as of March 31, 2017	$	385.8

Other Intangible Assets

Other intangible assets consisted of the following:

	March 31, 2017							December 31, 2016
	Carrying Amount,					Net		Carrying Amount,					Net
	Net of		Accumulated			Book		Net of		Accumulated			Book
	Impairment		Amortization			Value		Impairment		Amortization			Value
	U.S. $ in thousands
Developed technology	$	304,766	$	(204,090	)	$	100,676	$	304,766	$	(198,632	)	$	106,134
Patents		19,485		(12,733	)		6,752		19,009		(12,257	)		6,752
Trademarks and trade names		27,820		(17,204	)		10,616		27,819		(16,849	)		10,970
Customer relationships		106,697		(56,539	)		50,158		106,571		(54,258	)		52,313
Capitalized software development costs		19,541		(18,441	)		1,100		19,540		(18,251	)		1,289
	$	478,309	$	(309,007	)	$	169,302	$	477,705	$	(300,247	)	$	177,458

Amortization expense relating to intangible assets for the three-month periods ended March 31, 2017 and 2016 was approximately $8.7 million and $14.7 million, respectively. The decrease in amortization expense was primarily due to change in the estimated useful lives of certain intangibles assets.

STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

As of March 31, 2017, estimated amortization expense relating to intangible assets currently subject to amortization for each of the following periods was as follows:

	Estimated
	amortization expense
	(U.S. $ in thousands)
Remaining 9 months of 2017	$	26,030
2018		33,156
2019		32,226
2020		31,899
2021		31,340
Thereafter		14,651
Total	$	169,302

Note 4. Loss Per Share

The following table presents the numerator and denominator of the basic and diluted net loss per share computations for the three months ended March 31, 2017 and 2016:

	Three months ended March 31,
	2017			2016
	In thousands, except per share amounts
Numerator:
Net loss attributable to Stratasys Ltd.– for the computation
of basic and diluted net loss per share	$	(13,857	)	$	(23,141	)

Denominator:
Weighted average shares – for the computation of basic
and diluted net loss per share		52,690			52,098

Net loss per share attributable to Stratasys Ltd.
Basic	$	(0.26	)	$	(0.44	)
Diluted	$	(0.26	)	$	(0.44	)

The computation of diluted net loss per share excluded share awards of 2.49 million shares and 3.56 million shares for the three months ended March 31, 2017 and 2016, respectively, because their inclusion would have had an anti-dilutive effect on the diluted net loss per share.

STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 5. Income Taxes

The Company had a negative effective tax rate of 10.7% for the three-month period ended March 31, 2017 as compared to a negative effective tax rate of 11.0% for the three-month period ended March 31, 2016. The Company’s effective tax rate was primarily impacted by different geographic mix of earnings and losses.

Note 6. Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A hierarchy has been established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

Observable inputs are inputs that are developed using market data, such as publicly available information about actual events or transactions, and that reflect the assumptions that market participants would use when pricing the asset or liability. Unobservable inputs are inputs for which market data are not available and that are developed using the best information available about the assumptions that market participants would use when pricing the asset or liability.

The fair value hierarchy is categorized into three Levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2 inputs include inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 inputs are unobservable inputs for the asset or liability. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Financial instruments measured at fair value

The following tables summarize the Company’s financial assets and liabilities that are carried at fair value on a recurring basis, by fair value hierarchy, in its consolidated balance sheets:

	March 31, 2017
	(U.S. $ in thousands)
	Level 2			Level 3			Total
Assets:
Foreign exchange forward contracts not
designated as hedging instruments	$	913		$	-		$	913
Foreign exchange forward contracts
designated as hedging instruments		498			-			498

Liabilities:
Foreign exchange forward contracts not
designated as hedging instruments		(54	)		-			(54	)
Obligations in connection with acquisitions		-			(3,315	)		(3,315	)
	$	1,357		$	(3,315	)	$	(1,958	)

	December 31, 2016
	(U.S. $ in thousands)
	Level 2			Level 3			Total
Assets:
Foreign exchange forward contracts not
designated as hedging instruments	$	1,440		$	-		$	1,440
Foreign exchange forward contracts
designated as hedging instruments		37			-			37

Liabilities:
Foreign exchange forward contracts not
designated as hedging instruments		(48	)		-			(48	)
Foreign exchange forward contracts
designated as hedging instruments		(61	)		-			(61	)
Obligations in connection with acquisitions		-			(2,619	)		(2,619	)
	$	1,368		$	(2,619	)	$	(1,251	)

The Company’s foreign exchange forward contracts are classified as Level 2, as they are not actively traded and are valued using pricing models that use observable market inputs, including interest rate curves and both forward and spot prices for currencies (Level 2 inputs).

Other financial instruments consist mainly of cash and cash equivalents, current and non-current receivables, net investment in sales-type leases, bank loan, accounts payable and other current liabilities. The fair value of these financial instruments approximates their carrying values.

STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Other fair value disclosures

The following table provides a reconciliation of the changes for those financial liabilities where fair value measurements are estimated utilizing Level 3 inputs, which consist of obligations in connection with acquisitions:

	Three months ended March 31, 2017		Year ended December 31, 2016
	(U.S. $ in thousands)
Fair value at the beginning of the period	$	2,619	$	6,991
Settlements		-		(3,500	)
Change in fair value recognized in earnings		696		(872	)
Fair value at the end of the period	$	3,315	$	2,619

The Company’s obligations in connection with acquisitions as of March 31, 2017, which are estimated utilizing Level 3 inputs, are related to the deferred payments for the Company’s acquisition of Solid Concepts Inc. (the “Solid Concepts transaction”). As part of the Solid Concepts transaction, which was completed in July 2014, the Company is obligated to pay additional deferred payments in three separate annual installments after the Solid Concepts transaction date (“deferred payments”). Subject to certain requirements for cash payments, the Company retains the discretion to settle the deferred payments in its shares, cash or any combination of the two. The deferred payments are also subject to certain adjustments based on the Company’s share price. During the third quarter of 2016, the Company issued 152,633 ordinary shares valued at $3.1 million and paid cash of $0.4 million to settle the second annual installment of the deferred payments.

The deferred payments are classified as liabilities and are measured at fair value in the Company’s consolidated balance sheets. The fair value of the deferred payments was determined based on the closing market price of the Company’s ordinary shares on the Solid Concepts transaction date, adjusted to reflect a discount for lack of marketability for the applicable periods. The discount for lack of marketability was calculated based on the historical volatility of the Company’s share price and thus represents a Level 3 measurement within the fair value hierarchy. As of March 31, 2017, the fair value of the remaining deferred payments was $3.3 million. As of March 31, 2017, the total amount of the remaining deferred payments, which does not reflect a discount for lack of marketability, was approximately $3.5 million, based on the Company’s share price as of that date.

The fair value of the deferred payments is primarily linked to the Company’s share price. An increase of 10% in the Company’s share price as of March 31, 2017 would have increased the fair value of the remaining deferred payments by $0.3 million.

In addition, changes in Level 3 inputs that were used in the fair value calculation might change the fair value of the deferred payments. A decrease of 10% in the Company’s share price volatility used in the calculation for discount for lack of marketability as of March 31, 2017 would have increased the fair value of the Company’s deferred payments liability by approximately $0.1 million.

With respect to the fair-value revaluations of the deferred payments, the Company recorded loss of $0.7 million for each of the three-month periods ended March 31, 2017 and 2016. Such fair-value revaluations are presented under change in fair value of obligations in connection with acquisitions in the Company’s consolidated statements of operations and comprehensive loss.

STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 7. Derivative instruments and hedging activities

As the Company conducts its operations globally, it is exposed to global market risks and to the risk that its earnings, cash flows and equity could be adversely impacted by fluctuations in foreign currency exchange rates. The Company enters into transactions involving foreign currency exchange derivative financial instruments. The Company manages its foreign currency exposures on a consolidated basis, which allows the Company to net exposures and take advantage of any natural hedging. The transactions are designed to manage the Company’s net exposure to foreign currency exchange rates and to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates. The Company does not enter into derivative transactions for trading purposes.

The Company is primarily exposed to foreign exchange risk with respect to recognized assets and liabilities and forecasted transactions denominated in the New Israeli Shekel (“NIS”), the Euro and the Japanese Yen. The gains and losses on the hedging instruments offset losses and gains on the hedged items. Financial markets and currency volatility may limit the Company’s ability to hedge these exposures.

The following table summarizes the condensed consolidated balance sheets classification and fair values of the Company’s derivative instruments:

		Fair Value						Notional Amount
		March 31,			December 31,			March 31,		December 31,
	Balance sheet location	2017			2016			2017		2016
		U.S. $ in thousands
Assets derivatives -Foreign exchange contracts, not
designated as hedging instruments	Other current assets	$	913		$	1,440		$	64,241	$	39,982
Assets derivatives -Foreign exchange contracts,
designated as cash flow hedge	Other current assets		498			37			9,522		8,348
Liability derivatives -Foreign exchange contracts, not	Accrued expenses and other
designated as hedging instruments	current liabilities		(54	)		(48	)		8,224		13,273
Liability derivatives -Foreign exchange contracts,	Accrued expenses and other
designated as hedging instruments	current liabilities		-			(61	)		-		7,534
		$	1,357		$	1,368		$	81,987	$	69,137

As of March 31, 2017, the notional amounts of the Company’s outstanding exchange forward contracts, not designated as hedging instruments, were $72.5 million and were used to reduce foreign currency exposures of the Euro, New Israeli Shekel (the “NIS”), Japanese Yen, Korean Won and Chinese Yuan. With respect to such derivatives, losses of $0.3 million and $2.9 million were recognized under financial income, net for the three-month periods ended March 31, 2017 and 2016, respectively. Such losses partially offset the revaluation changes of foreign currencies the balance sheet items, which are also recognized under financial income, net.

As of March 31, 2017, the Company had in effect foreign exchange forward contracts, designated as cash flow hedge for accounting purposes, for the conversion of $9.5 million into NIS. The Company uses short-term cash flow hedge contracts to reduce its exposure to variability in expected future cash flows resulting mainly from payroll costs denominated in NIS. The changes in fair value of those contracts are included in the Company’s accumulated other comprehensive loss. These contracts mature through July 2017.

STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 8. Equity

a. Stock-based compensation plans

Stock-based compensation expenses for equity-classified stock options and RSUs were allocated as follows:

	Three Months Ended
	March 31,
	2017		2016
	U.S $ in thousands
Cost of sales	$	643	$	723
Research and development, net		849		1,359
Selling, general and administrative		2,412		3,541
Total stock-based compensation expenses	$	3,904	$	5,623

A summary of the Company’s stock option activity for the three months ended March 31, 2017 is as follows:

			Weighted Average
	Number of Options		Exercise Price
Options outstanding as of January 1, 2017	2,615,461		$	37.21
Exercised	(35,769	)		14.75
Forfeited	(220,977	)		40.37
Options outstanding as of March 31, 2017	2,358,715		$	37.25
Options exercisable as of March 31, 2017	1,533,280		$	38.62

The outstanding options generally have a term of ten years from the grant date. Options granted become exercisable over the vesting period, which is normally a four-year period beginning on the grant date, subject to the employee’s continuous service to the Company. The fair value of stock options is determined using the Black-Scholes model.

During the three-month periods ended March 31, 2017 and 2016, the Company issued 35,769 shares and 13,820 shares, respectively, upon the exercise of stock options. This resulted in an increase in equity of $0.5 million and $0.1 million for the three-month periods ended March 31, 2017 and 2016, respectively.

As of March 31, 2017, the unrecognized compensation cost of $10.5 million related to all unvested, equity-classified stock options is expected to be recognized as an expense over a weighted-average period of 2.3 years.

STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

A summary of the Company’s RSUs activity for the three months ended March 31, 2017 is as follows:

			Weighted Average
	Number of RSUs		Grant Date Fair Value
Unvested RSUs outstanding as of January 1, 2017	267,756		$	81.35
Forfeited	(33,120	)		70.44
Vested	(49,523	)		82.12
Unvested RSUs outstanding as of March 31, 2017	185,113			83.10

The fair value of RSUs is determined based on the quoted price of the Company’s ordinary shares on the date of the grant.

As of March 31, 2017, the unrecognized compensation cost of $8.9 million related to all unvested, equity-classified RSUs is expected to be recognized as expense over a weighted-average period of 1.7 years.

b. Accumulated other comprehensive income (loss)

The following table presents the changes in the components of accumulated other comprehensive income (loss), net of taxes, for the three months ended March 31, 2017 and 2016:

	Three months ended March 31, 2017
	Net unrealized gain			Foreign currency
	(loss) on cash flow			translation
	hedges			adjustments			Total
	U.S. $ in thousands
Balance as of January 1, 2017	$	(24	)	$	(13,455	)	$	(13,479	)
Other comprehensive income before
reclassifications		793			713			1,506
Amounts reclassified from accumulated
other comprehensive income		(270	)		-			(270	)
Other comprehensive income		523			713			1,236
Balance as of March 31, 2017	$	499		$	(12,742	)	$	(12,243	)

	Three months ended March 31, 2016
	Net unrealized gain			Foreign currency
	(loss) on cash flow			translation
	hedges			adjustments			Total
	U.S. $ in thousands
Balance as of January 1, 2016	$	(107	)	$	(10,667	)	$	(10,774	)
Other comprehensive loss before
reclassifications		863			3,341			4,204
Amounts reclassified from accumulated
other comprehensive income		68			-			68
Other comprehensive income		931			3,341			4,272
Balance as of March 31, 2016	$	824		$	(7,326	)	$	(6,502	)

STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 9. Contingencies

Claims Related to Company Equity

On March 4, 2013, five current or former minority shareholders (two of whom were former directors) of the Company filed two lawsuits against the Company in an Israeli central district court. The lawsuits demanded that the Company amend its capitalization table such that certain share issuances prior to the Stratasys-Objet merger to certain of Objet’s shareholders named as defendants would be cancelled, with a consequent issuance of additional shares to the plaintiffs to account for the subsequent dilution to which they have been subject. The lawsuits also named as defendants Elchanan Jaglom, Chairman of the Company’s board of directors, in one of the lawsuits, Ilan Levin, the Company’s Chief Executive Officer and director, various shareholders of the Company who were also shareholders of Objet, and David Reis, a director.

The Company filed its statements of defense in May 2013 denying the plaintiffs’ claims. In 2015, the court dismissed the lawsuit of one of the former directors due to lack of cause. In February 2017, the parties reached an agreement pursuant to which all claims were settled at no material cost to the Company. Notice of the settlement was provided and the suits were subsequently dismissed.

Securities Law Class Actions

On February 5, 2015, a lawsuit styled as a class action was commenced in the United States District Court for the District of Minnesota, naming the Company and certain of the Company’s officers as defendants. Similar actions were filed on February 9 and 20, 2015 in the Southern District of New York and the Eastern District of New York, respectively. The lawsuits allege violations of the Securities Exchange Act of 1934 in connection with allegedly false and misleading statements concerning the Company’s business and prospects. The plaintiffs seek damages and awards of reasonable costs and expenses, including attorneys’ fees.

On April 15, 2015, the cases were consolidated for all purposes, and on April 24, 2015, the Court entered an order appointing lead plaintiffs and approving their selection of lead counsel for the putative class. On July 1, 2015, lead plaintiffs filed their consolidated complaint. On August 31, 2015, the defendants moved to dismiss the consolidated complaint for failure to state a claim. The Court heard the motion on December 11, 2015. On June 30, 2016, the Court granted defendants’ motion to dismiss with prejudice and entered judgment in favor of defendants. On July 29, 2016, lead plaintiffs filed a notice of appeal to the United States Court of Appeals for the Eighth Circuit from the Court’s judgment. On September 22, 2016, lead plaintiffs filed the opening initial brief in support of their appeal. On October 24, 2016, defendants filed their answering brief to the appeal. On November 18, 2016, lead plaintiffs filed their reply brief in support of the appeal. Oral arguments for appeal were held on March 9, 2017. A decision is pending.

The Company is a party to various other legal proceedings, the outcome of which, in the opinion of management, will not have a significant adverse effect on the financial position or profitability of the Company.

EX-99.2 3 stratasys3141096-ex992.htm OPERATING AND FINANCIAL REVIEW AND PROSPECTS

Exhibit 99.2

OPERATING AND FINANCIAL REVIEW AND PROSPECTS.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited consolidated financial statements and the related notes included as Exhibit 99.1 to the Report of Foreign Private Issuer on Form 6-K to which this Operating and Financial Review and Prospects is attached, or the Form 6-K. The discussion below contains forward-looking statements (within the meaning of the United States federal securities laws) that are based upon our current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to inaccurate assumptions and known or unknown risks and uncertainties, including those identified in “Forward-Looking Statements and Factors that May Affect Future Results of Operations”, below, as well in the “Risk Factors” in Item 3.D of our Annual Report on Form 20-F for the year ended December 31, 2016, that we filed with the SEC on March 9, 2017, or our 2016 Annual Report.

Overview of Business and Trend Information

We are a leading global provider of additive manufacturing, or AM, solutions for the creation of parts used in the processes of designing and manufacturing products and for the direct manufacture of end parts.

We provide an integrated solutions offering for different vertical markets focusing on aerospace, automotive, healthcare, tooling and manufacturing, education and consumer electronics that includes compatible products and services that are designed to meet our customers’ needs in an efficient manner. Our solutions consisting of a broad range of systems, consumables and services for 3D printing and additive manufacturing and address our customers’ needs for 3D printing, including printing systems, consumables, software, paid parts, strategic consulting and professional services, and 3D content.

Our 3D printers include systems ranging from entry-level desktop 3D printers to systems for rapid prototyping, or RP, and large production systems for direct digital manufacturing, or DDM. We also develop, manufacture and sell materials for use with our systems and provide related services offerings. We offer a powerful range of additive manufacturing materials, including clear, rubberlike and biocompatible photopolymers, and tough high-performance thermoplastics. We believe that the range of 3D printing consumable materials that we offer, consisting of 15 fused deposition modeling, or FDM, cartridge-based materials, 25 Polyjet cartridge-based materials, five Smooth Curvature Printing, or SCP, inkjet-based materials, 158 non-color digital materials, and over 1,500 color variations, is the widest in the industry. Our service offerings include Stratasys Direct Manufacturing, or SDM, printed parts services which offers AM capabilities encompassing a wide range of technologies allowing for plastic and metal parts for rapid prototyping and production processes, as well as related professional services.

We conduct our business globally and provide products and services to our global customer base through our main operational facilities which are located in Israel, the United States, Germany and Hong Kong as well through our offices in China, Italy, Brazil, India, Japan and Korea. Our extensive global reach is well-positioned through a network of approximately 200 resellers and selling agents around the world and an online channel. We have approximately 2,400 employees and hold more than 1,200 granted or pending additive manufacturing patents globally.

Summary of Financial Results

Our unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP. In the opinion of our management, all adjustments considered necessary for a fair statement of the unaudited condensed consolidated financial statements have been included herein and are of a normal recurring nature. The following discussion compares the actual results, on a GAAP basis, for the three months ended March 31, 2017 with the corresponding period in 2016.

Results of Operations

Comparison of Three Months Ended March 31, 2017 to Three Months Ended March 31, 2016

The following table sets forth certain statement of operations data for the periods indicated:

	Three Months Ended March 31,
	2017				2016
	U.S. $ in			% of	U.S. $ in			% of
	thousands			Revenues	thousands			Revenues
Revenues	$	163,162		100.0%	$	167,906		100.0%
Cost of sales		86,282		52.9%		86,737		51.7%
Gross profit		76,880		47.1%		81,169		48.3%
Research and development, net		24,634		15.1%		25,115		15.0%
Selling, general and administrative		64,179		39.3%		76,387		45.5%
Change in fair value of obligations
in connection with acquisitions		696		0.4%		727		0.4%
Operating loss		(12,629	)	-7.7%		(21,060	)	-12.5%
Financial income, net		256		0.2%		180		0.1%
Loss before income taxes		(12,373	)	-7.6%		(20,880	)	-12.4%
Income tax expenses		1,326		0.8%		2,291		1.4%
Share in loss of associated company		(288	)	-0.2%		-		0.0%
Net loss attributable to non-controlling interests		(130	)	-0.1%		(30	)	0.0%
Net loss attributable to Stratasys Ltd.		(13,857	)	-8.5%		(23,141	)	-13.8%

Discussion of Results of Operations

Revenues

Our products and services revenues in the first quarter of each of 2017 and 2016, as well as the percentage change reflected thereby, were as follows:

	Three Months Ended March 31,
	2017		2016		% Change
	U.S. $ in thousands
Products	$	115,087	$	118,634	-3.0%
Services		48,075		49,272	-2.4%
	$	163,162	$	167,906	-2.8%

Products Revenues

Revenues derived from products (including AM systems and consumable materials) decreased by $3.5 million, or 3.0% for the three months ended March 31, 2017, as compared to the three months ended March 31, 2016. The decrease in products revenues was driven by a decrease in our systems revenues and was partially offset by an increase in our consumables revenues.

The decrease in systems revenues of 10.9% was driven primarily by lower sales volumes, as well as shift in our product mix, with low-end systems constituting a higher portion of our systems sold, which reflects the launch of our F123 series.

Consumables revenues for the three months ended March 31, 2017 increased by 6.8% as compared to the three months ended March 31, 2016. The increase was driven primarily by the favorable effect of our growing installed base of systems and high performance consumable materials offerings for use in new applications.

Services Revenues

Services revenues (including SDM, maintenance contracts, spare parts and other services) decreased by $1.2 million for the three months ended March 31, 2017, or 2.4 %, as compared to the three months ended March 31, 2016. The decrease in services revenues was primarily attributable to a decrease in SDM revenues, partially offset by an increase in maintenance contracts and service parts, reflecting our growing installed base of systems.

Revenues by Region

Revenues and the percentage of revenues by region for the first quarter of each of 2017 and 2016, as well as the percentage change in revenues in each such region reflected thereby, were as follows:

	Three Months Ended March 31,
	2017			2016			% Change
	U.S.$ in		% of	U.S.$ in		% of
	thousands		Revenues	thousands		Revenues
North America	$	99,621	61.0%	$	98,038	58.4%	1.6%
EMEA		34,065	20.9%		34,641	20.6%	-1.7%
Asia Pacific		27,348	16.8%		32,899	19.6%	-16.9%
Other		2,128	1.3%		2,328	1.4%	-8.6%
	$	163,162	100.0%	$	167,906	100.0%	-2.8%

Revenues in the North America region increased by $1.6 million, or 1.6%, to $99.6 million for the three months ended March 31, 2017, compared to $98.0 million for the three months ended March 31, 2016. The increase was primarily driven by higher products revenues, partially offset by lower services revenues due to lower SDM revenues.

Revenues in the EMEA region decreased by $0.6 million, or 1.7%, to $34.1 million for the three months ended March 31, 2017, compared to $34.6 million for the three months ended March 31, 2016. The decrease was primarily due to lower systems revenues, partially offset by higher consumables and services revenues. Revenues in the EMEA region for the three months ended March 31, 2017 increased by approximately 3.0% as compared to the three months ended March 31, 2016, on a constant currency basis when using the prior period’s exchange rates.

Revenues in the Asia Pacific region decreased by $5.6 million, or 16.9%, to $27.3 million for the three months ended March 31, 2017, compared to $32.9 million for the three months ended March 31, 2016. The decrease was primarily due to lower systems revenues, partially offset by higher consumables and services revenues.

Gross Profit

Gross profit for our products and services for the first quarter of each of 2017 and 2016, as well as the percentage change reflected thereby, were as follows:

	Three Months Ended March 31,
	2017		2016
	U.S. $ in thousands				Change in %
Gross profit attributable to:
Products	$	60,607	$	61,696	-1.8%
Services		16,273		19,473	-16.4%
	$	76,880	$	81,169	-5.3%

Gross profit as a percentage of revenues for our products and services, as well as for our overall revenues, was as follows for the first quarter of each of 2017 and 2016:

	Three Months Ended March 31,
	2017	2016
Gross profit as a percentage of revenues from:
Products	52.7%	52.0%
Services	33.8%	39.5%
Total gross profit	47.1%	48.3%

Gross profit attributable to products revenues decreased by $1.1 million, or 1.8%, to $60.6 million for the three months ended March 31, 2017, compared to gross profit of $61.7 million for the three months ended March 31, 2016. Gross profit attributable to products revenues as a percentage of products revenues increased to 52.7% for the three months ended March 31, 2017, compared to gross profit of 52.0% for the three months ended March 31, 2016.

The decrease in gross profit attributable to products revenues was primarily driven by a shift in sales mix, as described above, partially offset by higher consumables revenues and lower amortization expense of $4.7 million, as well as lower payroll-related and other overhead expenses.

Gross profit attributable to services revenues decreased by $3.2 million, or 16.4 %, to $16.3 million for the three months ended March 31, 2017, compared to $19.5 million for the three months ended March 31, 2016. Gross profit attributable to services revenues as a percentage of services revenues in the three months ended March 31, 2017 decreased to 33.8%, as compared to 39.5% for the three months ended March 31, 2017. The decrease in gross profit from services revenues primarily reflects lower SDM revenues with no correlated reduction in fixed expenses.

Operating Expenses

The amount of each type of operating expense for the first quarter of each of 2017 and 2016, as well as the percentage change reflected thereby, and total operating expenses as a percentage of our total revenues in each such quarter, were as follows:

	Three Months Ended March 31,
	2017			2016			% Change
	U.S. $ in thousands
Research and development, net	$	24,634		$	25,115		-1.9%
Selling, general & administrative		64,179			76,387		-16.0%
Change in fair value of obligations in
connection with acquisitions		696			727		-4.3%
	$	89,509		$	102,229		-12.4%
Percentage of revenues		54.9	%		60.9	%

Research and development expenses, net slightly decreased by $0.5 million, or 1.9%, to $24.6 million for the three months ended March 31, 2017, compared to $25.1 million for the three months ended March 31, 2016. The amount of research and development expenses constituted 15.1% of our revenues for the three months ended March 31, 2017, as compared to 15.0% for the three months ended March 31, 2016.

Our research and development expenses consist primarily of employee compensation and employee-related personnel expenses, materials, laboratory supplies, costs for related software and costs for facilities. Based on our analysis of our key vertical markets, we maintain our intention to continue to invest in research and development in order to accelerate innovation and to introduce a broad range of hardware, materials and software solutions in order to sustain our leadership position in the 3D printing ecosystem. In addition, we continue with our portfolio transformation to enable prioritization and realignment of our projects that further focus our resources and designed for our customers’ use cases and their specific applicative needs.

Selling, general and administrative expenses decreased by $12.2 million, or 16.0%, to $64.2 million for the three months ended March 31, 2017, as compared to $76.4 million for the three months ended March 31, 2016. The amount of selling, general and administrative expenses constituted 39.3% of our revenues for the three months ended March 31, 2017, as compared to 45.5% for the three months ended March 31, 2016.

The decrease in our selling, general and administrative expenses was primarily driven by reductions in payroll related expense and facilities related expense, which reflect the effective implementation of our costs reduction initiatives, which reduced certain of our variable and fixed expenses.

Changes in fair value of obligations in connection with acquisitions resulted in losses of $0.7 million for each of the three months ended March 31, 2017, and 2016. The changes in fair value of obligations in connection with acquisitions were due to revaluation of the deferred consideration as part of the Solid Concepts transaction. For further information, see note 6 to our unaudited condensed consolidated financial statements attached as Exhibit 99.1 to the Form 6-K.

Operating Loss

Operating loss and operating loss as a percentage of our total revenues, were as follows for the first quarter of each of 2017 and 2016:

	Three Months Ended March 31,
	2017			2016
	U.S. $ in thousands
Operating loss	$	(12,629	)	$	(21,060	)
Percentage of revenues		-7.7	%		-12.5	%

Operating loss amounted to $12.6 million for the three months ended March 31, 2017 compared to an operating loss of $21.1 million for the three months ended March 31, 2016. The decrease in operating loss was primarily attributable to lower operating expense for the three months ended March 31, 2017, as discussed above.

Financial income, net

Financial income, net, which was primarily comprised of foreign currencies effects, interest income and interest expense, amounted to $0.3 million and $0.2 million for the three months ended March 31, 2017 and 2016, respectively.

Income Taxes

Income taxes and income taxes as a percentage of net loss before taxes for the first quarter of each of 2017 and 2016, as well as the percentage change in each reflected thereby, were as follows:

	Three Months Ended
	March 31,
	2017			2016
	U.S. $ in thousands						Change in %
Income tax expense	$	1,326		$	2,291		-42.1%
As a percent of loss before
income taxes		-10.7	%		-11.0	%	-2.3%

We had a negative effective tax rate of 10.7% for the three-month period ended March 31, 2017 compared to a negative effective tax rate of 11.0% for the three-month period ended March 31, 2016. Our effective tax rate was primarily impacted by different geographic mixes of earnings and losses.

Net Loss Attributable to Stratasys Ltd. and Net Loss Per Share

Net loss attributable to Stratasys Ltd., and diluted net loss per share, for the first quarter of each of 2017 and 2016, were as follows:

	Three Months Ended March 31,
	2017			2016
	U.S. $ in thousands
Net loss attributable to Stratasys Ltd.	$	(13,857	)	$	(23,141	)
Percentage of revenues		-8.5	%		-13.8	%
Diluted net loss per share	$	(0.26	)	$	(0.44	)

Net loss attributable to Stratasys Ltd. was $13.9 million for the three months ended March 31, 2017 compared to net loss of $23.1 million for the three months ended March 31, 2016. The decrease of the net loss attributable to Stratasys Ltd. was primarily attributable to lower operating expenses, partially offset by lower revenues.

Diluted net loss per share was $0.26 and $0.44 for the three months ended March 31, 2017 and 2016, respectively. The weighted average fully diluted share count was 52.7 million for the three months ended March 31, 2017, compared to 52.1 million for the three months ended March 31, 2016.

Supplemental Operating Results on a Non-GAAP Basis

The following non-GAAP data, which excludes certain items as described below, are non-GAAP financial measures. Our management believes that these non-GAAP financial measures are useful information for investors and shareholders of our company in gauging our results of operations (x) on an ongoing basis after excluding merger and acquisition related expense and reorganization-related charges, and (y) excluding non-cash items such as stock-based compensation expenses, acquired intangible assets amortization, impairment of goodwill and other long-lived assets, changes in fair value of obligations in connection with acquisitions and the corresponding tax effect of those items. We also exclude, when applicable, non-recurring changes of non-cash valuation allowance on deferred tax assets, as well as non-recurring significant tax charges or benefits that relate to prior periods which we do not believe are reflective of ongoing business and operating results. These non-GAAP adjustments either do not reflect actual cash outlays that impact our liquidity and our financial condition or have a non-recurring impact on the statement of operations, as assessed by management. These non-GAAP financial measures are presented to permit investors to more fully understand how management assesses our performance for internal planning and forecasting purposes. The limitations of using these non-GAAP financial measures as performance measures are that they provide a view of our results of operations without including all items indicated above during a period, which may not provide a comparable view of our performance to other companies in our industry. Investors and other readers should consider non-GAAP measures only as supplements to, not as substitutes for or as superior measures to, the measures of financial performance prepared in accordance with GAAP. Reconciliation between results on a GAAP and non-GAAP basis is provided in a table below.

Reconciliation of GAAP to Non-GAAP Results of Operations

The following tables present the GAAP measures, the corresponding non-GAAP amounts and related non-GAAP adjustments for the applicable periods:

		Three Months Ended March 31,
		2017			Non-GAAP			2017		2016			Non-GAAP			2016
		GAAP			Adjustments			Non-GAAP		GAAP			Adjustments			Non-GAAP
		U.S. dollars and shares in thousands (except per share amounts)
	Gross profit (1)	$	76,880		$	6,614		$	83,494	$	81,169		$	11,278		$	92,447
	Operating income (loss) (1,2)		(12,629	)		16,658			4,029		(21,060	)		25,013			3,953
	Net income (loss) attributable to
	Stratasys Ltd. (1,2,3)		(13,857	)		16,265			2,408		(23,141	)		23,737			596
	Net income (loss) per diluted share attributable
	to Stratasys Ltd. (4)	$	(0.26	)	$	0.31		$	0.05	$	(0.44	)	$	0.45		$	0.01

(1)	Acquired intangible assets amortization expense					5,705								10,414
	Non-cash stock-based compensation expense					643								723
	Reorganization and other related costs					94								-
	Merger and acquisition and other expense					172								141
						6,614								11,278

(2)	Acquired intangible assets amortization expense					2,544								3,760
	Non-cash stock-based compensation expense					3,261								4,900
	Change in fair value of obligations in connection with acquisitions					696								727
	Reorganization and other related costs					1,686								-
	Merger and acquisition and other expense					1,857								4,348
						10,044								13,735
						16,658								25,013

(3)	Corresponding tax effect					(585	)							(1,276	)
	Amortization expense of associated company					192								-
					$	16,265							$	23,737

(4)	Weighted average number of ordinary
	shares outstanding- Diluted		52,690						53,341		52,098						53,143

Liquidity and Capital Resources

A summary of our statement of cash flows is as follows:

	Three Months Ended March 31,
	2017			2016
	U.S $ in thousands
Net loss	$	(13,987	)	$	(23,171	)
Depreciation and amortization		16,566			23,496
Deferred income taxes		(791	)		(889	)
Stock-based compensation		3,904			5,623
Change in fair value of obligations in connection with acquisitions		696			727
Foreign currency transactions loss and other items		(1,479	)		(3,575	)
Change in working capital and other assets and liabilities		20,451			29,373
Net cash provided by operating activities		25,360			31,584
Net cash used in investing activities		(9,458	)		(77,606	)
Net cash provided by (used in) financing activities		(401	)		122
Effect of exchange rate changes on cash		1,417			1,484
Net change in cash and cash equivalents		16,918			(44,416	)
Cash and cash equivalents, beginning of period		280,328			257,592
Cash and cash equivalents, end of period	$	297,246		$	213,176

Our cash and cash equivalents balance increased to $297.2 million at March 31, 2017 from $280.3 million at December 31, 2016. The increase in cash and cash equivalents in the three months ended March 31, 2017 was primarily due to net cash provided by operating activities in an amount of $25.4 million, partially offset by net cash used in investing activities of $9.5 million.

Our cash and cash equivalents balance decreased to $213.2 million at March 31, 2016 from $257.6 million at December 31, 2015. The decrease in cash and cash equivalents in the three months ended March 31, 2016 was primarily due to net cash used in investing activities in an amount of $77.6 million, partially offset by net cash provided by operating activities of $31.6 million.

Cash flows from operating activities

We generated $25.4 million of cash from operating activities during the three months ended March 31, 2017. Our $14.0 million net loss was adjusted due to non-cash charges such as $16.6 million of depreciation and amortization and $3.9 million of stock-based compensation expense. As we continue to seek operating efficiencies also through an active working capital management, $20.5 million of changes in our working capital balances and other assets and liabilities increased our cash flow provided by operating activities. During the three months ended March 31, 2017, our working capital management activities included monitoring our cash collections and cash payments, which resulted in a $6.1 million decrease in accounts receivable and a $3.8 million increase in our accounts payable.

During the three months ended March 31, 2016, we generated $31.6 million of cash from operating activities. The net loss of $23.2 million was adjusted primarily due to $23.5 million of depreciation and amortization and $5.6 million of non-cash stock-based compensation expense, as well as favorably affected by $29.4 million of changes in working capital and other assets and liabilities.

Cash flows from investing activities

We used $9.5 million of cash in our investing activities during the three months ended March 31, 2017. Cash was primarily used to invest $6.3 million to purchase property and equipment and for certain strategic investments in unconsolidated entities.

Our principal property and equipment purchases were for our new buildings complex under construction in Rehovot, Israel. The new facility in Rehovot, Israel, which will contain two buildings, houses our Israeli headquarters, research and development facilities and certain marketing activities. We entered the first building in January 2017. Other equipment purchases were primarily for building improvements in the United States and Israel.

We used $77.6 million of cash in our investing activities during the three months ended March 31, 2016. Cash was primarily used for short-term bank deposits of $67.3 million and for purchases of property and equipment in an amount of $7.6 million.

Cash flows from financing activities

We used $0.4 million of cash in our financing activities during the three months ended March 31, 2017. Cash used by financing activities was mainly attributed to the quarterly repayment of our long-term loan in an amount of $0.9 million, partially offset by proceeds of $0.5 million from the exercise of stock options.

Cash flows from financing activities for the three months ended March 31, 2016 included $0.1 million of cash from the exercise of stock options.

Capital resources and capital expenditures

Our total current assets amounted to $565.0 million as of March 31, 2017, of which $297.2 million consisted of cash and cash equivalents. Total current liabilities amounted to $174.9 million. Most of our cash and cash equivalents are held in banks in Israel, Switzerland and the U.S.

The credit risk related to our accounts receivable is limited due to the relatively large number of customers and their wide geographic distribution. In addition, we seek to reduce the credit exposures of our accounts receivable by credit limits, credit insurance for many of our customers, ongoing credit evaluation and account monitoring procedures.

We believe that we will have adequate cash and cash equivalents to fund our ongoing operations and that these sources of liquidity will be sufficient to satisfy our capital expenditure and debt requirements for the next twelve months.

Long-Term Bank Loan and Credit Line

Under the secured loan agreement that we entered into with Bank Hapoalim Ltd. in December 2016, our company borrowed $26 million initially and secured a credit line for an additional $24 million. The initial proceeds that we borrowed under the loan agreement were used for purposes related to our new office facility in Israel. The initial loan will mature in December 2023 and is payable in equal consecutive quarterly principal installments of principal and accrued interest. The repayment of the initial loan is secured by a first priority lien on all of our company’s rights in the property of our new office facility in Israel. The loan bears interest at the rate of LIBOR plus 3.35%. As of March 31, 2017, we had not utilized the credit line.

We believe that we were in compliance with all covenants under the loan agreement as of March 31, 2017.

As part of our business strategy, we plan to consider and, as appropriate, make acquisitions of other businesses, strategic alliances, property, plant and equipment as well as new technologies and products. Our cash reserves and other liquid assets may be inadequate to consummate such acquisitions and it may be necessary for us to issue shares or raise substantial additional funds in the future to complete future transactions.

Critical Accounting Policies

We have prepared our consolidated financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America. This has required us to make estimates, judgments, and assumptions that affected the amounts we reported. Actual results may differ from those estimates. To facilitate the understanding of our business activities, certain accounting policies that are important to the presentation of our financial condition and results of operations and that require management’s subjective judgments are described in our 2016 Annual Report. We base our judgments on our experience and various assumptions that we believe to be reasonable under the circumstances.

Forward-Looking Statements and Factors That May Affect Future Results of Operations

Certain information included in or incorporated by reference into the Report of Foreign Private Issuer on Form 6-K to which this Operating and Financial Review is appended, or the Form 6-K, may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that predict or describe future events or trends and that do not relate solely to historical matters. You can generally identify forward-looking statements as statements containing the words “may,” “will,” “could,” “should,” “expect,” “anticipate,” “intend,” “estimate,” “believe,” “project,” “plan,” “assume” or other similar expressions, or negatives of those expressions, although not all forward-looking statements contain these identifying words.

These forward-looking statements may include, but are not limited to, statements regarding our future strategy, future operations, projected financial position, proposed products, estimated future revenues, projected costs, future prospects, the future of our industry and results that might be obtained by pursuing management’s current plans and objectives.

You should not place undue reliance on our forward-looking statements because the matters they describe are subject to certain risks, uncertainties and assumptions that are difficult to predict. Our forward-looking statements are based on the information currently available to us and speak only as of the date of this Form 6-K. Over time, our actual results, performance or achievements may differ from those expressed or implied by our forward-looking statements, and such difference might be significant and materially adverse to our shareholders. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, among other things:

●	the extent of our success at introducing new or improved products and solutions that gain market share;
●	the extent of growth of the 3D printing market generally;
●	impairments of goodwill or other intangible assets in respect of companies that we acquire;

●	changes in our overall strategy, such as related to our cost reduction and reorganization activities and our capital expenditures;
●	the extent of our success at efficiently and successfully integrating the operations of various companies that we have acquired or may acquire;
●	the impact of shifts in prices or margins of the products that we sell or services we provide;

●	the impact of competition and new technologies;
●	global market, political and economic conditions, and in the countries in which we operate in particular;
●	government regulations and approvals;

●	litigation and regulatory proceedings;
●	infringement of our intellectual property rights by others (including for replication and sale of consumables for use in our systems), or infringement of others’ intellectual property rights by us;

●	the extent of our success at maintaining our liquidity and financing our operations and capital needs;
●	impact of tax regulations on our results of operations and financial condition; and
●	those factors referred to in Item 3.D, “Key Information - Risk Factors”, Item 4, “Information on the Company”, and Item 5, “Operating and Financial Review and Prospects” in our 2016 Annual Report, as well as in the 2016 Annual Report generally.

Readers are urged to carefully review and consider the various disclosures made throughout the Form 6-K, our 2016 Annual Report, and in our other reports filed with or furnished to the SEC, which are designed to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects.

QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

Reference is made to Item 11, “Quantitative and Qualitative Disclosures about Market Risk” in our 2016 Annual Report.

LEGAL PROCEEDINGS

We are subject to various litigation and other legal proceedings. For a discussion of certain of these matters that we deem to be material to our company, see Note 9-“Contingencies” in the notes to our unaudited condensed consolidated financial statements attached as Exhibit 99.1 to the Form 6-K.

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Note 1. Basis of Presentation and Consolidation Stratasys Ltd. (collectively with its subsidiaries, the Company) is a 3D solutions company, offering additive manufacturing (AM) solutions for the creation of parts used in the processes of designing and manufacturing products and for the direct manufacture of end parts across a broad range of vertical markets. The Companys solutions include products ranging from entry-level desktop 3D printers to systems for rapid prototyping (RP) and large production systems for direct digital manufacturing (DDM). The Company also develops, manufactures and sells materials for use with its systems and provides related service offerings. The Company also provides a variety of custom manufacturing solutions through its direct manufacturing printed parts service as well as 3D printing related professional services offerings. The condensed consolidated interim financial statements include the accounts of Stratasys Ltd. and its subsidiaries. All intercompany accounts and transactions, including profits from intercompany sales not yet realized outside the Company, have been eliminated in consolidation. The consolidated interim financial information herein is unaudited; however, such information reflects all adjustments (consisting of normal, recurring adjustments), which are, in the opinion of management, necessary for a fair statement of results for the interim period. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results to be expected for the full year. Certain financial information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted. The reader is referred to the audited consolidated financial statements and notes thereto for the year ended December 31, 2016, filed with the U.S. Securities and Exchange Commission (the SEC) as part of the Companys Annual Report on Form 20-F for such year on March 9, 2017. Recently issued and adopted accounting pronouncements In March 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) which simplifies certain aspects of the accounting for share-based payments, including, among other items, accounting for income taxes and allowing an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures as they occur, rather than to account for them based on an estimate of expected forfeitures. This ASU became effective for the Company on January 1, 2017. Upon the adoption of this ASU, the Company recorded a cumulative-effect adjustment to its net operating losses of approximately $5 million as of January 1, 2017 offset with an increase to its valuation allowance with respect to previously unrecognized excess tax benefits. Under the new ASU, excess tax benefits or deficiencies related to stock option exercises and restricted stock unit vesting are recognized in the statement of operations. The adoption of this ASU does not have a material impact on the Companys results of operations as excess tax benefits generated from the vesting of share-based awards will be recognized in the consolidated statements of operations, but offset with consideration of the valuation allowance in the Companys US operations. In addition, upon the adoption of this ASU, the Company has elected as an accounting policy to record forfeitures as they occur, using a modified retrospective transition method. The total cumulative-effect adjustment to retained earnings as of January 1, 2017 was immaterial. Prior periods have not been restated. In January 2017, the FASB issued an ASU which eliminates the requirement to determine the implied fair value of the reporting units goodwill by measuring the reporting units assets and liabilities at fair value in a hypothetical analysis as if the reporting unit was acquired in a business combination, as part of the second step of goodwill impairment testing. Under the new guidance, goodwill impairment testing will be performed by comparing the fair value of the reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting units fair value. The new ASU is effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for annual or interim goodwill impairment testing performed after January 1, 2017. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements. In November 2016, the FASB issued an ASU which requires entities to include amounts generally described as restricted cash and restricted cash equivalents in cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU is effective for annual reporting periods (including interim periods within those annual reporting periods) beginning after December 15, 2017. Early adoption is permitted and should be adopted retrospectively. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated statements of cash flows. In October 2016, the FASB issued an ASU which eliminates the exception for an intra-entity transfer of an asset other than inventory. This ASU requires that the income tax consequences of an intra-entity asset transfer other than inventory are recognized at the time of the transfer, rather than when the transferred asset is sold to a third party or otherwise recovered through use. The ASU is effective for annual reporting periods (including interim periods within those annual reporting periods) beginning after December 15, 2017. Early adoption is permitted as of the beginning of an annual reporting period (as of the first interim period if an entity issues interim financial statements). The new guidance requires adoption on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements. In February 2016, the FASB issued a new ASU which revises lease accounting guidance. Under the new guidance, lessees will be required to recognize a right-of-use asset and a lease liability for all leases, other than leases that meet the definition of a short-term lease. The liability and the right-of-use asset arising from the lease will be measured as the present value of the lease payments. The new standard is effective for fiscal year beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition approach. The Company is currently evaluating the impact of the adoption of the new lease accounting guidance on its consolidated financial statements. In May 2014, the FASB issued guidance on revenue from contracts with customers that will supersede the current revenue recognition guidance. The new revenue recognition standard provides a unified model to determine when and how revenue is recognized. The core principle of the new revenue recognition standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new revenue recognition standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. This standard may be applied retrospectively to each prior period presented (full retrospective approach) or retrospectively with the cumulative effect recognized as of the date of adoption (modified retrospective approach). The Company has developed a project plan to analyze the potential impact this guidance will have on its consolidated financial statements and related disclosures as well as its business processes, systems and controls. This includes reviewing revenue contracts across all revenue streams and evaluates potential differences that would result from applying the requirements under the new guidance. Based on the analysis conducted to date, the Company expects to adopt this standard using the modified retrospective approach and is still currently evaluating all the potential impacts of the adoption of this standard. Therefore, the Company cannot reasonably estimate quantitative information related to the impact of this standard on its consolidated financial statements at this time.

Note 2. Inventories Inventories, net consisted of the following: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 4%">March 31,</td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 4%">December 31,</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 4%">2017</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 4%">2016</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="5" style="border-bottom: #000000 1pt solid; text-align: center; width: 9%">U.S. $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%; background-color: #c0c0c0">Finished goods</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">64,814</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">62,728</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%">Work-in-process</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">2,337</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">2,389</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%; background-color: #c0c0c0">Raw materials</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%; background-color: #c0c0c0">48,867</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%; background-color: #c0c0c0">52,404</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%">116,018</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%">117,521</td></tr></table>

Note 4. Loss Per Share The following table presents the numerator and denominator of the basic and diluted net loss per share computations for the three months ended March 31, 2017 and 2016: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="7" style="border-bottom: #000000 1pt solid; text-align: center; width: 11%">Three months ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 5%">2017</td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 5%">2016</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="7" style="text-align: center; width: 11%">In thousands, except per share amounts</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">Numerator:</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 3%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 3%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">Net loss attributable to Stratasys Ltd. for the computation</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 3%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 3%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">        of basic and diluted net loss per share</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="text-align: right; width: 3%">                  (13,857</td> <td nowrap="nowrap" style="text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%">$     </td> <td nowrap="nowrap" style="text-align: right; width: 3%">          (23,141</td> <td nowrap="nowrap" style="text-align: left; width: 1%">)</td></tr> <tr> <td colspan="9" style="width: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">Denominator:</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 3%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 3%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">Weighted average shares for the computation of basic</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 3%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 3%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">        and diluted net loss per share</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">52,690</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">52,098</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr> <td colspan="9" style="width: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">Net loss per share attributable to Stratasys Ltd.</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 3%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 3%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">Basic</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%">(0.26</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%">(0.44</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">Diluted</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%; background-color: #c0c0c0">(0.26</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%; background-color: #c0c0c0">(0.44</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">)</td></tr></table> The computation of diluted net loss per share excluded share awards of 2.49 million shares and 3.56 million shares for the three months ended March 31, 2017 and 2016, respectively, because their inclusion would have had an anti-dilutive effect on the diluted net loss per share.

Note 5. Income Taxes The Company had a negative effective tax rate of 10.7% for the three-month period ended March 31, 2017 as compared to a negative effective tax rate of 11.0% for the three-month period ended March 31, 2016. The Companys effective tax rate was primarily impacted by different geographic mix of earnings and losses.

Note 6. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A hierarchy has been established for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that are developed using market data, such as publicly available information about actual events or transactions, and that reflect the assumptions that market participants would use when pricing the asset or liability. Unobservable inputs are inputs for which market data are not available and that are developed using the best information available about the assumptions that market participants would use when pricing the asset or liability. The fair value hierarchy is categorized into three Levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. Level 2 inputs include inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs). Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Financial instruments measured at fair value The following tables summarize the Companys financial assets and liabilities that are carried at fair value on a recurring basis, by fair value hierarchy, in its consolidated balance sheets: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="11" style="text-align: center; width: 11%">March 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="11" style="border-bottom: #000000 1pt solid; text-align: center; width: 11%">(U.S. $ in thousands)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">Level 2</td> <td nowrap="nowrap" style="text-align: center; width: 1%; border-bottom: Black 1pt solid">     </td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">Level 3</td> <td nowrap="nowrap" style="text-align: center; width: 1%; border-bottom: Black 1pt solid">     </td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">Total</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">Assets:</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">       Foreign exchange forward contracts not</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">              designated as hedging instruments</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%">$     </td> <td nowrap="nowrap" style="text-align: right; width: 1%">913</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%">$     </td> <td nowrap="nowrap" style="text-align: left; width: 1%; text-align: right">-</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%">$     </td> <td nowrap="nowrap" style="text-align: right; width: 1%">913</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">       Foreign exchange forward contracts</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">              designated as hedging instruments</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">498</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">-</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">498</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr> <td colspan="13" style="width: 100%; background-color: #c0c0c0"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">Liabilities:</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">       Foreign exchange forward contracts not</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">              designated as hedging instruments</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(54</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">-</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(54</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">       Obligations in connection with acquisitions</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">-</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">(3,315</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">(3,315</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0">1,357</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0">(3,315</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0">(1,958</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">)</td></tr> <tr> <td colspan="13" style="width: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="11" style="text-align: center; width: 11%">December 31, 2016</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="11" style="border-bottom: #000000 1pt solid; text-align: center; width: 11%">(U.S. $ in thousands)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">Level 2</td> <td nowrap="nowrap" style="text-align: center; width: 1%; border-bottom: Black 1pt solid"></td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">Level 3</td> <td nowrap="nowrap" style="text-align: center; width: 1%; border-bottom: Black 1pt solid"></td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">Total</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">Assets:</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">       Foreign exchange forward contracts not</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">              designated as hedging instruments</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="text-align: right; width: 1%">1,440</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="text-align: left; width: 1%; text-align: right">-</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="text-align: right; width: 1%">1,440</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">       Foreign exchange forward contracts</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">              designated as hedging instruments</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">37</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">-</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">37</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr> <td colspan="13" style="width: 100%; background-color: #c0c0c0"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">Liabilities:</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">       Foreign exchange forward contracts not</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">              designated as hedging instruments</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(48</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">-</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(48</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">       Foreign exchange forward contracts</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">              designated as hedging instruments</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">(61</td> <td nowrap="nowrap" style="text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">-</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">(61</td> <td nowrap="nowrap" style="text-align: left; width: 1%">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">       Obligations in connection with acquisitions</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">-</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">(2,619</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">(2,619</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%">1,368</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%">(2,619</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%">(1,251</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">)</td></tr></table> The Companys foreign exchange forward contracts are classified as Level 2, as they are not actively traded and are valued using pricing models that use observable market inputs, including interest rate curves and both forward and spot prices for currencies (Level 2 inputs). Other financial instruments consist mainly of cash and cash equivalents, current and non-current receivables, net investment in sales-type leases, bank loan, accounts payable and other current liabilities. The fair value of these financial instruments approximates their carrying values. Other fair value disclosures The following table provides a reconciliation of the changes for those financial liabilities where fair value measurements are estimated utilizing Level 3 inputs, which consist of obligations in connection with acquisitions: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="vertical-align: bottom; text-align: left; width: 93%"></td> <td nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center; width: 2%">Three months ended March 31, 2017</td> <td nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center; width: 3%">Year ended December 31, 2016</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 93%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="6" style="text-align: center; width: 6%">(U.S. $ in thousands)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 93%; background-color: #c0c0c0">Fair value at the beginning of the period</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">2,619</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$                      </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">6,991</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 93%">Settlements</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">-</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">(3,500</td> <td nowrap="nowrap" style="text-align: left; width: 1%">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 93%; background-color: #c0c0c0">Change in fair value recognized in earnings</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">696</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">(872</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 93%">Fair value at the end of the period</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%">3,315</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%">2,619</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%"></td></tr></table> The Companys obligations in connection with acquisitions as of March 31, 2017, which are estimated utilizing Level 3 inputs, are related to the deferred payments for the Companys acquisition of Solid Concepts Inc. (the Solid Concepts transaction). As part of the Solid Concepts transaction, which was completed in July 2014, the Company is obligated to pay additional deferred payments in three separate annual installments after the Solid Concepts transaction date (deferred payments). Subject to certain requirements for cash payments, the Company retains the discretion to settle the deferred payments in its shares, cash or any combination of the two. The deferred payments are also subject to certain adjustments based on the Companys share price. During the third quarter of 2016, the Company issued 152,633 ordinary shares valued at $3.1 million and paid cash of $0.4 million to settle the second annual installment of the deferred payments. The deferred payments are classified as liabilities and are measured at fair value in the Companys consolidated balance sheets. The fair value of the deferred payments was determined based on the closing market price of the Companys ordinary shares on the Solid Concepts transaction date, adjusted to reflect a discount for lack of marketability for the applicable periods. The discount for lack of marketability was calculated based on the historical volatility of the Companys share price and thus represents a Level 3 measurement within the fair value hierarchy. As of March 31, 2017, the fair value of the remaining deferred payments was $3.3 million. As of March 31, 2017, the total amount of the remaining deferred payments, which does not reflect a discount for lack of marketability, was approximately $3.5 million, based on the Companys share price as of that date. The fair value of the deferred payments is primarily linked to the Companys share price. An increase of 10% in the Companys share price as of March 31, 2017 would have increased the fair value of the remaining deferred payments by $0.3 million. In addition, changes in Level 3 inputs that were used in the fair value calculation might change the fair value of the deferred payments. A decrease of 10% in the Companys share price volatility used in the calculation for discount for lack of marketability as of March 31, 2017 would have increased the fair value of the Companys deferred payments liability by approximately $0.1 million. With respect to the fair-value revaluations of the deferred payments, the Company recorded loss of $0.7 million for each of the three-month periods ended March 31, 2017 and 2016. Such fair-value revaluations are presented under change in fair value of obligations in connection with acquisitions in the Companys consolidated statements of operations and comprehensive loss.

Note 7. Derivative instruments and hedging activities As the Company conducts its operations globally, it is exposed to global market risks and to the risk that its earnings, cash flows and equity could be adversely impacted by fluctuations in foreign currency exchange rates. The Company enters into transactions involving foreign currency exchange derivative financial instruments. The Company manages its foreign currency exposures on a consolidated basis, which allows the Company to net exposures and take advantage of any natural hedging. The transactions are designed to manage the Companys net exposure to foreign currency exchange rates and to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates. The Company does not enter into derivative transactions for trading purposes. The Company is primarily exposed to foreign exchange risk with respect to recognized assets and liabilities and forecasted transactions denominated in the New Israeli Shekel (NIS), the Euro and the Japanese Yen. The gains and losses on the hedging instruments offset losses and gains on the hedged items. Financial markets and currency volatility may limit the Companys ability to hedge these exposures. The following table summarizes the condensed consolidated balance sheets classification and fair values of the Companys derivative instruments: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">       </td> <td nowrap="nowrap" style="text-align: center; width: 5%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">       </td> <td nowrap="nowrap" colspan="7" style="border-bottom: #000000 1pt solid; text-align: center; width: 7%">Fair Value</td> <td nowrap="nowrap" style="text-align: center; width: 1%">       </td> <td nowrap="nowrap" colspan="5" style="border-bottom: #000000 1pt solid; text-align: center; width: 9%">Notional Amount</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 5%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="text-align: center; width: 3%">March 31,</td> <td nowrap="nowrap" style="text-align: center; width: 1%">       </td> <td nowrap="nowrap" colspan="3" style="text-align: center; width: 3%">December 31,</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 4%">March 31,</td> <td nowrap="nowrap" style="text-align: center; width: 1%">       </td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 4%">December 31,</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: center; width: 5%">Balance sheet location</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">2017</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">2016</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 4%">2017</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 4%">2016</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 5%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="13" style="text-align: center; width: 17%">U.S. $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%; background-color: #c0c0c0">Assets derivatives -Foreign exchange contracts, not</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 5%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 3%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 3%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%; background-color: #c0c0c0">designated as hedging instruments</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 5%; background-color: #c0c0c0">Other current assets</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$      </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">913</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$             </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">1,440</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">64,241</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">39,982</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%">Assets derivatives -Foreign exchange contracts,</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 5%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 3%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%">designated as cash flow hedge</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 5%">Other current assets</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">498</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">37</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">9,522</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">8,348</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%; background-color: #c0c0c0">Liability derivatives -Foreign exchange contracts, not</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 5%; background-color: #c0c0c0">Accrued expenses and other</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 3%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%; background-color: #c0c0c0">designated as hedging instruments</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 5%; background-color: #c0c0c0">current liabilities</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(54</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(48</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">8,224</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">13,273</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%">Liability derivatives -Foreign exchange contracts,</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 5%">Accrued expenses and other</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 3%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%">designated as hedging instruments</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 5%">current liabilities</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">-</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">(61</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%">-</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%">7,534</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 5%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0">1,357</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0">1,368</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%; background-color: #c0c0c0">81,987</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%; background-color: #c0c0c0">69,137</td></tr></table> As of March 31, 2017, the notional amounts of the Companys outstanding exchange forward contracts, not designated as hedging instruments, were $72.5 million and were used to reduce foreign currency exposures of the Euro, New Israeli Shekel (the NIS), Japanese Yen, Korean Won and Chinese Yuan. With respect to such derivatives, losses of $0.3 million and $2.9 million were recognized under financial income, net for the three-month periods ended March 31, 2017 and 2016, respectively. Such losses partially offset the revaluation changes of foreign currencies the balance sheet items, which are also recognized under financial income, net. As of March 31, 2017, the Company had in effect foreign exchange forward contracts, designated as cash flow hedge for accounting purposes, for the conversion of $9.5 million into NIS. The Company uses short-term cash flow hedge contracts to reduce its exposure to variability in expected future cash flows resulting mainly from payroll costs denominated in NIS. The changes in fair value of those contracts are included in the Companys accumulated other comprehensive loss. These contracts mature through July 2017.

Inventories, net consisted of the following: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 4%">March 31,</td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 4%">December 31,</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 4%">2017</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 4%">2016</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="5" style="border-bottom: #000000 1pt solid; text-align: center; width: 9%">U.S. $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%; background-color: #c0c0c0">Finished goods</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">64,814</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">62,728</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%">Work-in-process</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">2,337</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">2,389</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%; background-color: #c0c0c0">Raw materials</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%; background-color: #c0c0c0">48,867</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%; background-color: #c0c0c0">52,404</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%">116,018</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%">117,521</td></tr></table>

Changes in the carrying amount of the Companys goodwill for the three months ended March 31, 2017, were as follows: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 4%">U.S. $ in millions</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%; background-color: #c0c0c0">Goodwill as of January 1, 2017</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">385.6</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%">Translation differences</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%">0.2</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%; background-color: #c0c0c0">Goodwill as of March 31, 2017</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%; background-color: #c0c0c0">385.8</td></tr></table>

As of March 31, 2017, estimated amortization expense relating to intangible assets currently subject to amortization for each of the following periods was as follows: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%"></td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 4%">Estimated</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 4%">amortization expense</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%"></td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 4%">(U.S. $ in thousands)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%; background-color: #c0c0c0">Remaining 9 months of 2017</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">26,030</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%">2018</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">33,156</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%; background-color: #c0c0c0">2019</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">32,226</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%">2020</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">31,899</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%; background-color: #c0c0c0">2021</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">31,340</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%">Thereafter</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%">14,651</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%; background-color: #c0c0c0">Total</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%; background-color: #c0c0c0">169,302</td></tr></table>

The following table presents the numerator and denominator of the basic and diluted net loss per share computations for the three months ended March 31, 2017 and 2016: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="7" style="border-bottom: #000000 1pt solid; text-align: center; width: 11%">Three months ended March 31,</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 5%">2017</td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 5%">2016</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="7" style="text-align: center; width: 11%">In thousands, except per share amounts</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">Numerator:</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 3%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 3%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">Net loss attributable to Stratasys Ltd. for the computation</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 3%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 3%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">        of basic and diluted net loss per share</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="text-align: right; width: 3%">                  (13,857</td> <td nowrap="nowrap" style="text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%">$     </td> <td nowrap="nowrap" style="text-align: right; width: 3%">          (23,141</td> <td nowrap="nowrap" style="text-align: left; width: 1%">)</td></tr> <tr> <td colspan="9" style="width: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">Denominator:</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 3%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 3%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">Weighted average shares for the computation of basic</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 3%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 3%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">        and diluted net loss per share</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">52,690</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">52,098</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr> <td colspan="9" style="width: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">Net loss per share attributable to Stratasys Ltd.</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 3%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 3%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">Basic</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%">(0.26</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%">(0.44</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">Diluted</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%; background-color: #c0c0c0">(0.26</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%; background-color: #c0c0c0">(0.44</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">)</td></tr></table>

The following tables summarize the Companys financial assets and liabilities that are carried at fair value on a recurring basis, by fair value hierarchy, in its consolidated balance sheets: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="11" style="text-align: center; width: 11%">March 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="11" style="border-bottom: #000000 1pt solid; text-align: center; width: 11%">(U.S. $ in thousands)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">Level 2</td> <td nowrap="nowrap" style="text-align: center; width: 1%; border-bottom: Black 1pt solid">     </td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">Level 3</td> <td nowrap="nowrap" style="text-align: center; width: 1%; border-bottom: Black 1pt solid">     </td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">Total</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">Assets:</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">       Foreign exchange forward contracts not</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">              designated as hedging instruments</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%">$     </td> <td nowrap="nowrap" style="text-align: right; width: 1%">913</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%">$     </td> <td nowrap="nowrap" style="text-align: left; width: 1%; text-align: right">-</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%">$     </td> <td nowrap="nowrap" style="text-align: right; width: 1%">913</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">       Foreign exchange forward contracts</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">              designated as hedging instruments</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">498</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">-</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">498</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr> <td colspan="13" style="width: 100%; background-color: #c0c0c0"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">Liabilities:</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">       Foreign exchange forward contracts not</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">              designated as hedging instruments</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(54</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">-</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(54</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">       Obligations in connection with acquisitions</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">-</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">(3,315</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">(3,315</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0">1,357</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0">(3,315</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0">(1,958</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">)</td></tr> <tr> <td colspan="13" style="width: 100%"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="11" style="text-align: center; width: 11%">December 31, 2016</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="11" style="border-bottom: #000000 1pt solid; text-align: center; width: 11%">(U.S. $ in thousands)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">Level 2</td> <td nowrap="nowrap" style="text-align: center; width: 1%; border-bottom: Black 1pt solid"></td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">Level 3</td> <td nowrap="nowrap" style="text-align: center; width: 1%; border-bottom: Black 1pt solid"></td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">Total</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">Assets:</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">       Foreign exchange forward contracts not</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">              designated as hedging instruments</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="text-align: right; width: 1%">1,440</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="text-align: left; width: 1%; text-align: right">-</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="text-align: right; width: 1%">1,440</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">       Foreign exchange forward contracts</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">              designated as hedging instruments</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">37</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">-</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">37</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr> <td colspan="13" style="width: 100%; background-color: #c0c0c0"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">Liabilities:</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">       Foreign exchange forward contracts not</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">              designated as hedging instruments</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(48</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">-</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(48</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">       Foreign exchange forward contracts</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">              designated as hedging instruments</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">(61</td> <td nowrap="nowrap" style="text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">-</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">(61</td> <td nowrap="nowrap" style="text-align: left; width: 1%">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">       Obligations in connection with acquisitions</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">-</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">(2,619</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">(2,619</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%">1,368</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%">(2,619</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%">(1,251</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">)</td></tr></table>

The following table provides a reconciliation of the changes for those financial liabilities where fair value measurements are estimated utilizing Level 3 inputs, which consist of obligations in connection with acquisitions: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="vertical-align: bottom; text-align: left; width: 93%"></td> <td nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center; width: 2%">Three months ended March 31, 2017</td> <td nowrap="nowrap" style="vertical-align: bottom; text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; vertical-align: bottom; text-align: center; width: 3%">Year ended December 31, 2016</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 93%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="6" style="text-align: center; width: 6%">(U.S. $ in thousands)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 93%; background-color: #c0c0c0">Fair value at the beginning of the period</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">2,619</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$                      </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">6,991</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 93%">Settlements</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">-</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">(3,500</td> <td nowrap="nowrap" style="text-align: left; width: 1%">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 93%; background-color: #c0c0c0">Change in fair value recognized in earnings</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">696</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">(872</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 93%">Fair value at the end of the period</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%">3,315</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%">2,619</td></tr></table>

The following table summarizes the condensed consolidated balance sheets classification and fair values of the Companys derivative instruments: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">       </td> <td nowrap="nowrap" style="text-align: center; width: 5%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">       </td> <td nowrap="nowrap" colspan="7" style="border-bottom: #000000 1pt solid; text-align: center; width: 7%">Fair Value</td> <td nowrap="nowrap" style="text-align: center; width: 1%">       </td> <td nowrap="nowrap" colspan="5" style="border-bottom: #000000 1pt solid; text-align: center; width: 9%">Notional Amount</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 5%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="text-align: center; width: 3%">March 31,</td> <td nowrap="nowrap" style="text-align: center; width: 1%">       </td> <td nowrap="nowrap" colspan="3" style="text-align: center; width: 3%">December 31,</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 4%">March 31,</td> <td nowrap="nowrap" style="text-align: center; width: 1%">       </td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 4%">December 31,</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: center; width: 5%">Balance sheet location</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">2017</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">2016</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 4%">2017</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 4%">2016</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 5%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="13" style="text-align: center; width: 17%">U.S. $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%; background-color: #c0c0c0">Assets derivatives -Foreign exchange contracts, not</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 5%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 3%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 3%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%; background-color: #c0c0c0">designated as hedging instruments</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 5%; background-color: #c0c0c0">Other current assets</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$      </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">913</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$             </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">1,440</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">64,241</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">39,982</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%">Assets derivatives -Foreign exchange contracts,</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 5%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 3%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%">designated as cash flow hedge</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 5%">Other current assets</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">498</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">37</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">9,522</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">8,348</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%; background-color: #c0c0c0">Liability derivatives -Foreign exchange contracts, not</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 5%; background-color: #c0c0c0">Accrued expenses and other</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 3%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%; background-color: #c0c0c0">designated as hedging instruments</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 5%; background-color: #c0c0c0">current liabilities</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(54</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(48</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">8,224</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">13,273</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%">Liability derivatives -Foreign exchange contracts,</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 5%">Accrued expenses and other</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 3%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%">designated as hedging instruments</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 5%">current liabilities</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">-</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">(61</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%">-</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%">7,534</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 76%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 5%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0">1,357</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0">1,368</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%; background-color: #c0c0c0">81,987</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%; background-color: #c0c0c0">69,137</td></tr></table>

A summary of the Companys stock option activity for the three months ended March 31, 2017 is as follows: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" style="text-align: center; width: 3%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 4%">Weighted Average</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 4%">Number of Options</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 4%">Exercise Price</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%; background-color: #c0c0c0">Options outstanding as of January 1, 2017</td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">                   2,615,461</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">37.21</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%">Exercised</td> <td nowrap="nowrap" style="text-align: right; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">(35,769</td> <td nowrap="nowrap" style="text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">14.75</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%; background-color: #c0c0c0">Forfeited</td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%; background-color: #c0c0c0">(220,977</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%; background-color: #c0c0c0">40.37</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%">Options outstanding as of March 31, 2017</td> <td nowrap="nowrap" style="text-align: right; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%">2,358,715</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%">37.25</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%; background-color: #c0c0c0">Options exercisable as of March 31, 2017</td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%; background-color: #c0c0c0">1,533,280</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%; background-color: #c0c0c0">38.62</td></tr></table>

A summary of the Companys RSUs activity for the three months ended March 31, 2017 is as follows: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 92%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 2%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 4%">Weighted Average</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 92%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 2%">Number of RSUs</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 4%">Grant Date Fair Value</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 92%; background-color: #c0c0c0">Unvested RSUs outstanding as of January 1, 2017</td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">                    267,756</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">81.35</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 92%">Forfeited</td> <td nowrap="nowrap" style="text-align: right; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">(33,120</td> <td nowrap="nowrap" style="text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">70.44</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 92%; background-color: #c0c0c0">Vested</td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">(49,523</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%; background-color: #c0c0c0">82.12</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 92%">Unvested RSUs outstanding as of March 31, 2017</td> <td nowrap="nowrap" style="text-align: right; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%">185,113</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%">83.10</td></tr></table>

5000000

Note 3. Goodwill and Other Intangible Assets Goodwill Changes in the carrying amount of the Companys goodwill for the three months ended March 31, 2017, were as follows: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 4%">U.S. $ in millions</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%; background-color: #c0c0c0">Goodwill as of January 1, 2017</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">385.6</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%">Translation differences</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%">0.2</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%; background-color: #c0c0c0">Goodwill as of March 31, 2017</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%; background-color: #c0c0c0">385.8</td></tr></table> Other Intangible Assets Other intangible assets consisted of the following: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 75%"></td> <td style="text-align: center; width: 1%">     </td> <td colspan="9" style="border-bottom: #000000 1pt solid; text-align: center; width: 11%">March 31, 2017</td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="9" style="border-bottom: #000000 1pt solid; text-align: center; width: 11%">December 31, 2016</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 75%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 4%">Carrying Amount,</td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="3" style="text-align: center; width: 3%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 2%">Net</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 4%">Carrying Amount,</td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="3" style="text-align: center; width: 3%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 2%">Net</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 75%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 4%">Net of</td> <td style="text-align: center; width: 1%"></td> <td colspan="3" style="text-align: center; width: 3%">Accumulated</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 2%">Book</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 4%">Net of</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="text-align: center; width: 3%">Accumulated</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 2%">Book</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 75%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 4%">Impairment</td> <td style="text-align: center; width: 1%"></td> <td colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">Amortization</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 2%">Value</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 4%">Impairment</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">Amortization</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 2%">Value</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 75%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="19" style="border-bottom: #000000 1pt solid; text-align: center; width: 23%">U.S. $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 75%; background-color: #c0c0c0">Developed technology</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">304,766</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$           </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(204,090</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">100,676</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">304,766</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$          </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(198,632</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">106,134</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 75%">Patents</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">19,485</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">(12,733</td> <td nowrap="nowrap" style="text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">6,752</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">19,009</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">(12,257</td> <td nowrap="nowrap" style="text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">6,752</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 75%; background-color: #c0c0c0">Trademarks and trade names</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">27,820</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(17,204</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">10,616</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">27,819</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(16,849</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">10,970</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 75%">Customer relationships</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">106,697</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">(56,539</td> <td nowrap="nowrap" style="text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">50,158</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">106,571</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">(54,258</td> <td nowrap="nowrap" style="text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">52,313</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 75%; background-color: #c0c0c0">Capitalized software development costs</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%; background-color: #c0c0c0">19,541</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">(18,441</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">1,100</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%; background-color: #c0c0c0">19,540</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">(18,251</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">1,289</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 75%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%">478,309</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">(309,007</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">169,302</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%">477,705</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">(300,247</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">177,458</td></tr></table> Amortization expense relating to intangible assets for the three-month periods ended March 31, 2017 and 2016 was approximately $8.7 million and $14.7 million, respectively. The decrease in amortization expense was primarily due to change in the estimated useful lives of certain intangibles assets. As of March 31, 2017, estimated amortization expense relating to intangible assets currently subject to amortization for each of the following periods was as follows: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%"></td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 4%">Estimated</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 4%">amortization expense</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%"></td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 4%">(U.S. $ in thousands)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%; background-color: #c0c0c0">Remaining 9 months of 2017</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">26,030</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%">2018</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">33,156</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%; background-color: #c0c0c0">2019</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">32,226</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%">2020</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">31,899</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%; background-color: #c0c0c0">2021</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">31,340</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%">Thereafter</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%">14,651</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 96%; background-color: #c0c0c0">Total</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%; background-color: #c0c0c0">169,302</td></tr></table>

Other intangible assets consisted of the following: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 75%"></td> <td style="text-align: center; width: 1%">     </td> <td colspan="9" style="border-bottom: #000000 1pt solid; text-align: center; width: 11%">March 31, 2017</td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="9" style="border-bottom: #000000 1pt solid; text-align: center; width: 11%">December 31, 2016</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 75%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 4%">Carrying Amount,</td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="3" style="text-align: center; width: 3%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 2%">Net</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 4%">Carrying Amount,</td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="3" style="text-align: center; width: 3%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 2%">Net</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 75%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 4%">Net of</td> <td style="text-align: center; width: 1%"></td> <td colspan="3" style="text-align: center; width: 3%">Accumulated</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 2%">Book</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 4%">Net of</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="text-align: center; width: 3%">Accumulated</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 2%">Book</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 75%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 4%">Impairment</td> <td style="text-align: center; width: 1%"></td> <td colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">Amortization</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 2%">Value</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 4%">Impairment</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">Amortization</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 2%">Value</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 75%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="19" style="border-bottom: #000000 1pt solid; text-align: center; width: 23%">U.S. $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 75%; background-color: #c0c0c0">Developed technology</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">304,766</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$           </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(204,090</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">100,676</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">304,766</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$          </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(198,632</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">106,134</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 75%">Patents</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">19,485</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">(12,733</td> <td nowrap="nowrap" style="text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">6,752</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">19,009</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">(12,257</td> <td nowrap="nowrap" style="text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">6,752</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 75%; background-color: #c0c0c0">Trademarks and trade names</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">27,820</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(17,204</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">10,616</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">27,819</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(16,849</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">10,970</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 75%">Customer relationships</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">106,697</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">(56,539</td> <td nowrap="nowrap" style="text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">50,158</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">106,571</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">(54,258</td> <td nowrap="nowrap" style="text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">52,313</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 75%; background-color: #c0c0c0">Capitalized software development costs</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%; background-color: #c0c0c0">19,541</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">(18,441</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">1,100</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%; background-color: #c0c0c0">19,540</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">(18,251</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">1,289</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 75%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%">478,309</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">(309,007</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">169,302</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%">477,705</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">(300,247</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">177,458</td></tr></table>

Note 9. Contingencies Claims Related to Company Equity On March 4, 2013, five current or former minority shareholders (two of whom were former directors) of the Company filed two lawsuits against the Company in an Israeli central district court. The lawsuits demanded that the Company amend its capitalization table such that certain share issuances prior to the Stratasys-Objet merger to certain of Objets shareholders named as defendants would be cancelled, with a consequent issuance of additional shares to the plaintiffs to account for the subsequent dilution to which they have been subject. The lawsuits also named as defendants Elchanan Jaglom, Chairman of the Companys board of directors, in one of the lawsuits, Ilan Levin, the Companys Chief Executive Officer and director, various shareholders of the Company who were also shareholders of Objet, and David Reis, a director. The Company filed its statements of defense in May 2013 denying the plaintiffs claims. In 2015, the court dismissed the lawsuit of one of the former directors due to lack of cause. In February 2017, the parties reached an agreement pursuant to which all claims were settled at no material cost to the Company. Notice of the settlement was provided and the suits were subsequently dismissed. Securities Law Class Actions On February 5, 2015, a lawsuit styled as a class action was commenced in the United States District Court for the District of Minnesota, naming the Company and certain of the Companys officers as defendants. Similar actions were filed on February 9 and 20, 2015 in the Southern District of New York and the Eastern District of New York, respectively. The lawsuits allege violations of the Securities Exchange Act of 1934 in connection with allegedly false and misleading statements concerning the Companys business and prospects. The plaintiffs seek damages and awards of reasonable costs and expenses, including attorneys fees. On April 15, 2015, the cases were consolidated for all purposes, and on April 24, 2015, the Court entered an order appointing lead plaintiffs and approving their selection of lead counsel for the putative class. On July 1, 2015, lead plaintiffs filed their consolidated complaint. On August 31, 2015, the defendants moved to dismiss the consolidated complaint for failure to state a claim. The Court heard the motion on December 11, 2015. On June 30, 2016, the Court granted defendants motion to dismiss with prejudice and entered judgment in favor of defendants. On July 29, 2016, lead plaintiffs filed a notice of appeal to the United States Court of Appeals for the Eighth Circuit from the Courts judgment. On September 22, 2016, lead plaintiffs filed the opening initial brief in support of their appeal. On October 24, 2016, defendants filed their answering brief to the appeal. On November 18, 2016, lead plaintiffs filed their reply brief in support of the appeal. Oral arguments for appeal were held on March 9, 2017. A decision is pending. The Company is a party to various other legal proceedings, the outcome of which, in the opinion of management, will not have a significant adverse effect on the financial position or profitability of the Company.

Note 8. Equity a. Stock-based compensation plans Stock-based compensation expenses for equity-classified stock options and RSUs were allocated as follows: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="5" style="text-align: center; width: 8%">Three Months Ended</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="5" style="border-bottom: #000000 1pt solid; text-align: center; width: 8%">March 31,</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 4%">2017</td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">2016</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="5" style="border-bottom: #000000 1pt solid; text-align: center; width: 8%">U.S $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%; background-color: #c0c0c0">Cost of sales</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">643</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 2%; background-color: #c0c0c0">723</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%">Research and development, net</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">849</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 2%">1,359</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%; background-color: #c0c0c0">Selling, general and administrative</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%; background-color: #c0c0c0">2,412</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 2%; background-color: #c0c0c0">3,541</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%">Total stock-based compensation expenses</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%">3,904</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 2%">5,623</td></tr></table> A summary of the Companys stock option activity for the three months ended March 31, 2017 is as follows: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" style="text-align: center; width: 3%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 4%">Weighted Average</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 4%">Number of Options</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 4%">Exercise Price</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%; background-color: #c0c0c0">Options outstanding as of January 1, 2017</td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">                   2,615,461</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">37.21</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%">Exercised</td> <td nowrap="nowrap" style="text-align: right; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">(35,769</td> <td nowrap="nowrap" style="text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">14.75</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%; background-color: #c0c0c0">Forfeited</td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%; background-color: #c0c0c0">(220,977</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%; background-color: #c0c0c0">40.37</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%">Options outstanding as of March 31, 2017</td> <td nowrap="nowrap" style="text-align: right; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%">2,358,715</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%">37.25</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%; background-color: #c0c0c0">Options exercisable as of March 31, 2017</td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%; background-color: #c0c0c0">1,533,280</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%; background-color: #c0c0c0">38.62</td></tr></table> The outstanding options generally have a term of ten years from the grant date. Options granted become exercisable over the vesting period, which is normally a four-year period beginning on the grant date, subject to the employees continuous service to the Company. The fair value of stock options is determined using the Black-Scholes model. During the three-month periods ended March 31, 2017 and 2016, the Company issued 35,769 shares and 13,820 shares, respectively, upon the exercise of stock options. This resulted in an increase in equity of $0.5 million and $0.1 million for the three-month periods ended March 31, 2017 and 2016, respectively. As of March 31, 2017, the unrecognized compensation cost of $10.5 million related to all unvested, equity-classified stock options is expected to be recognized as an expense over a weighted-average period of 2.3 years. A summary of the Companys RSUs activity for the three months ended March 31, 2017 is as follows: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 92%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 2%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="2" style="text-align: center; width: 4%">Weighted Average</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 92%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 2%">Number of RSUs</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 4%">Grant Date Fair Value</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 92%; background-color: #c0c0c0">Unvested RSUs outstanding as of January 1, 2017</td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">                    267,756</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">81.35</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 92%">Forfeited</td> <td nowrap="nowrap" style="text-align: right; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">(33,120</td> <td nowrap="nowrap" style="text-align: left; width: 1%">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">70.44</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 92%; background-color: #c0c0c0">Vested</td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">(49,523</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%; background-color: #c0c0c0">82.12</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 92%">Unvested RSUs outstanding as of March 31, 2017</td> <td nowrap="nowrap" style="text-align: right; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%">185,113</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%">83.10</td></tr></table> The fair value of RSUs is determined based on the quoted price of the Companys ordinary shares on the date of the grant. As of March 31, 2017, the unrecognized compensation cost of $8.9 million related to all unvested, equity-classified RSUs is expected to be recognized as expense over a weighted-average period of 1.7 years. b. Accumulated other comprehensive income (loss) The following table presents the changes in the components of accumulated other comprehensive income (loss), net of taxes, for the three months ended March 31, 2017 and 2016: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 87%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="11" style="border-bottom: #000000 1pt solid; text-align: center; width: 11%">Three months ended March 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 87%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="text-align: center; width: 3%">Net unrealized gain</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="text-align: center; width: 3%">Foreign currency</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 87%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="text-align: center; width: 3%">(loss) on cash flow</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="text-align: center; width: 3%">translation</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 87%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">hedges</td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">adjustments</td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">Total</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 87%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="11" style="text-align: center; width: 11%">U.S. $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 87%; background-color: #c0c0c0">Balance as of January 1, 2017</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$                          </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(24</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$                  </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(13,455</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(13,479</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 87%">Other comprehensive income before</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 87%">       reclassifications</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">793</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">713</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">1,506</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 87%; background-color: #c0c0c0">Amounts reclassified from accumulated</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 87%; background-color: #c0c0c0">       other comprehensive income</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">(270</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">-</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">(270</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 87%">Other comprehensive income</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">523</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">713</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">1,236</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 87%; background-color: #c0c0c0">Balance as of March 31, 2017</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0">499</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0">(12,742</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0">(12,243</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">)</td></tr></table> <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="11" style="border-bottom: #000000 1pt solid; text-align: center; width: 11%">Three months ended March 31, 2016</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="4" style="text-align: center; width: 4%">Net unrealized gain</td> <td nowrap="nowrap" colspan="3" style="text-align: center; width: 3%">Foreign currency</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="text-align: center; width: 3%">(loss) on cash flow</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="text-align: center; width: 3%">translation</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">hedges</td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">adjustments</td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">Total</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="11" style="text-align: center; width: 11%">U.S. $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">Balance as of January 1, 2016</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$                          </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(107</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$                  </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(10,667</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(10,774</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">Other comprehensive loss before</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">       reclassifications</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">863</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">3,341</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">4,204</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">Amounts reclassified from accumulated</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">       other comprehensive income</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">68</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">-</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">68</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">Other comprehensive income</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">931</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">3,341</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">4,272</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">Balance as of March 31, 2016</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0">824</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0">(7,326</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0">(6,502</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">)</td></tr></table>

The following table presents the changes in the components of accumulated other comprehensive income (loss), net of taxes, for the three months ended March 31, 2017 and 2016: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 87%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="11" style="border-bottom: #000000 1pt solid; text-align: center; width: 11%">Three months ended March 31, 2017</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 87%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="text-align: center; width: 3%">Net unrealized gain</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="text-align: center; width: 3%">Foreign currency</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 87%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="text-align: center; width: 3%">(loss) on cash flow</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="text-align: center; width: 3%">translation</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 87%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">hedges</td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">adjustments</td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">Total</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 87%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="11" style="text-align: center; width: 11%">U.S. $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 87%; background-color: #c0c0c0">Balance as of January 1, 2017</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$                          </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(24</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$                  </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(13,455</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(13,479</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 87%">Other comprehensive income before</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 87%">       reclassifications</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">793</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">713</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">1,506</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 87%; background-color: #c0c0c0">Amounts reclassified from accumulated</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 87%; background-color: #c0c0c0">       other comprehensive income</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">(270</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">-</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">(270</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 87%">Other comprehensive income</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">523</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">713</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">1,236</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 87%; background-color: #c0c0c0">Balance as of March 31, 2017</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0">499</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0">(12,742</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0">(12,243</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">)</td></tr></table> <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="11" style="border-bottom: #000000 1pt solid; text-align: center; width: 11%">Three months ended March 31, 2016</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="4" style="text-align: center; width: 4%">Net unrealized gain</td> <td nowrap="nowrap" colspan="3" style="text-align: center; width: 3%">Foreign currency</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="text-align: center; width: 3%">(loss) on cash flow</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="3" style="text-align: center; width: 3%">translation</td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">hedges</td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">adjustments</td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="3" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">Total</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="11" style="text-align: center; width: 11%">U.S. $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">Balance as of January 1, 2016</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$                          </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(107</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$                  </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(10,667</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 1%; background-color: #c0c0c0">(10,774</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">Other comprehensive loss before</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">       reclassifications</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">863</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">3,341</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 1%">4,204</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">Amounts reclassified from accumulated</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">       other comprehensive income</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">68</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">-</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%; background-color: #c0c0c0">68</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%">Other comprehensive income</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">931</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">3,341</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 1%">4,272</td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 88%; background-color: #c0c0c0">Balance as of March 31, 2016</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0">824</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0">(7,326</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%; background-color: #c0c0c0">)</td> </tr></table>

Stock-based compensation expenses for equity-classified stock options and RSUs were allocated as follows: <table cellspacing="0" cellpadding="0" border="0" style="line-height: 14pt; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="5" style="text-align: center; width: 8%">Three Months Ended</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="5" style="border-bottom: #000000 1pt solid; text-align: center; width: 8%">March 31,</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 4%">2017</td> <td nowrap="nowrap" style="text-align: center; width: 1%">     </td> <td nowrap="nowrap" colspan="2" style="border-bottom: #000000 1pt solid; text-align: center; width: 3%">2016</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%"></td> <td nowrap="nowrap" style="text-align: center; width: 1%"></td> <td nowrap="nowrap" colspan="5" style="border-bottom: #000000 1pt solid; text-align: center; width: 8%">U.S $ in thousands</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%; background-color: #c0c0c0">Cost of sales</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 3%; background-color: #c0c0c0">643</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0">$     </td> <td nowrap="nowrap" style="text-align: right; width: 2%; background-color: #c0c0c0">723</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%">Research and development, net</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 3%">849</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="text-align: right; width: 2%">1,359</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%; background-color: #c0c0c0">Selling, general and administrative</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 3%; background-color: #c0c0c0">2,412</td> <td nowrap="nowrap" style="text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: left; width: 1%; background-color: #c0c0c0"></td> <td nowrap="nowrap" style="border-bottom: #000000 1pt solid; text-align: right; width: 2%; background-color: #c0c0c0">3,541</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left; width: 90%">Total stock-based compensation expenses</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 3%">3,904</td> <td nowrap="nowrap" style="text-align: left; width: 1%"></td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: left; width: 1%">$</td> <td nowrap="nowrap" style="border-bottom: #000000 2pt double; text-align: right; width: 2%">5,623</td></tr></table>

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Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	STRATASYS LTD.
Entity Central Index Key	0001517396
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Trading Symbol	SSYS
Document Type	6-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2017

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Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 297,246	$ 280,328
Accounts receivable, net	115,099	120,411
Inventories	116,018	117,521
Net investment in sales-type leases	10,844	11,717
Prepaid expenses	6,371	7,571
Other current assets	19,411	15,491
Total current assets	564,989	553,039
Non-current assets
Net investment in sales-type leases - long-term	9,655	12,126
Property, plant and equipment, net	206,722	208,415
Goodwill	385,808	385,629
Other intangible assets, net	169,302	177,458
Other non-current assets	31,626	29,382
Total non-current assets	803,113	813,010
Total assets	1,368,102	1,366,049
Current liabilities
Accounts payable	44,805	40,933
Current portion of long-term debt	3,714	3,714
Accrued expenses and other current liabilities	28,582	32,207
Accrued compensation and related benefits	42,797	34,186
Obligations in connection with acquisitions	4,315	3,619
Deferred revenues	50,673	49,952
Total current liabilities	174,886	164,611
Non-current liabilities
Long-term debt	21,357	22,286
Deferred tax liabilities	4,916	5,952
Deferred revenues - long-term	12,942	12,922
Other non-current liabilities	24,293	22,251
Total non-current liabilities	63,508	63,411
Total liabilities	238,394	228,022
Contingencies (see note 9)
Redeemable non-controlling interests	1,939	2,029
Equity
Ordinary shares, NIS 0.01 nominal value, authorized 180,000 thousands shares; 52,728 thousands shares and 52,639 thousands shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively	142	142
Additional paid-in capital	2,637,561	2,633,129
Accumulated other comprehensive loss	(12,243)	(13,479)
Accumulated deficit	(1,497,782)	(1,483,925)
Equity attributable to Stratasys Ltd.	1,127,678	1,135,867
Non-controlling interests	91	131
Total equity	1,127,769	1,135,998
Total liabilities and equity	$ 1,368,102	$ 1,366,049

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Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, par value (in NIS per share)	$ 0.01	$ 0.01
Common stock, shares authorized	180,000	180,000
Common stock, shares issued	52,728	52,639
Common stock, shares outstanding	52,728	52,639

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Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net sales
Products	$ 115,087	$ 118,634
Services	48,075	49,272
Total net sales	163,162	167,906
Cost of sales
Products	54,480	56,938
Services	31,802	29,799
Total cost of sales	86,282	86,737
Gross profit	76,880	81,169
Operating expenses
Research and development, net	24,634	25,115
Selling, general and administrative	64,179	76,387
Change in fair value of obligations in connection with acquisitions	696	727
Total operating expenses	89,509	102,229
Operating loss	(12,629)	(21,060)
Financial income, net	256	180
Loss before income taxes	(12,373)	(20,880)
Income taxes expenses	1,326	2,291
Share in loss of associated company	(288)
Net loss	(13,987)	(23,171)
Net loss attributable to non-controlling interest	(130)	(30)
Net loss attributable to Stratasys Ltd.	$ (13,857)	$ (23,141)
Net loss per ordinary share attributable to Stratasys Ltd.
Basic	$ (0.26)	$ (0.44)
Diluted	$ (0.26)	$ (0.44)
Weighted average ordinary shares outstanding
Basic	52,690	52,098
Diluted	52,690	52,098
Comprehensive loss
Net loss	$ (13,987)	$ (23,171)
Other comprehensive income, net of tax:
Foreign currency translation adjustments	713	3,341
Unrealized gains on derivatives designated as cash flow hedges	523	931
Other comprehensive income, net of tax	1,236	4,272
Comprehensive loss	(12,751)	(18,899)
Less: comprehensive loss attributable to non-controlling interests	(130)	(30)
Comprehensive loss attributable to Stratasys Ltd.	$ (12,621)	$ (18,869)

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities
Net loss	$ (13,987)	$ (23,171)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	16,566	23,496
Stock-based compensation	3,904	5,623
Foreign currency translation loss	(2,744)	(4,189)
Deferred income taxes	(791)	(889)
Change in fair value of obligations in connection with acquisitions	696	727
Other items	1,265	614
Change in cash attributable to changes in operating assets and liabilities:
Accounts receivable, net	6,145	15,558
Inventories	1,028	363
Net investment in sales-type leases	3,344	(1,913)
Other current assets and prepaid expenses	(597)	2,089
Other non-current assets	275	287
Accounts payable	3,845	(951)
Other current liabilities	4,043	11,663
Deferred revenues	333	(79)
Other non-current liabilities	2,035	2,356
Net cash provided by operating activities	25,360	31,584
Cash flows from investing activities
Purchase of property and equipment	(6,315)	(7,585)
Investment in unconsolidated entities	(2,548)	(4,000)
Purchase of intangible assets	(515)	(245)
Proceeds from maturities of short-term bank deposits		1,558
Investment in short-term bank deposits		67,264
Other investing activities	(80)	(70)
Net cash used in investing activities	(9,458)	(77,606)
Cash flows from financing activities
Repayment of current portion of long-term debt	(929)
Proceeds from exercise of stock options	528	122
Net cash provided by (used in) financing activities	(401)	122
Effect of exchange rate changes on cash and cash equivalents	1,417	1,484
Net change in cash and cash equivalents	16,918	(44,416)
Cash and cash equivalents, beginning of period	280,328	257,592
Cash and cash equivalents, end of period	297,246	213,176
Supplemental disclosures of cash flow information:
Transfer of fixed assets to inventory	129	503
Transfer of inventory to fixed assets	$ 1,357	$ 939

XML 15 R6.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Consolidation

3 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Consolidation

Note 1. Basis of Presentation and Consolidation

Recently issued and adopted accounting pronouncements

XML 16 R7.htm IDEA: XBRL DOCUMENT

Inventories

3 Months Ended

Mar. 31, 2017

Inventory Disclosure [Abstract]

Inventories

Note 2. Inventories

Inventories, net consisted of the following:

	March 31,		December 31,
	2017		2016
	U.S. $ in thousands
Finished goods	$	64,814	$	62,728
Work-in-process		2,337		2,389
Raw materials		48,867		52,404
	$	116,018	$	117,521

XML 17 R8.htm IDEA: XBRL DOCUMENT

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 3. Goodwill and Other Intangible Assets

Goodwill

Changes in the carrying amount of the Company’s goodwill for the three months ended March 31, 2017, were as follows:

	U.S. $ in millions
Goodwill as of January 1, 2017	$	385.6
Translation differences		0.2
Goodwill as of March 31, 2017	$	385.8

Other Intangible Assets

Other intangible assets consisted of the following:

	March 31, 2017							December 31, 2016
	Carrying Amount,					Net		Carrying Amount,					Net
	Net of		Accumulated			Book		Net of		Accumulated			Book
	Impairment		Amortization			Value		Impairment		Amortization			Value
	U.S. $ in thousands
Developed technology	$	304,766	$	(204,090	)	$	100,676	$	304,766	$	(198,632	)	$	106,134
Patents		19,485		(12,733	)		6,752		19,009		(12,257	)		6,752
Trademarks and trade names		27,820		(17,204	)		10,616		27,819		(16,849	)		10,970
Customer relationships		106,697		(56,539	)		50,158		106,571		(54,258	)		52,313
Capitalized software development costs		19,541		(18,441	)		1,100		19,540		(18,251	)		1,289
	$	478,309	$	(309,007	)	$	169,302	$	477,705	$	(300,247	)	$	177,458

As of March 31, 2017, estimated amortization expense relating to intangible assets currently subject to amortization for each of the following periods was as follows:

	Estimated
	amortization expense
	(U.S. $ in thousands)
Remaining 9 months of 2017	$	26,030
2018		33,156
2019		32,226
2020		31,899
2021		31,340
Thereafter		14,651
Total	$	169,302

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

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Loss Per Share

3 Months Ended

Mar. 31, 2017

Net loss per ordinary share attributable to Stratasys Ltd.

Loss Per Share

Note 4. Loss Per Share

The following table presents the numerator and denominator of the basic and diluted net loss per share computations for the three months ended March 31, 2017 and 2016:

	Three months ended March 31,
	2017			2016
	In thousands, except per share amounts
Numerator:
Net loss attributable to Stratasys Ltd.– for the computation
of basic and diluted net loss per share	$	(13,857	)	$	(23,141	)

Denominator:
Weighted average shares – for the computation of basic
and diluted net loss per share		52,690			52,098

Net loss per share attributable to Stratasys Ltd.
Basic	$	(0.26	)	$	(0.44	)
Diluted	$	(0.26	)	$	(0.44	)

XML 19 R10.htm IDEA: XBRL DOCUMENT

Income Taxes

3 Months Ended

Mar. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

Note 5. Income Taxes

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Fair Value Measurements

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 6. Fair Value Measurements

Financial instruments measured at fair value

The following tables summarize the Company’s financial assets and liabilities that are carried at fair value on a recurring basis, by fair value hierarchy, in its consolidated balance sheets:

	March 31, 2017
	(U.S. $ in thousands)
	Level 2			Level 3			Total
Assets:
Foreign exchange forward contracts not
designated as hedging instruments	$	913		$	-		$	913
Foreign exchange forward contracts
designated as hedging instruments		498			-			498

Liabilities:
Foreign exchange forward contracts not
designated as hedging instruments		(54	)		-			(54	)
Obligations in connection with acquisitions		-			(3,315	)		(3,315	)
	$	1,357		$	(3,315	)	$	(1,958	)

	December 31, 2016
	(U.S. $ in thousands)
	Level 2			Level 3			Total
Assets:
Foreign exchange forward contracts not
designated as hedging instruments	$	1,440		$	-		$	1,440
Foreign exchange forward contracts
designated as hedging instruments		37			-			37

Liabilities:
Foreign exchange forward contracts not
designated as hedging instruments		(48	)		-			(48	)
Foreign exchange forward contracts
designated as hedging instruments		(61	)		-			(61	)
Obligations in connection with acquisitions		-			(2,619	)		(2,619	)
	$	1,368		$	(2,619	)	$	(1,251	)

Other fair value disclosures

	Three months ended March 31, 2017		Year ended December 31, 2016
	(U.S. $ in thousands)
Fair value at the beginning of the period	$	2,619	$	6,991
Settlements		-		(3,500	)
Change in fair value recognized in earnings		696		(872	)
Fair value at the end of the period	$	3,315	$	2,619

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 21 R12.htm IDEA: XBRL DOCUMENT

Derivative instruments and hedging activities

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative instruments and hedging activities

Note 7. Derivative instruments and hedging activities

The following table summarizes the condensed consolidated balance sheets classification and fair values of the Company’s derivative instruments:

		Fair Value						Notional Amount
		March 31,			December 31,			March 31,		December 31,
	Balance sheet location	2017			2016			2017		2016
		U.S. $ in thousands
Assets derivatives -Foreign exchange contracts, not
designated as hedging instruments	Other current assets	$	913		$	1,440		$	64,241	$	39,982
Assets derivatives -Foreign exchange contracts,
designated as cash flow hedge	Other current assets		498			37			9,522		8,348
Liability derivatives -Foreign exchange contracts, not	Accrued expenses and other
designated as hedging instruments	current liabilities		(54	)		(48	)		8,224		13,273
Liability derivatives -Foreign exchange contracts,	Accrued expenses and other
designated as hedging instruments	current liabilities		-			(61	)		-		7,534
		$	1,357		$	1,368		$	81,987	$	69,137

XML 22 R13.htm IDEA: XBRL DOCUMENT

Equity

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Equity

Note 8. Equity

a. Stock-based compensation plans

Stock-based compensation expenses for equity-classified stock options and RSUs were allocated as follows:

	Three Months Ended
	March 31,
	2017		2016
	U.S $ in thousands
Cost of sales	$	643	$	723
Research and development, net		849		1,359
Selling, general and administrative		2,412		3,541
Total stock-based compensation expenses	$	3,904	$	5,623

A summary of the Company’s stock option activity for the three months ended March 31, 2017 is as follows:

			Weighted Average
	Number of Options		Exercise Price
Options outstanding as of January 1, 2017	2,615,461		$	37.21
Exercised	(35,769	)		14.75
Forfeited	(220,977	)		40.37
Options outstanding as of March 31, 2017	2,358,715		$	37.25
Options exercisable as of March 31, 2017	1,533,280		$	38.62

A summary of the Company’s RSUs activity for the three months ended March 31, 2017 is as follows:

			Weighted Average
	Number of RSUs		Grant Date Fair Value
Unvested RSUs outstanding as of January 1, 2017	267,756		$	81.35
Forfeited	(33,120	)		70.44
Vested	(49,523	)		82.12
Unvested RSUs outstanding as of March 31, 2017	185,113			83.10

The fair value of RSUs is determined based on the quoted price of the Company’s ordinary shares on the date of the grant.

b. Accumulated other comprehensive income (loss)

The following table presents the changes in the components of accumulated other comprehensive income (loss), net of taxes, for the three months ended March 31, 2017 and 2016:

	Three months ended March 31, 2017
	Net unrealized gain			Foreign currency
	(loss) on cash flow			translation
	hedges			adjustments			Total
	U.S. $ in thousands
Balance as of January 1, 2017	$	(24	)	$	(13,455	)	$	(13,479	)
Other comprehensive income before
reclassifications		793			713			1,506
Amounts reclassified from accumulated
other comprehensive income		(270	)		-			(270	)
Other comprehensive income		523			713			1,236
Balance as of March 31, 2017	$	499		$	(12,742	)	$	(12,243	)

	Three months ended March 31, 2016
	Net unrealized gain			Foreign currency
	(loss) on cash flow			translation
	hedges			adjustments			Total
	U.S. $ in thousands
Balance as of January 1, 2016	$	(107	)	$	(10,667	)	$	(10,774	)
Other comprehensive loss before
reclassifications		863			3,341			4,204
Amounts reclassified from accumulated
other comprehensive income		68			-			68
Other comprehensive income		931			3,341			4,272
Balance as of March 31, 2016	$	824		$	(7,326	)	$	(6,502	)

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Contingencies

3 Months Ended

Mar. 31, 2017

Commitments and Contingencies Disclosure [Abstract]

Contingencies

Note 9. Contingencies

Claims Related to Company Equity

Securities Law Class Actions

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Inventories (Tables)

3 Months Ended

Mar. 31, 2017

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories, net consisted of the following:

	March 31,		December 31,
	2017		2016
	U.S. $ in thousands
Finished goods	$	64,814	$	62,728
Work-in-process		2,337		2,389
Raw materials		48,867		52,404
	$	116,018	$	117,521

XML 25 R16.htm IDEA: XBRL DOCUMENT

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in the Carrying Amount of Goodwill

Changes in the carrying amount of the Company’s goodwill for the three months ended March 31, 2017, were as follows:

	U.S. $ in millions
Goodwill as of January 1, 2017	$	385.6
Translation differences		0.2
Goodwill as of March 31, 2017	$	385.8

Schedule of Other Intangible Assets

Other intangible assets consisted of the following:

	March 31, 2017							December 31, 2016
	Carrying Amount,					Net		Carrying Amount,					Net
	Net of		Accumulated			Book		Net of		Accumulated			Book
	Impairment		Amortization			Value		Impairment		Amortization			Value
	U.S. $ in thousands
Developed technology	$	304,766	$	(204,090	)	$	100,676	$	304,766	$	(198,632	)	$	106,134
Patents		19,485		(12,733	)		6,752		19,009		(12,257	)		6,752
Trademarks and trade names		27,820		(17,204	)		10,616		27,819		(16,849	)		10,970
Customer relationships		106,697		(56,539	)		50,158		106,571		(54,258	)		52,313
Capitalized software development costs		19,541		(18,441	)		1,100		19,540		(18,251	)		1,289
	$	478,309	$	(309,007	)	$	169,302	$	477,705	$	(300,247	)	$	177,458

Schedule of Estimated Amortization Expense Relating to Intangible Assets

As of March 31, 2017, estimated amortization expense relating to intangible assets currently subject to amortization for each of the following periods was as follows:

	Estimated
	amortization expense
	(U.S. $ in thousands)
Remaining 9 months of 2017	$	26,030
2018		33,156
2019		32,226
2020		31,899
2021		31,340
Thereafter		14,651
Total	$	169,302

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Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2017

Net loss per ordinary share attributable to Stratasys Ltd.

Schedule of Computations of Numerator and Denominator of Basic and Diluted Income (Loss) Per Share

The following table presents the numerator and denominator of the basic and diluted net loss per share computations for the three months ended March 31, 2017 and 2016:

	Three months ended March 31,
	2017			2016
	In thousands, except per share amounts
Numerator:
Net loss attributable to Stratasys Ltd.– for the computation
of basic and diluted net loss per share	$	(13,857	)	$	(23,141	)

Denominator:
Weighted average shares – for the computation of basic
and diluted net loss per share		52,690			52,098

Net loss per share attributable to Stratasys Ltd.
Basic	$	(0.26	)	$	(0.44	)
Diluted	$	(0.26	)	$	(0.44	)

XML 27 R18.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Carried at Fair Value on a Recurring Basis

The following tables summarize the Company’s financial assets and liabilities that are carried at fair value on a recurring basis, by fair value hierarchy, in its consolidated balance sheets:

	March 31, 2017
	(U.S. $ in thousands)
	Level 2			Level 3			Total
Assets:
Foreign exchange forward contracts not
designated as hedging instruments	$	913		$	-		$	913
Foreign exchange forward contracts
designated as hedging instruments		498			-			498

Liabilities:
Foreign exchange forward contracts not
designated as hedging instruments		(54	)		-			(54	)
Obligations in connection with acquisitions		-			(3,315	)		(3,315	)
	$	1,357		$	(3,315	)	$	(1,958	)

	December 31, 2016
	(U.S. $ in thousands)
	Level 2			Level 3			Total
Assets:
Foreign exchange forward contracts not
designated as hedging instruments	$	1,440		$	-		$	1,440
Foreign exchange forward contracts
designated as hedging instruments		37			-			37

Liabilities:
Foreign exchange forward contracts not
designated as hedging instruments		(48	)		-			(48	)
Foreign exchange forward contracts
designated as hedging instruments		(61	)		-			(61	)
Obligations in connection with acquisitions		-			(2,619	)		(2,619	)
	$	1,368		$	(2,619	)	$	(1,251	)

Schedule of Reconciliation of Fair Value Measurements of Assets and Liabilities Utilizing Level 3 Inputs

	Three months ended March 31, 2017		Year ended December 31, 2016
	(U.S. $ in thousands)
Fair value at the beginning of the period	$	2,619	$	6,991
Settlements		-		(3,500	)
Change in fair value recognized in earnings		696		(872	)
Fair value at the end of the period	$	3,315	$	2,619

XML 28 R19.htm IDEA: XBRL DOCUMENT

Derivative instruments and hedging activities (Tables)

3 Months Ended

Mar. 31, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of balance sheet classification and fair values of derivative instruments

The following table summarizes the condensed consolidated balance sheets classification and fair values of the Company’s derivative instruments:

		Fair Value						Notional Amount
		March 31,			December 31,			March 31,		December 31,
	Balance sheet location	2017			2016			2017		2016
		U.S. $ in thousands
Assets derivatives -Foreign exchange contracts, not
designated as hedging instruments	Other current assets	$	913		$	1,440		$	64,241	$	39,982
Assets derivatives -Foreign exchange contracts,
designated as cash flow hedge	Other current assets		498			37			9,522		8,348
Liability derivatives -Foreign exchange contracts, not	Accrued expenses and other
designated as hedging instruments	current liabilities		(54	)		(48	)		8,224		13,273
Liability derivatives -Foreign exchange contracts,	Accrued expenses and other
designated as hedging instruments	current liabilities		-			(61	)		-		7,534
		$	1,357		$	1,368		$	81,987	$	69,137

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Equity (Tables)

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Schedule of Share-based Compensation Expense

Stock-based compensation expenses for equity-classified stock options and RSUs were allocated as follows:

	Three Months Ended
	March 31,
	2017		2016
	U.S $ in thousands
Cost of sales	$	643	$	723
Research and development, net		849		1,359
Selling, general and administrative		2,412		3,541
Total stock-based compensation expenses	$	3,904	$	5,623

Summary of Stock Options Activity

A summary of the Company’s stock option activity for the three months ended March 31, 2017 is as follows:

			Weighted Average
	Number of Options		Exercise Price
Options outstanding as of January 1, 2017	2,615,461		$	37.21
Exercised	(35,769	)		14.75
Forfeited	(220,977	)		40.37
Options outstanding as of March 31, 2017	2,358,715		$	37.25
Options exercisable as of March 31, 2017	1,533,280		$	38.62

Summary of RSUs activity

A summary of the Company’s RSUs activity for the three months ended March 31, 2017 is as follows:

			Weighted Average
	Number of RSUs		Grant Date Fair Value
Unvested RSUs outstanding as of January 1, 2017	267,756		$	81.35
Forfeited	(33,120	)		70.44
Vested	(49,523	)		82.12
Unvested RSUs outstanding as of March 31, 2017	185,113			83.10

Schedule of Accumulated other comprehensive income (loss)

The following table presents the changes in the components of accumulated other comprehensive income (loss), net of taxes, for the three months ended March 31, 2017 and 2016:

	Three months ended March 31, 2017
	Net unrealized gain			Foreign currency
	(loss) on cash flow			translation
	hedges			adjustments			Total
	U.S. $ in thousands
Balance as of January 1, 2017	$	(24	)	$	(13,455	)	$	(13,479	)
Other comprehensive income before
reclassifications		793			713			1,506
Amounts reclassified from accumulated
other comprehensive income		(270	)		-			(270	)
Other comprehensive income		523			713			1,236
Balance as of March 31, 2017	$	499		$	(12,742	)	$	(12,243	)

	Three months ended March 31, 2016
	Net unrealized gain			Foreign currency
	(loss) on cash flow			translation
	hedges			adjustments			Total
	U.S. $ in thousands
Balance as of January 1, 2016	$	(107	)	$	(10,667	)	$	(10,774	)
Other comprehensive loss before
reclassifications		863			3,341			4,204
Amounts reclassified from accumulated
other comprehensive income		68			-			68
Other comprehensive income		931			3,341			4,272
Balance as of March 31, 2016	$	824		$	(7,326	)

XML 30 R21.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Consolidation (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cumulative-effect adjustment to net operating loss from adoption of new accounting pronouncement	$ 5

XML 31 R22.htm IDEA: XBRL DOCUMENT

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Finished goods	$ 64,814	$ 62,728
Work-in-process	2,337	2,389
Raw materials	48,867	52,404
Total Inventory	$ 116,018	$ 117,521

XML 32 R23.htm IDEA: XBRL DOCUMENT

Goodwill and Other Intangible Assets (Schedule of Changes in the Carrying Amount of Goodwill) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill as of January 1, 2017	$ 385,629
Translation differences	200
Goodwill as of March 31, 2017	$ 385,808

XML 33 R24.htm IDEA: XBRL DOCUMENT

Goodwill and Other Intangible Assets (Schedule of Other Intangible Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 478,309	$ 477,705
Accumulated Amortization	(309,007)	(300,247)
Net Book Value	169,302	177,458
Developed Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	304,766	304,766
Accumulated Amortization	(204,090)	(198,632)
Net Book Value	100,676	106,134
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	19,485	19,009
Accumulated Amortization	(12,733)	(12,257)
Net Book Value	6,752	6,752
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	27,820	27,819
Accumulated Amortization	(17,204)	(16,849)
Net Book Value	10,616	10,970
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	106,697	106,571
Accumulated Amortization	(56,539)	(54,258)
Net Book Value	50,158	52,313
Capitalized Software Development Costs [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	19,541	19,540
Accumulated Amortization	(18,441)	(18,251)
Net Book Value	$ 1,100	$ 1,289

XML 34 R25.htm IDEA: XBRL DOCUMENT

Goodwill and Other Intangible Assets (Schedule of Estimated Amortization Expense Relating to Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining nine months of 2017	$ 26,030
2018	33,156
2019	32,226
2020	31,899
2021	31,340
Thereafter	14,651
Net Book Value	169,302
Amortization of intangible assets	$ 8,700	$ 14,700

XML 35 R26.htm IDEA: XBRL DOCUMENT

Loss Per Share (Narrative) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net loss per ordinary share attributable to Stratasys Ltd.
Antidilutive securities excluded from computation of net loss per share	2,490	3,560

XML 36 R27.htm IDEA: XBRL DOCUMENT

Loss Per Share (Schedule of Computations of Numerator and Denominator of Basic and Diluted Income (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net loss attributable to Stratasys Ltd. - for the computation of basic and diluted net loss per share	$ (13,857)	$ (23,141)
Denominator:
Weighted average shares - denominator for basic and diluted net loss per share	52,690	52,098
Net loss per share attributable to Stratasys Ltd.
Basic	$ (0.26)	$ (0.44)
Diluted	$ (0.26)	$ (0.44)

XML 37 R28.htm IDEA: XBRL DOCUMENT

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Effective Income Tax Rate, Continuing Operations	(10.70%)	(11.00%)

XML 38 R29.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change in fair value of obligations in connection with acquisitions	$ 696		$ 727
Solid Concepts Inc [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Remaining obligations in connection with acquisitions	3,300
Increase to fair value of deferred payments if Company's share price increased by 10%	3,500
Increase to fair value of deferred payments if there was a 10% change in share price volatility used in calculation of discount	300
Increased fair value of deferred payments liability	$ 100
Solid Concepts Inc [Member] \| Ordinary Shares [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ordinary shares issued as consideration for business acquisition		152,633
Value of ordinary shares issued as consideration for business acquisition		$ 3,100
Cash given as consideration for business acquisition		$ 400

XML 39 R30.htm IDEA: XBRL DOCUMENT

Fair Value Measurement (Schedule of Fair Value Measurements) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	$ (1,958)	$ (1,251)
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,357	1,368
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(3,315)	(2,619)
Foreign Exchange Future [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	913	1,440
Derivative liabilities	(54)	(48)
Foreign Exchange Future [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	913	1,440
Derivative liabilities	(54)	(48)
Foreign Exchange Future [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets
Derivative liabilities
Foreign Exchange Future Two [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	498	37
Derivative liabilities		(61)
Foreign Exchange Future Two [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	498	37
Derivative liabilities		(61)
Foreign Exchange Future Two [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets
Derivative liabilities
Obligations in connection with acquisitions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	(3,315)	(2,619)
Obligations in connection with acquisitions [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities
Obligations in connection with acquisitions [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	$ (3,315)	$ (2,619)

XML 40 R31.htm IDEA: XBRL DOCUMENT

Fair Value Measurement (Schedule of Reconciliation of Fair Value Measurements of Assets and Liabilities Utilizing Level 3 Inputs) (Details)) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Reconciliation of Fair Value Measurements of Assets and Liabilities Utilizing Level 3 Inputs [Roll Forward]
Fair value at the beginning of period	$ 2,619	$ 6,991
Settlements		(3,500)
Change in fair value recognized in earnings	696	(872)
Fair value at the end of period	$ 3,315	$ 2,619

XML 41 R32.htm IDEA: XBRL DOCUMENT

Derivative instruments and hedging activities (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivatives, Fair Value [Line Items]
Assets derivatives - Notional amount	$ 72.5
Loss on derivative instrument	0.3	$ 2.9
Other current assets [Member] \| Foreign Exchange Contract [Member] \| Designated as Hedging Instrument [Member] \| Conversion To NIS [Member]
Derivatives, Fair Value [Line Items]
Assets derivatives - Notional amount	$ 9.5

XML 42 R33.htm IDEA: XBRL DOCUMENT

Derivatives and Hedging Activities (Schedule of Balance Sheet Classification and Fair Values of Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Notional amount of derivative asset	$ 72,500
Fair value	1,357	$ 1,368
Notional amount	81,987	69,137
Foreign Exchange Contract [Member] \| Designated as Hedging Instrument [Member] \| Other current assets [Member] \| Cash Flow Hedge [Member]
Derivatives, Fair Value [Line Items]
Fair value derivative asset	64,241	37
Notional amount of derivative asset	9,522	8,348
Foreign Exchange Contract [Member] \| Designated as Hedging Instrument [Member] \| Accrued expenses and other current liabilities [Member] \| Cash Flow Hedge [Member]
Derivatives, Fair Value [Line Items]
Fair value derivative liability		(61)
Notional amount of derivative liability		7,534
Foreign Exchange Contract [Member] \| Not Designated as Hedging Instrument [Member] \| Other current assets [Member]
Derivatives, Fair Value [Line Items]
Fair value derivative asset	913	1,440
Notional amount of derivative asset	498	39,982
Foreign Exchange Contract [Member] \| Not Designated as Hedging Instrument [Member] \| Accrued expenses and other current liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair value derivative liability	(54)	(48)
Notional amount of derivative liability	$ 8,224	$ 13,273

XML 43 R34.htm IDEA: XBRL DOCUMENT

Equity (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
Equity (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options exercised	35,769	13,820
Increase in equity	$ 0.5	$ 0.1
Stock option term	10 years
Vesting period	4 years
Unrecognized compensation cost	$ 10.5
Weighted average period for recognition	2 years 3 months 18 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 8.9
Weighted average period for recognition	1 year 8 months 12 days

XML 44 R35.htm IDEA: XBRL DOCUMENT

Equity (Schedule of Stock-based Compensation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expenses	$ 3,904	$ 5,623
Cost of sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expenses	643	723
Research and development, net [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expenses	849	1,359
Selling, general and administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expenses	$ 2,412	$ 3,541

XML 45 R36.htm IDEA: XBRL DOCUMENT

Equity (Schedule of Stock Option Activity) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Number of Options:
Balance, beginning	2,615,461
Exercised	(35,769)	(13,820)
Forfeited	(220,977)
Balance, ending	2,358,715
Exercisable	1,533,280
Weighted Average Exercise Price:
Balance, beginning	$ 37.21
Exercised	14.75
Forfeited	40.37
Balance, ending	37.25
Exercisable	$ 38.62

XML 46 R37.htm IDEA: XBRL DOCUMENT

Equity (Summary of RSUs activity) (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2017 $ / shares shares
Number of RSUs
Unvested RSUs outstanding, beginning \| shares	267,756
Forfeited \| shares	(33,120)
Vested \| shares	(49,523)
Unvested RSUs outstanding, ending \| shares	185,113
Weighted Average Grant Date Fair Value
Unvested RSUs outstanding, beginning \| $ / shares	$ 81.35
Forfeited \| $ / shares	70.44
Vested \| $ / shares	82.12
Unvested RSUs outstanding, ending \| $ / shares	$ 83.10

XML 47 R38.htm IDEA: XBRL DOCUMENT

Equity (Schedule of Accumulated other comprehensive income (loss)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of beginning of period	$ (13,479)	$ (10,774)
Other comprehensive income (loss) before reclassifications	1,506	4,204
Amounts reclassified from accumulated other comprehensive income	(270)	68
Other comprehensive income	1,236	4,272
Balance as of end of period	(12,243)	(6,502)
Net unrealized gain (loss) on cash flow hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of beginning of period	(24)	(107)
Other comprehensive income (loss) before reclassifications	793	863
Amounts reclassified from accumulated other comprehensive income	(270)	68
Other comprehensive income	523	931
Balance as of end of period	499	824
Foreign currency translation adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of beginning of period	(13,455)	(10,667)
Other comprehensive income (loss) before reclassifications	713	3,341
Amounts reclassified from accumulated other comprehensive income
Other comprehensive income	713	3,341
Balance as of end of period	$ (12,742)	$ (7,326)

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