ADTRAN INC, 10-Q filed on 5/6/2021
Quarterly Report
v3.21.1
Document and Entity Information - shares
3 Months Ended
Mar. 31, 2021
May 05, 2021
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2021  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q1  
Entity Registrant Name ADTRAN, Inc.  
Trading Symbol ADTN  
Entity Central Index Key 0000926282  
Current Fiscal Year End Date --12-31  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   48,395,709
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Shell Company false  
Entity File Number 000-24612  
Entity Tax Identification Number 63-0918200  
Entity Address, Address Line One 901 Explorer Boulevard  
Entity Address, City or Town Huntsville  
Entity Address, State or Province AL  
Entity Address, Postal Zip Code 35806-2807  
City Area Code 256  
Local Phone Number 963-8000  
Entity Incorporation, State or Country Code DE  
Document Quarterly Report true  
Document Transition Report false  
Title of 12(b) Security Common Stock, Par Value $0.01 per share  
Security Exchange Name NASDAQ  
v3.21.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Current Assets    
Cash and cash equivalents $ 63,777 $ 60,161
Restricted cash 119 18
Short-term investments (includes $2,692 and $1,731 of available-for-sale securities as of March 31, 2021 and December 31, 2020, respectively, reported at fair value) 4,092 3,131
Accounts receivable, less allowance for doubtful accounts of $38 as of March 31, 2021 and December 31, 2020 103,201 98,827
Other receivables 22,669 21,531
Inventory, net 122,862 125,457
Prepaid expenses and other current assets 7,625 8,293
Total Current Assets 324,345 317,418
Property, plant and equipment, net 60,157 62,399
Deferred tax assets, net 9,448 9,869
Goodwill 6,968 6,968
Intangibles, net 22,384 23,470
Other non-current assets 26,195 25,425
Long-term investments (includes $43,455 and $43,385 of available-for-sale securities as of March 31, 2021 and December 31, 2020, respectively, reported at fair value) 81,266 80,130
Total Assets 530,763 525,679
Current Liabilities    
Accounts payable 55,476 49,929
Unearned revenue 14,457 14,092
Accrued expenses and other liabilities 14,601 13,609
Accrued wages and benefits 15,856 15,262
Income tax payable, net 1,765 1,301
Total Current Liabilities 102,155 94,193
Non-current unearned revenue 7,040 6,888
Pension liability 17,579 18,664
Deferred compensation liability 26,658 25,866
Other non-current liabilities 6,956 7,124
Total Liabilities 160,388 152,735
Commitments and contingencies (see Note 19)
Stockholders’ Equity    
Common stock, par value $0.01 per share; 200,000 shares authorized; 79,652 shares issued and 48,388 shares outstanding as of March 31, 2021 and 79,652 shares issued and 48,241 shares outstanding as of December 31, 2020 797 797
Additional paid-in capital 283,273 281,466
Accumulated other comprehensive loss (13,595) (11,639)
Retained earnings 776,121 781,813
Treasury stock at cost: 31,128 and 31,280 shares at March 31, 2021 and December 31, 2020, respectively (676,221) (679,493)
Total Stockholders’ Equity 370,375 372,944
Total Liabilities and Stockholders’ Equity $ 530,763 $ 525,679
v3.21.1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Statement Of Financial Position [Abstract]    
Short term investments, available-for-sale securities at fair value $ 2,692 $ 1,731
Allowance for doubtful accounts 38 38
Long Term Investments, available-for-sale securities Fair Value $ 43,455 $ 43,385
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 200,000,000 200,000,000
Common stock, shares issued 79,652,000 79,652,000
Common stock, shares outstanding 48,388,000 48,241,000
Treasury stock, shares 31,128,000 31,280,000
v3.21.1
Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenue    
Total Revenue $ 127,533 $ 114,523
Cost of Revenue    
Total Cost of Revenue 73,932 62,923
Gross Profit 53,601 51,600
Selling, general and administrative expenses 27,435 26,620
Research and development expenses 27,501 29,859
Asset impairments   65
Operating Loss (1,335) (4,944)
Interest and dividend income 290 356
Interest expense (6) (1)
Net investment gain (loss) 996 (10,877)
Other income, net 1,999 1,129
Income (Loss) Before Income Taxes 1,944 (14,337)
Income tax (expense) benefit (1,048) 4,368
Net Income (Loss) $ 896 $ (9,969)
Weighted average shares outstanding – basic 48,336 47,957
Weighted average shares outstanding – diluted 49,004 47,957
Earnings (loss) per common share – basic $ 0.02 $ (0.21)
Earnings (loss) per common share – diluted $ 0.02 $ (0.21)
Network Solutions [Member]    
Revenue    
Total Revenue $ 113,809 $ 97,372
Cost of Revenue    
Total Cost of Revenue 65,001 51,626
Gross Profit 48,808 45,746
Services & Support [Member]    
Revenue    
Total Revenue 13,724 17,151
Cost of Revenue    
Total Cost of Revenue 8,931 11,297
Gross Profit $ 4,793 $ 5,854
v3.21.1
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]    
Net Income (Loss) $ 896 $ (9,969)
Other Comprehensive Loss, net of tax    
Net unrealized gains (losses) on available-for-sale securities (192) 117
Defined benefit plan adjustments 99 141
Foreign currency translation (1,863) (1,650)
Other Comprehensive Loss, net of tax (1,956) (1,392)
Comprehensive Loss, net of tax $ (1,060) $ (11,361)
v3.21.1
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock [Member]
Additional Paid-In Capital [Member]
Retained Earnings [Member]
Treasury Stock [Member]
Accumulated Other Comprehensive Loss [Member]
Beginning Balance at Dec. 31, 2019 $ 380,426 $ 797 $ 274,632 $ 806,702 $ (685,288) $ (16,417)
Beginning Balance, Shares at Dec. 31, 2019   79,652        
Net income (loss) (9,969)     (9,969)    
Other comprehensive loss, net of tax (1,392)         (1,392)
Dividend payments ($0.09 per share) (4,328)     (4,328)    
Dividends accrued on unvested RSUs (32)     (32)    
Deferred compensation adjustments, net of tax (2,758)       (2,758)  
PSUs, RSUs and restricted stock vested (23)     (1,524) 1,501  
Stock-based compensation expense 1,791   1,791      
Ending Balance at Mar. 31, 2020 363,715 $ 797 276,423 790,849 (686,545) (17,809)
Ending Balance, Shares at Mar. 31, 2020   79,652        
Beginning Balance at Dec. 31, 2020 $ 372,944 $ 797 281,466 781,813 (679,493) (11,639)
Beginning Balance, Shares at Dec. 31, 2020 79,652 79,652        
Net income (loss) $ 896     896    
Other comprehensive loss, net of tax (1,956)         (1,956)
Dividend payments ($0.09 per share) (4,361)     (4,361)    
Dividends accrued on unvested RSUs (68)     (68)    
Deferred compensation adjustments, net of tax (50)       (50)  
PSUs, RSUs and restricted stock vested (81)     (1,683) 1,602  
Stock options exercised 1,244     (476) 1,720  
Stock-based compensation expense 1,807   1,807      
Ending Balance at Mar. 31, 2021 $ 370,375 $ 797 $ 283,273 $ 776,121 $ (676,221) $ (13,595)
Ending Balance, Shares at Mar. 31, 2021 79,652 79,652        
v3.21.1
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]    
Dividend payments $ 0.09 $ 0.09
v3.21.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income (loss) $ 896 $ (9,969)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 4,122 4,365
(Gain) loss on investments (1,161) 10,877
Stock-based compensation expense 1,807 1,791
Other 84 115
Changes in operating assets and liabilities:    
Accounts receivable, net (4,762) 3,052
Other receivables (1,220) (6,707)
Inventory, net 1,893 (1,598)
Prepaid expenses and other assets (417) 2,206
Accounts payable, net 5,629 2,712
Accrued expenses and other liabilities 3,317 (6,680)
Income taxes payable 497 (188)
Net cash provided by (used in) operating activities 10,685 (24)
Cash flows from investing activities:    
Purchases of property, plant and equipment (741) (1,406)
Proceeds from sales and maturities of available-for-sale investments 10,087 46,440
Purchases of available-for-sale investments (11,350) (16,879)
Acquisition of note receivable   (523)
Net cash provided by (used in) investing activities (2,004) 27,632
Cash flows from financing activities:    
Dividend payments (4,361) (4,328)
Proceeds from stock option exercises 1,244  
Tax withholdings related to stock-based compensation settlements (113)  
Repayment of bonds payable   (24,600)
Net cash used in financing activities (3,230) (28,928)
Net increase (decrease) in cash, cash equivalents and restricted cash 5,451 (1,320)
Effect of exchange rate changes (1,734) (1,168)
Cash, cash equivalents and restricted cash, beginning of period 60,179 73,773
Cash, cash equivalents and restricted cash, end of period 63,896 71,285
Supplemental Cash Flow Information:    
Right-of-use assets obtained in exchange for lease obligations 248 85
Non-cash Investing Activities:    
Purchases of property, plant and equipment included in accounts payable $ 199 $ 302
v3.21.1
Summary of Significant Accounting Policies
3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of ADTRAN®, Inc. and its subsidiaries (“ADTRAN”, the “Company”, “we”, “our” or “us”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) applicable to interim financial information presented in Quarterly Reports on Form 10-Q. Accordingly, certain information and notes required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for complete financial statements are not included herein. The December 31, 2020 Condensed Consolidated Balance Sheet is derived from audited financial statements but does not include all disclosures required by U.S. GAAP.

In the opinion of management, all adjustments necessary to fairly state these interim statements have been recorded and are of a normal and recurring nature. The results of operations for an interim period are not necessarily indicative of the results for the full year. The interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in ADTRAN’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 26, 2021.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. The more significant estimates include excess and obsolete inventory reserves, warranty reserves, customer rebates, determination and accrual of deferred revenue components of multiple element sales agreements, estimated costs to complete obligations associated with deferred and accrued revenues and network installations, estimated income tax provision and income tax contingencies, fair value of stock-based compensation, assessment of goodwill and other intangibles for impairment, estimated lives of intangible assets, estimated pension, and liability and fair value of investments, evaluation of other-than-temporary declines in the value of investments and the allowance for current expected credit losses. Actual amounts could differ significantly from these estimates.

We assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to us and the unknown future impacts of the novel coronavirus (“COVID-19”) as of March 31, 2021 and through the date of this report. The accounting matters assessed included, but were not limited to, the allowance for doubtful accounts, stock-based compensation, carrying value of goodwill, intangibles and other long-lived assets, financial assets, valuation allowances for tax assets and revenue recognition. While there was not a material impact to our consolidated financial statements as of and for the quarter ended March 31, 2021 resulting from these assessments, future assessments related to the COVID-19 pandemic, as well as other factors, could result in material impacts to our consolidated financial statements in future reporting periods.

Correction of an Immaterial Misstatement

During the three months ended March 31, 2020, it was determined that certain investments held in the Company’s stock for a deferred compensation plan accounted for as a Rabbi trust were incorrectly classified as Long-term investments with the fair value of such investments incorrectly marked to market at each period end rather than classified as Treasury stock held at historical cost. This plan has been in existence since 2011. The Company corrected this misstatement as an out-of-period adjustment in the three months ended March 31, 2020 by remeasuring the investment assets to their historical cost basis through the recording of a Net investment gain of $1.5 million in the unaudited Condensed Consolidated Statement of Income (Loss) and then correcting the classification by decreasing the Long-term investment balance at its remeasured cost basis of $2.8 million to Treasury stock in the unaudited Condensed Consolidated Balance Sheet as of March 31, 2020. Management has determined that this misstatement was not material to any of its previously issued financial statements and that the correction of the misstatement was not material to the Company’s 2020 annual financial results on either a quantitative or qualitative basis.

Recently Adopted Accounting Pronouncements

We recently adopted the following accounting standards, which had the following impacts on our consolidated financial statements:

 

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans, which makes changes to and clarifies the disclosure requirements related to defined benefit pension and other postretirement plans. ASU 2018-14 requires additional disclosures related to the reasons for significant gains and losses affecting the benefit obligation and an explanation of any other significant changes in the benefit obligation or plan assets that are not otherwise apparent in other disclosures required by Accounting Standards Codification (“ASC”) 715. ASU 2018-14 also clarifies the guidance in ASC 715 to require disclosure of the projected benefit obligation (“PBO”) and fair value of plan assets for pension plans with PBOs in excess of plan assets and the accumulated benefit obligation (“ABO”) and fair value of plan assets for pension plans with ABOs in excess of plan assets. ASU 2018-14 became effective for public business entities for fiscal years ending after December 15, 2020. The adoption of this standard did not have a material effect on the disclosures in the condensed consolidation financial statements.

 

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing various exceptions, such as the exception to the incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items. The amendments in this update also simplify the accounting for income taxes related to income-based franchise taxes and require that an entity reflect enacted tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The Company early adopted ASU 2019-12 on April 1, 2020, which was applied on a prospective basis as if the Company adopted the standard on January 1, 2020. The Company early adopted the standard to take advantage of the simplification of rules for income taxes on intra-period tax allocations. Specifically, the adoption of this standard resulted in the recognition of approximately $0.1 million of tax benefit in other comprehensive income (loss) for the three months ended March 31, 2020, that otherwise would have been recognized in continuing operations had the intra-period tax allocation been completed. There were no other impacts from this standard on the Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Income (Loss) or Condensed Consolidated Statements of Cash Flows.

 

Recent Accounting Pronouncements Not Yet Adopted

There are currently no recent accounting pronouncements that have not yet been adopted and that would have a material effect, once adopted, on the Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Income (Loss) or Condensed Consolidated Statements of Cash Flows.

v3.21.1
Cash, Cash Equivalents and Restricted Cash
3 Months Ended
Mar. 31, 2021
Cash And Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Restricted Cash

2. CASH, CASH EQUIVALENTS AND RESTRICTED CASH

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows:

 

(In thousands)

 

As of March 31, 2021

 

 

As of December 31, 2020

 

Cash and cash equivalents

 

$

63,777

 

 

$

60,161

 

Restricted cash

 

 

119

 

 

 

18

 

Cash, cash equivalents and restricted cash

 

$

63,896

 

 

$

60,179

 

See Note 19 for additional information regarding restricted cash.

v3.21.1
Revenue
3 Months Ended
Mar. 31, 2021
Revenue From Contract With Customer [Abstract]  
Revenue

3. REVENUE

The following is a description of the principal activities from which revenue is generated by reportable segment:

Network Solutions Segment - Includes hardware products and software-defined next-generation virtualized solutions used in service provider or business networks, as well as prior generation products.

Services & Support Segment - Includes maintenance, network implementation, solutions integration and managed services, which include hosted cloud services and subscription services.    

See Note 17 for additional information on reportable segments.

Revenue by Category

 

In addition to our reporting segments, revenue is also reported for the following three categories – Access & Aggregation, Subscriber Solutions & Experience and Traditional & Other Products.  

 

The following table disaggregates revenue by reportable segment and revenue category:

 

 

 

For the Three Months Ended

 

 

 

March 31, 2021

 

 

March 31, 2020

 

(In thousands)

 

Network Solutions

 

 

Services & Support

 

 

Total

 

 

Network Solutions

 

 

Services & Support

 

 

Total

 

Access & Aggregation

 

$

60,053

 

 

$

9,021

 

 

$

69,074

 

 

$

53,055

 

 

$

12,911

 

 

$

65,966

 

Subscriber Solutions & Experience

 

 

52,269

 

 

 

2,300

 

 

 

54,569

 

 

 

39,983

 

 

 

2,196

 

 

 

42,179

 

Traditional & Other Products

 

 

1,487

 

 

 

2,403

 

 

 

3,890

 

 

 

4,334

 

 

 

2,044

 

 

 

6,378

 

Total

 

$

113,809

 

 

$

13,724

 

 

$

127,533

 

 

$

97,372

 

 

$

17,151

 

 

$

114,523

 

 

Revenue allocated to remaining performance obligations represents contract revenue that have not yet been recognized for contracts with a duration greater than one year. As of March 31, 2021, we did not have any significant performance obligations related to customer contracts that had an original expected duration of one year or more, other than maintenance services, which are satisfied over time. As a practical expedient, for certain contracts we recognize revenue equal to the amounts we are entitled to invoice which correspond to the value of completed performance obligations to date. The amount related to these performance obligations was $19.0 million and $17.7 million as of March 31, 2021 and December 31, 2020, respectively. The Company expects to recognize 63% of the $19.0 million as of March 31, 2021 over the next 12 months with the remainder to be recognized thereafter.

The following table provides information about receivables, contract assets and unearned revenue from contracts with customers:

 

(In thousands)

 

As of March 31, 2021

 

 

As of December 31, 2020

 

Accounts receivable, net

 

$

103,201

 

 

$

98,827

 

Contract assets(1)

 

$

906

 

 

$

63

 

Unearned revenue

 

$

14,457

 

 

$

14,092

 

Non-current unearned revenue

 

$

7,040

 

 

$

6,888

 

 

 

(1)

Included in other receivables on the Condensed Consolidated Balance Sheets.

 

Of the outstanding unearned revenue balances as of December 31, 2020, $5.0 million was recognized as revenue during the three months ended March 31, 2021.

v3.21.1
Income Taxes
3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes

4. INCOME TAXES

Our effective tax rate increased from a benefit of 30.5% for the three months ended March 31, 2020, to an expense of 53.9% for the three months ended March 31, 2021. The increase in the effective tax rate between the two periods was primarily driven by a tax benefit of $7.4 million recognized during the three months ended March 31, 2020 as a result of the passing of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) on March 27, 2020, which allowed for the carryback of federal net operating losses, partially offset with tax expense in our international operations in the current quarter. Additionally, on February 12, 2021, the Alabama Business Tax Competitiveness Act was signed into law. As a result of the Act, we recognized an expense of $1.6 million related to the revaluation of our deferred tax assets, which was offset by changes in our valuation allowance previously recorded against our domestic deferred tax assets. The total increase in the valuation allowance against our domestic deferred tax assets was recorded in the amount of $2.7 million during the three months ended March 31, 2021.

 

The Company continually reviews the adequacy of its valuation allowance and recognizes the benefits of deferred tax assets only as the reassessment indicates that it is more likely than not that the deferred tax assets will be recognized in accordance with ASC 740, Income Taxes. As of March 31, 2021, the Company had deferred tax assets totaling $58.0 million, and a valuation allowance totaling $48.5 million had been established against those deferred tax assets. The remaining $9.4 million in deferred tax assets not offset by a valuation allowance are located in various foreign jurisdictions where the Company believes it is more likely than not we will realize these deferred tax assets. Our assessment of the realizability of our deferred tax assets includes the evaluation of historical operating results as well as the evaluation of evidence which requires significant judgement, including the evaluation of our three-year cumulative income position, future taxable income projections and tax planning strategies. Should management’s conclusion change in the future and an additional valuation allowance or a partial or full release of the valuation allowance becomes necessary, it could have a material effect on our consolidated financial statements.  

Supplemental balance sheet information related to deferred tax assets is as follows:

 

 

 

As of March 31,2021

 

(In thousands)

 

Deferred Tax Assets

 

 

Valuation Allowance

 

 

Deferred Tax Assets, net

 

Domestic

 

$

46,479

 

 

$

(46,479

)

 

$

 

International

 

 

11,473

 

 

 

(2,025

)

 

 

9,448

 

Total

 

$

57,952

 

 

$

(48,504

)

 

$

9,448

 

 

 

 

As of December 31, 2020

 

(In thousands)

 

Deferred Tax Assets

 

 

Valuation Allowance

 

 

Deferred Tax Assets, net

 

Domestic

 

$

43,791

 

 

$

(43,791

)

 

$

 

International

 

 

11,896

 

 

 

(2,027

)

 

 

9,869

 

Total

 

$

55,687

 

 

$

(45,818

)

 

$

9,869

 

 

v3.21.1
Pension Benefit Plan
3 Months Ended
Mar. 31, 2021
Compensation And Retirement Disclosure [Abstract]  
Pension Benefit Plan

5. PENSION BENEFIT PLAN

The following table summarizes the components of net periodic pension cost related to a defined benefit pension plan covering employees in certain foreign countries:

 

 

 

For the Three Months Ended

 

 

 

March 31,

 

(In thousands)

 

2021

 

 

2020

 

Service cost

 

$

314

 

 

$

310

 

Interest cost

 

 

87

 

 

 

108

 

Expected return on plan assets

 

 

(471

)

 

 

(410

)

Amortization of actuarial losses

 

 

278

 

 

 

237

 

Net periodic pension cost

 

$

208

 

 

$

245

 

 

The components of net periodic pension cost, other than the service cost component, are included in other income (expense), net in the Condensed Consolidated Statements of Income (Loss). Service cost is included in cost of revenue, selling, general and administrative expenses and research and development expenses in the Condensed Consolidated Statements of Income (Loss).

v3.21.1
Stock-Based Compensation
3 Months Ended
Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation

6. STOCK-BASED COMPENSATION

The following table summarizes stock-based compensation expense related to stock options, performance stock units (“PSUs”), restricted stock units (“RSUs”) and restricted stock:

 

 

 

For the Three Months Ended

 

 

 

March 31,

 

(In thousands)

 

2021

 

 

2020

 

Stock-based compensation expense included in cost of revenue

 

$

131

 

 

$

115

 

Selling, general and administrative expense

 

 

1,098

 

 

 

1,075

 

Research and development expense

 

 

578

 

 

 

601

 

Stock-based compensation expense included in operating expenses

 

 

1,676

 

 

 

1,676

 

Total stock-based compensation expense

 

 

1,807

 

 

 

1,791

 

Tax benefit for expense associated with stock options, PSUs, RSUs and restricted stock

 

 

(431

)

 

 

(427

)

Total stock-based compensation expense, net of tax

 

$

1,376

 

 

$

1,364

 

 

 

 

PSUs, RSUs and Restricted Stock

 

The following table summarizes PSUs, RSUs and restricted stock outstanding as of December 31, 2020 and March 31, 2021 and the changes that occurred during the three months ended March 31, 2021:

 

 

 

Number of

Shares

(in thousands)

 

 

Weighted Avg. Grant Date Fair Value

(per share)

 

Unvested PSUs, RSUs and restricted stock outstanding, December 31, 2020

 

 

1,846

 

 

$

11.49

 

PSUs, RSUs and restricted stock granted

 

 

354

 

 

$

16.72

 

PSUs, RSUs and restricted stock vested

 

 

(11

)

 

$

11.88

 

PSUs, RSUs and restricted stock forfeited

 

 

(34

)

 

$

11.48

 

Unvested PSUs, RSUs and restricted stock outstanding, March 31, 2021

 

 

2,155

 

 

$

12.40

 

 

During the three months ended March 31, 2021 and 2020, the Company granted 0.3 million performance-based PSUs to its executive officers and certain employees. The grant-date fair value of these performance-based awards was based on the closing price of the Company’s stock on the date of grant. These awards vest over a two-year and three-year period, respectively, subject to the grantee’s continued employment, with the ability to earn shares in a range of 0% to 142.8% of the awarded number of PSUs based on the achievement of defined performance targets. Equity-based compensation expense with respect to these awards will be adjusted over the vesting period to reflect the probability of achievement of performance targets defined in the award agreements.

 

The fair value of RSUs and restricted stock is equal to the closing price of our stock on the grant date. The fair value of PSUs with market conditions is calculated using a Monte Carlo simulation valuation method.

As of March 31, 2021, total unrecognized compensation expense related to non-vested market-based PSUs, RSUs and restricted stock was approximately $15.2 million, which will be recognized over the remaining weighted-average period of 2.6 years. In addition, there was $5.3 million of unrecognized compensation expense related to unvested 2020 and 2021 performance-based PSUs, which will be recognized over the remaining requisite service period of 1.7 years if achievement of the performance obligation becomes probable. Unrecognized compensation expense will be adjusted for actual forfeitures.


As of March 31, 2021, 3.4 million shares were available for issuance under shareholder-approved equity plans.

Stock Options

The following table summarizes stock options outstanding as of December 31, 2020 and March 31, 2021 and the changes that occurred during the three months ended March 31, 2021:

 

 

 

Number of

Stock Options

(in thousands)

 

 

Weighted Avg.

Exercise Price

(per share)

 

 

Weighted Avg.

Remaining

Contractual

Life

(in years)

 

 

Aggregate

Intrinsic Value

(in thousands)

 

Stock options outstanding, December 31, 2020

 

 

2,718

 

 

$

21.17

 

 

 

2.9

 

 

$

 

Stock options exercised

 

 

(80

)

 

$

15.64

 

 

 

 

 

 

$

167

 

Stock options forfeited / expired

 

 

(92

)

 

$

21.55

 

 

 

 

 

 

$

 

Stock options outstanding, March 31, 2021

 

 

2,546

 

 

$

21.32

 

 

 

2.6

 

 

$

779

 

Stock options exercisable, March 31, 2021

 

 

2,546

 

 

$

21.32

 

 

 

2.6

 

 

$

779

 

 

As of March 31, 2021, there was no unrecognized compensation expense related to non-vested stock options.

There were no stock options granted during the three months ended March 31, 2021 and 2020. All of the options were previously issued at exercise prices that approximated fair market value at the date of grant. 

 

The aggregate intrinsic value of stock options represents the total pre-tax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the quarter and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on March 31, 2021. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s stock and was $0.8 million as of March 31, 2021. The total pre-tax intrinsic value of options exercised during the three months ended March 31, 2021 was $0.2 million.

v3.21.1
Investments
3 Months Ended
Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]  
Investments

7. INVESTMENTS

Debt Securities and Other Investments

The following debt securities and other investments were included on the Condensed Consolidated Balance Sheets and recorded at fair value:

 

 

 

As of  March 31,2021

 

 

 

Amortized

 

 

Gross Unrealized

 

 

Fair

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Corporate bonds

 

$

14,176

 

 

$

68

 

 

$

(13

)

 

$

14,231

 

Municipal fixed-rate bonds

 

 

2,600

 

 

 

25

 

 

 

 

 

 

2,625

 

Asset-backed bonds

 

 

5,772

 

 

 

42

 

 

 

(2

)

 

 

5,812

 

Mortgage/Agency-backed bonds

 

 

11,775

 

 

 

92

 

 

 

(22

)

 

 

11,845

 

U.S. government bonds

 

 

9,704

 

 

 

66

 

 

 

(1

)

 

 

9,769

 

Foreign government bonds

 

 

1,331

 

 

 

3

 

 

 

(2

)

 

 

1,332

 

Other

 

 

533

 

 

 

 

 

 

 

 

 

533

 

Available-for-sale debt securities held at fair value

 

$

45,891

 

 

$

296

 

 

$

(40

)

 

$

46,147

 

 

 

 

As of December 31, 2020

 

 

 

Amortized

 

 

Gross Unrealized

 

 

Fair

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Corporate bonds

 

$

11,762

 

 

$

123

 

 

$

 

 

$

11,885

 

Municipal fixed-rate bonds

 

 

2,854

 

 

 

30

 

 

 

 

 

 

2,884

 

Asset-backed bonds

 

 

6,634

 

 

 

74

 

 

 

 

 

 

6,708

 

Mortgage/Agency-backed bonds

 

 

11,536

 

 

 

114

 

 

 

(6

)

 

 

11,644

 

U.S. government bonds

 

 

9,763

 

 

 

112

 

 

 

 

 

 

9,875

 

Foreign government bonds

 

 

1,334

 

 

 

4

 

 

 

(1

)

 

 

1,337

 

Commercial Paper

 

 

250

 

 

 

 

 

 

 

 

 

250

 

Other

 

 

533

 

 

 

 

 

 

 

 

 

533

 

Available-for-sale debt securities held at fair value

 

$

44,666

 

 

$

457

 

 

$

(7

)

 

$

45,116

 

 

The contractual maturities related to debt securities and other investments were as follows:

 

 

 

As of  March 31,2021

 

(In thousands)

 

Corporate

bonds

 

 

Municipal

fixed-rate

bonds

 

 

Asset-

backed

bonds

 

 

Mortgage /

Agency-

backed bonds

 

 

U.S. government

bonds

 

Foreign government bonds

 

 

Other

 

Less than one year

 

$

1,323

 

 

$

357

 

 

$

16

 

 

$

296

 

 

$

1,282

 

$

75

 

 

$

533

 

One to two years

 

 

3,758

 

 

 

1,130

 

 

 

13

 

 

 

2,090

 

 

 

6,831

 

 

460

 

 

 

 

Two to three years

 

 

7,509

 

 

 

1,138

 

 

 

272

 

 

 

1,740

 

 

 

1,656

 

 

497

 

 

 

 

Three to five years

 

 

1,641

 

 

 

 

 

 

3,445

 

 

 

175

 

 

 

 

 

300

 

 

 

 

Five to ten years

 

 

 

 

 

 

 

 

1,143

 

 

 

2,457

 

 

 

 

 

 

 

 

 

More than ten years

 

 

 

 

 

 

 

 

923

 

 

 

5,087

 

 

 

 

 

 

 

 

 

Total

 

$

14,231

 

 

$

2,625

 

 

$

5,812

 

 

$

11,845

 

 

$

9,769

 

$

1,332

 

 

$

533

 

 

Actual maturities may differ from contractual maturities as some borrowers have the right to call or prepay obligations with or without call or prepayment penalties.

Realized gains and losses on sales of debt securities are computed under the specific identification method. The following table presents gross realized gains and losses related to debt securities:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(In thousands)

 

2021

 

 

2020

 

Gross realized gains on debt securities

 

$

87

 

 

$

43

 

Gross realized losses on debt securities

 

 

(16

)

 

 

(20

)

Total gain recognized, net

 

$

71

 

 

$

23

 

 

The Company’s investment policy provides limitations for issuer concentration, which limits, at the time of purchase, the concentration in any one issuer to 5% of the market value of the total investment portfolio. The Company did not purchase any available-for-sale debt security with credit deterioration during the three months ended March 31, 2021.

 

Marketable Equity Securities

 

Our marketable equity securities consist of publicly traded stock, funds and certain other investments measured at fair value or cost (where appropriate).

 

In March 2019, an outstanding note receivable of $4.3 million was repaid and reissued to the Company in the form of debt and equity. Of the outstanding $4.3 million, $3.4 million was issued as an equity investment. The Company elected to record this equity investment that does not have a readily determinable fair value using the measurement alternative. Under the measurement alternative, equity investments that do not have a readily determinable fair value can be recorded at cost less impairment, if any, adjusted for observable price changes for an identical or similar investment. During the year ended December 31, 2020, impairment charges totaling $2.6 million were recorded related to this equity investment, which was included in net investment gain (loss) on the Condensed Consolidated Statement of Income (Loss). As a result, the carrying value of this investment was $0.8 million as of March 31, 2021 and December 31, 2020. The remaining amount, $0.9 million of the original $4.3 million note receivable, was reissued as a new note receivable, which is included in long-term investments on the Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020. No impairment charge was recognized related to the note receivable, as it is a secured loan. 

Realized and unrealized gains and losses related to marketable equity securities were as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(In thousands)

 

2021

 

 

2020

 

Realized gains (losses) on equity securities sold

 

$

24

 

 

$

(2,436

)

Unrealized gains (losses) on equity securities held

 

 

901

 

 

 

(8,464

)

Total gain (loss) recognized, net

 

$

925

 

 

$

(10,900

)

 

U.S. GAAP establishes a three-level valuation hierarchy based upon observable and unobservable inputs for fair value measurement of financial instruments:


• Level 1 – Observable outputs; values based on unadjusted quoted prices for identical assets or liabilities in an active market;

• Level 2 – Significant inputs that are observable; values based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly;

• Level 3 – Significant unobservable inputs; values based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement; inputs could include information supplied by investees.

 

 

The Company’s cash equivalents and investments held at fair value are categorized into this hierarchy as follows:

 

 

 

 

 

 

 

Fair Value Measurements as of March 31, 2021 Using

 

(In thousands)

 

Fair Value

 

 

Quoted Prices

in Active

Market for

Identical

Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant Unobservable Inputs

(Level 3)

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

889

 

 

$

889

 

 

$

 

 

$

 

Available-for-sale debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

14,231

 

 

 

 

 

 

14,231

 

 

 

 

Municipal fixed-rate bonds

 

 

2,625

 

 

 

 

 

 

2,625

 

 

 

 

Asset-backed bonds

 

 

5,812

 

 

 

 

 

 

5,812

 

 

 

 

Mortgage/Agency-backed bonds

 

 

11,845

 

 

 

 

 

 

11,845

 

 

 

 

U.S. government bonds

 

 

9,769

 

 

 

9,769

 

 

 

 

 

 

 

Foreign government bonds

 

 

1,332

 

 

 

 

 

 

1,332

 

 

 

 

Other

 

 

533

 

 

 

 

 

 

 

 

 

533

 

Marketable equity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable equity securities – various industries

 

 

11,544

 

 

 

11,544

 

 

 

 

 

 

 

Deferred compensation plan assets

 

 

24,364

 

 

 

24,364

 

 

 

 

 

 

 

Other investments

 

 

1,400

 

 

 

1,400

 

 

 

 

 

 

 

Total

 

$

84,344

 

 

$

47,966

 

 

$

35,845

 

 

$

533

 

 

 

 

 

 

 

 

Fair Value Measurements as of December 31, 2020 Using

 

(In thousands)

 

Fair Value

 

 

Quoted Prices

in Active

Market for

Identical

Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant Unobservable Inputs

(Level 3)

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

497

 

 

$

497

 

 

$

 

 

$

 

U.S. government bonds

 

 

350

 

 

 

350

 

 

 

 

 

 

 

Available-for-sale debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

11,885

 

 

 

 

 

 

11,885

 

 

 

 

Municipal fixed-rate bonds

 

 

2,884

 

 

 

 

 

 

2,884

 

 

 

 

Asset-backed bonds

 

 

6,708

 

 

 

 

 

 

6,708

 

 

 

 

Mortgage/Agency-backed bonds

 

 

11,644

 

 

 

 

 

 

11,644

 

 

 

 

U.S. government bonds

 

 

9,875

 

 

 

9,875

 

 

 

 

 

 

 

Foreign government bonds

 

 

1,337

 

 

 

 

 

 

1,337

 

 

 

 

Commercial paper

 

 

250

 

 

 

 

 

 

250

 

 

 

 

Other

 

 

533

 

 

 

 

 

 

 

 

 

533

 

Marketable equity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable equity securities – various industries

 

 

10,963

 

 

 

10,963

 

 

 

 

 

 

 

Deferred compensation plan assets

 

 

23,891

 

 

 

23,891

 

 

 

 

 

 

 

Other investments

 

 

1,400

 

 

 

1,400

 

 

 

 

 

 

 

Total

 

$

82,217

 

 

$

46,976

 

 

$

34,708

 

 

$

533

 

 

The fair value of our Level 2 securities is calculated using a weighted average market price for each security. Market prices are obtained from a variety of industry standard data providers, large financial institutions and other third-party sources. These multiple market prices are used as inputs into a distribution-curve-based algorithm to determine the daily market value of each security.  

 

The fair value of Level 3 securities is calculated based on unobservable inputs. Quantitative information with respect to unobservable inputs consists of third-party valuations performed in accordance with ASC 820 – Fair Value Measurement. Inputs used in preparing the third-party valuation included the following assumptions, among others: estimated discount rates and fair market yields.

v3.21.1
Inventory
3 Months Ended
Mar. 31, 2021
Inventory Disclosure [Abstract]  
Inventory

8. INVENTORY

Inventory consisted of the following:

 

 

 

As of  March 31,

 

 

As of December 31,

 

(In thousands)

 

2021

 

 

2020

 

Raw materials

 

$

47,980

 

 

$

47,026

 

Work in process

 

 

1,820

 

 

 

776

 

Finished goods

 

 

73,062

 

 

 

77,655

 

Total inventory, net

 

$

122,862

 

 

$

125,457

 

 

Inventory reserves are established for estimated excess and obsolete inventory equal to the difference between the cost of the inventory and the estimated net realizable value of the inventory based on estimated reserve percentages, which consider historical usage, known trends, inventory age and market conditions. As of March 31, 2021 and December 31, 2020, inventory reserves were $41.7 million and $39.6 million, respectively.

v3.21.1
Property, Plant and Equipment
3 Months Ended
Mar. 31, 2021
Property Plant And Equipment [Abstract]  
Property, Plant and Equipment

9. PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment consisted of the following:

 

 

 

As of  March 31,

 

 

As of December 31,

 

(In thousands)

 

2021

 

 

2020

 

Land

 

$

4,575

 

 

$

4,575

 

Building and land improvements

 

 

35,154

 

 

 

35,142

 

Building

 

 

68,167

 

 

 

68,169

 

Furniture and fixtures

 

 

19,946

 

 

 

19,965

 

Computer hardware and software

 

 

70,889

 

 

 

70,942

 

Engineering and other equipment

 

 

133,065

 

 

 

132,920

 

Total property, plant and equipment

 

 

331,796

 

 

 

331,713

 

Less: accumulated depreciation

 

 

(271,639

)

 

 

(269,314

)

Total property, plant and equipment, net

 

$

60,157

 

 

$

62,399

 

 

Long-lived assets used in operations are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and the undiscounted cash flows estimated to be generated by the asset are less than the asset’s carrying value. Due to the current economic environment, particularly related to COVID-19, the Company assessed impairment triggers related to long-lived assets during the first quarter of 2021. Based on this assessment, no triggers occurred to require the performance of an impairment test, and no impairment losses of long-lived assets were recorded.

 

Depreciation expense was $3.1 million and $3.0 million for the three months ended March 31, 2021 and 2020, respectively, which is recorded in cost of revenue, selling, general and administrative expenses and research and development expenses in the Condensed Consolidated Statements of Income (Loss).

v3.21.1
Goodwill
3 Months Ended
Mar. 31, 2021
Goodwill Disclosure [Abstract]  
Goodwill

10. GOODWILL

Goodwill was $7.0 million as of March 31, 2021 and December 31, 2020, of which $6.6 million and $0.4 million was allocated to our Network Solutions and Services & Support reportable segments, respectively.

The Company evaluates the carrying value of goodwill during the fourth quarter of each year and between annual evaluations if events occur or circumstances change that could more likely than not reduce the fair value of the reporting unit below its carrying amount. Qualitative factors are assessed to determine whether the fair value of the reporting unit to which the goodwill is assigned is less than its carrying amount and an impairment charge is recognized for the amount by which the carrying value exceeds the fair value of the reporting unit. Due to the current economic environment, particularly related to COVID-19, the Company performed a triggering event assessment during the first quarters of 2021 and 2020, in which no triggers were identified. Therefore, no interim impairment test of goodwill was performed as of March 31, 2021 and 2020 and no impairment of goodwill was recorded during the three months ended March 31, 2021 or 2020.

v3.21.1
Intangible Assets
3 Months Ended
Mar. 31, 2021
Intangible Assets Net Excluding Goodwill [Abstract]  
Intangible Assets

11. INTANGIBLE ASSETS

Intangible assets consisted of the following:

 

 

 

As of March 31, 2021

 

 

As of December 31, 2020

 

(In thousands)

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Net Book Value

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Net Book Value

 

Customer relationships

 

$

20,934

 

 

$

(8,451

)

 

$

12,483

 

 

$

21,123

 

 

$

(8,055

)

 

$

13,068

 

Developed technology

 

 

8,200

 

 

 

(2,830

)

 

 

5,370

 

 

 

8,200

 

 

 

(2,546

)

 

 

5,654

 

Licensed technology

 

 

5,900

 

 

 

(1,994

)

 

 

3,906

 

 

 

5,900

 

 

 

(1,830

)

 

 

4,070

 

Supplier relationships

 

 

 

 

 

 

 

 

 

 

 

2,800

 

 

 

(2,800

)

 

 

 

Licensing agreements

 

 

560

 

 

 

(170

)

 

 

390

 

 

 

560

 

 

 

(152

)

 

 

408

 

Patents

 

 

500

 

 

 

(312

)

 

 

188

 

 

 

500

 

 

 

(294

)

 

 

206

 

Trade names

 

 

210

 

 

 

(163

)

 

 

47

 

 

 

210

 

 

 

(146

)

 

 

64

 

Total

 

$

36,304

 

 

$

(13,920

)

 

$

22,384

 

 

$

39,293

 

 

$

(15,823

)

 

$

23,470

 

 

The Company evaluates the carrying value of intangible assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and the undiscounted cash flows estimated to be generated by the asset are less than the asset’s carrying value. Due to the current economic environment, particularly related to COVID-19, the Company assessed impairment triggers related to intangible assets during the first quarter of 2021 and 2020. Based on this assessment, no triggers occurred to require the performance of an impairment test, and no impairment losses of intangible assets were recorded for the three months ended March 31, 2021 or 2020.

 

Amortization expense was $1.0 million and $1.3 million for the three months ended March 31, 2021 and 2020, respectively, and was included in cost of revenue, selling, general and administrative expenses and research and development expenses in the Condensed Consolidated Statements of Income (Loss).

Estimated future amortization expense of intangible assets was as follows:

(In thousands)

 

As of March 31, 2021

 

2021

 

$

3,067

 

2022

 

 

3,482

 

2023

 

 

3,330

 

2024

 

 

3,236

 

2025

 

 

3,028

 

Thereafter

 

 

6,241

 

Total

 

$

22,384

 

 

v3.21.1
Leases
3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Leases

12. LEASES

 

Net Investment in Sales-Type Leases

We are the lessor in sales-type lease arrangements for network equipment, which consisted of the following:

(In thousands)

 

As of March 31, 2021

 

 

As of December 31, 2020

 

Current minimum lease payments receivable(1)

 

$

560

 

 

$

702

 

Non-current minimum lease payments receivable(2)

 

 

262

 

 

 

347

 

Total minimum lease payments receivable

 

 

822

 

 

 

1,049

 

Less: Current unearned revenue

 

 

164

 

 

 

218

 

Less: Non-current unearned revenue

 

 

33

 

 

 

50

 

Net investment in sales-type leases

 

$

625

 

 

$

781

 

 

    (1)Included in other receivables on the Condensed Consolidated Balance Sheets.
     (2)Included in other assets on the Condensed Consolidated Balance Sheets.

 

v3.21.1
Revolving Credit Agreement
3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Revolving Credit Agreement

13. REVOLVING CREDIT AGREEMENT

 

On November 4, 2020, the Company, as borrower, entered into a Revolving Credit and Security Agreement and related Promissory Note (together, the “Revolving Credit Agreement”) with Cadence Bank, N.A., as lender (the “Lender”). The Revolving Credit Agreement provides the Company with a new $10.0 million secured revolving credit facility. Loans under the Revolving Credit Agreement will bear interest at a rate equal to 1.50% over the screen rate as obtained by Reuter’s, Bloomberg  or  another  commercially  available  source  as  may  be  designated  by  the  Lender  from  time  to  time;  provided,  however,  that  in  no  event  shall  the applicable rate of interest under the Revolving Credit Agreement be less than 1.50% per annum. Such loans are secured by all of the cash, securities, securities entitlements  and  investment  property  in  a  certain  bank  account,  as  outlined  in  the  Revolving  Credit  Agreement,  at  a  maximum  loan-to-value  ratio  of  75% determined by dividing the full commitment amount under the Revolving Credit Agreement on the date of testing, determined by the Lender each fiscal quarter, by the market value of the collateral. The Revolving Credit Agreement matures on November 4, 2021, subject to earlier termination upon the occurrence of certain events of default. The Company had not made any draws under the Revolving Credit Agreement as of March 31, 2021.

v3.21.1
Alabama State Industrial Development Authority Financing and Economic Incentives
3 Months Ended
Mar. 31, 2021
Text Block [Abstract]  
Alabama State Industrial Development Authority Financing and Economic Incentives

14. ALABAMA STATE INDUSTRIAL DEVELOPMENT AUTHORITY FINANCING AND ECONOMIC INCENTIVES


In conjunction with the 1995 expansion of our Huntsville, Alabama facility, we were approved for participation in an incentive program offered by the State of Alabama Industrial Development Authority (the “Authority”). Pursuant to the program, in January 1995, the Authority issued $20.0 million of its taxable revenue bonds (the “Taxable Revenue Bonds”) and loaned the proceeds from the sale of the Taxable Revenue Bonds to the Company. Further advances on the Taxable Revenue Bonds were made by the Authority, bringing the total amount to $50.0 million. The Taxable Revenue Bonds bore interest, payable monthly with an interest rate of 2% per annum. The Taxable Revenue Bonds aggregate principal amount of $24.6 million matured on January 1, 2020 and was repaid in full on January 2, 2020,
using the funds held in a certificate of deposit by the Company.

v3.21.1
Stockholders' Equity
3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Stockholders' Equity

15. STOCKHOLDERS’ EQUITY

 

Stock Repurchase Program

Since 1997, the Company’s Board of Directors has approved multiple share repurchase programs that have authorized repurchases of its common stock, which are implemented through open market or private purchases from time to time as conditions warrant. During the three months ended March 31, 2021 and 2020, we did not repurchase any shares of our common stock. As of March 31, 2021, we had the authority to purchase an additional 2.5 million shares of our common stock under the current authorization of up to 5.0 million shares.

Other Comprehensive Loss

The following tables present the changes in accumulated other comprehensive loss, net of tax, by component:

 

 

 

Three Months Ended March 31, 2021

 

(In thousands)

 

Unrealized

Gains

(Losses)

on

Available-

for-Sale

Securities

 

 

Defined

Benefit Plan

Adjustments

 

 

Foreign

Currency

Adjustments

 

 

ASU 2018-02 Adoption

 

 

Total

 

As of December 31, 2020

 

$

32

 

 

$

(9,621

)

 

$

(2,435

)

 

$

385

 

 

$

(11,639

)

Other comprehensive loss before

   reclassifications

 

 

(57

)

 

 

 

 

 

(1,863

)

 

 

 

 

 

(1,920

)

Amounts reclassified from accumulated other

   comprehensive income (loss)

 

 

(135

)

 

 

99

 

 

 

 

 

 

 

 

 

(36

)

Net current period other comprehensive income (loss)

 

 

(192

)

 

 

99

 

 

 

(1,863

)

 

 

 

 

 

(1,956

)

As of March 31, 2021

 

$

(160

)

 

$

(9,522

)

 

$

(4,298

)

 

$

385

 

 

$

(13,595

)

 

 

 

 

 

Three Months Ended March 31, 2020

 

(In thousands)

 

Unrealized

Gains

(Losses)

on

Available-

for-Sale

Securities

 

 

Defined

Benefit Plan

Adjustments

 

 

Foreign

Currency

Adjustments

 

 

ASU 2018-02 Adoption

 

 

Total

 

As of December 31, 2019

 

$

(284

)

 

$

(9,226

)

 

$

(7,292

)

 

$

385

 

 

$

(16,417

)

Other comprehensive income (loss) before

   reclassifications

 

 

(931

)

 

 

 

 

 

(1,650

)

 

 

 

 

 

(2,581

)

Amounts reclassified from accumulated other

   comprehensive income (loss)

 

 

1,048

 

 

 

141

 

 

 

 

 

 

 

 

 

1,189

 

Net current period other comprehensive income (loss)

 

 

117

 

 

 

141

 

 

 

(1,650

)

 

 

 

 

 

(1,392

)

As of March 31, 2020

 

$

(167

)

 

$

(9,085

)

 

$

(8,942

)

 

$

385

 

 

$

(17,809

)

 

The following tables present the details of reclassifications out of accumulated other comprehensive loss:

 

 

 

Three Months Ended March 31, 2021

(In thousands)

 

Amount

Reclassified

from

Accumulated

Other

Comprehensive

Loss

 

 

Affected Line Item in the

Statement Where Net

Income Is Presented

Unrealized gains (losses) on available-for-sale securities:

 

 

 

 

 

 

Net realized gains on sales of securities

 

$

178

 

 

Net investment gain (loss)

Defined benefit plan adjustments – actuarial losses

 

 

(143

)

 

(1)

Total reclassifications for the period, before tax

 

 

35

 

 

 

Tax benefit

 

 

1

 

 

 

Total reclassifications for the period, net of tax

 

$

36

 

 

 

 

(1)

Included in the computation of net periodic pension cost. See Note 5.

 

 

 

Three Months Ended March 31, 2020

(In thousands)

 

Amount

Reclassified

from

Accumulated

Other

Comprehensive

Loss

 

 

Affected Line Item in the

Statement Where Net

Income Is Presented

Unrealized gains (losses) on available-for-sale securities:

 

 

 

 

 

 

Net realized losses on sales of securities

 

$

(1,416

)

 

Net investment gain (loss)

Defined benefit plan adjustments – actuarial losses

 

 

(204

)

 

(1)

Total reclassifications for the period, before tax

 

 

(1,620

)

 

 

Tax benefit

 

 

431

 

 

 

Total reclassifications for the period, net of tax

 

$

(1,189

)

 

 

 

(1)

Included in the computation of net periodic pension cost. See Note 5.

 

 

The following table presents the tax effects related to the change in each component of other comprehensive loss: 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

March 31, 2021

 

 

March 31, 2020

 

(In thousands)

 

Before-Tax

Amount

 

 

Tax

(Expense)

Benefit

 

 

Net-of-Tax

Amount

 

 

Before-Tax

Amount

 

 

Tax

(Expense)

Benefit

 

 

Net-of-Tax

Amount

 

Unrealized loss on available-for-sale

   securities

 

$

(75

)

 

$

18

 

 

$

(57

)

 

$

(1,258

)

 

$

327

 

 

$

(931

)

Reclassification adjustment for amounts related to

   available-for-sale investments included in net

   income (loss)

 

 

(178

)

 

 

43

 

 

 

(135

)

 

 

1,416

 

 

 

(368

)

 

 

1,048

 

Reclassification adjustment for amounts related to

   defined benefit plan adjustments included in net

   income (loss)

 

 

143

 

 

 

(44

)

 

 

99

 

 

 

204

 

 

 

(63

)

 

 

141

 

Foreign currency translation adjustment

 

 

(1,863

)

 

 

 

 

 

(1,863

)

 

 

(1,650

)

 

 

 

 

 

(1,650

)

Total Other Comprehensive Loss

 

$

(1,973

)

 

$

17

 

 

$

(1,956

)

 

$

(1,288

)

 

$

(104

)

 

$

(1,392

)

 

 

v3.21.1
Earnings (Loss) Per Share
3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Earnings (Loss) Per Share

16. EARNINGS (LOSS) PER SHARE

A summary of the calculation of basic and diluted earnings (loss) per share is as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(In thousands, except per share amounts)

 

2021

 

 

2020

 

Numerator

 

 

 

 

 

 

 

 

Net income (loss)

 

$

896

 

 

$

(9,969

)

Denominator

 

 

 

 

 

 

 

 

Weighted average number of shares – basic

 

 

48,336

 

 

 

47,957

 

Effect of dilutive securities

 

 

 

 

 

 

 

 

Stock options

 

 

56

 

 

 

 

PSUs, RSUs and restricted stock

 

 

612

 

 

 

 

Weighted average number of shares – diluted

 

 

49,004

 

 

 

47,957

 

Earnings (loss) per share – basic

 

$

0.02

 

 

$

(0.21

)

Earnings (loss) per share – diluted

 

$

0.02

 

 

$

(0.21

)

 

 

For the three months ended March 31, 2021 and 2020, 0.7 million and 5.9 million stock options, respectively, were outstanding but were not included in the computation of diluted earnings per share. These stock options were excluded because their exercise prices were greater than the average market price of the common shares during the quarter, therefore making them anti-dilutive under the treasury stock method.

 

For the three months ended March 31, 2021 and 2020, one thousand and 0.4 million shares, respectively, of unvested PSUs, RSUs and restricted stock were excluded from the calculation of diluted earnings per share due to their anti-dilutive effect.

v3.21.1
Segment Information
3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Segment Information

17. SEGMENT INFORMATION

The Company’s chief operating decision maker regularly reviews the Company’s financial performance based on two reportable segments: (1) Network Solutions and (2) Services & Support. Network Solutions includes hardware and software products and next-generation virtualized solutions used in service provider or business networks, as well as prior-generation products. Services & Support includes a portfolio of maintenance, network installation and solution integration services, which include hosted cloud services and subscription services.

The performance of these segments is evaluated based on gross profit; therefore, selling, general and administrative expenses, research and development expenses, interest and dividend income, interest expense, net investment gain (loss), other income (expense) and income tax (expense) benefit are reported on a company-wide basis only. There is no inter-segment revenue. Asset information by reportable segment is not produced and, therefore, is not reported.

The following table presents information about the revenue and gross profit of our reportable segments:

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

(In thousands)

 

Revenue

 

 

Gross Profit

 

 

Revenue

 

 

Gross Profit

 

Network Solutions

 

$

113,809

 

 

$

48,808

 

 

$

97,372

 

 

$

45,746

 

Services & Support

 

 

13,724

 

 

 

4,793

 

 

 

17,151

 

 

 

5,854

 

Total Revenue

 

$

127,533

 

 

$

53,601

 

 

$

114,523

 

 

$

51,600

 

 

Revenue by Category

In addition to our reporting segments, revenue is also reported for the following three categories – (1) Access & Aggregation, (2) Subscriber Solutions & Experience and (3) Traditional & Other Products.

The table below presents revenue information by category:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(In thousands)

 

2021

 

 

2020

 

Access & Aggregation

 

$

69,074

 

 

$

65,966

 

Subscriber Solutions & Experience

 

 

54,569

 

 

 

42,179

 

Traditional & Other Products

 

 

3,890

 

 

 

6,378

 

Total Revenue

 

$

127,533

 

 

$

114,523

 

 

Revenue by Geographic Area

 

The following table presents revenue information by geographic area: 

 

 

 

Three Months Ended

 

 

 

March 31,

 

(In thousands)

 

2021

 

 

2020

 

United States

 

$

86,485

 

 

$

78,991

 

International

 

 

41,048

 

 

 

35,532

 

Total Revenue

 

$

127,533

 

 

$

114,523

 

 

 

v3.21.1
Liability for Warranty Returns
3 Months Ended
Mar. 31, 2021
Product Warranties Disclosures [Abstract]  
Liability for Warranty Returns

18. LIABILITY FOR WARRANTY RETURNS

Our products generally include warranties of 90 days to five years for product defects. We accrue for warranty returns at the time of product shipment based on our historical return rate and estimate of the cost to repair or replace the defective products. We engage in extensive product quality programs and processes, including actively monitoring and evaluating the quality of our component suppliers. The increasing complexity of our products may cause warranty incidences, when they arise, to be more costly. Estimates regarding future warranty obligations may change due to product failure rates, material usage and other rework costs incurred in correcting a product failure. In addition, from time to time, specific warranty accruals may be recorded if unforeseen problems arise. Should our actual experience relative to these factors be worse than our estimates, we will be required to record additional warranty expense. The liability for warranty obligations totaled $6.5 million and $7.1 million as of March 31, 2021 and December 31, 2020, respectively, and is included in accrued expenses and other liabilities in the Condensed Consolidated Balance Sheets. During the three months ended March 31, 2021, we had a reversal of prior provisions related to warranty expirations, the impact of which is reflected in the table below.

 

A reconciliation of warranty expense and related write-off activity is as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(In thousands)

 

2021

 

 

2020

 

Balance at beginning of period

 

$

7,146

 

 

$

8,394

 

Plus: Amounts charged to cost and expenses

 

 

(231

)

 

 

(55

)

Less: Deductions

 

 

(443

)

 

 

(704

)

Balance at end of period

 

$

6,472

 

 

$

7,635

 

 

v3.21.1
Commitments and Contingencies
3 Months Ended
Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies

19. COMMITMENTS AND CONTINGENCIES

Securities Class Action Lawsuit

On March 31, 2021, the U.S. District for the Northern District of Alabama dismissed without prejudice a purported stockholder class action lawsuit, captioned Burbridge v. ADTRAN, Inc. et al, Docket No. 19-cv-09619 originally filed on October 17, 2019. This matter has been fully resolved by agreement among the parties, with no further action to be taken by the plaintiffs and each party bearing its own costs.

Shareholder Derivative Lawsuit

On March 31, 2020, a shareholder derivative suit, captioned Johnson (Derivatively on behalf of ADTRAN) v. T. Stanton, M. Foliano, R. Shannon, and Board of Directors, case no. 5:20-cv-00447, was filed in the U.S. District Court of Northern Alabama against two of the Company’s current executive officers, one of its former executive officers and its Board of Directors. The derivative suit, which is purportedly brought on behalf of ADTRAN, claims that the defendants made materially false and misleading statements regarding, and/or failed to disclose  material  adverse  facts  about,  the  Company’s  business,  operations  and  prospects,  specifically  relating  to  the  Company’s  internal  control  over  financial reporting, excess and obsolete inventory reserves, financial results and demand from certain customers. These are similar allegations as the shareholder class action that was dismissed without prejudice by the Court on March 31, 2021, and fully resolved by mutual agreement of the parties on May 3, 2021. The parties to the shareholder derivative suit agreed to a joint stipulation requesting a stay in the proceedings due to the resolution of the shareholder class action that remains in effect at least until May 19, 2021. The Company and its defendants disagree with the claims made in the complaint, and the defendants intend to vigorously defend against this lawsuit. At this time, we are unable to predict the outcome of or estimate the possible loss or range of loss, if any, associated with this lawsuit.

 

Other Legal Matters

In addition to the litigation described above, from time to time we are subject to or otherwise involved in various lawsuits, claims, investigations and legal proceedings that arise out of or are incidental to the conduct of our business (collectively, “Legal Matters”), including those relating to patent rights, employment matters, regulatory compliance matters, stockholder claims, and contractual and other commercial disputes. Such Legal Matters, even if not meritorious, could result in the expenditure of significant financial and managerial resources. Additionally, an unfavorable outcome in any legal matter, including in a patent dispute, could require the Company to pay damages, entitle claimants to other relief, such as royalties, or could prevent the Company from selling some of its products in certain jurisdictions. While the Company cannot predict with certainty the results of the Legal Matters in which it is currently involved, the Company does not expect that the ultimate outcome of such Legal Matters will individually or in the aggregate have a material adverse effect on its business, results of operations, financial condition or cash flows.

Performance Bonds

Certain contracts, customers and jurisdictions in which we do business require us to provide various guarantees of performance such as bid bonds, performance bonds and customs bonds. As of March 31, 2021 and December 31, 2020, we had commitments related to these bonds totaling $21.2 million and $15.2 million, respectively, which expire at various dates through August 2024. Although the triggering events vary from contract to contract, in general we would only be liable for the amount of these guarantees in the event of default under each contract, the probability of which we believe is remote.

In June 2020, the Company entered into a letter of credit with a bank to guarantee performance obligations under a contract with a certain customer. The obligations under this customer contract will be performed over multiple years. We reached the maximum value of our minimum collateral requirement of $15.0 million during the three months ended March 31, 2021 as the Company reached certain milestones through the first quarter of 2021 as outlined in the customer contract. The letter of credit was secured by a pledge of a portion of the Company’s fixed-income securities, which totaled $18.2 million as of March 31, 2021, of which $0.1 million is included in restricted cash and $18.1 million is included in long-term investments on the Condensed Consolidated Balance Sheet. This pledged collateral value will fluctuate as the Company changes the mix of the pledged collateral between restricted cash and investments. Any shortfalls in the minimum collateral value are required to be restored by the Company from available cash and cash equivalents, short-term investments and/or long-term investments. The collateral under the letter of credit will be released when all obligations under the customer contract have been met. As of March 31, 2021, the Company was in compliance with all contractual requirements under the letter of credit.    

Investment Commitment

We have committed to invest up to an aggregate of $5.0 million in a private equity fund, of which $4.9 million has been applied as of March 31, 2021.

v3.21.1
Restructuring
3 Months Ended
Mar. 31, 2021
Restructuring And Related Activities [Abstract]  
Restructuring

20. RESTRUCTURING

During the second half of 2019, the Company initiated a restructuring plan to realign its expense structure with the reduction in revenue experienced in recent years and overall Company objectives. As part of this restructuring plan, the Company announced plans to reduce its overall operating expenses, both in the U.S. and internationally. Management continued to assess the efficiency of operations during 2020 and 2021 and, in turn, consolidated locations and personnel, among other things, where possible.

In February 2019, the Company announced the restructuring of a certain portion of its workforce predominantly in Germany, which included the closure of the Company’s office location in Munich, Germany accompanied by relocation or severance benefits for the affected employees. Voluntary early retirement was offered to certain other employees and was announced in March 2019 and again in August 2020.  

The cumulative amount of restructuring expenses incurred as of March 31, 2021 for the restructuring plans was $12.5 million.

A reconciliation of the beginning and ending restructuring liability, which is included in accrued wages and benefits in the Consolidated Balance Sheets is as follows:

 

(In thousands)

 

As of March 31, 2021

 

Balance as of December 31, 2020

 

$

4,186

 

Plus: Amounts charged to cost and expense

 

 

301

 

Less: Amounts paid

 

 

(2,410

)

Balance as of March 31, 2021

 

$

2,077

 

 

Restructuring expenses included in the Condensed Consolidated Statements of Income (Loss) were as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(In thousands)

 

2021

 

 

2020

 

Cost of revenue

 

 

15

 

 

 

34

 

Selling, general and administrative expenses

 

$

142

 

 

$

83

 

Research and development expenses

 

 

144

 

 

 

436

 

Total restructuring expenses

 

$

301

 

 

$

553

 

 

 

The following table represents the components of restructuring expense by geographic area were as follows:

 

 

Three Months Ended

 

 

 

March 31,

 

(In thousands)

 

2021

 

 

2020

 

Domestic

 

$

209

 

 

$

551

 

International

 

 

92

 

 

 

2

 

Total restructuring expenses

 

$

301

 

 

$

553

 

 

v3.21.1
Subsequent Events
3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events

21. SUBSEQUENT EVENTS

On May 5, 2021, we announced that our Board of Directors declared a quarterly cash dividend of $0.09 per common share to be paid to the Company’s stockholders of record as of the close of business on May 20, 2021. The payment date will be June 3, 2021 in the aggregate amount of approximately $4.4 million.

 

 

v3.21.1
Summary of Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of ADTRAN®, Inc. and its subsidiaries (“ADTRAN”, the “Company”, “we”, “our” or “us”) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) applicable to interim financial information presented in Quarterly Reports on Form 10-Q. Accordingly, certain information and notes required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for complete financial statements are not included herein. The December 31, 2020 Condensed Consolidated Balance Sheet is derived from audited financial statements but does not include all disclosures required by U.S. GAAP.

In the opinion of management, all adjustments necessary to fairly state these interim statements have been recorded and are of a normal and recurring nature. The results of operations for an interim period are not necessarily indicative of the results for the full year. The interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in ADTRAN’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 26, 2021.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. The more significant estimates include excess and obsolete inventory reserves, warranty reserves, customer rebates, determination and accrual of deferred revenue components of multiple element sales agreements, estimated costs to complete obligations associated with deferred and accrued revenues and network installations, estimated income tax provision and income tax contingencies, fair value of stock-based compensation, assessment of goodwill and other intangibles for impairment, estimated lives of intangible assets, estimated pension, and liability and fair value of investments, evaluation of other-than-temporary declines in the value of investments and the allowance for current expected credit losses. Actual amounts could differ significantly from these estimates.

We assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to us and the unknown future impacts of the novel coronavirus (“COVID-19”) as of March 31, 2021 and through the date of this report. The accounting matters assessed included, but were not limited to, the allowance for doubtful accounts, stock-based compensation, carrying value of goodwill, intangibles and other long-lived assets, financial assets, valuation allowances for tax assets and revenue recognition. While there was not a material impact to our consolidated financial statements as of and for the quarter ended March 31, 2021 resulting from these assessments, future assessments related to the COVID-19 pandemic, as well as other factors, could result in material impacts to our consolidated financial statements in future reporting periods.

Correction of an Immaterial Misstatements

Correction of an Immaterial Misstatement

During the three months ended March 31, 2020, it was determined that certain investments held in the Company’s stock for a deferred compensation plan accounted for as a Rabbi trust were incorrectly classified as Long-term investments with the fair value of such investments incorrectly marked to market at each period end rather than classified as Treasury stock held at historical cost. This plan has been in existence since 2011. The Company corrected this misstatement as an out-of-period adjustment in the three months ended March 31, 2020 by remeasuring the investment assets to their historical cost basis through the recording of a Net investment gain of $1.5 million in the unaudited Condensed Consolidated Statement of Income (Loss) and then correcting the classification by decreasing the Long-term investment balance at its remeasured cost basis of $2.8 million to Treasury stock in the unaudited Condensed Consolidated Balance Sheet as of March 31, 2020. Management has determined that this misstatement was not material to any of its previously issued financial statements and that the correction of the misstatement was not material to the Company’s 2020 annual financial results on either a quantitative or qualitative basis.

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

We recently adopted the following accounting standards, which had the following impacts on our consolidated financial statements:

 

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans, which makes changes to and clarifies the disclosure requirements related to defined benefit pension and other postretirement plans. ASU 2018-14 requires additional disclosures related to the reasons for significant gains and losses affecting the benefit obligation and an explanation of any other significant changes in the benefit obligation or plan assets that are not otherwise apparent in other disclosures required by Accounting Standards Codification (“ASC”) 715. ASU 2018-14 also clarifies the guidance in ASC 715 to require disclosure of the projected benefit obligation (“PBO”) and fair value of plan assets for pension plans with PBOs in excess of plan assets and the accumulated benefit obligation (“ABO”) and fair value of plan assets for pension plans with ABOs in excess of plan assets. ASU 2018-14 became effective for public business entities for fiscal years ending after December 15, 2020. The adoption of this standard did not have a material effect on the disclosures in the condensed consolidation financial statements.

 

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing various exceptions, such as the exception to the incremental approach for intra-period tax allocation when there is a loss from continuing operations and income or a gain from other items. The amendments in this update also simplify the accounting for income taxes related to income-based franchise taxes and require that an entity reflect enacted tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The Company early adopted ASU 2019-12 on April 1, 2020, which was applied on a prospective basis as if the Company adopted the standard on January 1, 2020. The Company early adopted the standard to take advantage of the simplification of rules for income taxes on intra-period tax allocations. Specifically, the adoption of this standard resulted in the recognition of approximately $0.1 million of tax benefit in other comprehensive income (loss) for the three months ended March 31, 2020, that otherwise would have been recognized in continuing operations had the intra-period tax allocation been completed. There were no other impacts from this standard on the Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Income (Loss) or Condensed Consolidated Statements of Cash Flows.

 

Recent Accounting Pronouncements Not Yet Adopted

Recent Accounting Pronouncements Not Yet Adopted

There are currently no recent accounting pronouncements that have not yet been adopted and that would have a material effect, once adopted, on the Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Income (Loss) or Condensed Consolidated Statements of Cash Flows.

v3.21.1
Cash, Cash Equivalents and Restricted Cash (Tables)
3 Months Ended
Mar. 31, 2021
Cash And Cash Equivalents [Abstract]  
Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows:

 

(In thousands)

 

As of March 31, 2021

 

 

As of December 31, 2020

 

Cash and cash equivalents

 

$

63,777

 

 

$

60,161

 

Restricted cash

 

 

119

 

 

 

18

 

Cash, cash equivalents and restricted cash

 

$

63,896

 

 

$

60,179

 

v3.21.1
Revenue (Tables)
3 Months Ended
Mar. 31, 2021
Revenue From Contract With Customer [Abstract]  
Disaggregate of Revenue by Reportable Segment and Revenue Category

The following table disaggregates revenue by reportable segment and revenue category:

 

 

 

For the Three Months Ended

 

 

 

March 31, 2021

 

 

March 31, 2020

 

(In thousands)

 

Network Solutions

 

 

Services & Support

 

 

Total

 

 

Network Solutions

 

 

Services & Support

 

 

Total

 

Access & Aggregation

 

$

60,053

 

 

$

9,021

 

 

$

69,074

 

 

$

53,055

 

 

$

12,911

 

 

$

65,966

 

Subscriber Solutions & Experience

 

 

52,269

 

 

 

2,300

 

 

 

54,569

 

 

 

39,983

 

 

 

2,196

 

 

 

42,179

 

Traditional & Other Products

 

 

1,487

 

 

 

2,403

 

 

 

3,890

 

 

 

4,334

 

 

 

2,044

 

 

 

6,378

 

Total

 

$

113,809

 

 

$

13,724

 

 

$

127,533

 

 

$

97,372

 

 

$

17,151

 

 

$

114,523

 

 

The table below presents revenue information by category:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(In thousands)

 

2021

 

 

2020

 

Access & Aggregation

 

$

69,074

 

 

$

65,966

 

Subscriber Solutions & Experience

 

 

54,569

 

 

 

42,179

 

Traditional & Other Products

 

 

3,890

 

 

 

6,378

 

Total Revenue

 

$

127,533

 

 

$

114,523

 

Information about Receivables, Contract Assets, and Unearned Revenue from Contracts with Customers

The following table provides information about receivables, contract assets and unearned revenue from contracts with customers:

 

(In thousands)

 

As of March 31, 2021

 

 

As of December 31, 2020

 

Accounts receivable, net

 

$

103,201

 

 

$

98,827

 

Contract assets(1)

 

$

906

 

 

$

63

 

Unearned revenue

 

$

14,457

 

 

$

14,092

 

Non-current unearned revenue

 

$

7,040

 

 

$

6,888

 

 

 

(1)

Included in other receivables on the Condensed Consolidated Balance Sheets.

v3.21.1
Income Taxes (Tables)
3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]  
Summary of Supplemental Balance Sheet Information Related to Deferred Tax Assets

Supplemental balance sheet information related to deferred tax assets is as follows:

 

 

 

As of March 31,2021

 

(In thousands)

 

Deferred Tax Assets

 

 

Valuation Allowance

 

 

Deferred Tax Assets, net

 

Domestic

 

$

46,479

 

 

$

(46,479

)

 

$

 

International

 

 

11,473

 

 

 

(2,025

)

 

 

9,448

 

Total

 

$

57,952

 

 

$

(48,504

)

 

$

9,448

 

 

 

As of December 31, 2020

 

(In thousands)

 

Deferred Tax Assets

 

 

Valuation Allowance

 

 

Deferred Tax Assets, net

 

Domestic

 

$

43,791

 

 

$

(43,791

)

 

$

 

International

 

 

11,896

 

 

 

(2,027

)

 

 

9,869

 

Total

 

$

55,687

 

 

$

(45,818

)

 

$

9,869

 

 

v3.21.1
Pension Benefit Plan (Tables)
3 Months Ended
Mar. 31, 2021
Compensation And Retirement Disclosure [Abstract]  
Summarization of Components of Net Periodic Pension Cost

The following table summarizes the components of net periodic pension cost related to a defined benefit pension plan covering employees in certain foreign countries:

 

 

 

For the Three Months Ended

 

 

 

March 31,

 

(In thousands)

 

2021

 

 

2020

 

Service cost

 

$

314

 

 

$

310

 

Interest cost

 

 

87

 

 

 

108

 

Expected return on plan assets

 

 

(471

)

 

 

(410

)

Amortization of actuarial losses

 

 

278

 

 

 

237

 

Net periodic pension cost

 

$

208

 

 

$

245

 

v3.21.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation Expense Related to Stock Options, PSUs, RSUs and Restricted Stock

The following table summarizes stock-based compensation expense related to stock options, performance stock units (“PSUs”), restricted stock units (“RSUs”) and restricted stock:

 

 

 

For the Three Months Ended

 

 

 

March 31,

 

(In thousands)

 

2021

 

 

2020

 

Stock-based compensation expense included in cost of revenue

 

$

131

 

 

$

115

 

Selling, general and administrative expense

 

 

1,098

 

 

 

1,075

 

Research and development expense

 

 

578

 

 

 

601

 

Stock-based compensation expense included in operating expenses

 

 

1,676

 

 

 

1,676

 

Total stock-based compensation expense

 

 

1,807

 

 

 

1,791

 

Tax benefit for expense associated with stock options, PSUs, RSUs and restricted stock

 

 

(431

)

 

 

(427

)

Total stock-based compensation expense, net of tax

 

$

1,376

 

 

$

1,364

 

 

Summary of PSUs, RSUs and Restricted Stock Outstanding

The following table summarizes PSUs, RSUs and restricted stock outstanding as of December 31, 2020 and March 31, 2021 and the changes that occurred during the three months ended March 31, 2021:

 

 

 

Number of

Shares

(in thousands)

 

 

Weighted Avg. Grant Date Fair Value

(per share)

 

Unvested PSUs, RSUs and restricted stock outstanding, December 31, 2020

 

 

1,846

 

 

$

11.49

 

PSUs, RSUs and restricted stock granted

 

 

354

 

 

$

16.72

 

PSUs, RSUs and restricted stock vested

 

 

(11

)

 

$

11.88

 

PSUs, RSUs and restricted stock forfeited

 

 

(34

)

 

$

11.48

 

Unvested PSUs, RSUs and restricted stock outstanding, March 31, 2021

 

 

2,155

 

 

$

12.40

 

 

Summary of Stock Options Outstanding

The following table summarizes stock options outstanding as of December 31, 2020 and March 31, 2021 and the changes that occurred during the three months ended March 31, 2021:

 

 

 

Number of

Stock Options

(in thousands)

 

 

Weighted Avg.

Exercise Price

(per share)

 

 

Weighted Avg.

Remaining

Contractual

Life

(in years)

 

 

Aggregate

Intrinsic Value

(in thousands)

 

Stock options outstanding, December 31, 2020

 

 

2,718

 

 

$

21.17

 

 

 

2.9

 

 

$

 

Stock options exercised

 

 

(80

)

 

$

15.64

 

 

 

 

 

 

$

167

 

Stock options forfeited / expired

 

 

(92

)

 

$

21.55

 

 

 

 

 

 

$

 

Stock options outstanding, March 31, 2021

 

 

2,546

 

 

$

21.32

 

 

 

2.6

 

 

$

779

 

Stock options exercisable, March 31, 2021

 

 

2,546

 

 

$

21.32

 

 

 

2.6

 

 

$

779

 

 

v3.21.1
Investments (Tables)
3 Months Ended
Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]  
Debt Securities and Other Investments, Included on Condensed Consolidated Balance Sheets and Recorded at Fair Value

Debt Securities and Other Investments

The following debt securities and other investments were included on the Condensed Consolidated Balance Sheets and recorded at fair value:

 

 

 

As of  March 31,2021

 

 

 

Amortized

 

 

Gross Unrealized

 

 

Fair

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Corporate bonds

 

$

14,176

 

 

$

68

 

 

$

(13

)

 

$

14,231

 

Municipal fixed-rate bonds

 

 

2,600

 

 

 

25

 

 

 

 

 

 

2,625

 

Asset-backed bonds

 

 

5,772

 

 

 

42

 

 

 

(2

)

 

 

5,812

 

Mortgage/Agency-backed bonds

 

 

11,775

 

 

 

92

 

 

 

(22

)

 

 

11,845

 

U.S. government bonds

 

 

9,704

 

 

 

66

 

 

 

(1

)

 

 

9,769

 

Foreign government bonds

 

 

1,331

 

 

 

3

 

 

 

(2

)

 

 

1,332

 

Other

 

 

533

 

 

 

 

 

 

 

 

 

533

 

Available-for-sale debt securities held at fair value

 

$

45,891

 

 

$

296

 

 

$

(40

)

 

$

46,147

 

 

 

 

As of December 31, 2020

 

 

 

Amortized

 

 

Gross Unrealized

 

 

Fair

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Value

 

Corporate bonds

 

$

11,762

 

 

$

123

 

 

$

 

 

$

11,885

 

Municipal fixed-rate bonds

 

 

2,854

 

 

 

30

 

 

 

 

 

 

2,884

 

Asset-backed bonds

 

 

6,634

 

 

 

74

 

 

 

 

 

 

6,708

 

Mortgage/Agency-backed bonds

 

 

11,536

 

 

 

114

 

 

 

(6

)

 

 

11,644

 

U.S. government bonds

 

 

9,763

 

 

 

112

 

 

 

 

 

 

9,875

 

Foreign government bonds

 

 

1,334

 

 

 

4

 

 

 

(1

)

 

 

1,337

 

Commercial Paper

 

 

250

 

 

 

 

 

 

 

 

 

250

 

Other

 

 

533

 

 

 

 

 

 

 

 

 

533

 

Available-for-sale debt securities held at fair value

 

$

44,666

 

 

$

457

 

 

$

(7

)

 

$

45,116

 

 

Contractual Maturities of Debt Securities and Other Investments

The contractual maturities related to debt securities and other investments were as follows:

 

 

 

As of  March 31,2021

 

(In thousands)

 

Corporate

bonds

 

 

Municipal

fixed-rate

bonds

 

 

Asset-

backed

bonds

 

 

Mortgage /

Agency-

backed bonds

 

 

U.S. government

bonds

 

Foreign government bonds

 

 

Other

 

Less than one year

 

$

1,323

 

 

$

357

 

 

$

16

 

 

$

296

 

 

$

1,282

 

$

75

 

 

$

533

 

One to two years

 

 

3,758

 

 

 

1,130

 

 

 

13

 

 

 

2,090

 

 

 

6,831

 

 

460

 

 

 

 

Two to three years

 

 

7,509

 

 

 

1,138

 

 

 

272

 

 

 

1,740

 

 

 

1,656

 

 

497

 

 

 

 

Three to five years

 

 

1,641

 

 

 

 

 

 

3,445

 

 

 

175

 

 

 

 

 

300

 

 

 

 

Five to ten years

 

 

 

 

 

 

 

 

1,143

 

 

 

2,457

 

 

 

 

 

 

 

 

 

More than ten years

 

 

 

 

 

 

 

 

923

 

 

 

5,087

 

 

 

 

 

 

 

 

 

Total

 

$

14,231

 

 

$

2,625

 

 

$

5,812

 

 

$

11,845

 

 

$

9,769

 

$

1,332

 

 

$

533

 

 

Gross Realized Gains and Losses on Sale of Debt Securities The following table presents gross realized gains and losses related to debt securities:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(In thousands)

 

2021

 

 

2020

 

Gross realized gains on debt securities

 

$

87

 

 

$

43

 

Gross realized losses on debt securities

 

 

(16

)

 

 

(20

)

Total gain recognized, net

 

$

71

 

 

$

23

 

Realized and Unrealized Gains and Losses related to Marketable Equity Securities

Realized and unrealized gains and losses related to marketable equity securities were as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(In thousands)

 

2021

 

 

2020

 

Realized gains (losses) on equity securities sold

 

$

24

 

 

$

(2,436

)

Unrealized gains (losses) on equity securities held

 

 

901

 

 

 

(8,464

)

Total gain (loss) recognized, net

 

$

925

 

 

$

(10,900

)

Cash Equivalents and Investments held at Fair Value The Company’s cash equivalents and investments held at fair value are categorized into this hierarchy as follows:

 

 

 

 

 

 

 

Fair Value Measurements as of March 31, 2021 Using

 

(In thousands)

 

Fair Value

 

 

Quoted Prices

in Active

Market for

Identical

Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant Unobservable Inputs

(Level 3)

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

889

 

 

$

889

 

 

$

 

 

$

 

Available-for-sale debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

14,231

 

 

 

 

 

 

14,231

 

 

 

 

Municipal fixed-rate bonds

 

 

2,625

 

 

 

 

 

 

2,625

 

 

 

 

Asset-backed bonds

 

 

5,812

 

 

 

 

 

 

5,812

 

 

 

 

Mortgage/Agency-backed bonds

 

 

11,845

 

 

 

 

 

 

11,845

 

 

 

 

U.S. government bonds

 

 

9,769

 

 

 

9,769

 

 

 

 

 

 

 

Foreign government bonds

 

 

1,332

 

 

 

 

 

 

1,332

 

 

 

 

Other

 

 

533

 

 

 

 

 

 

 

 

 

533

 

Marketable equity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable equity securities – various industries

 

 

11,544

 

 

 

11,544

 

 

 

 

 

 

 

Deferred compensation plan assets

 

 

24,364

 

 

 

24,364

 

 

 

 

 

 

 

Other investments

 

 

1,400

 

 

 

1,400

 

 

 

 

 

 

 

Total

 

$

84,344

 

 

$

47,966

 

 

$

35,845

 

 

$

533

 

 

 

 

 

 

 

 

Fair Value Measurements as of December 31, 2020 Using

 

(In thousands)

 

Fair Value

 

 

Quoted Prices

in Active

Market for

Identical

Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant Unobservable Inputs

(Level 3)

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

497

 

 

$

497

 

 

$

 

 

$

 

U.S. government bonds

 

 

350

 

 

 

350

 

 

 

 

 

 

 

Available-for-sale debt securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

11,885

 

 

 

 

 

 

11,885

 

 

 

 

Municipal fixed-rate bonds

 

 

2,884

 

 

 

 

 

 

2,884

 

 

 

 

Asset-backed bonds

 

 

6,708

 

 

 

 

 

 

6,708

 

 

 

 

Mortgage/Agency-backed bonds

 

 

11,644

 

 

 

 

 

 

11,644

 

 

 

 

U.S. government bonds

 

 

9,875

 

 

 

9,875

 

 

 

 

 

 

 

Foreign government bonds

 

 

1,337

 

 

 

 

 

 

1,337

 

 

 

 

Commercial paper

 

 

250

 

 

 

 

 

 

250

 

 

 

 

Other

 

 

533

 

 

 

 

 

 

 

 

 

533

 

Marketable equity securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable equity securities – various industries

 

 

10,963

 

 

 

10,963

 

 

 

 

 

 

 

Deferred compensation plan assets

 

 

23,891

 

 

 

23,891

 

 

 

 

 

 

 

Other investments

 

 

1,400

 

 

 

1,400

 

 

 

 

 

 

 

Total

 

$

82,217

 

 

$

46,976

 

 

$

34,708

 

 

$

533

 

 

v3.21.1
Inventory (Tables)
3 Months Ended
Mar. 31, 2021
Inventory Disclosure [Abstract]  
Components of Inventory

Inventory consisted of the following:

 

 

 

As of  March 31,

 

 

As of December 31,

 

(In thousands)

 

2021

 

 

2020

 

Raw materials

 

$

47,980

 

 

$

47,026

 

Work in process

 

 

1,820

 

 

 

776

 

Finished goods

 

 

73,062

 

 

 

77,655

 

Total inventory, net

 

$

122,862

 

 

$

125,457

 

 

v3.21.1
Property, Plant and Equipment (Tables)
3 Months Ended
Mar. 31, 2021
Property Plant And Equipment [Abstract]  
Property, Plant and Equipment

Property, plant and equipment consisted of the following:

 

 

 

As of  March 31,

 

 

As of December 31,

 

(In thousands)

 

2021

 

 

2020

 

Land

 

$

4,575

 

 

$

4,575

 

Building and land improvements

 

 

35,154

 

 

 

35,142

 

Building

 

 

68,167

 

 

 

68,169

 

Furniture and fixtures

 

 

19,946

 

 

 

19,965

 

Computer hardware and software

 

 

70,889

 

 

 

70,942

 

Engineering and other equipment

 

 

133,065

 

 

 

132,920

 

Total property, plant and equipment

 

 

331,796

 

 

 

331,713

 

Less: accumulated depreciation

 

 

(271,639

)

 

 

(269,314

)

Total property, plant and equipment, net

 

$

60,157

 

 

$

62,399

 

v3.21.1
Intangible Assets (Tables)
3 Months Ended
Mar. 31, 2021
Intangible Assets Net Excluding Goodwill [Abstract]  
Summary of Intangible Assets

Intangible assets consisted of the following:

 

 

 

As of March 31, 2021

 

 

As of December 31, 2020

 

(In thousands)

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Net Book Value

 

 

Gross Carrying Amount

 

 

Accumulated Amortization

 

 

Net Book Value

 

Customer relationships

 

$

20,934

 

 

$

(8,451

)

 

$

12,483

 

 

$

21,123

 

 

$

(8,055

)

 

$

13,068

 

Developed technology

 

 

8,200

 

 

 

(2,830

)

 

 

5,370

 

 

 

8,200

 

 

 

(2,546

)

 

 

5,654

 

Licensed technology

 

 

5,900

 

 

 

(1,994

)

 

 

3,906

 

 

 

5,900

 

 

 

(1,830

)

 

 

4,070

 

Supplier relationships

 

 

 

 

 

 

 

 

 

 

 

2,800

 

 

 

(2,800

)

 

 

 

Licensing agreements

 

 

560

 

 

 

(170

)

 

 

390

 

 

 

560

 

 

 

(152

)

 

 

408

 

Patents

 

 

500

 

 

 

(312

)

 

 

188

 

 

 

500

 

 

 

(294

)

 

 

206

 

Trade names

 

 

210

 

 

 

(163

)

 

 

47

 

 

 

210

 

 

 

(146

)

 

 

64

 

Total

 

$

36,304

 

 

$

(13,920

)

 

$

22,384

 

 

$

39,293

 

 

$

(15,823

)

 

$

23,470

 

 

Estimated Future Amortization Expense Related to Intangible Assets

Estimated future amortization expense of intangible assets was as follows:

(In thousands)

 

As of March 31, 2021

 

2021

 

$

3,067

 

2022

 

 

3,482

 

2023

 

 

3,330

 

2024

 

 

3,236

 

2025

 

 

3,028

 

Thereafter

 

 

6,241

 

Total

 

$

22,384

 

 

v3.21.1
Leases (Tables)
3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Net Investment in Sales-Type Leases

We are the lessor in sales-type lease arrangements for network equipment, which consisted of the following:

(In thousands)

 

As of March 31, 2021

 

 

As of December 31, 2020

 

Current minimum lease payments receivable(1)

 

$

560

 

 

$

702

 

Non-current minimum lease payments receivable(2)

 

 

262

 

 

 

347

 

Total minimum lease payments receivable

 

 

822

 

 

 

1,049

 

Less: Current unearned revenue

 

 

164

 

 

 

218

 

Less: Non-current unearned revenue

 

 

33

 

 

 

50

 

Net investment in sales-type leases

 

$

625

 

 

$

781

 

 

    (1)Included in other receivables on the Condensed Consolidated Balance Sheets.
     (2)Included in other assets on the Condensed Consolidated Balance Sheets.

 

v3.21.1
Stockholders' Equity (Tables)
3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Changes in Accumulated Other Comprehensive Loss, Net of Tax by Component

The following tables present the changes in accumulated other comprehensive loss, net of tax, by component:

 

 

 

Three Months Ended March 31, 2021

 

(In thousands)

 

Unrealized

Gains

(Losses)

on

Available-

for-Sale

Securities

 

 

Defined

Benefit Plan

Adjustments

 

 

Foreign

Currency

Adjustments

 

 

ASU 2018-02 Adoption

 

 

Total

 

As of December 31, 2020

 

$

32

 

 

$

(9,621

)

 

$

(2,435

)

 

$

385

 

 

$

(11,639

)

Other comprehensive loss before

   reclassifications

 

 

(57

)

 

 

 

 

 

(1,863

)

 

 

 

 

 

(1,920

)

Amounts reclassified from accumulated other

   comprehensive income (loss)

 

 

(135

)

 

 

99

 

 

 

 

 

 

 

 

 

(36

)

Net current period other comprehensive income (loss)

 

 

(192

)

 

 

99

 

 

 

(1,863

)

 

 

 

 

 

(1,956

)

As of March 31, 2021

 

$

(160

)

 

$

(9,522

)

 

$

(4,298

)

 

$

385

 

 

$

(13,595

)

 

 

 

 

 

Three Months Ended March 31, 2020

 

(In thousands)

 

Unrealized

Gains

(Losses)

on

Available-

for-Sale

Securities

 

 

Defined

Benefit Plan

Adjustments

 

 

Foreign

Currency

Adjustments

 

 

ASU 2018-02 Adoption

 

 

Total

 

As of December 31, 2019

 

$

(284

)

 

$

(9,226

)

 

$

(7,292

)

 

$

385

 

 

$

(16,417

)

Other comprehensive income (loss) before

   reclassifications

 

 

(931

)

 

 

 

 

 

(1,650

)

 

 

 

 

 

(2,581

)

Amounts reclassified from accumulated other

   comprehensive income (loss)

 

 

1,048

 

 

 

141

 

 

 

 

 

 

 

 

 

1,189

 

Net current period other comprehensive income (loss)

 

 

117

 

 

 

141

 

 

 

(1,650

)

 

 

 

 

 

(1,392

)

As of March 31, 2020

 

$

(167

)

 

$

(9,085

)

 

$

(8,942

)

 

$

385

 

 

$

(17,809

)

 

Reclassifications Out of Accumulated Other Comprehensive Loss

The following tables present the details of reclassifications out of accumulated other comprehensive loss:

 

 

 

Three Months Ended March 31, 2021

(In thousands)

 

Amount

Reclassified

from

Accumulated

Other

Comprehensive

Loss

 

 

Affected Line Item in the

Statement Where Net

Income Is Presented

Unrealized gains (losses) on available-for-sale securities:

 

 

 

 

 

 

Net realized gains on sales of securities

 

$

178

 

 

Net investment gain (loss)

Defined benefit plan adjustments – actuarial losses

 

 

(143

)

 

(1)

Total reclassifications for the period, before tax

 

 

35

 

 

 

Tax benefit

 

 

1

 

 

 

Total reclassifications for the period, net of tax

 

$

36

 

 

 

 

(1)

Included in the computation of net periodic pension cost. See Note 5.

 

 

 

Three Months Ended March 31, 2020

(In thousands)

 

Amount

Reclassified

from

Accumulated

Other

Comprehensive

Loss

 

 

Affected Line Item in the

Statement Where Net

Income Is Presented

Unrealized gains (losses) on available-for-sale securities:

 

 

 

 

 

 

Net realized losses on sales of securities

 

$

(1,416

)

 

Net investment gain (loss)

Defined benefit plan adjustments – actuarial losses

 

 

(204

)

 

(1)

Total reclassifications for the period, before tax

 

 

(1,620

)

 

 

Tax benefit

 

 

431

 

 

 

Total reclassifications for the period, net of tax

 

$

(1,189

)

 

 

 

(1)

Included in the computation of net periodic pension cost. See Note 5.

 

 

Tax Effects Related to the Change in Each Component of Other Comprehensive Loss

The following table presents the tax effects related to the change in each component of other comprehensive loss: 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

March 31, 2021

 

 

March 31, 2020

 

(In thousands)

 

Before-Tax

Amount

 

 

Tax

(Expense)

Benefit

 

 

Net-of-Tax

Amount

 

 

Before-Tax

Amount

 

 

Tax

(Expense)

Benefit

 

 

Net-of-Tax

Amount

 

Unrealized loss on available-for-sale

   securities

 

$

(75

)

 

$

18

 

 

$

(57

)

 

$

(1,258

)

 

$

327

 

 

$

(931

)

Reclassification adjustment for amounts related to

   available-for-sale investments included in net

   income (loss)

 

 

(178

)

 

 

43

 

 

 

(135

)

 

 

1,416

 

 

 

(368

)

 

 

1,048

 

Reclassification adjustment for amounts related to

   defined benefit plan adjustments included in net

   income (loss)

 

 

143

 

 

 

(44

)

 

 

99

 

 

 

204

 

 

 

(63

)

 

 

141

 

Foreign currency translation adjustment

 

 

(1,863

)

 

 

 

 

 

(1,863

)

 

 

(1,650

)

 

 

 

 

 

(1,650

)

Total Other Comprehensive Loss

 

$

(1,973

)

 

$

17

 

 

$

(1,956

)

 

$

(1,288

)

 

$

(104

)

 

$

(1,392

)

 

v3.21.1
Earnings (Loss) Per Share (Tables)
3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]  
Summary of Calculation of Basic and Diluted Earnings (Loss) Per Share

A summary of the calculation of basic and diluted earnings (loss) per share is as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(In thousands, except per share amounts)

 

2021

 

 

2020

 

Numerator

 

 

 

 

 

 

 

 

Net income (loss)

 

$

896

 

 

$

(9,969

)

Denominator

 

 

 

 

 

 

 

 

Weighted average number of shares – basic

 

 

48,336

 

 

 

47,957

 

Effect of dilutive securities

 

 

 

 

 

 

 

 

Stock options

 

 

56

 

 

 

 

PSUs, RSUs and restricted stock

 

 

612

 

 

 

 

Weighted average number of shares – diluted

 

 

49,004

 

 

 

47,957

 

Earnings (loss) per share – basic

 

$

0.02

 

 

$

(0.21

)

Earnings (loss) per share – diluted

 

$

0.02

 

 

$

(0.21

)

 

v3.21.1
Segment Information (Tables)
3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Revenue and Gross Profit of Reportable Segments

The following table presents information about the revenue and gross profit of our reportable segments:

 

 

 

Three Months Ended March 31,

 

 

 

2021

 

 

2020

 

(In thousands)

 

Revenue

 

 

Gross Profit

 

 

Revenue

 

 

Gross Profit

 

Network Solutions

 

$

113,809

 

 

$

48,808

 

 

$

97,372

 

 

$

45,746

 

Services & Support

 

 

13,724

 

 

 

4,793

 

 

 

17,151

 

 

 

5,854

 

Total Revenue

 

$

127,533

 

 

$

53,601

 

 

$

114,523

 

 

$

51,600

 

 

Disaggregate of Revenue by Reportable Segment and Revenue Category

The following table disaggregates revenue by reportable segment and revenue category:

 

 

 

For the Three Months Ended

 

 

 

March 31, 2021

 

 

March 31, 2020

 

(In thousands)

 

Network Solutions

 

 

Services & Support

 

 

Total

 

 

Network Solutions

 

 

Services & Support

 

 

Total

 

Access & Aggregation

 

$

60,053

 

 

$

9,021

 

 

$

69,074

 

 

$

53,055

 

 

$

12,911

 

 

$

65,966

 

Subscriber Solutions & Experience

 

 

52,269

 

 

 

2,300

 

 

 

54,569

 

 

 

39,983

 

 

 

2,196

 

 

 

42,179

 

Traditional & Other Products

 

 

1,487

 

 

 

2,403

 

 

 

3,890

 

 

 

4,334

 

 

 

2,044

 

 

 

6,378

 

Total

 

$

113,809

 

 

$

13,724

 

 

$

127,533

 

 

$

97,372

 

 

$

17,151

 

 

$

114,523

 

 

The table below presents revenue information by category:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(In thousands)

 

2021

 

 

2020

 

Access & Aggregation

 

$

69,074

 

 

$

65,966

 

Subscriber Solutions & Experience

 

 

54,569

 

 

 

42,179

 

Traditional & Other Products

 

 

3,890

 

 

 

6,378

 

Total Revenue

 

$

127,533

 

 

$

114,523

 

Revenue Information by Geographic Area

The following table presents revenue information by geographic area: 

 

 

 

Three Months Ended

 

 

 

March 31,

 

(In thousands)

 

2021

 

 

2020

 

United States

 

$

86,485

 

 

$

78,991

 

International

 

 

41,048

 

 

 

35,532

 

Total Revenue

 

$

127,533

 

 

$

114,523

 

v3.21.1
Liability for Warranty Returns (Tables)
3 Months Ended
Mar. 31, 2021
Product Warranties Disclosures [Abstract]  
Summary of Reconciliation of Warranty Expense and Related Write-off Activity

 

A reconciliation of warranty expense and related write-off activity is as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(In thousands)

 

2021

 

 

2020

 

Balance at beginning of period

 

$

7,146

 

 

$

8,394

 

Plus: Amounts charged to cost and expenses

 

 

(231

)

 

 

(55

)

Less: Deductions

 

 

(443

)

 

 

(704

)

Balance at end of period

 

$

6,472

 

 

$

7,635

 

 

v3.21.1
Restructuring (Tables)
3 Months Ended
Mar. 31, 2021
Restructuring And Related Activities [Abstract]  
Schedule of Reconciliation of Restructuring Liability

A reconciliation of the beginning and ending restructuring liability, which is included in accrued wages and benefits in the Consolidated Balance Sheets is as follows:

 

(In thousands)

 

As of March 31, 2021

 

Balance as of December 31, 2020

 

$

4,186

 

Plus: Amounts charged to cost and expense

 

 

301

 

Less: Amounts paid

 

 

(2,410

)

Balance as of March 31, 2021

 

$

2,077

 

Schedule of Components of Restructuring Expenses

Restructuring expenses included in the Condensed Consolidated Statements of Income (Loss) were as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(In thousands)

 

2021

 

 

2020

 

Cost of revenue

 

 

15

 

 

 

34

 

Selling, general and administrative expenses

 

$

142

 

 

$

83

 

Research and development expenses

 

 

144

 

 

 

436

 

Total restructuring expenses

 

$

301

 

 

$

553

 

 

 

The following table represents the components of restructuring expense by geographic area were as follows:

 

 

Three Months Ended

 

 

 

March 31,

 

(In thousands)

 

2021

 

 

2020

 

Domestic

 

$

209

 

 

$

551

 

International

 

 

92

 

 

 

2

 

Total restructuring expenses

 

$

301

 

 

$

553

 

 

v3.21.1
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Summary Of Significant Accounting Policy [Line Items]    
Tax benefit in other comprehensive income (loss) $ (17) $ 104
ASU 2016-13 [Member]    
Summary Of Significant Accounting Policy [Line Items]    
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] true  
Change in Accounting Principle, Accounting Standards Update, Adoption Date Jan. 01, 2020  
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] true  
ASU 2019-12 [Member]    
Summary Of Significant Accounting Policy [Line Items]    
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] true  
Change in Accounting Principle, Accounting Standards Update, Adoption Date Apr. 01, 2020  
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] true  
Adjustments for New Accounting Principle, Early Adoption [Member]    
Summary Of Significant Accounting Policy [Line Items]    
Tax benefit in other comprehensive income (loss) $ (100)  
Overstatement Long-term Investment Balance at Remeasured Cost Basis [Member]    
Summary Of Significant Accounting Policy [Line Items]    
Amount of revision   2,800
Errors in Net Investment Gain [Member]    
Summary Of Significant Accounting Policy [Line Items]    
Amount of revision   $ 1,500
v3.21.1
Cash, Cash Equivalents and Restricted Cash - Summary of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Cash And Cash Equivalents [Abstract]    
Cash and cash equivalents $ 63,777 $ 60,161
Restricted cash 119 18
Cash, cash equivalents and restricted cash $ 63,896 $ 60,179
v3.21.1
Revenue - Additional Information (Detail)
3 Months Ended
Mar. 31, 2021
USD ($)
Category
Dec. 31, 2020
USD ($)
Revenue [Line Items]    
Number of categories | Category 3  
Remaining performance obligations $ 0  
Recognized revenue 5,000,000.0  
Other Than Maintenance Services [Member]    
Revenue [Line Items]    
Remaining performance obligations $ 19,000,000.0 $ 17,700,000
v3.21.1
Revenue - Disaggregate of Revenue by Reportable Segment and Revenue Category (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Disaggregation Of Revenue [Line Items]    
Revenue $ 127,533 $ 114,523
Network Solutions [Member]    
Disaggregation Of Revenue [Line Items]    
Revenue 113,809 97,372
Services & Support [Member]    
Disaggregation Of Revenue [Line Items]    
Revenue 13,724 17,151
Access & Aggregation [Member]    
Disaggregation Of Revenue [Line Items]    
Revenue 69,074 65,966
Access & Aggregation [Member] | Network Solutions [Member]    
Disaggregation Of Revenue [Line Items]    
Revenue 60,053 53,055
Access & Aggregation [Member] | Services & Support [Member]    
Disaggregation Of Revenue [Line Items]    
Revenue 9,021 12,911
Subscriber Solutions & Experience [Member]    
Disaggregation Of Revenue [Line Items]    
Revenue 54,569 42,179
Subscriber Solutions & Experience [Member] | Network Solutions [Member]    
Disaggregation Of Revenue [Line Items]    
Revenue 52,269 39,983
Subscriber Solutions & Experience [Member] | Services & Support [Member]    
Disaggregation Of Revenue [Line Items]    
Revenue 2,300 2,196
Traditional & Other Products [Member]    
Disaggregation Of Revenue [Line Items]    
Revenue 3,890 6,378
Traditional & Other Products [Member] | Network Solutions [Member]    
Disaggregation Of Revenue [Line Items]    
Revenue 1,487 4,334
Traditional & Other Products [Member] | Services & Support [Member]    
Disaggregation Of Revenue [Line Items]    
Revenue $ 2,403 $ 2,044
v3.21.1
Revenue - Additional Information (Detail1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01
Mar. 31, 2021
Revenue [Line Items]  
Remaining performance obligations, percentage 63.00%
Remaining performance obligations, period 12 months
v3.21.1
Revenue - Information about Receivables, Contract Assets, and Unearned Revenue from Contracts with Customers (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Revenue From Contract With Customer [Abstract]    
Accounts receivable, net $ 103,201 $ 98,827
Contract assets 906 63
Unearned revenue 14,457 14,092
Non-current unearned revenue $ 7,040 $ 6,888
v3.21.1
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Income Tax Disclosure [Line Items]      
Effective tax rate expense (benefit) 53.90% 30.50%  
Income tax benefit, result of CARES act of 2020   $ (7,400)  
Income tax expense, result of Alabama business tax competitiveness act $ 1,600    
Deferred tax assets, gross 57,952   $ 55,687
Valuation allowance established against deferred tax assets 48,504   45,818
Deferred tax assets 9,448   9,869
Domestic [Member]      
Income Tax Disclosure [Line Items]      
Valuation allowance established against deferred tax assets 2,700    
Deferred tax assets, gross 46,479   43,791
Valuation allowance established against deferred tax assets $ 46,479   $ 43,791
v3.21.1
Income Taxes - Summary of Supplemental Balance Sheet Information Related to Deferred Tax Assets (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Operating Loss Carryforwards [Line Items]    
Deferred Tax Assets $ 57,952 $ 55,687
Valuation Allowance (48,504) (45,818)
Deferred Tax Assets, net 9,448 9,869
Domestic [Member]    
Operating Loss Carryforwards [Line Items]    
Deferred Tax Assets 46,479 43,791
Valuation Allowance (46,479) (43,791)
International [Member]    
Operating Loss Carryforwards [Line Items]    
Deferred Tax Assets 11,473 11,896
Valuation Allowance (2,025) (2,027)
Deferred Tax Assets, net $ 9,448 $ 9,869
v3.21.1
Pension Benefit Plan - Summarization of Components of Net Periodic Pension Cost (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Compensation And Retirement Disclosure [Abstract]    
Service cost $ 314 $ 310
Interest cost 87 108
Expected return on plan assets (471) (410)
Amortization of actuarial losses 278 237
Net periodic pension cost $ 208 $ 245
v3.21.1
Stock-Based Compensation - Stock-Based Compensation Expense Related to Stock Options, PSUs, RSUs and Restricted Stock (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]    
Total stock-based compensation expense $ 1,807 $ 1,791
Tax benefit for expense associated with stock options, PSUs, RSUs and restricted stock (431) (427)
Total stock-based compensation expense, net of tax 1,376 1,364
Stock-based Compensation Expense Included in Cost of Revenue [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]    
Total stock-based compensation expense 131 115
Selling, General and Administrative Expense [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]    
Total stock-based compensation expense 1,098 1,075
Research and Development Expense [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]    
Total stock-based compensation expense 578 601
Stock-based Compensation Expense Included in Operating Expenses [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]    
Total stock-based compensation expense $ 1,676 $ 1,676
v3.21.1
Stock-Based Compensation - Summary of PSUs, RSUs and Restricted Stock Outstanding (Detail)
shares in Thousands
3 Months Ended
Mar. 31, 2021
$ / shares
shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Number of Shares, Unvested PSUs, RSUs and restricted stock outstanding, beginning balance | shares 1,846
Number of Shares, PSUs, RSUs and restricted stock granted | shares 354
Number of Shares, PSUs, RSUs and restricted stock vested | shares (11)
Number of Shares, PSUs, RSUs and restricted stock forfeited | shares (34)
Number of Shares, Unvested PSUs, RSUs and restricted stock outstanding, ending balance | shares 2,155
Weighted Avg. Grant Date Fair Value, Unvested PSUs, RSUs and restricted stock outstanding, Beginning Balance | $ / shares $ 11.49
Weighted Avg. Grant Date Fair Value, PSUs, RSUs and restricted stock granted | $ / shares 16.72
Weighted Avg. Grant Date Fair Value, PSUs, RSUs and restricted stock vested | $ / shares 11.88
Weighted Avg. Grant Date Fair Value, PSUs, RSUs and restricted stock forfeited | $ / shares 11.48
Weighted Avg. Grant Date Fair Value, Unvested PSUs, RSUs and restricted stock outstanding, Ending Balance | $ / shares $ 12.40
v3.21.1
Stock-Based Compensation (PSUs, RSUs and Restricted Stock) - Additional Information (Detail) - USD ($)
shares in Thousands, $ in Millions
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Share granted 354  
Options available for issuance under shareholders-approved equity plan 3,400  
Performance Stock Units (PSUs) [Member]    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Share granted 300 300
Vesting period 2 years 3 years
Performance Stock Units (PSUs) [Member] | Minimum [Member]    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Percentage of performance stock units granted 0.00% 0.00%
Performance Stock Units (PSUs) [Member] | Maximum [Member]    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Percentage of performance stock units granted 142.80% 142.80%
Market-Based PSUs, RSUs and Restricted Stock [Member]    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Unrecognized compensation expense related to other than options $ 15.2  
Recognition period of unvested compensation expense 2 years 7 months 6 days  
Performance-Based PSUs [Member]    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Unrecognized compensation expense related to other than options $ 5.3  
Recognition period of unvested compensation expense 1 year 8 months 12 days  
v3.21.1
Stock-Based Compensation - Summary of Stock Options Outstanding (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]    
Number of Stock Options, Stock options outstanding, Beginning Balance 2,718  
Number of Stock Options, Stock options exercised (80)  
Number of Stock Options, Stock options forfeited / expired (92)  
Number of Stock Options, Stock options outstanding, Ending Balance 2,546 2,718
Number of Stock Options, Stock options exercisable 2,546  
Weighted Avg. Exercise Price, Stock options outstanding, Beginning Balance $ 21.17  
Weighted Avg. Exercise Price, Stock options exercised 15.64  
Weighted Avg. Exercise Price, Stock options forfeited / expired 21.55  
Weighted Avg. Exercise Price, Stock options outstanding, Ending Balance 21.32 $ 21.17
Weighted Avg. Exercise Price, Stock options exercisable $ 21.32  
Weighted Avg. Remaining Contractual Life In Years, Stock options outstanding 2 years 7 months 6 days 2 years 10 months 24 days
Weighted Avg. Remaining Contractual Life in Years, Stock options exercisable 2 years 7 months 6 days  
Aggregate Intrinsic Value, Stock options outstanding $ 779  
Aggregate Intrinsic Value, Stock options exercised 167  
Aggregate Intrinsic Value, Stock options exercisable $ 779  
v3.21.1
Stock-Based Compensation (Stock Options) - Additional Information (Detail) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Number of Stock options, granted 0 0
Aggregate intrinsic value based on fair market value $ 779,000  
Total pre-tax intrinsic value of options exercised 167,000  
Unvested Stock Options [Member]    
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]    
Unrecognized compensation expense related to non-vested stock options $ 0  
v3.21.1
Investments - Debt Securities and Other Investments, Included on Condensed Consolidated Balance Sheets and Recorded at Fair Value (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost $ 45,891 $ 44,666
Gross Unrealized Gains 296 457
Gross Unrealized Losses (40) (7)
Fair Value 46,147 45,116
Corporate Bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 14,176 11,762
Gross Unrealized Gains 68 123
Gross Unrealized Losses (13)  
Fair Value 14,231 11,885
Municipal Fixed-Rate Bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 2,600 2,854
Gross Unrealized Gains 25 30
Fair Value 2,625 2,884
Asset-Backed Bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 5,772 6,634
Gross Unrealized Gains 42 74
Gross Unrealized Losses (2)  
Fair Value 5,812 6,708
Mortgage/Agency-Backed Bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 11,775 11,536
Gross Unrealized Gains 92 114
Gross Unrealized Losses (22) (6)
Fair Value 11,845 11,644
U.S. Government Bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 9,704 9,763
Gross Unrealized Gains 66 112
Gross Unrealized Losses (1)  
Fair Value 9,769 9,875
Foreign Government Bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 1,331 1,334
Gross Unrealized Gains 3 4
Gross Unrealized Losses (2) (1)
Fair Value 1,332 1,337
Commercial Paper [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost   250
Fair Value   250
Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 533 533
Fair Value $ 533 $ 533
v3.21.1
Investments - Contractual Maturities of Debt Securities and Other Investments (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale debt securities, Fair Value/Carrying Value $ 46,147 $ 45,116
Corporate Bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Less than one year 1,323  
One to two years 3,758  
Two to three years 7,509  
Three to five years 1,641  
Available-for-sale debt securities, Fair Value/Carrying Value 14,231 11,885
Municipal Fixed-Rate Bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Less than one year 357  
One to two years 1,130  
Two to three years 1,138  
Available-for-sale debt securities, Fair Value/Carrying Value 2,625 2,884
Asset-Backed Bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Less than one year 16  
One to two years 13  
Two to three years 272  
Three to five years 3,445  
Five to ten years 1,143  
More than ten years 923  
Available-for-sale debt securities, Fair Value/Carrying Value 5,812 6,708
Mortgage/Agency-Backed Bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Less than one year 296  
One to two years 2,090  
Two to three years 1,740  
Three to five years 175  
Five to ten years 2,457  
More than ten years 5,087  
Available-for-sale debt securities, Fair Value/Carrying Value 11,845 11,644
U.S. Government Bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Less than one year 1,282  
One to two years 6,831  
Two to three years 1,656  
Available-for-sale debt securities, Fair Value/Carrying Value 9,769 9,875
Foreign Government Bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Less than one year 75  
One to two years 460  
Two to three years 497  
Three to five years 300  
Available-for-sale debt securities, Fair Value/Carrying Value 1,332 1,337
Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Less than one year 533  
Available-for-sale debt securities, Fair Value/Carrying Value $ 533 $ 533
v3.21.1
Investments - Gross Realized Gains and Losses on Sale of Debt Securities (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]    
Gross realized gains on debt securities $ 87 $ 43
Gross realized losses on debt securities (16) (20)
Total gain recognized, net $ 71 $ 23
v3.21.1
Investments - Additional Information (Detail) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2020
Schedule of Investments [Line Items]        
Purchase an available-for-sale debt securities with credit deterioration $ 0      
Transfer from investments     $ 3,400,000  
Asset impairments   $ 65,000    
Carrying value of investment 800,000     $ 800,000
Net Investment Gain (Loss) [Member]        
Schedule of Investments [Line Items]        
Asset impairments       2,600,000
Other Receivables [Member]        
Schedule of Investments [Line Items]        
Note receivable, current 4,300,000   $ 4,300,000 4,300,000
Asset impairments 0      
Long-term Investments [Member]        
Schedule of Investments [Line Items]        
Note receivable, noncurrent $ 900,000     $ 900,000
Investment [Member] | Issuer Concentration [Member] | Market Value of Total Investment Portfolio [Member]        
Schedule of Investments [Line Items]        
Investment concentration risk percentage 5.00%      
v3.21.1
Investments - Realized and Unrealized Gains and Losses related to Marketable Equity Securities (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]    
Realized gains (losses) on equity securities sold $ 24 $ (2,436)
Unrealized gains (losses) on equity securities held 901 (8,464)
Total gain (loss) recognized, net $ 925 $ (10,900)
v3.21.1
Investments - Cash Equivalents and Investments held at Fair Value (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale debt securities $ 46,147 $ 45,116
Marketable equity securities 800 800
Fair Value, Measurements [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Other investments 1,400 1,400
Total 84,344 82,217
Fair Value, Measurements [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Other investments 1,400 1,400
Total 47,966 46,976
Fair Value, Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Total 35,845 34,708
Fair Value, Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Total 533 533
Money Market Funds [Member] | Fair Value, Measurements [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Cash equivalents 889 497
Money Market Funds [Member] | Fair Value, Measurements [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Cash equivalents 889 497
Corporate Bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale debt securities 14,231 11,885
Corporate Bonds [Member] | Fair Value, Measurements [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale debt securities 14,231 11,885
Corporate Bonds [Member] | Fair Value, Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale debt securities 14,231 11,885
Municipal Fixed-Rate Bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale debt securities 2,625 2,884
Municipal Fixed-Rate Bonds [Member] | Fair Value, Measurements [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale debt securities 2,625 2,884
Municipal Fixed-Rate Bonds [Member] | Fair Value, Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale debt securities 2,625 2,884
Asset-Backed Bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale debt securities 5,812 6,708
Asset-Backed Bonds [Member] | Fair Value, Measurements [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale debt securities 5,812 6,708
Asset-Backed Bonds [Member] | Fair Value, Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale debt securities 5,812 6,708
Mortgage/Agency-Backed Bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale debt securities 11,845 11,644
Mortgage/Agency-Backed Bonds [Member] | Fair Value, Measurements [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale debt securities 11,845 11,644
Mortgage/Agency-Backed Bonds [Member] | Fair Value, Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale debt securities 11,845 11,644
U.S. Government Bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale debt securities 9,769 9,875
U.S. Government Bonds [Member] | Fair Value, Measurements [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Cash equivalents   350
Available-for-sale debt securities 9,769 9,875
U.S. Government Bonds [Member] | Fair Value, Measurements [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Cash equivalents   350
Available-for-sale debt securities 9,769 9,875
Foreign Government Bonds [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale debt securities 1,332 1,337
Foreign Government Bonds [Member] | Fair Value, Measurements [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale debt securities 1,332 1,337
Foreign Government Bonds [Member] | Fair Value, Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale debt securities 1,332 1,337
Commercial Paper [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale debt securities   250
Commercial Paper [Member] | Fair Value, Measurements [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale debt securities   250
Commercial Paper [Member] | Fair Value, Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale debt securities   250
Other [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale debt securities 533 533
Other [Member] | Fair Value, Measurements [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale debt securities 533 533
Other [Member] | Fair Value, Measurements [Member] | Significant Unobservable Inputs (Level 3) [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Available-for-sale debt securities 533 533
Marketable Equity Securities - Various Industries [Member] | Fair Value, Measurements [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Marketable equity securities 11,544 10,963
Marketable Equity Securities - Various Industries [Member] | Fair Value, Measurements [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Marketable equity securities 11,544 10,963
Deferred Compensation Plan Assets [Member] | Fair Value, Measurements [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Marketable equity securities 24,364 23,891
Deferred Compensation Plan Assets [Member] | Fair Value, Measurements [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Marketable equity securities $ 24,364 $ 23,891
v3.21.1
Inventory - Components of Inventory (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Inventory Disclosure [Abstract]    
Raw materials $ 47,980 $ 47,026
Work in process 1,820 776
Finished goods 73,062 77,655
Total inventory, net $ 122,862 $ 125,457
v3.21.1
Inventory - Additional Information (Detail) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Inventory Disclosure [Abstract]    
Inventory valuation reserves $ 41.7 $ 39.6
v3.21.1
Property, Plant and Equipment - Property, Plant and Equipment (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Property Plant And Equipment [Abstract]    
Land $ 4,575 $ 4,575
Building and land improvements 35,154 35,142
Building 68,167 68,169
Furniture and fixtures 19,946 19,965
Computer hardware and software 70,889 70,942
Engineering and other equipment 133,065 132,920
Total property, plant and equipment 331,796 331,713
Less: accumulated depreciation (271,639) (269,314)
Total property, plant and equipment, net $ 60,157 $ 62,399
v3.21.1
Property, Plant and Equipment - Additional Information (Detail) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Property Plant And Equipment [Abstract]    
Impairment losses of long-lived assets $ 0  
Depreciation $ 3,100,000 $ 3,000,000.0
v3.21.1
Goodwill - Additional Information (Detail) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Goodwill [Line Items]      
Goodwill $ 7,000,000.0   $ 7,000,000.0
Impairment of goodwill 0 $ 0  
Network Solutions [Member]      
Goodwill [Line Items]      
Goodwill 6,600,000   400,000
Services & Support [Member]      
Goodwill [Line Items]      
Goodwill $ 6,600,000   $ 400,000
v3.21.1
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 36,304 $ 39,293
Accumulated Amortization (13,920) (15,823)
Net Book Value 22,384 23,470
Customer Relationships [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Amount 20,934 21,123
Accumulated Amortization (8,451) (8,055)
Net Book Value 12,483 13,068
Developed Technology [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Amount 8,200 8,200
Accumulated Amortization (2,830) (2,546)
Net Book Value 5,370 5,654
Licensed Technology [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Amount 5,900 5,900
Accumulated Amortization (1,994) (1,830)
Net Book Value 3,906 4,070
Supplier Relationships [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Amount   2,800
Accumulated Amortization   (2,800)
Licensing Agreements [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Amount 560 560
Accumulated Amortization (170) (152)
Net Book Value 390 408
Patent [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Amount 500 500
Accumulated Amortization (312) (294)
Net Book Value 188 206
Trade Names [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross Carrying Amount 210 210
Accumulated Amortization (163) (146)
Net Book Value $ 47 $ 64
v3.21.1
Intangible Assets - Additional Information (Detail) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Intangible Assets Net Excluding Goodwill [Abstract]    
Impairment losses of intangible assets $ 0 $ 0
Amortization expense $ 1,000,000.0 $ 1,300,000
v3.21.1
Intangible Assets - Estimated Future Amortization Expense Related to Intangible Assets (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Finite Lived Intangible Assets Future Amortization Expense [Abstract]    
2021 $ 3,067  
2022 3,482  
2023 3,330  
2024 3,236  
2025 3,028  
Thereafter 6,241  
Net Book Value $ 22,384 $ 23,470
v3.21.1
Leases - Net Investment in Sales-Type Leases (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Sales Type Leases Net Investment In Leases [Abstract]    
Current minimum lease payments receivable $ 560 $ 702
Non-current minimum lease payments receivable 262 347
Total minimum lease payments receivable 822 1,049
Less: Current unearned revenue 164 218
Less: Non-current unearned revenue 33 50
Net investment in sales-type leases $ 625 $ 781
v3.21.1
Revolving Credit Agreement - Additional Information (Detail) - Cadence Bank, N.A [Member] - Secured Revolving Credit Facility [Member] - Revolving Credit and Security Agreement (The “Revolving Credit Agreement”) [Member] - USD ($)
Nov. 04, 2020
Mar. 31, 2021
Line Of Credit Facility [Line Items]    
Secured revolving credit facility amount $ 10,000,000.0  
Credit agreement maturity period Nov. 04, 2021  
Maximum loan to value ratio percentage 75.00%  
Maximum interest rate in no event time 1.50%  
Borrowings under revolving credit agreement   $ 0
Screen Rate [Member]    
Line Of Credit Facility [Line Items]    
Debt instrument interest over screen rate 1.50%  
v3.21.1
Alabama State Industrial Development Authority Financing and Economic Incentives - Additional Information (Detail) - USD ($)
$ in Thousands
3 Months Ended
Jan. 02, 2020
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2008
Jan. 13, 1995
Debt Instrument [Line Items]          
Repayment of bond     $ 24,600    
Taxable Revenue Bonds [Member]          
Debt Instrument [Line Items]          
Proceeds from state industrial development authority issued taxable bonds loaned to ADTRAN       $ 50,000 $ 20,000
Percentage of interest on bond   2.00%      
Maturity date of bond   Jan. 01, 2020      
Repayment of bond $ 24,600        
v3.21.1
Stockholders' Equity - Additional Information (Detail) - shares
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Equity [Abstract]    
Stock repurchased, shares 0 0
Additional shares authorized for purchase 2,500,000  
Maximum shares authorized for repurchase, prior and new announcements and total after new announcement 5,000,000.0  
v3.21.1
Stockholders' Equity - Changes in Accumulated Other Comprehensive Loss, Net of Tax by Component (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning Balance $ 372,944 $ 380,426
Other comprehensive income (loss) before reclassifications (1,920) (2,581)
Amounts reclassified from accumulated other comprehensive income (loss) (36) 1,189
Net current period other comprehensive income (loss) (1,956) (1,392)
Ending Balance 370,375 363,715
ASU 2018-02 [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning Balance 385 385
Ending Balance 385 385
Accumulated Other Comprehensive Income [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning Balance (11,639) (16,417)
Ending Balance (13,595) (17,809)
Unrealized Gains (Losses) on Available-for-Sale Securities [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning Balance 32 (284)
Other comprehensive income (loss) before reclassifications (57) (931)
Amounts reclassified from accumulated other comprehensive income (loss) (135) 1,048
Net current period other comprehensive income (loss) (192) 117
Ending Balance (160) (167)
Defined Benefit Plan Adjustments [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning Balance (9,621) (9,226)
Amounts reclassified from accumulated other comprehensive income (loss) 99 141
Net current period other comprehensive income (loss) 99 141
Ending Balance (9,522) (9,085)
Foreign Currency Adjustments [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Beginning Balance (2,435) (7,292)
Other comprehensive income (loss) before reclassifications (1,863) (1,650)
Net current period other comprehensive income (loss) (1,863) (1,650)
Ending Balance $ (4,298) $ (8,942)
v3.21.1
Stockholders' Equity - Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items]    
Income (Loss) Before Income Taxes $ 1,944 $ (14,337)
Tax benefit (1,048) 4,368
Net Income (Loss) 896 (9,969)
Reclassification Out of Accumulated Other Comprehensive Loss [Member]    
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items]    
Defined benefit plan adjustments – actuarial losses (143) (204)
Income (Loss) Before Income Taxes 35 (1,620)
Tax benefit 1 431
Net Income (Loss) 36 (1,189)
Unrealized Gains (Losses) on Available-for-Sale Securities [Member] | Reclassification Out of Accumulated Other Comprehensive Loss [Member]    
Reclassification Adjustment Out of Accumulated Other Comprehensive Income (Loss) [Line Items]    
Net investment gain (loss) $ 178 $ (1,416)
v3.21.1
Stockholders' Equity - Tax Effects Related to the Change in Each Component of Other Comprehensive Loss (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Equity [Abstract]    
Unrealized loss on available-for-sale securities, Before-Tax Amount $ (75) $ (1,258)
Unrealized loss on available-for-sale securities, Tax (Expense) Benefit 18 327
Unrealized loss on available-for-sale securities, Net-of-Tax Amount (57) (931)
Reclassification adjustment for amounts related to available-for-sale investments included in net income (loss), Before-Tax Amount (178) 1,416
Reclassification adjustment for amounts related to available-for-sale investments included in net income (loss), Tax (Expense) Benefit 43 (368)
Reclassification adjustment for amounts related to available-for-sale investments included in net income (loss), Net-of-Tax Amount (135) 1,048
Reclassification adjustment for amounts related to defined benefit plan adjustments included in net income (loss), Before-Tax Amount 143 204
Reclassification adjustment for amounts related to defined benefit plan adjustments included in net income (loss), Tax (Expense) Benefit (44) (63)
Reclassification adjustment for amounts related to defined benefit plan adjustments included in net income (loss), Net-of-Tax Amount 99 141
Foreign currency translation adjustment, Before-Tax Amount (1,863) (1,650)
Foreign currency translation adjustment, Net-of-Tax Amount (1,863) (1,650)
Total Other Comprehensive Income (Loss), Before-Tax Amount (1,973) (1,288)
Total Other Comprehensive Income (Loss), Tax (Expense) Benefit 17 (104)
Other Comprehensive Loss, net of tax $ (1,956) $ (1,392)
v3.21.1
Earnings (Loss) Per Share - Summary of Calculation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Numerator    
Net income (loss) $ 896 $ (9,969)
Denominator    
Weighted average number of shares – basic 48,336 47,957
Effect of dilutive securities    
Stock options 56  
PSUs, RSUs and restricted stock 612  
Weighted average number of shares – diluted 49,004 47,957
Earnings (loss) per share – basic $ 0.02 $ (0.21)
Earnings (loss) per share – diluted $ 0.02 $ (0.21)
v3.21.1
Earnings (Loss) Per Share - Additional Information (Detail) - shares
shares in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Anti-dilutive effect excluded calculation of diluted earnings per share 700 5,900
Unvested Stock Options, PSUs, RSUs and Restricted Stock [Member]    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Anti-dilutive effect excluded calculation of diluted earnings per share 1 400
v3.21.1
Segment Information - Additional Information (Detail)
3 Months Ended
Mar. 31, 2021
Category
Segment
Segment Reporting [Abstract]  
Number of reportable segments | Segment 2
Number of categories | Category 3
v3.21.1
Segment Information - Revenue and Gross Profit of Reportable Segments (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Segment Reporting Information [Line Items]    
Revenue $ 127,533 $ 114,523
Gross Profit 53,601 51,600
Network Solutions [Member]    
Segment Reporting Information [Line Items]    
Revenue 113,809 97,372
Gross Profit 48,808 45,746
Services & Support [Member]    
Segment Reporting Information [Line Items]    
Revenue 13,724 17,151
Gross Profit $ 4,793 $ 5,854
v3.21.1
Segment Information - Revenue Information by Category (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Disaggregation Of Revenue [Line Items]    
Revenue $ 127,533 $ 114,523
Access & Aggregation [Member]    
Disaggregation Of Revenue [Line Items]    
Revenue 69,074 65,966
Subscriber Solutions & Experience [Member]    
Disaggregation Of Revenue [Line Items]    
Revenue 54,569 42,179
Traditional & Other Products [Member]    
Disaggregation Of Revenue [Line Items]    
Revenue $ 3,890 $ 6,378
v3.21.1
Segment Information - Revenue Information by Geographic Area (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenue from External Customer [Line Items]    
Revenue $ 127,533 $ 114,523
United States [Member]    
Revenue from External Customer [Line Items]    
Revenue 86,485 78,991
International [Member]    
Revenue from External Customer [Line Items]    
Revenue $ 41,048 $ 35,532
v3.21.1
Liability for Warranty Returns - Additional Information (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Mar. 31, 2020
Dec. 31, 2019
Product Warranties Disclosures [Abstract]        
Period of assurance-based warranty for product defects 90 days to five years      
Liability for warranty obligations $ 6,472 $ 7,146 $ 7,635 $ 8,394
v3.21.1
Liability for Warranty Returns - Summary of Reconciliation of Warranty Expense and Related Write-off Activity (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Product Warranties Disclosures [Abstract]    
Balance at beginning of period $ 7,146 $ 8,394
Plus: Amounts charged to cost and expenses (231) (55)
Less: Deductions (443) (704)
Balance at end of period $ 6,472 $ 7,635
v3.21.1
Commitments and Contingencies - Additional Information (Detail)
3 Months Ended
Mar. 31, 2020
Officer
Mar. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Contingencies And Commitments [Line Items]      
Commitments related to performance bonds   $ 21,200,000 $ 15,200,000
Commitments related to performance bonds expiration month and year   2024-08  
Letter of credit secured by pledge of a portion of fixed income securities   $ 18,200,000  
Commitments towards private equity funds   4,900,000  
Investment Commitments [Member]      
Contingencies And Commitments [Line Items]      
Aggregate investment committed in private equity funds   5,000,000.0  
Long-term Investments [Member]      
Contingencies And Commitments [Line Items]      
Letter of credit secured by pledge of a portion of fixed income securities   18,100,000  
Minimum [Member]      
Contingencies And Commitments [Line Items]      
Collateral value required to be maintained   15,000,000.0  
Maximum [Member] | Restricted Cash [Member]      
Contingencies And Commitments [Line Items]      
Letter of credit secured by pledge of a portion of fixed income securities   $ 100,000  
Current Executive Officers [Member]      
Contingencies And Commitments [Line Items]      
Number of officers | Officer 2    
Former Executive Officers [Member]      
Contingencies And Commitments [Line Items]      
Number of officers | Officer 1    
v3.21.1
Restructuring - Additional Information (Detail)
$ in Millions
3 Months Ended
Mar. 31, 2021
USD ($)
Restructuring And Related Activities [Abstract]  
Cumulative amount of restructuring expenses incurred for restructuring plan $ 12.5
v3.21.1
Restructuring - Schedule of Reconciliation of Restructuring Liability (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Restructuring And Related Activities [Abstract]    
Balance at beginning of period $ 4,186  
Plus: Amounts charged to cost and expense 301 $ 553
Less: Amounts paid (2,410)  
Balance at end of period $ 2,077  
v3.21.1
Restructuring - Schedule of Components of Restructuring Expenses Including in Condensed Consolidated Statements of Income (Loss) (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Restructuring Cost And Reserve [Line Items]    
Total restructuring expenses $ 301 $ 553
Cost of Revenue [Member]    
Restructuring Cost And Reserve [Line Items]    
Total restructuring expenses 15 34
Selling, General and Administrative Expenses [Member]    
Restructuring Cost And Reserve [Line Items]    
Total restructuring expenses 142 83
Research and Development Expenses [Member]    
Restructuring Cost And Reserve [Line Items]    
Total restructuring expenses $ 144 $ 436
v3.21.1
Restructuring - Schedule of Components of Restructuring Expense by Geographic Area (Detail) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Restructuring Cost And Reserve [Line Items]    
Total restructuring expenses $ 301 $ 553
United States [Member]    
Restructuring Cost And Reserve [Line Items]    
Total restructuring expenses 209 551
International [Member]    
Restructuring Cost And Reserve [Line Items]    
Total restructuring expenses $ 92 $ 2
v3.21.1
Subsequent Events - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended
May 05, 2021
Mar. 31, 2021
Mar. 31, 2020
Jun. 03, 2021
Subsequent Event [Line Items]        
Common stock dividends per share declared   $ 0.09 $ 0.09  
Subsequent Event [Member]        
Subsequent Event [Line Items]        
Dividend declaration date May 05, 2021      
Common stock dividends per share declared $ 0.09      
Dividend record date May 20, 2021      
Dividend payment date Jun. 03, 2021      
Scenario Forecast [Member]        
Subsequent Event [Line Items]        
Quarterly dividend payable, aggregate amount       $ 4.4