Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 22, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ADTN | |
Entity Registrant Name | ADTRAN INC | |
Entity Central Index Key | 926,282 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 48,971,260 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 91,609 | $ 84,550 |
Short-term investments | 29,303 | 34,396 |
Accounts receivable, less allowance for doubtful accounts of $19 at March 31, 2016 and December 31, 2015 | 67,492 | 71,917 |
Other receivables | 9,199 | 19,321 |
Inventory, net | 92,107 | 91,533 |
Prepaid expenses and other current assets | 13,096 | 10,145 |
Deferred tax assets, net | 17,967 | 18,924 |
Total Current Assets | 320,773 | 330,786 |
Property, plant and equipment, net | 73,511 | 73,233 |
Deferred tax assets, net | 18,878 | 18,091 |
Goodwill | 3,492 | 3,492 |
Other assets | 9,157 | 9,276 |
Long-term investments | 195,683 | 198,026 |
Total Assets | 621,494 | 632,904 |
Current Liabilities | ||
Accounts payable | 42,635 | 48,668 |
Unearned revenue | 18,683 | 16,615 |
Accrued expenses | 13,513 | 12,108 |
Accrued wages and benefits | 11,064 | 12,857 |
Income tax payable, net | 2,739 | 2,395 |
Total Current Liabilities | 88,634 | 92,643 |
Non-current unearned revenue | 7,288 | 7,965 |
Other non-current liabilities | 25,283 | 24,236 |
Bonds payable | 27,900 | 27,900 |
Total Liabilities | $ 149,105 | $ 152,744 |
Commitments and contingencies (see Note 13) | ||
Stockholders' Equity | ||
Common stock, par value $0.01 per share; 200,000 shares authorized; 79,652 shares issued and 48,993 shares outstanding at March 31, 2016 and 79,652 shares issued and 49,558 shares outstanding at December 31, 2015 | $ 797 | $ 797 |
Additional paid-in capital | 248,305 | 246,879 |
Accumulated other comprehensive loss | (7,951) | (8,969) |
Retained earnings | 906,820 | 906,772 |
Less treasury stock at cost: 30,659 and 30,094 shares at March 31, 2016 and December 31, 2015, respectively | (675,582) | (665,319) |
Total Stockholders' Equity | 472,389 | 480,160 |
Total Liabilities and Stockholders' Equity | $ 621,494 | $ 632,904 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 19 | $ 19 |
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 | 48,993,000 | 49,558,000 |
Treasury stock, shares | 30,659,000 | 30,094,000 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Sales | ||
Products | $ 123,883 | $ 129,505 |
Services | 18,321 | 13,330 |
Total Sales | 142,204 | 142,835 |
Cost of sales | ||
Products | 64,073 | 71,560 |
Services | 12,337 | 5,712 |
Total Cost of Sales | 76,410 | 77,272 |
Gross Profit | 65,794 | 65,563 |
Selling, general and administrative expenses | 30,785 | 31,064 |
Research and development expenses | 29,488 | 32,536 |
Operating Income | 5,521 | 1,963 |
Interest and dividend income | 855 | 933 |
Interest expense | (145) | (148) |
Net realized investment gain | 1,728 | 3,115 |
Other income (expense), net | 119 | (353) |
Income before provision for income taxes | 8,078 | 5,510 |
Provision for income taxes | (3,064) | (2,193) |
Net Income | $ 5,014 | $ 3,317 |
Weighted average shares outstanding - basic | 49,220 | 53,399 |
Weighted average shares outstanding - diluted | 49,389 | 53,634 |
Earnings per common share - basic | $ 0.10 | $ 0.06 |
Earnings per common share - diluted | 0.10 | 0.06 |
Dividend per share | $ 0.09 | $ 0.09 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 5,014 | $ 3,317 |
Other Comprehensive Income (Loss), net of tax: | ||
Net unrealized losses on available-for-sale securities | (255) | (503) |
Defined benefit plan adjustments | 45 | 68 |
Foreign currency translation | 1,228 | (3,318) |
Other Comprehensive Income (Loss), net of tax | 1,018 | (3,753) |
Comprehensive Income (Loss), net of tax | $ 6,032 | $ (436) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 5,014 | $ 3,317 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 3,347 | 3,728 |
Amortization of net premium on available-for-sale investments | 220 | 910 |
Net realized gain on long-term investments | (1,728) | (3,115) |
Net loss on disposal of property, plant and equipment | 3 | 8 |
Stock-based compensation expense | 1,558 | 1,639 |
Deferred income taxes | 435 | (692) |
Tax benefit from stock option exercises | 8 | |
Excess tax benefits from stock-based compensation arrangements | (9) | |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 4,752 | (4,571) |
Other receivables | 10,200 | 511 |
Inventory | 163 | (7,784) |
Prepaid expenses and other assets | (3,083) | (213) |
Accounts payable | (6,520) | 20,084 |
Accrued expenses and other liabilities | 902 | (282) |
Income tax payable, net | 413 | (524) |
Net cash provided by operating activities | 15,676 | 13,015 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (3,166) | (2,442) |
Proceeds from sales and maturities of available-for-sale investments | 60,586 | 58,075 |
Purchases of available-for-sale investments | (52,053) | (44,584) |
Net cash provided by investing activities | 5,367 | 11,049 |
Cash flows from financing activities: | ||
Proceeds from stock option exercises | 247 | 280 |
Purchases of treasury stock | (11,003) | (3,035) |
Dividend payments | (4,453) | (4,811) |
Excess tax benefits from stock-based compensation arrangements | 9 | |
Net cash used in financing activities | (15,209) | (7,557) |
Net increase in cash and cash equivalents | 5,834 | 16,507 |
Effect of exchange rate changes | 1,225 | (2,937) |
Cash and cash equivalents, beginning of period | 84,550 | 73,439 |
Cash and cash equivalents, end of period | 91,609 | 87,009 |
Supplemental disclosure of non-cash investing activities: | ||
Purchases of property, plant and equipment included in accounts payable | $ 485 | $ 784 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated financial statements of ADTRAN ® 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 statements should be read in conjunction with the financial statements and notes thereto included in ADTRAN’s Annual Report on Form 10-K for the year ended December 31, 2015, filed on February 24, 2016 with the SEC. Out of Period Adjustment In connection with the preparation of our Condensed Consolidated Financial Statements, we recorded corrections of certain out of period, immaterial misstatements that occurred in prior periods, the most significant of which resulted in an increase in Other Expense of $1.3 million in the first quarter of 2015. The aggregate impact of the corrections was a $0.8 million reduction to pre-tax income for the three months ended March 31, 2015 and was not material to the prior year quarterly or annual results. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. Our more significant estimates include the obsolete and excess inventory reserves, warranty reserves, customer rebates, determination of the deferred revenue components of multiple element sales agreements, estimated costs to complete obligations associated with deferred revenues, estimated income tax provision and income tax contingencies, the fair value of stock-based compensation, impairment of goodwill, valuation and estimated lives of intangible assets, estimated pension liability, fair value of investments, and the evaluation of other-than-temporary declines in the value of investments. Actual amounts could differ significantly from these estimates. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers Revenue Recognition In July 2015, the FASB issued Accounting Standards Update No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory . Inventory, In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting During the first quarter of 2016, we adopted the following accounting standards, which had no material effect on our financial position, results of operations or cash flows: In April 2015, the FASB issued Accounting Standards Update No. 2015-05, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 2. INCOME TAXES Our effective tax rate decreased from 39.8% in the three months ended March 31, 2015 to 37.9% in the three months ended March 31, 2016. The decrease in the effective tax rate between the two periods is primarily attributable to the research and development tax credit being made permanent. |
Pension Benefit Plan
Pension Benefit Plan | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Benefit Plan | 3. PENSION BENEFIT PLAN We maintain a defined benefit pension plan covering employees in certain foreign countries. The following table summarizes the components of net periodic pension cost for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, (In thousands) 2016 2015 Service cost $ 297 $ 340 Interest cost 176 159 Expected return on plan assets (259 ) (261 ) Amortization of actuarial losses 43 105 Net periodic pension cost $ 257 $ 343 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 4. STOCK-BASED COMPENSATION The following table summarizes the stock-based compensation expense related to stock options, restricted stock units (RSUs) and restricted stock for the three months ended March 31, 2016 and 2015, which was recognized as follows: Three Months Ended (In thousands) 2016 2015 Stock-based compensation expense included in cost of sales $ 99 $ 90 Selling, general and administrative expense 769 691 Research and development expense 690 858 Stock-based compensation expense included in operating expenses 1,459 1,549 Total stock-based compensation expense 1,558 1,639 Tax benefit for expense associated with non-qualified options (212 ) (180 ) Total stock-based compensation expense, net of tax $ 1,346 $ 1,459 The fair value of our stock options is estimated using the Black-Scholes model. The determination of the fair value of stock options on the date of grant using the Black-Scholes model is affected by our stock price as well as assumptions regarding a number of complex and subjective variables that may have a significant impact on the fair value estimate. There were no options granted during the three months ended March 31, 2016. The weighted-average assumptions and value of options granted during the three months ended March 31, 2015 were as follows: Three Months Ended March 31, 2015 Expected volatility 38.75 % Risk-free interest rate 1.46 % Expected dividend yield 1.60 % Expected life (in years) 6.47 Weighted-average estimated value $ 7.63 The fair value of our RSUs is calculated using a Monte Carlo Simulation valuation method. No RSUs were granted or vested during the three months ended March 31, 2016 and 2015. Twelve thousand RSUs were forfeited during the three months ended March 31, 2015. The fair value of restricted stock is equal to the closing price of our stock on the date of grant. No restricted stock vested or was forfeited during the three months ended March 31, 2016 and 2015. Two thousand shares of restricted stock were granted during the three months ended March 31, 2016. Stock-based compensation expense recognized in our Consolidated Statements of Income for the three months ended March 31, 2016 and 2015 is based on options, RSUs and restricted stock ultimately expected to vest, and has been reduced for estimated forfeitures. Estimated forfeitures for stock options are based upon historical experience and approximate 3.7% annually. We estimated a 0% forfeiture rate for our RSUs and restricted stock due to the limited number of recipients and historical experience for these awards. As of March 31, 2016, total compensation expense related to non-vested stock options, RSUs and restricted stock not yet recognized was approximately $13.2 million, which is expected to be recognized over an average remaining recognition period of 2.53 years. The following table is a summary of our stock options outstanding as of December 31, 2015 and March 31, 2016 and the changes that occurred during the three months ended March 31, 2016: (In thousands, except per share amounts) Number of Weighted Avg. Weighted Avg. Aggregate Options outstanding, December 31, 2015 7,108 $ 21.97 6.42 $ 3,284 Options granted — $ — Options exercised (15 ) $ 16.65 Options forfeited (23 ) $ 17.84 Options expired (26 ) $ 24.40 Options outstanding, March 31, 2016 7,044 $ 22.00 6.18 $ 11,580 Options vested and expected to vest, March 31, 2016 6,910 $ 22.10 6.12 $ 11,095 Options exercisable, March 31, 2016 4,466 $ 24.33 4.69 $ 4,191 The aggregate intrinsic values in the table above represent the total pre-tax intrinsic value (the difference between the closing price of our stock 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, 2016. The aggregate intrinsic value will change based on the fair market value of our stock. The total pre-tax intrinsic value of options exercised during the three months ended March 31, 2016 was $36 thousand. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 5. INVESTMENTS At March 31, 2016, we held the following securities and investments, recorded at either fair value or cost. (In thousands) Amortized Gross Unrealized Carrying Gains Losses Deferred compensation plan assets $ 11,440 $ 1,634 $ (70 ) $ 13,004 Corporate bonds 61,154 89 (386 ) 60,857 Municipal fixed-rate bonds 15,659 54 (1 ) 15,712 Asset-backed bonds 20,540 28 (8 ) 20,560 Mortgage/Agency-backed bonds 14,959 19 (82 ) 14,896 Government bonds 33,205 216 (2 ) 33,419 Variable Rate Demand Notes 2,235 — — 2,235 Marketable equity securities 31,798 2,886 (1,647 ) 33,037 Available-for-sale securities held at fair value $ 190,990 $ 4,926 $ (2,196 ) $ 193,720 Restricted investment held at cost 30,000 Other investments held at cost 1,266 Total carrying value of available-for-sale investments $ 224,986 At December 31, 2015, we held the following securities and investments, recorded at either fair value or cost. (In thousands) Amortized Gross Unrealized Carrying Gains Losses Deferred compensation plan assets $ 11,325 $ 1,575 $ (66 ) $ 12,834 Corporate bonds 58,328 20 (734 ) 57,614 Municipal fixed-rate bonds 26,414 28 (18 ) 26,424 Asset-backed bonds 19,281 2 (44 ) 19,239 Mortgage/Agency-backed bonds 15,463 1 (91 ) 15,373 Government bonds 35,646 — (248 ) 35,398 Marketable equity securities 31,643 4,301 (1,693 ) 34,251 Available-for-sale securities held at fair value $ 198,100 $ 5,927 $ (2,894 ) $ 201,133 Restricted investment held at cost 30,000 Other investments held at cost 1,289 Total carrying value of available-for-sale investments $ 232,422 As of March 31, 2016, our corporate bonds, municipal fixed-rate bonds, asset-backed bonds, mortgage/agency-backed bonds, and government bonds had the following contractual maturities: (In thousands) Corporate Municipal Asset- Mortgage / Government Less than one year $ 17,668 $ 7,147 $ — $ 1,000 $ 1,253 One to two years 29,883 5,566 190 1,300 4,751 Two to three years 12,490 1,373 8,158 1,774 17,992 Three to five years 816 226 9,496 — 9,423 Five to ten years — — 2,540 1,180 — More than ten years — 1,400 176 9,642 — Total $ 60,857 $ 15,712 $ 20,560 $ 14,896 $ 33,419 Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Our 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 our total investment portfolio. At March 31, 2016, we held a $30.0 million restricted certificate of deposit, which is carried at cost. This investment serves as a collateral deposit against the principal amount outstanding under loans made to ADTRAN pursuant to an Alabama State Industrial Development Authority revenue bond (the Bond). At March 31, 2016, the estimated fair value of the Bond using a level 2 valuation technique was approximately $29.1 million, based on a debt security with a comparable interest rate and maturity and a Standard and Poor’s credit rating of AAA. For more information on the Bond, see “Debt” under “Liquidity and Capital Resources” in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in Item 2 of Part I of this report. We review our investment portfolio for potential “other-than-temporary” declines in value on an individual investment basis. We assess, on a quarterly basis, significant declines in value which may be considered other-than-temporary and, if necessary, recognize and record the appropriate charge to write-down the carrying value of such investments. In making this assessment, we take into consideration qualitative and quantitative information, including but not limited to the following: the magnitude and duration of historical declines in market prices, credit rating activity, assessments of liquidity, public filings, and statements made by the issuer. We generally begin our identification of potential other-than-temporary impairments by reviewing any security with a fair value that has declined from its original or adjusted cost basis by 25% or more for six or more consecutive months. We then evaluate the individual security based on the previously identified factors to determine the amount of the write-down, if any. For the three months ended March 31, 2016 and 2015, other-than-temporary impairment charges were not significant. Realized gains and losses on sales of securities are computed under the specific identification method. The following table presents gross realized gains and losses related to our investments. Three Months Ended March 31, (In thousands) 2016 2015 Gross realized gains $ 2,364 $ 3,145 Gross realized losses $ (636 ) $ (30 ) As of March 31, 2016 and 2015, gross unrealized losses related to individual securities in a continuous loss position for 12 months or longer were not significant. We have categorized our cash equivalents held in money market funds and our investments held at fair value into a three-level fair value hierarchy based on the priority of the inputs to the valuation technique for the cash equivalents and investments as follows: Level 1 - Values based on unadjusted quoted prices for identical assets or liabilities in an active market; Level 2 - Values based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly; Level 3 - Values based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs include information supplied by investees. Fair Value Measurements at March 31, 2016 Using (In thousands) Fair Value Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Cash equivalents Money market funds $ 2,110 $ 2,110 $ — $ — Commercial Paper 26,442 — 26,442 — Cash equivalents 28,552 2,110 26,442 — Available-for-sale securities Deferred compensation plan assets 13,004 13,004 — — Available-for-sale debt securities Corporate bonds 60,857 — 60,857 — Municipal fixed-rate bonds 15,712 — 15,712 — Asset-backed bonds 20,560 — 20,560 — Mortgage/Agency-backed bonds 14,896 — 14,896 — Government bonds 33,419 33,419 — — Variable Rate Demand Notes 2,235 — 2,235 — Available-for-sale marketable equity securities Marketable equity securities – technology industry 4,709 4,709 — — Marketable equity securities – other 28,328 28,328 — — Available-for-sale securities 193,720 79,460 114,260 — Total $ 222,272 $ 81,570 $ 140,702 $ — Fair Value Measurements at December 31, 2015 Using (In thousands) Fair Value Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Cash equivalents Money market funds $ 1,271 $ 1,271 $ — $ — Commercial Paper 11,696 — 11,696 — Cash equivalents 12,967 1,271 11,696 — Available-for-sale securities Deferred compensation plan assets 12,834 12,834 — — Available-for-sale debt securities Corporate bonds 57,614 — 57,614 — Municipal fixed-rate bonds 26,424 — 26,424 — Asset-backed bonds 19,239 — 19,239 — Mortgage/Agency-backed bonds 15,373 — 15,373 — Government bonds 35,398 35,398 — — Available-for-sale marketable equity securities Marketable equity securities – technology industry 5,384 5,384 — — Marketable equity securities – other 28,867 28,867 — — Available-for-sale securities 201,133 82,483 118,650 — Total $ 214,100 $ 83,754 $ 130,346 $ — 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, security master files from 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. Our municipal variable rate demand notes have a structure that implies a standard expected market price. The frequent interest rate resets make it reasonable to expect the price to stay at par. These securities are priced at the expected market price. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 6. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES We have certain customers and suppliers who are invoiced or pay in a non-functional currency. Changes in the monetary exchange rates may adversely affect our results of operations and financial condition. When appropriate, we enter into various derivative transactions to enhance our ability to manage the volatility relating to these typical business exposures. We do not hold or issue derivative instruments for trading or other speculative purposes. Our derivative instruments are recorded in the Consolidated Balance Sheets at their fair values. Our derivative instruments do not qualify for hedge accounting, and accordingly, all changes in the fair value of the instruments are recognized as other income (expense) in the Consolidated Statements of Income. The maximum contractual period for our derivatives is currently less than twelve months. Our derivative instruments are not subject to master netting arrangements and are not offset in the Consolidated Balance Sheets. As of March 31, 2016, we had forward contracts outstanding with notional amounts totaling €1.8 million ($2.0 million), which mature in the second quarter of 2016. The fair values of our derivative instruments recorded in the Consolidated Balance Sheet as of March 31, 2016 and December 31, 2015 were as follows: (In thousands) Balance Sheet March 31, 2016 December 31, Derivatives Not Designated as Hedging Instruments (Level 2): Foreign exchange contracts – liability derivatives Accounts payable $ (48 ) $ — The change in the fair values of our derivative instruments recorded in the Consolidated Statements of Income during the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended Income Statement Location March 31, (In thousands) 2016 2015 Derivatives Not Designated as Hedging Instruments: Foreign exchange contracts Other income (expense) $ (47 ) $ 1,476 |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory | 7. INVENTORY At March 31, 2016 and December 31, 2015, inventory consisted of the following: March 31, December 31, (In thousands) 2016 2015 Raw materials $ 35,879 $ 34,223 Work in process 2,829 2,893 Finished goods 53,399 54,417 Total $ 92,107 $ 91,533 We establish reserves for estimated excess, obsolete, or unmarketable inventory equal to the difference between the cost of the inventory and the estimated fair value of the inventory based upon assumptions about future demand and market conditions. At March 31, 2016 and December 31, 2015, raw materials reserves totaled $18.5 million and $17.5 million, respectively, and finished goods inventory reserves totaled $9.0 million and $9.2 million, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 8. GOODWILL AND INTANGIBLE ASSETS Goodwill, all of which relates to our acquisition of Bluesocket, Inc., was $3.5 million at March 31, 2016 and December 31, 2015, and was previously recorded in our Enterprise Networks reportable segment. As a result of our new reporting structure, which is discussed further in Note 11, we reallocated goodwill from our Enterprise Networks reportable segment to our two, new reportable segments – Network Solutions and Services & Support. As a result, goodwill of $3.1 million and $0.4 million was reallocated to our Network Solutions and Services & Support reportable segments, respectively. We evaluate the carrying value of goodwill during the fourth quarter of each year and between annual evaluations if events occur or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. We have elected to first assess the qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit to which the goodwill is assigned is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step impairment test. If we determine that it is more likely than not that its fair value is less than its carrying amount, then the two-step impairment test will be performed. Based on the results of our qualitative assessment in 2015, we concluded that it was not necessary to perform the two-step impairment test. There have been no impairment losses recognized since the acquisition in 2011. Intangible assets are included in other assets in the accompanying Consolidated Balance Sheets and include intangibles acquired in conjunction with our acquisitions of Objectworld Communications Corporation on September 15, 2009, Bluesocket, Inc. on August 4, 2011, and the NSN BBA business on May 4, 2012. The following table presents our intangible assets as of March 31, 2016 and December 31, 2015: (In thousands) March 31, 2016 December 31, 2015 Gross Accumulated Net Value Gross Accumulated Net Value Customer relationships $ 6,031 $ (2,856 ) $ 3,175 $ 5,828 $ (2,627 ) $ 3,201 Developed technology 5,840 (4,618 ) 1,222 5,720 (4,329 ) 1,391 Intellectual property 2,340 (1,937 ) 403 2,340 (1,854 ) 486 Trade names 270 (270 ) — 270 (265 ) 5 Total $ 14,481 $ (9,681 ) $ 4,800 $ 14,158 $ (9,075 ) $ 5,083 Amortization expense, all of which relates to business acquisitions, was $0.4 million and $0.5 million for the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016, the estimated future amortization expense of our intangible assets is as follows: (In thousands) Amount Remainder of 2016 $ 1,257 2017 1,175 2018 710 2019 316 2020 292 Thereafter 1,050 Total $ 4,800 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | 9. STOCKHOLDERS’ EQUITY A summary of the changes in stockholders’ equity for the three months ended March 31, 2016 is as follows: (In thousands) Stockholders’ Balance, December 31, 2015 $ 480,160 Net income 5,014 Dividend payments (4,453 ) Dividends accrued for unvested restricted stock units (20 ) Net unrealized losses on available-for-sale securities (net of tax) (255 ) Defined benefit plan adjustments 45 Foreign currency translation adjustment 1,228 Proceeds from stock option exercises 247 Purchase of treasury stock (11,003 ) Income tax effect of stock compensation arrangements (132 ) Stock-based compensation expense 1,558 Balance, March 31, 2016 $ 472,389 Stock Repurchase Program Since 1997, our Board of Directors has approved multiple share repurchase programs that have authorized open market repurchase transactions of up to 50.0 million shares of our common stock, which will be implemented through open market or private purchases from time to time as conditions warrant. During the three months ended March 31, 2016, we repurchased 0.6 million shares of our common stock at an average price of $18.38 per share. As of March 31, 2016, we have the authority to purchase an additional 5.2 million shares of our common stock under the current plans approved by the Board of Directors. Stock Option Exercises We issued 15 thousand shares of treasury stock during the three months ended March 31, 2016 to accommodate employee stock option exercises. The stock options had exercise prices ranging from $15.29 to $18.97. We received proceeds totaling $0.2 million from the exercise of these stock options during the three months ended March 31, 2016. Dividend Payments During the three months ended March 31, 2016, we paid cash dividends as follows (in thousands except per share amounts): Record Date Payment Date Per Share Amount Total Dividend Paid February 4, 2016 February 18, 2016 $ 0.09 $ 4,453 Other Comprehensive Income Other comprehensive income consists of unrealized gains (losses) on available-for-sale securities, reclassification adjustments for amounts included in net income related to impairments of available-for-sale securities, realized gains (losses) on available-for-sale securities, and amortization of actuarial gains (losses) related to our defined benefit plan, defined benefit plan adjustments, and foreign currency translation adjustments. The following tables present changes in accumulated other comprehensive income, net of tax, by component for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 (In thousands) Unrealized Gains (Losses) on Available- for-Sale Securities Defined Foreign Total Beginning balance $ 1,932 $ (3,895 ) $ (7,006 ) $ (8,969 ) Other comprehensive income (loss) before reclassifications 759 — 1,228 1,987 Amounts reclassified from accumulated other comprehensive income (1,013 ) 44 — (969 ) Net current period other comprehensive income (loss) (254 ) 44 1,228 1,018 Ending balance $ 1,678 $ (3,851 ) $ (5,778 ) $ (7,951 ) Three Months Ended March 31, 2015 (In thousands) Unrealized Gains (Losses) on Available- for-Sale Securities Defined Foreign Total Beginning balance $ 8,964 $ (5,757 ) $ (3,282 ) $ (75 ) Other comprehensive income (loss) before reclassifications 1,360 — (3,318 ) (1,958 ) Amounts reclassified from accumulated other comprehensive income (1,863 ) 68 — (1,795 ) Net current period other comprehensive income (loss) (503 ) 68 (3,318 ) (3,753 ) Ending balance $ 8,461 $ (5,689 ) $ (6,600 ) $ (3,828 ) The following tables present the details of reclassifications out of accumulated other comprehensive income for the three months ended March 31, 2016 and 2015: (In thousands) Three Months Ended March 31, 2016 Details about Accumulated Other Comprehensive Income Amount from Other Income Affected Line Item in the Income Is Presented Unrealized gains (losses) on available-for-sale securities: Net realized gain on sales of securities $ 1,761 Net realized investment gain Impairment expense (100 ) Net realized investment gain Defined benefit plan adjustments – actuarial losses (64 ) (1) Total reclassifications for the period, before tax 1,597 Tax (expense) benefit (628 ) Total reclassifications for the period, net of tax $ 969 (1) Included in the computation of net periodic pension cost. See Note 3 of Notes to Consolidated Financial Statements. (In thousands) Three Months Ended March 31, 2015 Details about Accumulated Other Comprehensive Income Amount from Other Affected Line Item in the Income Is Presented Unrealized gains (losses) on available-for-sale securities: Net realized gain on sales of securities $ 3,076 Net realized investment gain Impairment expense (22 ) Net realized investment gain Defined benefit plan adjustments – actuarial losses (98 ) (1) Total reclassifications for the period, before tax 2,956 Tax (expense) benefit (1,161 ) Total reclassifications for the period, net of tax $ 1,795 (1) Included in the computation of net periodic pension cost. See Note 3 of Notes to Consolidated Financial Statements. The following table presents the tax effects related to the change in each component of other comprehensive income for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 (In thousands) Before-Tax Tax Net-of-Tax Before-Tax Tax Benefit Net-of-Tax Unrealized gains (losses) on available-for-sale securities $ 1,244 $ (485 ) $ 759 $ 2,230 $ (870 ) $ 1,360 Reclassification adjustment for amounts related to available-for-sale investments included in net income (1,661 ) 648 (1,013 ) (3,054 ) 1,191 (1,863 ) Reclassification adjustment for amounts related to defined benefit plan adjustments included in net income 64 (20 ) 44 98 (30 ) 68 Foreign currency translation adjustment 1,228 — 1,228 (3,318 ) — (3,318 ) Total Other Comprehensive Income (Loss) $ 875 $ 143 $ 1,018 $ (4,044 ) $ 291 $ (3,753 ) |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 10. EARNINGS PER SHARE A summary of the calculation of basic and diluted earnings per share for the three months ended March 31, 2016 and 2015 is as follows: Three Months Ended March 31, (In thousands, except per share amounts) 2016 2015 Numerator Net income $ 5,014 $ 3,317 Denominator Weighted average number of shares – basic 49,220 53,399 Effect of dilutive securities Stock options 120 220 Restricted stock and restricted stock units 49 15 Weighted average number of shares – diluted 49,389 53,634 Net income per share – basic $ 0.10 $ 0.06 Net income per share – diluted $ 0.10 $ 0.06 Anti-dilutive options to purchase common stock outstanding were excluded from the above calculations. Anti-dilutive options totaled 5.9 million and 5.6 million for the three months ended March 31, 2016 and 2015, respectively. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | 11. SEGMENT INFORMATION In 2015, we began a realignment of our organizational structure to better match our market opportunities, technological development initiatives, and improve efficiencies. During the first quarter of 2016, our chief operating decision maker requested changes in the information that he regularly reviews for purposes of allocating resources and assessing performance. As a result, beginning with the quarter ended March 31, 2016, we began reporting our financial performance based on two, new reportable segments – Network Solutions and Services & Support. Network Solutions includes hardware products and next-generation virtualized solutions used in service provider or business networks, as well as prior-generation products. Services & Support includes our suite of ProCloud ® We evaluate the performance of our new segments based on gross profit; therefore, selling, general and administrative expenses, research and development expenses, interest and dividend income, interest expense, net realized investment gain/loss, other income/expense and provision for taxes are reported on a company-wide, functional basis only. Historical financial information by reportable segment and category, as discussed below, has been recast to conform to our new reporting structure. There are no inter-segment revenues. The following table presents information about the reported sales and gross profit of our reportable segments for the three months ended March 31, 2016 and 2015. We do not produce asset information by reportable segment; therefore, it is not reported. Three Months Ended March 31, 2016 March 31, 2015 (In thousands) Sales Gross Profit Sales Gross Profit Network Solutions $ 123,883 $ 59,810 $ 129,505 $ 57,945 Services & Support 18,321 5,984 13,330 7,618 Total $ 142,204 $ 65,794 $ 142,835 $ 65,563 Sales by Category In addition to our new reporting segments, we will also report revenue for the following three categories – Access & Aggregation, Customer Devices, Traditional & Other Products. Access & Aggregation The Access & Aggregation category includes product and service families such as: • Total Access ® • hiX 5600 Series fiber aggregation and Fiber to the Node (FTTN) Multi-Service Access Nodes (MSAN) • Fiber to the Distribution Point (FTTdp) Optical Network Units (ONU) • Optical Line Terminals (OLT) • Optical Networking Edge (ONE) aggregation • Distribution Point Units (DPUs) • IP Digital Subscriber Line Access Multiplexers (DSLAMs) • Cabinet and Outside-Plant (OSP) enclosures and services • Network Management and Cloud based software platforms and applications • Pluggable optical transceivers (i.e., SFP, SFP+, XFP, QSFP), cables and other miscellaneous materials • Other products and services that are generally applicable to Access & Aggregation Customer Devices The Customer Devices category includes products and services such as: • Broadband customer premise solutions, including Passive Optical Network (PON) and point-to-point Ethernet Optical Network Terminals (ONTs) • Residential and business gateways • Wi-Fi access points and associated powering and switching infrastructure • enterprise Session Border Controllers (eSBC) • Branch office and access routers • Carrier Ethernet services termination devices • VoIP media gateways • ProServices ® • Planning, engineering, program management, maintenance, installation and commissioning services to implement the customer devices solutions into consumer, small business and enterprise locations • Other products and services that are generally applicable to customer devices Traditional & Other Products The Traditional & Other Products category includes products and services such as: • Time Division Multiplexed (TDM) and Asynchronous Transfer Mode (ATM) based aggregation systems and customer devices • HDSL, ADSL and other mature technologies used to deliver business and residential services over the CSP access and customer networks • Other products and services that do not fit within the Access & Aggregation and Customer Devices categories The table below presents sales information by category for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, (In thousands) 2016 2015 Access & Aggregation $ 93,855 $ 92,851 Customer Devices 32,353 31,704 Traditional & Other Products 15,996 18,280 Total $ 142,204 $ 142,835 |
Liability for Warranty Returns
Liability for Warranty Returns | 3 Months Ended |
Mar. 31, 2016 | |
Guarantees [Abstract] | |
Liability for Warranty Returns | 12. LIABILITY FOR WARRANTY RETURNS Our products generally include warranties of 90 days to ten years for product defects. We accrue for warranty returns at the time revenue is recognized based on our 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. Our products continue to become more complex in both size and functionality as many of our product offerings migrate from line card applications to total systems. The increasing complexity of our products will cause warranty incidences, when they arise, to be more costly. Our 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. Alternatively, if we provide for more reserves than we require, we will reverse a portion of such provisions in future periods. The liability for warranty obligations totaled $9.0 million and $8.7 million at March 31, 2016 and December 31, 2015, respectively. These liabilities are included in accrued expenses in the accompanying Consolidated Balance Sheets. A summary of warranty expense and write-off activity for the three months ended March 31, 2016 and 2015 is as follows: Three Months Ended March 31, (In thousands) 2016 2015 Balance at beginning of period $ 8,739 $ 8,415 Plus: Amounts charged to cost and expenses 898 461 Less: Deductions (595 ) (192 ) Balance at end of period $ 9,042 $ 8,684 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. COMMITMENTS AND CONTINGENCIES In the ordinary course of business, we may be subject to various legal proceedings and claims, including employment disputes, patent claims, disputes over contract agreements and other commercial disputes. In some cases, claimants seek damages or other relief, such as royalty payments related to patents, which, if granted, could require significant expenditures. Although the outcome of any claim or litigation can never be certain, it is our opinion that the outcome of all contingencies of which we are currently aware will not materially affect our business, operations, financial condition or cash flows. We have committed to invest up to an aggregate of $7.9 million in two private equity funds, and we have contributed $8.4 million as of March 31, 2016, of which $7.7 million has been applied to these commitments. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. SUBSEQUENT EVENTS On April 12, 2016, we announced that our Board of Directors declared a quarterly cash dividend of $0.09 per common share to be paid to stockholders of record at the close of business on April 28, 2016. The payment date will be May 12, 2016. The quarterly dividend payment will be approximately $4.4 million. In July 2003, our Board of Directors elected to begin declaring quarterly dividends on our common stock considering the tax treatment of dividends and adequate levels of Company liquidity. During the second quarter and as of May 4, 2016, we have repurchased 30 thousand shares of our common stock through open market purchases at an average cost of $18.64 per share. We currently have the authority to purchase an additional 5.2 million shares of our common stock under the current plan approved by the Board of Directors. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements of ADTRAN ® 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 statements should be read in conjunction with the financial statements and notes thereto included in ADTRAN’s Annual Report on Form 10-K for the year ended December 31, 2015, filed on February 24, 2016 with the SEC. |
Out of Period Adjustment | Out of Period Adjustment In connection with the preparation of our Condensed Consolidated Financial Statements, we recorded corrections of certain out of period, immaterial misstatements that occurred in prior periods, the most significant of which resulted in an increase in Other Expense of $1.3 million in the first quarter of 2015. The aggregate impact of the corrections was a $0.8 million reduction to pre-tax income for the three months ended March 31, 2015 and was not material to the prior year quarterly or annual results. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. Our more significant estimates include the obsolete and excess inventory reserves, warranty reserves, customer rebates, determination of the deferred revenue components of multiple element sales agreements, estimated costs to complete obligations associated with deferred revenues, estimated income tax provision and income tax contingencies, the fair value of stock-based compensation, impairment of goodwill, valuation and estimated lives of intangible assets, estimated pension liability, fair value of investments, and the evaluation of other-than-temporary declines in the value of investments. Actual amounts could differ significantly from these estimates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers Revenue Recognition In July 2015, the FASB issued Accounting Standards Update No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory . Inventory, In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting During the first quarter of 2016, we adopted the following accounting standards, which had no material effect on our financial position, results of operations or cash flows: In April 2015, the FASB issued Accounting Standards Update No. 2015-05, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement |
Pension Benefit Plan (Tables)
Pension Benefit Plan (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Summarization of Components of Net Periodic Pension Cost | The following table summarizes the components of net periodic pension cost for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, (In thousands) 2016 2015 Service cost $ 297 $ 340 Interest cost 176 159 Expected return on plan assets (259 ) (261 ) Amortization of actuarial losses 43 105 Net periodic pension cost $ 257 $ 343 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Expense Related to Stock Options, Restricted Stock Units (RSUs) and Restricted Stock | The following table summarizes the stock-based compensation expense related to stock options, restricted stock units (RSUs) and restricted stock for the three months ended March 31, 2016 and 2015, which was recognized as follows: Three Months Ended (In thousands) 2016 2015 Stock-based compensation expense included in cost of sales $ 99 $ 90 Selling, general and administrative expense 769 691 Research and development expense 690 858 Stock-based compensation expense included in operating expenses 1,459 1,549 Total stock-based compensation expense 1,558 1,639 Tax benefit for expense associated with non-qualified options (212 ) (180 ) Total stock-based compensation expense, net of tax $ 1,346 $ 1,459 |
Summary of Weighted-Average Assumptions and Value of Options Granted | The weighted-average assumptions and value of options granted during the three months ended March 31, 2015 were as follows: Three Months Ended March 31, 2015 Expected volatility 38.75 % Risk-free interest rate 1.46 % Expected dividend yield 1.60 % Expected life (in years) 6.47 Weighted-average estimated value $ 7.63 |
Summary of Stock Options Outstanding | The following table is a summary of our stock options outstanding as of December 31, 2015 and March 31, 2016 and the changes that occurred during the three months ended March 31, 2016: (In thousands, except per share amounts) Number of Weighted Avg. Weighted Avg. Aggregate Options outstanding, December 31, 2015 7,108 $ 21.97 6.42 $ 3,284 Options granted — $ — Options exercised (15 ) $ 16.65 Options forfeited (23 ) $ 17.84 Options expired (26 ) $ 24.40 Options outstanding, March 31, 2016 7,044 $ 22.00 6.18 $ 11,580 Options vested and expected to vest, March 31, 2016 6,910 $ 22.10 6.12 $ 11,095 Options exercisable, March 31, 2016 4,466 $ 24.33 4.69 $ 4,191 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities and Investments, Recorded at Either Fair Value or Cost | At March 31, 2016, we held the following securities and investments, recorded at either fair value or cost. (In thousands) Amortized Gross Unrealized Carrying Gains Losses Deferred compensation plan assets $ 11,440 $ 1,634 $ (70 ) $ 13,004 Corporate bonds 61,154 89 (386 ) 60,857 Municipal fixed-rate bonds 15,659 54 (1 ) 15,712 Asset-backed bonds 20,540 28 (8 ) 20,560 Mortgage/Agency-backed bonds 14,959 19 (82 ) 14,896 Government bonds 33,205 216 (2 ) 33,419 Variable Rate Demand Notes 2,235 — — 2,235 Marketable equity securities 31,798 2,886 (1,647 ) 33,037 Available-for-sale securities held at fair value $ 190,990 $ 4,926 $ (2,196 ) $ 193,720 Restricted investment held at cost 30,000 Other investments held at cost 1,266 Total carrying value of available-for-sale investments $ 224,986 At December 31, 2015, we held the following securities and investments, recorded at either fair value or cost. (In thousands) Amortized Gross Unrealized Carrying Gains Losses Deferred compensation plan assets $ 11,325 $ 1,575 $ (66 ) $ 12,834 Corporate bonds 58,328 20 (734 ) 57,614 Municipal fixed-rate bonds 26,414 28 (18 ) 26,424 Asset-backed bonds 19,281 2 (44 ) 19,239 Mortgage/Agency-backed bonds 15,463 1 (91 ) 15,373 Government bonds 35,646 — (248 ) 35,398 Marketable equity securities 31,643 4,301 (1,693 ) 34,251 Available-for-sale securities held at fair value $ 198,100 $ 5,927 $ (2,894 ) $ 201,133 Restricted investment held at cost 30,000 Other investments held at cost 1,289 Total carrying value of available-for-sale investments $ 232,422 |
Contractual Maturities of Corporate,Municipal Fixed-Rate, asset-backed, mortgage/agency-backed and government bonds Bonds | As of March 31, 2016, our corporate bonds, municipal fixed-rate bonds, asset-backed bonds, mortgage/agency-backed bonds, and government bonds had the following contractual maturities: (In thousands) Corporate Municipal Asset- Mortgage / Government Less than one year $ 17,668 $ 7,147 $ — $ 1,000 $ 1,253 One to two years 29,883 5,566 190 1,300 4,751 Two to three years 12,490 1,373 8,158 1,774 17,992 Three to five years 816 226 9,496 — 9,423 Five to ten years — — 2,540 1,180 — More than ten years — 1,400 176 9,642 — Total $ 60,857 $ 15,712 $ 20,560 $ 14,896 $ 33,419 |
Gross Realized Gains and Losses on Sale of Securities | The following table presents gross realized gains and losses related to our investments. Three Months Ended March 31, (In thousands) 2016 2015 Gross realized gains $ 2,364 $ 3,145 Gross realized losses $ (636 ) $ (30 ) |
Fair Value Measurements of Cash Equivalents Held in Money Market Funds and Investments | We have categorized our cash equivalents held in money market funds and our investments held at fair value into a three-level fair value hierarchy based on the priority of the inputs to the valuation technique for the cash equivalents and investments as follows: Level 1 - Values based on unadjusted quoted prices for identical assets or liabilities in an active market; Level 2 - Values based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly; Level 3 - Values based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs include information supplied by investees. Fair Value Measurements at March 31, 2016 Using (In thousands) Fair Value Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Cash equivalents Money market funds $ 2,110 $ 2,110 $ — $ — Commercial Paper 26,442 — 26,442 — Cash equivalents 28,552 2,110 26,442 — Available-for-sale securities Deferred compensation plan assets 13,004 13,004 — — Available-for-sale debt securities Corporate bonds 60,857 — 60,857 — Municipal fixed-rate bonds 15,712 — 15,712 — Asset-backed bonds 20,560 — 20,560 — Mortgage/Agency-backed bonds 14,896 — 14,896 — Government bonds 33,419 33,419 — — Variable Rate Demand Notes 2,235 — 2,235 — Available-for-sale marketable equity securities Marketable equity securities – technology industry 4,709 4,709 — — Marketable equity securities – other 28,328 28,328 — — Available-for-sale securities 193,720 79,460 114,260 — Total $ 222,272 $ 81,570 $ 140,702 $ — Fair Value Measurements at December 31, 2015 Using (In thousands) Fair Value Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Cash equivalents Money market funds $ 1,271 $ 1,271 $ — $ — Commercial Paper 11,696 — 11,696 — Cash equivalents 12,967 1,271 11,696 — Available-for-sale securities Deferred compensation plan assets 12,834 12,834 — — Available-for-sale debt securities Corporate bonds 57,614 — 57,614 — Municipal fixed-rate bonds 26,424 — 26,424 — Asset-backed bonds 19,239 — 19,239 — Mortgage/Agency-backed bonds 15,373 — 15,373 — Government bonds 35,398 35,398 — — Available-for-sale marketable equity securities Marketable equity securities – technology industry 5,384 5,384 — — Marketable equity securities – other 28,867 28,867 — — Available-for-sale securities 201,133 82,483 118,650 — Total $ 214,100 $ 83,754 $ 130,346 $ — |
Derivative Instruments and He25
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Values of Hedging Instruments Recorded in Consolidated Balance Sheet | The fair values of our derivative instruments recorded in the Consolidated Balance Sheet as of March 31, 2016 and December 31, 2015 were as follows: (In thousands) Balance Sheet March 31, 2016 December 31, Derivatives Not Designated as Hedging Instruments (Level 2): Foreign exchange contracts – liability derivatives Accounts payable $ (48 ) $ — |
Schedule of Change in Fair Values of Derivative Instruments Recorded in Consolidated Statements of Income | The change in the fair values of our derivative instruments recorded in the Consolidated Statements of Income during the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended Income Statement Location March 31, (In thousands) 2016 2015 Derivatives Not Designated as Hedging Instruments: Foreign exchange contracts Other income (expense) $ (47 ) $ 1,476 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | At March 31, 2016 and December 31, 2015, inventory consisted of the following: March 31, December 31, (In thousands) 2016 2015 Raw materials $ 35,879 $ 34,223 Work in process 2,829 2,893 Finished goods 53,399 54,417 Total $ 92,107 $ 91,533 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The following table presents our intangible assets as of March 31, 2016 and December 31, 2015: (In thousands) March 31, 2016 December 31, 2015 Gross Accumulated Net Value Gross Accumulated Net Value Customer relationships $ 6,031 $ (2,856 ) $ 3,175 $ 5,828 $ (2,627 ) $ 3,201 Developed technology 5,840 (4,618 ) 1,222 5,720 (4,329 ) 1,391 Intellectual property 2,340 (1,937 ) 403 2,340 (1,854 ) 486 Trade names 270 (270 ) — 270 (265 ) 5 Total $ 14,481 $ (9,681 ) $ 4,800 $ 14,158 $ (9,075 ) $ 5,083 |
Estimated Future Amortization Expense Related to Intangible Assets | As of March 31, 2016, the estimated future amortization expense of our intangible assets is as follows: (In thousands) Amount Remainder of 2016 $ 1,257 2017 1,175 2018 710 2019 316 2020 292 Thereafter 1,050 Total $ 4,800 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Summary of Changes in Stockholders' Equity | A summary of the changes in stockholders’ equity for the three months ended March 31, 2016 is as follows: (In thousands) Stockholders’ Balance, December 31, 2015 $ 480,160 Net income 5,014 Dividend payments (4,453 ) Dividends accrued for unvested restricted stock units (20 ) Net unrealized losses on available-for-sale securities (net of tax) (255 ) Defined benefit plan adjustments 45 Foreign currency translation adjustment 1,228 Proceeds from stock option exercises 247 Purchase of treasury stock (11,003 ) Income tax effect of stock compensation arrangements (132 ) Stock-based compensation expense 1,558 Balance, March 31, 2016 $ 472,389 |
Cash Dividends | During the three months ended March 31, 2016, we paid cash dividends as follows (in thousands except per share amounts): Record Date Payment Date Per Share Amount Total Dividend Paid February 4, 2016 February 18, 2016 $ 0.09 $ 4,453 |
Changes in Accumulated Other Comprehensive Income, Net of Tax by Component | The following tables present changes in accumulated other comprehensive income, net of tax, by component for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 (In thousands) Unrealized Gains (Losses) on Available- for-Sale Securities Defined Foreign Total Beginning balance $ 1,932 $ (3,895 ) $ (7,006 ) $ (8,969 ) Other comprehensive income (loss) before reclassifications 759 — 1,228 1,987 Amounts reclassified from accumulated other comprehensive income (1,013 ) 44 — (969 ) Net current period other comprehensive income (loss) (254 ) 44 1,228 1,018 Ending balance $ 1,678 $ (3,851 ) $ (5,778 ) $ (7,951 ) Three Months Ended March 31, 2015 (In thousands) Unrealized Gains (Losses) on Available- for-Sale Securities Defined Foreign Total Beginning balance $ 8,964 $ (5,757 ) $ (3,282 ) $ (75 ) Other comprehensive income (loss) before reclassifications 1,360 — (3,318 ) (1,958 ) Amounts reclassified from accumulated other comprehensive income (1,863 ) 68 — (1,795 ) Net current period other comprehensive income (loss) (503 ) 68 (3,318 ) (3,753 ) Ending balance $ 8,461 $ (5,689 ) $ (6,600 ) $ (3,828 ) |
Reclassifications Out of Accumulated Other Comprehensive Income | The following tables present the details of reclassifications out of accumulated other comprehensive income for the three months ended March 31, 2016 and 2015: (In thousands) Three Months Ended March 31, 2016 Details about Accumulated Other Comprehensive Income Amount from Other Income Affected Line Item in the Income Is Presented Unrealized gains (losses) on available-for-sale securities: Net realized gain on sales of securities $ 1,761 Net realized investment gain Impairment expense (100 ) Net realized investment gain Defined benefit plan adjustments – actuarial losses (64 ) (1) Total reclassifications for the period, before tax 1,597 Tax (expense) benefit (628 ) Total reclassifications for the period, net of tax $ 969 (1) Included in the computation of net periodic pension cost. See Note 3 of Notes to Consolidated Financial Statements. (In thousands) Three Months Ended March 31, 2015 Details about Accumulated Other Comprehensive Income Amount from Other Affected Line Item in the Income Is Presented Unrealized gains (losses) on available-for-sale securities: Net realized gain on sales of securities $ 3,076 Net realized investment gain Impairment expense (22 ) Net realized investment gain Defined benefit plan adjustments – actuarial losses (98 ) (1) Total reclassifications for the period, before tax 2,956 Tax (expense) benefit (1,161 ) Total reclassifications for the period, net of tax $ 1,795 (1) Included in the computation of net periodic pension cost. See Note 3 of Notes to Consolidated Financial Statements. |
Other Comprehensive Income | The following table presents the tax effects related to the change in each component of other comprehensive income for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 (In thousands) Before-Tax Tax Net-of-Tax Before-Tax Tax Benefit Net-of-Tax Unrealized gains (losses) on available-for-sale securities $ 1,244 $ (485 ) $ 759 $ 2,230 $ (870 ) $ 1,360 Reclassification adjustment for amounts related to available-for-sale investments included in net income (1,661 ) 648 (1,013 ) (3,054 ) 1,191 (1,863 ) Reclassification adjustment for amounts related to defined benefit plan adjustments included in net income 64 (20 ) 44 98 (30 ) 68 Foreign currency translation adjustment 1,228 — 1,228 (3,318 ) — (3,318 ) Total Other Comprehensive Income (Loss) $ 875 $ 143 $ 1,018 $ (4,044 ) $ 291 $ (3,753 ) |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Summary of Calculation of Basic and Diluted Earnings Per Share | A summary of the calculation of basic and diluted earnings per share for the three months ended March 31, 2016 and 2015 is as follows: Three Months Ended March 31, (In thousands, except per share amounts) 2016 2015 Numerator Net income $ 5,014 $ 3,317 Denominator Weighted average number of shares – basic 49,220 53,399 Effect of dilutive securities Stock options 120 220 Restricted stock and restricted stock units 49 15 Weighted average number of shares – diluted 49,389 53,634 Net income per share – basic $ 0.10 $ 0.06 Net income per share – diluted $ 0.10 $ 0.06 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Sales and Gross Profit of Reportable Segments | The following table presents information about the reported sales and gross profit of our reportable segments for the three months ended March 31, 2016 and 2015. We do not produce asset information by reportable segment; therefore, it is not reported. Three Months Ended March 31, 2016 March 31, 2015 (In thousands) Sales Gross Profit Sales Gross Profit Network Solutions $ 123,883 $ 59,810 $ 129,505 $ 57,945 Services & Support 18,321 5,984 13,330 7,618 Total $ 142,204 $ 65,794 $ 142,835 $ 65,563 |
Sales Information by Category | The table below presents sales information by category for the three months ended March 31, 2016 and 2015: Three Months Ended March 31, (In thousands) 2016 2015 Access & Aggregation $ 93,855 $ 92,851 Customer Devices 32,353 31,704 Traditional & Other Products 15,996 18,280 Total $ 142,204 $ 142,835 |
Liability for Warranty Returns
Liability for Warranty Returns (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Guarantees [Abstract] | |
Summary of Warranty Expense and Write-Off Activity | A summary of warranty expense and write-off activity for the three months ended March 31, 2016 and 2015 is as follows: Three Months Ended March 31, (In thousands) 2016 2015 Balance at beginning of period $ 8,739 $ 8,415 Plus: Amounts charged to cost and expenses 898 461 Less: Deductions (595 ) (192 ) Balance at end of period $ 9,042 $ 8,684 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2015USD ($) | |
Accounting Policies [Abstract] | |
Reduction of pre-tax income | $ 0.8 |
Increase in other expenses | $ 1.3 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 37.90% | 39.80% |
Pension Benefit Plan - Summariz
Pension Benefit Plan - Summarization of Components of Net Periodic Pension Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||
Service cost | $ 297 | $ 340 |
Interest cost | 176 | 159 |
Expected return on plan assets | (259) | (261) |
Amortization of actuarial losses | 43 | 105 |
Net periodic pension cost | $ 257 | $ 343 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense Related to Stock Options, Restricted Stock Units (RSUs) and Restricted Stock (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 1,558 | $ 1,639 |
Tax benefit for expense associated with non-qualified options | (212) | (180) |
Total stock-based compensation expense, net of tax | 1,346 | 1,459 |
Cost of Sales [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 99 | 90 |
Selling, General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 769 | 691 |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 690 | 858 |
Operating Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 1,459 | $ 1,549 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options, granted | 0 | |
Estimated forfeitures for stock options | 3.70% | |
Total pre-tax intrinsic value of options exercised | $ 36 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of RSUs and restricted stock grants in period | 0 | 0 |
Number of RSUs and restricted stock forfeitures in period | 12,000 | |
Number of RSUs and restricted stock vesting in period | 0 | 0 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of RSUs and restricted stock grants in period | 2,000 | |
Number of RSUs and restricted stock forfeitures in period | 0 | 0 |
Number of RSUs and restricted stock vesting in period | 0 | 0 |
Recognition period of non-vested compensation cost | 2 years 6 months 11 days | |
RSUs and Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Forfeiture rate for RSUs and restricted stock | 0.00% | |
Compensation cost related to non-vested stock options not yet recognized | $ 13,200 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Weighted-Average Assumptions and Value of Options Granted (Detail) - Stock Options [Member] | 3 Months Ended |
Mar. 31, 2015$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 38.75% |
Risk-free interest rate | 1.46% |
Expected dividend yield | 1.60% |
Expected life (in years) | 6 years 5 months 19 days |
Weighted-average estimated value | $ 7.63 |
Stock-Based Compensation - Su38
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, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Aggregate Intrinsic Value, Options outstanding, Beginning Balance | $ 3,284 | |
Number of Options, outstanding, Beginning Balance | 7,108 | |
Number of Options, granted | 0 | |
Number of Options, exercised | (15) | |
Number of Options, forfeited | (23) | |
Number of Options, expired | (26) | |
Number of Options, outstanding, Ending Balance | 7,044 | 7,108 |
Number of Options, vested and expected to vest, Ending Balance | 6,910 | |
Number of Options, Options exercisable | 4,466 | |
Weighted Average Exercise Price, outstanding, Beginning Balance | $ 21.97 | |
Weighted Average Exercise Price, granted | 0 | |
Weighted Average Exercise Price, exercised | 16.65 | |
Weighted Average Exercise Price, forfeited | 17.84 | |
Weighted Average Exercise Price, expired | 24.40 | |
Weighted Average Exercise Price, outstanding, Ending Balance | 22 | $ 21.97 |
Weighted Average Exercise Price, vested and expected to vest, Ending Balance | 22.10 | |
Weighted Average Exercise Price, Options exercisable | $ 24.33 | |
Weighted Average Remaining Contractual Life In Years, Options outstanding | 6 years 2 months 5 days | 6 years 5 months 1 day |
Weighted Average Remaining Contractual Life In Years, Options vested and expected to vest | 6 years 1 month 13 days | |
Weighted Average Remaining Contractual Life In Years, Options exercisable | 4 years 8 months 9 days | |
Aggregate Intrinsic Value, Options outstanding, Ending Balance | $ 11,580 | |
Aggregate Intrinsic Value, Options vested and expected to vest | 11,095 | |
Aggregate Intrinsic Value, Options exercisable | $ 4,191 |
Investments - Securities and In
Investments - Securities and Investments, Recorded at Either Fair Value or Cost (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 190,990 | $ 198,100 |
Gross Unrealized Gains | 4,926 | 5,927 |
Gross Unrealized Losses | (2,196) | (2,894) |
Available-for-sale-securities, Carrying Value | 193,720 | 201,133 |
Restricted investment held at cost | 30,000 | 30,000 |
Other investments held at cost | 1,266 | 1,289 |
Total carrying value of available-for-sale investments | 224,986 | 232,422 |
Deferred Compensation Plan Assets [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 11,440 | 11,325 |
Gross Unrealized Gains | 1,634 | 1,575 |
Gross Unrealized Losses | (70) | (66) |
Available-for-sale-securities, Carrying Value | 13,004 | 12,834 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 61,154 | 58,328 |
Gross Unrealized Gains | 89 | 20 |
Gross Unrealized Losses | (386) | (734) |
Available-for-sale-securities, Carrying Value | 60,857 | 57,614 |
Municipal Fixed-Rate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 15,659 | 26,414 |
Gross Unrealized Gains | 54 | 28 |
Gross Unrealized Losses | (1) | (18) |
Available-for-sale-securities, Carrying Value | 15,712 | 26,424 |
Asset-Backed Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 20,540 | 19,281 |
Gross Unrealized Gains | 28 | 2 |
Gross Unrealized Losses | (8) | (44) |
Available-for-sale-securities, Carrying Value | 20,560 | 19,239 |
Mortgage/Agency-Backed Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 14,959 | 15,463 |
Gross Unrealized Gains | 19 | 1 |
Gross Unrealized Losses | (82) | (91) |
Available-for-sale-securities, Carrying Value | 14,896 | 15,373 |
Government Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 33,205 | 35,646 |
Gross Unrealized Gains | 216 | |
Gross Unrealized Losses | (2) | (248) |
Available-for-sale-securities, Carrying Value | 33,419 | 35,398 |
Variable Rate Demand Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,235 | |
Available-for-sale-securities, Carrying Value | 2,235 | |
Marketable Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 31,798 | 31,643 |
Gross Unrealized Gains | 2,886 | 4,301 |
Gross Unrealized Losses | (1,647) | (1,693) |
Available-for-sale-securities, Carrying Value | $ 33,037 | $ 34,251 |
Investments - Contractual Matur
Investments - Contractual Maturities of Corporate Bonds, Municipal Fixed-Rate Bonds, Asset-Backed Bonds, Mortgage/Agency-Backed Bonds and Government Bonds (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale-securities, Fair Value/Carrying Value | $ 193,720 | $ 201,133 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than one year | 17,668 | |
One to two years | 29,883 | |
Two to three years | 12,490 | |
Three to five years | 816 | |
Available-for-sale-securities, Fair Value/Carrying Value | 60,857 | 57,614 |
Municipal Fixed-Rate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than one year | 7,147 | |
One to two years | 5,566 | |
Two to three years | 1,373 | |
Three to five years | 226 | |
More than ten years | 1,400 | |
Available-for-sale-securities, Fair Value/Carrying Value | 15,712 | 26,424 |
Asset-Backed Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
One to two years | 190 | |
Two to three years | 8,158 | |
Three to five years | 9,496 | |
Five to ten years | 2,540 | |
More than ten years | 176 | |
Available-for-sale-securities, Fair Value/Carrying Value | 20,560 | 19,239 |
Mortgage/Agency-Backed Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than one year | 1,000 | |
One to two years | 1,300 | |
Two to three years | 1,774 | |
Five to ten years | 1,180 | |
More than ten years | 9,642 | |
Available-for-sale-securities, Fair Value/Carrying Value | 14,896 | 15,373 |
Government Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than one year | 1,253 | |
One to two years | 4,751 | |
Two to three years | 17,992 | |
Three to five years | 9,423 | |
Available-for-sale-securities, Fair Value/Carrying Value | $ 33,419 | $ 35,398 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Schedule of Investments [Line Items] | ||
Restricted certificate of deposit held | $ 30,000 | $ 30,000 |
Identification of potential other-than-temporary impairments | 25.00% | |
Alabama State Industrial Development Authority [Member] | Taxable Revenue Bond [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Schedule of Investments [Line Items] | ||
Estimated fair value of bond | $ 29,100 | |
Investment [Member] | Issuer Concentration [Member] | Market Value of Total Investment Portfolio [Member] | ||
Schedule of Investments [Line Items] | ||
Investment concentration risk percentage | 5.00% |
Investments - Gross Realized Ga
Investments - Gross Realized Gains and Losses on Sale of Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | ||
Gross realized gains | $ 2,364 | $ 3,145 |
Gross realized losses | $ (636) | $ (30) |
Investments - Fair Value Measur
Investments - Fair Value Measurements of Cash Equivalents Held in Money Market Funds and Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | $ 193,720 | $ 201,133 |
Deferred Compensation Plan Assets [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 13,004 | 12,834 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 60,857 | 57,614 |
Municipal Fixed-Rate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 15,712 | 26,424 |
Asset-Backed Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 20,560 | 19,239 |
Mortgage/Agency-Backed Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 14,896 | 15,373 |
Government Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 33,419 | 35,398 |
Variable Rate Demand Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 2,235 | |
Fair Value, Measurements [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cash equivalents | 28,552 | 12,967 |
Available-for-sale securities | 193,720 | 201,133 |
Total | 222,272 | 214,100 |
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 | 2,110 | 1,271 |
Available-for-sale securities | 79,460 | 82,483 |
Total | 81,570 | 83,754 |
Fair Value, Measurements [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cash equivalents | 26,442 | 11,696 |
Available-for-sale securities | 114,260 | 118,650 |
Total | 140,702 | 130,346 |
Fair Value, Measurements [Member] | Money Market Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cash equivalents | 2,110 | 1,271 |
Fair Value, Measurements [Member] | Money Market Funds [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cash equivalents | 2,110 | 1,271 |
Fair Value, Measurements [Member] | Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cash equivalents | 26,442 | 11,696 |
Fair Value, Measurements [Member] | Commercial Paper [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cash equivalents | 26,442 | 11,696 |
Fair Value, Measurements [Member] | Deferred Compensation Plan Assets [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 13,004 | 12,834 |
Fair Value, Measurements [Member] | Deferred Compensation Plan Assets [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 13,004 | 12,834 |
Fair Value, Measurements [Member] | Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 60,857 | 57,614 |
Fair Value, Measurements [Member] | Corporate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 60,857 | 57,614 |
Fair Value, Measurements [Member] | Municipal Fixed-Rate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 15,712 | 26,424 |
Fair Value, Measurements [Member] | Municipal Fixed-Rate Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 15,712 | 26,424 |
Fair Value, Measurements [Member] | Asset-Backed Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 20,560 | 19,239 |
Fair Value, Measurements [Member] | Asset-Backed Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 20,560 | 19,239 |
Fair Value, Measurements [Member] | Mortgage/Agency-Backed Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 14,896 | 15,373 |
Fair Value, Measurements [Member] | Mortgage/Agency-Backed Bonds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 14,896 | 15,373 |
Fair Value, Measurements [Member] | Government Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 33,419 | 35,398 |
Fair Value, Measurements [Member] | Government Bonds [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 33,419 | 35,398 |
Fair Value, Measurements [Member] | Marketable Equity Securities - Technology Industry [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 4,709 | 5,384 |
Fair Value, Measurements [Member] | Marketable Equity Securities - Technology Industry [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 4,709 | 5,384 |
Fair Value, Measurements [Member] | Marketable Equity Securities - Other [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 28,328 | 28,867 |
Fair Value, Measurements [Member] | Marketable Equity Securities - Other [Member] | Quoted Prices in Active Market for Identical Assets (Level 1) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 28,328 | $ 28,867 |
Fair Value, Measurements [Member] | Variable Rate Demand Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | 2,235 | |
Fair Value, Measurements [Member] | Variable Rate Demand Notes [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities | $ 2,235 |
Derivative Instruments and He44
Derivative Instruments and Hedging Activities - Additional Information (Detail) - 3 months ended Mar. 31, 2016 | USD ($) | EUR (€) |
Derivative [Line Items] | ||
Maximum contractual period for derivatives | 12 months | |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 2,000,000 | € 1,800,000 |
Derivative maturity year | 2,016 |
Derivative Instruments and He45
Derivative Instruments and Hedging Activities - Schedule of Fair Values of Hedging Instruments Recorded in Consolidated Balance Sheet (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Significant Other Observable Inputs (Level 2) [Member] | Foreign Exchange Contracts [Member] | Accounts Payable [Member] | |
Derivatives Not Designated as Hedging Instruments (Level 2): | |
Derivatives liability, fair value | $ (48) |
Derivative Instruments and He46
Derivative Instruments and Hedging Activities - Schedule of Change in Fair Values of Derivative Instruments Recorded in Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Foreign Exchange Contracts [Member] | Other Income (Expense) [Member] | ||
Derivatives Not Designated as Hedging Instruments: | ||
Derivative instrument, gain or loss | $ (47) | $ 1,476 |
Inventory - Components of Inven
Inventory - Components of Inventory (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 35,879 | $ 34,223 |
Work in process | 2,829 | 2,893 |
Finished goods | 53,399 | 54,417 |
Total | $ 92,107 | $ 91,533 |
Inventory - Additional Informat
Inventory - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Raw Materials [Member] | ||
Inventory [Line Items] | ||
Inventory valuation reserves | $ 18.5 | $ 17.5 |
Finished Goods [Member] | ||
Inventory [Line Items] | ||
Inventory valuation reserves | $ 9 | $ 9.2 |
Goodwill and Intangible Asset49
Goodwill and Intangible Assets - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($)Segments | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Goodwill [Line Items] | |||
Goodwill, relates to acquisition | $ 3,500,000 | $ 3,500,000 | |
Number of reportable segments | Segments | 2 | ||
Impairment losses | $ 0 | ||
Amortization expense | 400,000 | $ 500,000 | |
Network Solutions [Member] | |||
Goodwill [Line Items] | |||
Goodwill, relates to acquisition | 3,100,000 | ||
Services & Support [Member] | |||
Goodwill [Line Items] | |||
Goodwill, relates to acquisition | $ 400,000 |
Goodwill and Intangible Asset50
Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Goodwill [Line Items] | ||
Gross Value | $ 14,481 | $ 14,158 |
Accumulated Amortization | (9,681) | (9,075) |
Net Value | 4,800 | 5,083 |
Customer Relationships [Member] | ||
Goodwill [Line Items] | ||
Gross Value | 6,031 | 5,828 |
Accumulated Amortization | (2,856) | (2,627) |
Net Value | 3,175 | 3,201 |
Developed Technology [Member] | ||
Goodwill [Line Items] | ||
Gross Value | 5,840 | 5,720 |
Accumulated Amortization | (4,618) | (4,329) |
Net Value | 1,222 | 1,391 |
Intellectual Property [Member] | ||
Goodwill [Line Items] | ||
Gross Value | 2,340 | 2,340 |
Accumulated Amortization | (1,937) | (1,854) |
Net Value | 403 | 486 |
Trade Names [Member] | ||
Goodwill [Line Items] | ||
Gross Value | 270 | 270 |
Accumulated Amortization | $ (270) | (265) |
Net Value | $ 5 |
Goodwill and Intangible Asset51
Goodwill and Intangible Assets - Estimated Future Amortization Expense Related to Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2016 | $ 1,257 | |
2,017 | 1,175 | |
2,018 | 710 | |
2,019 | 316 | |
2,020 | 292 | |
Thereafter | 1,050 | |
Net Value | $ 4,800 | $ 5,083 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Changes in Stockholders' Equity (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Equity [Abstract] | ||
Beginning Balance | $ 480,160 | |
Net income | 5,014 | $ 3,317 |
Dividend payments | (4,453) | |
Dividends accrued for unvested restricted stock units | (20) | |
Net unrealized losses on available-for-sale securities (net of tax) | (255) | (503) |
Defined benefit plan adjustments | 45 | 68 |
Foreign currency translation adjustment | 1,228 | (3,318) |
Proceeds from stock option exercises | 247 | $ 280 |
Purchase of treasury stock | (11,003) | |
Income tax effect of stock compensation arrangements | (132) | |
Stock-based compensation expense | 1,558 | |
Ending Balance | $ 472,389 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Equity [Abstract] | ||
Maximum shares authorized for repurchase, prior and new announcements and total after new announcement | 50,000,000 | |
Stock repurchased, shares | 600,000 | |
Shares repurchased, average price per share | $ 18.38 | |
Additional shares authorized for purchase | 5,200,000 | |
Number of Options, exercised | 15,000 | |
Exercise price of stock options, lower range limit | $ 15.29 | |
Exercise price of stock options, upper range limit | $ 18.97 | |
Proceeds from stock option exercises | $ 247 | $ 280 |
Stockholders' Equity - Cash Div
Stockholders' Equity - Cash Dividends (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Dividends Payable [Line Items] | ||
Record Date | Apr. 28, 2016 | |
Payment Date | May 12, 2016 | |
Per Share Amount | $ 0.09 | $ 0.09 |
Total Dividend Paid | $ 4,453 | $ 4,811 |
Cash Dividends Paid in February [Member] | ||
Dividends Payable [Line Items] | ||
Record Date | Feb. 4, 2016 | |
Payment Date | Feb. 18, 2016 | |
Per Share Amount | $ 0.09 | |
Total Dividend Paid | $ 4,453 |
Stockholders' Equity - Changes
Stockholders' Equity - Changes in Accumulated Other Comprehensive Income, Net of Tax by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ (8,969) | $ (75) |
Other comprehensive income (loss) before reclassifications | 1,987 | (1,958) |
Amounts reclassified from accumulated other comprehensive income | (969) | (1,795) |
Other Comprehensive Income (Loss), net of tax | 1,018 | (3,753) |
Ending balance | (7,951) | (3,828) |
Unrealized Gains (Losses) on Available-for-Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 1,932 | 8,964 |
Other comprehensive income (loss) before reclassifications | 759 | 1,360 |
Amounts reclassified from accumulated other comprehensive income | (1,013) | (1,863) |
Other Comprehensive Income (Loss), net of tax | (254) | (503) |
Ending balance | 1,678 | 8,461 |
Defined Benefit Plan Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (3,895) | (5,757) |
Amounts reclassified from accumulated other comprehensive income | 44 | 68 |
Other Comprehensive Income (Loss), net of tax | 44 | 68 |
Ending balance | (3,851) | (5,689) |
Foreign Currency Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (7,006) | (3,282) |
Other comprehensive income (loss) before reclassifications | 1,228 | (3,318) |
Other Comprehensive Income (Loss), net of tax | 1,228 | (3,318) |
Ending balance | $ (5,778) | $ (6,600) |
Stockholders' Equity - Reclassi
Stockholders' Equity - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items] | ||
Income before provision for income taxes | $ 8,078 | $ 5,510 |
Tax (expense) benefit | (3,064) | (2,193) |
Total reclassifications for the period, net of tax | 5,014 | 3,317 |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items] | ||
Defined benefit plan adjustments - actuarial losses | (64) | (98) |
Income before provision for income taxes | 1,597 | 2,956 |
Tax (expense) benefit | (628) | (1,161) |
Total reclassifications for the period, net of tax | 969 | 1,795 |
Unrealized Gains (Losses) on Available-for-Sale Securities [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items] | ||
Net realized investment gain | 1,761 | 3,076 |
Impairment Expense [Member] | Reclassification Out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items] | ||
Net realized investment gain | $ (100) | $ (22) |
Stockholders' Equity - Other Co
Stockholders' Equity - Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Equity [Abstract] | ||
Unrealized gains (losses) on available-for-sale securities, Before-Tax Amount | $ 1,244 | $ 2,230 |
Reclassification adjustment for amounts related to available-for-sale investments included in net income, Before-Tax Amount | (1,661) | (3,054) |
Reclassification adjustment for amounts related to defined benefit plan adjustments included in net income, Before-Tax Amount | 64 | 98 |
Foreign currency translation adjustment, Before-Tax Amount | 1,228 | (3,318) |
Total Other Comprehensive Income (Loss), Before-Tax Amount | 875 | (4,044) |
Unrealized gains (losses) on available-for-sale securities, Tax (Expense) Benefit | (485) | (870) |
Reclassification adjustment for amounts related to available-for-sale investments included in net income, Tax (Expense) Benefit | 648 | 1,191 |
Reclassification adjustment for amounts related to defined benefit plan adjustments included in net income, Tax (Expense) Benefit | (20) | (30) |
Foreign currency translation adjustment, Tax (Expense) Benefit | 0 | 0 |
Total Other Comprehensive Income (Loss), Tax (Expense) Benefit | 143 | 291 |
Unrealized gains (losses) on available-for-sale securities, Net-of-Tax Amount | 759 | 1,360 |
Reclassification adjustment for amounts related to available-for-sale investments included in net income, Net-of-Tax Amount | (1,013) | (1,863) |
Reclassification adjustment for amounts related to defined benefit plan adjustments included in net income, Net-of-Tax Amount | 44 | 68 |
Foreign currency translation adjustment, Net-of-Tax Amount | 1,228 | (3,318) |
Other Comprehensive Income (Loss), net of tax | $ 1,018 | $ (3,753) |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Calculation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Numerator | ||
Net income | $ 5,014 | $ 3,317 |
Denominator | ||
Weighted average number of shares - basic | 49,220 | 53,399 |
Effect of dilutive securities | ||
Stock options | 120 | 220 |
Restricted stock and restricted stock units | 49 | 15 |
Weighted average number of shares - diluted | 49,389 | 53,634 |
Net income per share - basic | $ 0.10 | $ 0.06 |
Net income per share - diluted | $ 0.10 | $ 0.06 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive options, Total | 5.9 | 5.6 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016SegmentsCategory | |
Segment Reporting [Abstract] | |
Number of operating reportable segments | Segments | 2 |
Number of categories | Category | 3 |
Segment Information - Sales and
Segment Information - Sales and Gross Profit of Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Sales | $ 142,204 | $ 142,835 |
Gross Profit | 65,794 | 65,563 |
Network Solutions [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales | 123,883 | 129,505 |
Gross Profit | 59,810 | 57,945 |
Services & Support [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales | 18,321 | 13,330 |
Gross Profit | $ 5,984 | $ 7,618 |
Segment Information - Sales Inf
Segment Information - Sales Information by Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue from External Customer [Line Items] | ||
Sales | $ 142,204 | $ 142,835 |
Access & Aggregation [Member] | ||
Revenue from External Customer [Line Items] | ||
Sales | 93,855 | 92,851 |
Customer Devices [Member] | ||
Revenue from External Customer [Line Items] | ||
Sales | 32,353 | 31,704 |
Traditional & Other Products [Member] | ||
Revenue from External Customer [Line Items] | ||
Sales | $ 15,996 | $ 18,280 |
Liability for Warranty Return63
Liability for Warranty Returns - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Product Warranties Disclosures [Abstract] | ||||
Period of warranty for product defects | 90 days to ten years | |||
Liability for warranty obligations | $ 9,042 | $ 8,739 | $ 8,684 | $ 8,415 |
Liability for Warranty Return64
Liability for Warranty Returns - Summary of Warranty Expense and Write-Off Activity (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Product Warranties Disclosures [Abstract] | ||
Balance at beginning of period | $ 8,739 | $ 8,415 |
Plus: Amounts charged to cost and expenses | 898 | 461 |
Less: Deductions | (595) | (192) |
Balance at end of period | $ 9,042 | $ 8,684 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Mar. 31, 2016USD ($)EquityUnit |
Contingencies And Commitments [Line Items] | |
Number of private equity funds | EquityUnit | 2 |
Commitments towards private equity funds | $ 7.7 |
Investment Commitments [Member] | |
Contingencies And Commitments [Line Items] | |
Aggregate investment committed in private equity funds | 7.9 |
Private Equity Funds [Member] | |
Contingencies And Commitments [Line Items] | |
Contribution to private equity funds | $ 8.4 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | May. 04, 2016 | Apr. 12, 2016 | Mar. 31, 2016 | May. 12, 2016 |
Subsequent Event [Line Items] | ||||
Dividend declaration date | Apr. 12, 2016 | |||
Dividend record date | Apr. 28, 2016 | |||
Dividend payment date | May 12, 2016 | |||
Stock repurchased, shares | 600,000 | |||
Shares repurchased, average price per share | $ 18.38 | |||
Additional shares authorized for purchase | 5,200,000 | |||
Subsequent Events [Member] | ||||
Subsequent Event [Line Items] | ||||
Common stock dividends per share declared | $ 0.09 | |||
Quarterly dividend payable subsequent to balance sheet date | $ 4.4 | |||
Stock repurchased, shares | 30,000,000 | |||
Shares repurchased, average price per share | $ 18.64 | |||
Additional shares authorized for purchase | 5,200,000 |