2011 Q4 Form 10-K Financial Statement

#000119312513082523 Filed on February 28, 2013

View on sec.gov

Income Statement

Concept 2011 Q4 2011 Q3 2011 Q2
Revenue $175.3M $192.2M $184.2M
YoY Change 6.04% 17.91% 22.49%
Cost Of Revenue $76.00M $82.72M $77.40M
YoY Change 11.11% 25.9% 26.89%
Gross Profit $99.22M $109.5M $106.8M
YoY Change 2.39% 12.51% 19.63%
Gross Profit Margin 56.6% 56.96% 57.99%
Selling, General & Admin $31.80M $31.48M $30.90M
YoY Change 7.43% 6.69% 8.42%
% of Gross Profit 32.05% 28.75% 28.93%
Research & Development $24.90M $26.89M $24.60M
YoY Change 10.67% 17.96% 10.31%
% of Gross Profit 25.1% 24.57% 23.03%
Depreciation & Amortization $3.100M $2.900M $2.800M
YoY Change 14.81% 11.54% 7.69%
% of Gross Profit 3.12% 2.65% 2.62%
Operating Expenses $56.70M $58.37M $55.50M
YoY Change 8.83% 11.82% 9.47%
Operating Profit $41.12M $51.11M $51.31M
YoY Change -8.23% 13.32% 32.93%
Interest Expense $4.500M $599.0K $4.800M
YoY Change 9.76% -86.39% 37.14%
% of Operating Profit 10.94% 1.17% 9.35%
Other Income/Expense, Net -$300.0K -$155.0K -$100.0K
YoY Change 50.0% -48.33% -50.0%
Pretax Income $45.40M $55.37M $56.00M
YoY Change -6.97% 12.54% 33.33%
Income Tax $14.20M $19.16M $19.00M
% Of Pretax Income 31.28% 34.6% 33.93%
Net Earnings $31.16M $36.21M $36.94M
YoY Change -13.44% 12.81% 32.89%
Net Earnings / Revenue 17.78% 18.84% 20.05%
Basic Earnings Per Share $0.49 $0.57 $0.57
Diluted Earnings Per Share $0.48 $0.56 $0.56
COMMON SHARES
Basic Shares Outstanding 64.02M shares 64.69M shares
Diluted Shares Outstanding 64.96M shares

Balance Sheet

Concept 2011 Q4 2011 Q3 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $202.3M $153.9M $162.5M
YoY Change 6.92% -15.86% -9.67%
Cash & Equivalents $42.98M $32.53M $23.80M
Short-Term Investments $159.3M $121.4M $138.7M
Other Short-Term Assets $15.20M $15.50M $15.60M
YoY Change 9.35% 13.97% 22.83%
Inventory $87.80M $87.30M $86.70M
Prepaid Expenses $3.119M
Receivables $76.13M $89.60M $83.30M
Other Receivables $9.800M $12.50M $11.20M
Total Short-Term Assets $391.2M $358.9M $359.2M
YoY Change 10.24% 4.57% 6.84%
LONG-TERM ASSETS
Property, Plant & Equipment $75.30M $75.70M $75.00M
YoY Change 1.75% 2.16% 1.35%
Goodwill $3.492M
YoY Change
Intangibles
YoY Change
Long-Term Investments $332.0M $348.1M $372.4M
YoY Change 27.11% 46.02% 77.0%
Other Assets $7.131M $14.10M $1.800M
YoY Change 275.32% 605.0% -14.29%
Total Long-Term Assets $426.3M $442.4M $449.2M
YoY Change 26.45% 40.67% 56.79%
TOTAL ASSETS
Total Short-Term Assets $391.2M $358.9M $359.2M
Total Long-Term Assets $426.3M $442.4M $449.2M
Total Assets $817.5M $801.3M $808.4M
YoY Change 18.14% 21.83% 29.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.40M $33.20M $38.50M
YoY Change 28.96% 22.96% -13.09%
Accrued Expenses $5.876M $21.50M $16.50M
YoY Change -65.44% 13.76% -7.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $61.93M $75.20M $64.30M
YoY Change 23.86% 34.53% -12.99%
LONG-TERM LIABILITIES
Long-Term Debt $46.50M $46.50M $46.50M
YoY Change -2.11% -2.72% -2.72%
Other Long-Term Liabilities $12.08M $14.90M $15.10M
YoY Change 2.35% 36.7% 43.81%
Total Long-Term Liabilities $58.58M $61.40M $61.60M
YoY Change -1.22% 4.6% 5.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $61.93M $75.20M $64.30M
Total Long-Term Liabilities $58.58M $61.40M $61.60M
Total Liabilities $125.4M $136.6M $134.7M
YoY Change 4.75% 12.8% -0.22%
SHAREHOLDERS EQUITY
Retained Earnings $840.2M
YoY Change
Common Stock $214.4M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $375.5M
YoY Change
Treasury Stock Shares 15.95M shares
Shareholders Equity $692.1M $664.7M $673.7M
YoY Change
Total Liabilities & Shareholders Equity $817.5M $801.3M $808.4M
YoY Change 18.14% 21.83% 29.82%

Cashflow Statement

Concept 2011 Q4 2011 Q3 2011 Q2
OPERATING ACTIVITIES
Net Income $31.16M $36.21M $36.94M
YoY Change -13.44% 12.81% 32.89%
Depreciation, Depletion And Amortization $3.100M $2.900M $2.800M
YoY Change 14.81% 11.54% 7.69%
Cash From Operating Activities $41.80M $43.10M $29.20M
YoY Change 40.27% 207.86% 32.73%
INVESTING ACTIVITIES
Capital Expenditures -$2.400M -$3.200M -$3.300M
YoY Change -4.0% 23.08% 32.0%
Acquisitions
YoY Change
Other Investing Activities -$23.30M $10.70M -$35.60M
YoY Change 68.84% -141.96% 111.9%
Cash From Investing Activities -$25.70M $7.400M -$38.90M
YoY Change 57.67% -126.33% 101.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.600M -40.20M -4.300M
YoY Change -20.48% -541.76% -714.29%
NET CHANGE
Cash From Operating Activities 41.80M 43.10M 29.20M
Cash From Investing Activities -25.70M 7.400M -38.90M
Cash From Financing Activities -6.600M -40.20M -4.300M
Net Change In Cash 9.500M 10.30M -14.00M
YoY Change 82.69% -306.0% -511.76%
FREE CASH FLOW
Cash From Operating Activities $41.80M $43.10M $29.20M
Capital Expenditures -$2.400M -$3.200M -$3.300M
Free Cash Flow $44.20M $46.30M $32.50M
YoY Change 36.84% 178.92% 32.65%

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0.0333 pure
CY2010 adtn Increase Decrease In Accrued Expenses And Other Liabilities
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8626000
CY2010 adtn Percentage Of Sales To Major Customers
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0.49 pure
CY2010 adtn Number Of Executive Officers To Whom Grants Were Made
NumberOfExecutiveOfficersToWhomGrantsWereMade
5 Employees
CY2010 adtn Number Of Other Customers Accounted For More Than Threshold Percentage Of Revenue
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0 Customer
CY2010 adtn Deferred Compensation Adjustments Due To Fair Value Of Trust Assets
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400000
CY2010 adtn Dividends Accrued For Unvested Restricted Stock Units
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27000
CY2010 adtn Realized Economic Incentives
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1500000
CY2010 adtn Threshold Percentage Of Revenue Generated By Major Customers
ThresholdPercentageOfRevenueGeneratedByMajorCustomers
0.10 pure
CY2010 adtn Incremental Common Shares Attributable To Share Based Other Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedOtherPaymentArrangements
34000 shares
CY2010 adtn Stock Received As Payment Of Exercise Price Of Employee Stock Options
StockReceivedAsPaymentOfExercisePriceOfEmployeeStockOptions
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CY2011 us-gaap Other Nonoperating Income Expense
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CY2011 us-gaap Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Foreign Countries
EntityWideDisclosureOnGeographicAreasRevenueFromExternalCustomersAttributedToForeignCountries
84434000
CY2011 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2011 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
11499000
CY2011 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
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CY2011 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
1490000
CY2011 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
34125000
CY2011 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1000000
CY2011 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
22661000
CY2011 us-gaap Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Entitys Country Of Domicile
EntityWideDisclosureOnGeographicAreasRevenueFromExternalCustomersAttributedToEntitysCountryOfDomicile
632795000
CY2011 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-2741000
CY2011 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-122959000
CY2011 us-gaap Investment Income Interest And Dividend
InvestmentIncomeInterestAndDividend
7642000
CY2011 us-gaap Income Taxes Paid
IncomeTaxesPaid
51402000
CY2011 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
34125000
CY2011 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
100301000
CY2011 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2860000
CY2011 us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
1813000 shares
CY2011 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
204652000
CY2011 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
64145000 shares
CY2011 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.3278 pure
CY2011 us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
33000
CY2011 us-gaap Treasury Stock Value Acquired Cost Method
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35565000
CY2011 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
4939000
CY2011 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2011 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
23124000
CY2011 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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206142000
CY2011 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
7848000
CY2011 us-gaap Interest Paid
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CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
39800000
CY2011 us-gaap Share Based Compensation
ShareBasedCompensation
9169000
CY2011 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
196256000
CY2011 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.0007 pure
CY2011 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1236000 shares
CY2011 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
11456000
CY2011 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1112000 shares
CY2011 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
7177000
CY2011 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2400000
CY2011 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
36980000
CY2011 us-gaap Operating Income Loss
OperatingIncomeLoss
189138000
CY2011 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1321000
CY2011 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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9169000
CY2011 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
302911000
CY2011 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2011 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.16
CY2011 us-gaap Increase Decrease In Inventories
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12734000
CY2011 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y9M11D
CY2011 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
7800000
CY2011 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
575000
CY2011 us-gaap Net Income Loss
NetIncomeLoss
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CY2011 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
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10525000
CY2011 us-gaap Earnings Per Share Diluted
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2.12
CY2011 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
92000
CY2011 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
35565000
CY2011 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2011 us-gaap Net Cash Provided By Used In Financing Activities
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CY2011 us-gaap Other Comprehensive Income Loss Reclassification Adjustment For Sale Of Securities Included In Net Income Tax
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389000
CY2011 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.3500 pure
CY2011 us-gaap Available For Sale Securities Gross Realized Gains
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13641000
CY2011 us-gaap Gross Profit
GrossProfit
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CY2011 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
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CY2011 us-gaap Comprehensive Income Net Of Tax
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124731000
CY2011 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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840000
CY2011 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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CY2011 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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17000
CY2011 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
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CY2011 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2011 us-gaap Tax Benefit From Stock Options Exercised1
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CY2011 us-gaap Selling General And Administrative Expense
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CY2011 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2011 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2011 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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CY2011 us-gaap Payments Of Dividends
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23100000
CY2011 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
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CY2011 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
10000
CY2011 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11912000
CY2011 us-gaap Sales Revenue Net
SalesRevenueNet
717229000
CY2011 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
4300000
CY2011 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
9373000
CY2011 us-gaap Goodwill Impairment Loss
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CY2011 us-gaap Investment Income Amortization Of Premium
InvestmentIncomeAmortizationOfPremium
6617000
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedInPeriodFairValue
7300000
CY2011 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
354000
CY2011 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
700000
CY2011 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
66990000
CY2011 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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466243000
CY2011 us-gaap Payments Of Dividends Common Stock
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23124000
CY2011 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
554629000
CY2011 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
431000
CY2011 us-gaap Depreciation
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10800000
CY2011 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.0003 pure
CY2011 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-6000
CY2011 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9169000
CY2011 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1200000 shares
CY2011 us-gaap Increase Decrease In Other Receivables
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5781000
CY2011 us-gaap Realized Investment Gains Losses
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12454000
CY2011 us-gaap Interest Expense
InterestExpense
2398000
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.53
CY2011 us-gaap Increase Decrease In Accrued Income Taxes Payable
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3169000
CY2011 us-gaap Increase Decrease In Accounts Payable
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6178000
CY2011 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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7427000
CY2011 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2079000
CY2011 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
150606000
CY2011 us-gaap Other Comprehensive Income Loss Reclassification Adjustment For Sale Of Securities Included In Net Income Net Of Tax
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-688000
CY2011 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
9373000
CY2011 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
1187000
CY2011 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0319 pure
CY2011 adtn Increase Decrease In Accrued Expenses And Other Liabilities
IncreaseDecreaseInAccruedExpensesAndOtherLiabilities
6309000
CY2011 adtn Percentage Of Sales To Major Customers
PercentageOfSalesToMajorCustomers
0.44 pure
CY2011 adtn Number Of Major Customers
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3 Customer
CY2011 adtn Number Of Executive Officers To Whom Grants Were Made
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5 Employees
CY2011 adtn Number Of Other Customers Accounted For More Than Threshold Percentage Of Revenue
NumberOfOtherCustomersAccountedForMoreThanThresholdPercentageOfRevenue
0 Customer
CY2011 adtn Weighted Average Exchange Rate During Period
WeightedAverageExchangeRateDuringPeriod
1.00
CY2011 adtn Weighted Average Exchange Rate During Period
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1.38
CY2011 adtn Deferred Compensation Adjustments Due To Fair Value Of Trust Assets
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-200000
CY2011 adtn Dividends Accrued For Unvested Restricted Stock Units
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52000
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2012 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
6049000
CY2012 us-gaap Repayments Of Long Term Debt
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500000
CY2012 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
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CY2012 us-gaap Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Entitys Country Of Domicile
EntityWideDisclosureOnGeographicAreasRevenueFromExternalCustomersAttributedToEntitysCountryOfDomicile
470369000
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-5014000
CY2012 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2012 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012 dei Document Type
DocumentType
10-K
CY2011 adtn Realized Economic Incentives
RealizedEconomicIncentives
1900000
CY2011 adtn Threshold Percentage Of Revenue Generated By Major Customers
ThresholdPercentageOfRevenueGeneratedByMajorCustomers
0.10 pure
CY2011 adtn Incremental Common Shares Attributable To Share Based Other Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedOtherPaymentArrangements
35000 shares
CY2011 adtn Stock Received As Payment Of Exercise Price Of Employee Stock Options
StockReceivedAsPaymentOfExercisePriceOfEmployeeStockOptions
7000 shares
CY2012 dei Document Period End Date
DocumentPeriodEndDate
2012-12-31
CY2012 dei Entity Central Index Key
EntityCentralIndexKey
0000926282
CY2012 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2012 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2012 dei Trading Symbol
TradingSymbol
ADTN
CY2012 dei Entity Registrant Name
EntityRegistrantName
ADTRAN INC
CY2012 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2012 dei Amendment Flag
AmendmentFlag
false
CY2012 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2012 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
183000
CY2012 us-gaap Entity Wide Disclosure On Geographic Areas Revenue From External Customers Attributed To Foreign Countries
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150245000
CY2012 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
-212000
CY2012 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2012 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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CY2012 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
14079000
CY2012 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
EffectiveIncomeTaxRateReconciliationDeductionsQualifiedProductionActivities
-0.0321 pure
CY2012 us-gaap Investment Income Interest And Dividend
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7657000
CY2012 us-gaap Income Taxes Paid
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CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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16.36
CY2012 us-gaap Stock Issued During Period Value Stock Options Exercised
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6049000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
19.50
CY2012 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y6M
CY2012 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
125951000
CY2012 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
5363000
CY2012 us-gaap Stock Issued During Period Shares Share Based Compensation Gross
StockIssuedDuringPeriodSharesShareBasedCompensationGross
393000 shares
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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80926000
CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
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63259000 shares
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
106000 shares
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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P5Y2M12D
CY2012 us-gaap Debt Instrument Maturity Date
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2020-01-01
CY2012 us-gaap Effective Income Tax Rate Continuing Operations
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0.3523 pure
CY2012 us-gaap Product Warranty Accrual Additions From Business Acquisition
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3781000
CY2012 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
39362000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
27.75
CY2012 us-gaap Increase Decrease In Accounts Receivable
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4365000
CY2012 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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170000
CY2012 us-gaap Dividends Common Stock Cash
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22813000
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
72965000
CY2012 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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8030000
CY2012 us-gaap Defined Benefit Plan Actuarial Gain Loss
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CY2012 us-gaap Defined Benefit Plan Actual Return On Plan Assets
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592000
CY2012 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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0.0380 pure
CY2012 us-gaap Interest Paid
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CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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4500000
CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
9264000
CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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17.93
CY2012 us-gaap Business Acquisitions Pro Forma Revenue
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119600000
CY2012 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
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CY2012 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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488000 shares
CY2012 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
25444000
CY2012 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1786000 shares
CY2012 us-gaap Current State And Local Tax Expense Benefit
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3766000
CY2012 us-gaap Operating Leases Rent Expense Net
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3900000
CY2012 us-gaap Defined Benefit Plan Business Combinations And Acquisitions Plan Assets
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18063000
CY2012 us-gaap Business Acquisitions Pro Forma Net Income Loss
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23621000
CY2012 us-gaap Operating Income Loss
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CY2012 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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1234000
CY2012 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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9264000
CY2012 us-gaap Cost Of Goods And Services Sold
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CY2012 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2012 us-gaap Earnings Per Share Basic
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0.75
CY2012 us-gaap Increase Decrease In Inventories
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CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P6Y8M16D
CY2012 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
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34000
CY2012 us-gaap Deferred Income Tax Expense Benefit
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CY2012 us-gaap Net Income Loss
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47263000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
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CY2012 us-gaap Goodwill Acquired During Period
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CY2012 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
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1905000
CY2012 us-gaap Earnings Per Share Diluted
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CY2012 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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49000
CY2012 us-gaap Defined Contribution Plan Maximum Annual Contribution Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionPerEmployeePercent
0.04 pure
CY2012 us-gaap Payments For Repurchase Of Common Stock
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39362000
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2012 us-gaap Net Cash Provided By Used In Financing Activities
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-55170000
CY2012 us-gaap Other Comprehensive Income Loss Reclassification Adjustment For Sale Of Securities Included In Net Income Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentForSaleOfSecuritiesIncludedInNetIncomeTax
-86000
CY2012 us-gaap Business Combination Bargain Purchase Gain Recognized Amount
BusinessCombinationBargainPurchaseGainRecognizedAmount
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CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
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<div> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Unearned Revenue</b></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">Unearned revenue primarily represents customer billings on our maintenance service programs and unearned revenues relating to multiple element contracts where we still have contractual obligations to our customers. We currently offer maintenance contracts ranging from one to five years, primarily on Enterprise Networks Division products sold through distribution channels. Revenue attributable to maintenance contracts is recognized on a straight-line basis over the related contract term. In addition, we provide software maintenance and a variety of hardware maintenance services to Carrier Networks Division customers, which include customers of the acquired NSN BBA business, under contracts with terms up to ten years. At December&#xA0;31, 2012 and 2011, unearned revenue was as follows:</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <!-- Begin Table Head --> <tr> <td width="80%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="1"><b><i>(In thousands)</i></b></font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2012</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>2011</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <!-- End Table Head --><!-- Begin Table Body --> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Current unearned revenue</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">38,051</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">9,965</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Non-current unearned revenue</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">23,803</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4,874</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Total</b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"><b>$</b></font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2"><b>61,854</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"><b>&#xA0;&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"><b>$</b></font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2"><b>14,839</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2"><b>&#xA0;&#xA0;</b></font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <!-- End Table Body --></table> </div>
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12075000
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4600000
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22813000
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1456000
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GoodwillImpairmentLoss
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8257000
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25.73
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282740000
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214000
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9264000
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3609000
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RealizedInvestmentGainsLosses
9550000
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1952000
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2347000
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5.60
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120000
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266000
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135000
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494000
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1456000
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0.25 pure
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0.41 pure
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1 Customer
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30 years
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5 Employees
CY2012 adtn Number Of Marketable Equity Securities Subjected To Impairment Test
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152 Securities
CY2012 adtn Number Of Other Customers Accounted For More Than Threshold Percentage Of Revenue
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1 Customer
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3 Segment
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1.00
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250000
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