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Notes Payable

12 Months Ended

Dec. 31, 2023

Note 13 – Notes Payable

The carrying amounts of the Company's notes payable in its Condensed Consolidated Balance Sheets were as follows:


	Fair Value as of		Carrying Value as of		Carrying Value as of
(In thousands)	December 31, 2023		December 31, 2023		December 31, 2022
Syndicated credit agreement note payable	$	—	$	—	$	24,598
Total Notes Payable	$	—	$	—	$	24,598

Syndicated Credit Agreement Note Payable

In September 2018, Adtran Networks entered into a syndicated credit agreement with Bayerische Landesbank and Deutsche Bank AG Branch German Business to borrow $63.7 million. As of December 31, 2022, the amount outstanding under the note payable is $24.6 million. On January 31, 2023, the Company repaid the outstanding borrowings under the syndicated credit agreement working capital line of credit. No amounts are available for future borrowings and terminated the Syndicated credit agreement note payable.