Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 27, 2020 | Oct. 26, 2020 | |
Cover [Abstract] | ||
Amendment Flag | false | |
Document Type | 10-Q | |
Document Fiscal Year Focus | 2020 | |
Entity Central Index Key | 0000097210 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Sep. 27, 2020 | |
Entity Registrant Name | TERADYNE, INC | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | TER | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-06462 | |
Entity Incorporation, State or Country Code | MA | |
Entity Tax Identification Number | 04-2272148 | |
Entity Address, Address Line One | 600 Riverpark Drive | |
Entity Address, City or Town | North Reading | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01864 | |
City Area Code | 978 | |
Local Phone Number | 370-2700 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 166,055,827 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 27, 2020 | Dec. 31, 2019 | |
Current assets: | |||
Cash and cash equivalents | $ 945,180 | $ 773,924 | |
Marketable securities | 287,789 | 137,303 | |
Accounts receivable, less allowance for doubtful accounts of $1,891 and $1,736 at September 27, 2020 and December 31, 2019, respectively | 587,243 | 362,368 | |
Inventories, net | 191,317 | 196,691 | |
Prepayments and other current assets | 232,103 | 188,598 | |
Total current assets | 2,243,632 | 1,658,884 | |
Property, plant and equipment, net | 386,170 | 320,216 | |
Operating lease right-of-use assets, net | 54,724 | 57,539 | |
Marketable securities | 108,254 | 104,490 | |
Deferred tax assets | 78,243 | 75,185 | |
Retirement plans assets | 14,915 | 18,457 | |
Other assets | 11,650 | 10,332 | |
Acquired intangible assets, net | 103,672 | 125,480 | |
Goodwill | 435,252 | 416,431 | |
Total assets | 3,436,512 | [1] | 2,787,014 |
Current liabilities: | |||
Accounts payable | 150,427 | 126,617 | |
Accrued employees' compensation and withholdings | 175,286 | 163,883 | |
Deferred revenue and customer advances | 129,438 | 104,876 | |
Other accrued liabilities | 117,108 | 70,871 | |
Operating lease liabilities | 20,311 | 19,476 | |
Contingent consideration | 0 | 9,106 | |
Income taxes payable | 79,270 | 44,200 | |
Total current liabilities | 671,840 | 539,029 | |
Retirement plans liabilities | 134,650 | 134,471 | |
Long-term deferred revenue and customer advances | 59,099 | 45,974 | |
Long-term contingent consideration | 22,531 | 30,599 | |
Long-term other accrued liabilities | 20,141 | 19,535 | |
Deferred tax liabilities | 11,462 | 14,070 | |
Long-term operating lease liabilities | 42,137 | 45,849 | |
Long-term incomes taxes payable | 74,930 | 82,642 | |
Debt | 406,178 | 394,687 | |
Total liabilities | 1,442,968 | 1,306,856 | |
Commitments and contingencies (See Note R) | |||
SHAREHOLDERS' EQUITY | |||
Common stock, $0.125 par value, 1,000,000 shares authorized; 166,043 and 166,410 shares issued and outstanding at September 27, 2020 and December 31, 2019, respectively | 20,755 | 20,801 | |
Additional paid-in capital | 1,756,831 | 1,720,129 | |
Accumulated other comprehensive income (loss) | 8,248 | (18,854) | |
Retained earnings (accumulated deficit) | 207,710 | (241,918) | |
Total shareholders' equity | 1,993,544 | 1,480,158 | |
Total liabilities and shareholders' equity | $ 3,436,512 | $ 2,787,014 | |
[1] | Total assets are attributable to each segment. Corporate assets consist of cash and cash equivalents, marketable securities and certain other assets. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 27, 2020 | Dec. 31, 2019 |
Accounts receivable, less allowance for doubtful accounts | $ 1,891 | $ 1,736 |
Common stock, par value | $ 0.125 | $ 0.125 |
Common stock, shares authorized | 1,000,000 | 1,000,000 |
Common stock, shares issued | 166,043 | 166,410 |
Common stock, shares outstanding | 166,043 | 166,410 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | |||||
Revenues: | ||||||||
Total revenues | $ 819,484 | [1] | $ 582,038 | [1] | $ 2,362,500 | [2] | $ 1,640,315 | [2] |
Cost of revenues: | ||||||||
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) | 360,556 | 237,000 | 1,026,549 | 683,724 | ||||
Gross profit | 458,928 | 345,038 | 1,335,951 | 956,591 | ||||
Operating expenses: | ||||||||
Selling and administrative | 115,840 | 109,166 | 340,488 | 319,990 | ||||
Engineering and development | 94,909 | 77,804 | 274,170 | 236,030 | ||||
Acquired intangible assets amortization | 6,219 | 9,647 | 25,052 | 30,363 | ||||
Restructuring and other | (27,701) | (6,500) | 1,915 | (11,792) | ||||
Total operating expenses | 189,267 | 190,117 | 641,625 | 574,591 | ||||
Income from operations | 269,661 | 154,921 | 694,326 | 382,000 | ||||
Non-operating (income) expense: | ||||||||
Interest income | (1,071) | (4,433) | (5,189) | (13,805) | ||||
Interest expense | 6,237 | 5,463 | 17,831 | 16,846 | ||||
Other (income) expense, net | 764 | 2,158 | 3,595 | 2,070 | ||||
Income before income taxes | 263,731 | 151,733 | 678,089 | 376,889 | ||||
Income tax provision | 41,013 | 15,873 | 90,274 | 34,494 | ||||
Net income | $ 222,718 | $ 135,860 | $ 587,815 | $ 342,395 | ||||
Net income per common share: | ||||||||
Basic | $ 1.34 | $ 0.80 | $ 3.54 | $ 2 | ||||
Diluted | $ 1.21 | $ 0.75 | $ 3.23 | $ 1.92 | ||||
Weighted average common shares—basic | 166,014 | 169,641 | 166,131 | 171,471 | ||||
Weighted average common shares—diluted | 184,338 | 180,494 | 181,777 | 178,685 | ||||
Product [Member] | ||||||||
Revenues: | ||||||||
Total revenues | $ 697,745 | $ 488,170 | $ 2,043,281 | $ 1,339,123 | ||||
Cost of revenues: | ||||||||
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) | 300,174 | 197,196 | 882,902 | 555,863 | ||||
Service [Member] | ||||||||
Revenues: | ||||||||
Total revenues | 121,739 | 93,868 | 319,219 | 301,192 | ||||
Cost of revenues: | ||||||||
Total cost of revenues (exclusive of acquired intangible assets amortization shown separately below) | $ 60,382 | $ 39,804 | $ 143,647 | $ 127,861 | ||||
[1] | Includes $1.7 million and $1.5 million in 2020 and 2019, respectively, for leases of Teradyne’s systems recognized outside Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers.” | |||||||
[2] | Includes $6.1 million and $4.9 million in 2020 and 2019, respectively, for leases of Teradyne’s systems recognized outside ASC 606 “Revenue from Contracts with Customers.” |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | |
Net income | $ 222,718 | $ 135,860 | $ 587,815 | $ 342,395 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment, net of tax of $0, $0, $0, $0, respectively | 17,104 | (18,002) | 24,131 | (17,019) |
Available-for-sale marketable securities: | ||||
Unrealized gains on debt securities arising during period, net of tax of $139, $507, $1,410, $1,762, respectively | 335 | 1,754 | 5,165 | 6,391 |
Less: Reclassification adjustment for gains included in net income, net of tax of $(194), $(99), $(615), $(125), respectively | (689) | (345) | (2,188) | (442) |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax, Total | (354) | 1,409 | 2,977 | 5,949 |
Defined benefit retirement plans: | ||||
Amortization of prior service credit, net of tax of $0, $(11), $(1), $(32), respectively | (2) | (37) | (6) | (111) |
Other comprehensive income (loss) | 16,748 | (16,630) | 27,102 | (11,181) |
Comprehensive income | $ 239,466 | $ 119,230 | $ 614,917 | $ 331,214 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | |
Foreign currency translation adjustments, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Unrealized gains (losses) on marketable securities arising during period, net of tax | 139 | 507 | 1,410 | 1,762 |
Reclassification adjustment for (gains) losses included in net income, net of tax | 194 | (99) | 615 | (125) |
Amortization of prior service credit, net of tax | $ 0 | $ (11) | $ (1) | $ (32) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) Income | Retained Earnings (Accumulated Deficit) |
Balance at Dec. 31, 2018 | $ 1,522,354 | $ 21,940 | $ 1,671,645 | $ (13,040) | $ (158,191) |
Balance, Shares at Dec. 31, 2018 | 175,522 | ||||
Net issuance of common stock under stock-based plans | 14,731 | $ 220 | 14,511 | ||
Net issuance of common stock under stock-based plans (in shares) | 1,762 | ||||
Stock-based compensation expense | 26,029 | 26,029 | |||
Repurchase of common stock | $ (365,386) | $ (1,099) | (364,287) | ||
Repurchase of common stock (in shares) | 8,800 | (8,794) | |||
Cash dividends | $ (46,307) | (46,307) | |||
Net income | 342,395 | 342,395 | |||
Other comprehensive income | (11,181) | (11,181) | |||
Balance at Sep. 29, 2019 | 1,482,635 | $ 21,061 | 1,712,185 | (24,221) | (226,390) |
Balance, Shares at Sep. 29, 2019 | 168,490 | ||||
Balance at Jun. 30, 2019 | 1,479,412 | $ 21,305 | 1,688,211 | (7,591) | (222,513) |
Balance, Shares at Jun. 30, 2019 | 170,436 | ||||
Net issuance of common stock under stock-based plans | 14,087 | $ 46 | 14,041 | ||
Net issuance of common stock under stock-based plans (in shares) | 377 | ||||
Stock-based compensation expense | 9,933 | 9,933 | |||
Repurchase of common stock | (124,763) | $ (290) | (124,473) | ||
Repurchase of common stock (in shares) | (2,323) | ||||
Cash dividends | (15,264) | (15,264) | |||
Net income | 135,860 | 135,860 | |||
Other comprehensive income | (16,630) | (16,630) | |||
Balance at Sep. 29, 2019 | 1,482,635 | $ 21,061 | 1,712,185 | (24,221) | (226,390) |
Balance, Shares at Sep. 29, 2019 | 168,490 | ||||
Balance at Dec. 31, 2019 | 1,480,158 | $ 20,801 | 1,720,129 | (18,854) | (241,918) |
Balance, Shares at Dec. 31, 2019 | 166,410 | ||||
Net issuance of common stock under stock-based plans | 3,163 | $ 144 | 3,019 | ||
Net issuance of common stock under stock-based plans (in shares) | 1,150 | ||||
Stock-based compensation expense | 33,683 | 33,683 | |||
Repurchase of common stock | $ (88,465) | $ (190) | (88,275) | ||
Repurchase of common stock (in shares) | 1,500 | (1,517) | |||
Cash dividends | $ (49,912) | (49,912) | |||
Net income | 587,815 | 587,815 | |||
Other comprehensive income | 27,102 | 27,102 | |||
Balance at Sep. 27, 2020 | 1,993,544 | $ 20,755 | 1,756,831 | 8,248 | 207,710 |
Balance, Shares at Sep. 27, 2020 | 166,043 | ||||
Balance at Jun. 28, 2020 | 1,744,551 | $ 20,725 | 1,730,716 | (8,500) | 1,610 |
Balance, Shares at Jun. 28, 2020 | 165,806 | ||||
Net issuance of common stock under stock-based plans | 13,545 | $ 30 | 13,515 | ||
Net issuance of common stock under stock-based plans (in shares) | 237 | ||||
Stock-based compensation expense | 12,600 | 12,600 | |||
Cash dividends | (16,618) | (16,618) | |||
Net income | 222,718 | 222,718 | |||
Other comprehensive income | 16,748 | 16,748 | |||
Balance at Sep. 27, 2020 | $ 1,993,544 | $ 20,755 | $ 1,756,831 | $ 8,248 | $ 207,710 |
Balance, Shares at Sep. 27, 2020 | 166,043 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.10 | $ 0.09 | $ 0.10 | $ 0.09 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 27, 2020 | Sep. 29, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 587,815 | $ 342,395 |
Adjustments to reconcile net income from operations to net cash provided by operating activities: | ||
Depreciation | 58,111 | 51,508 |
Amortization | 36,577 | 36,849 |
Stock-based compensation | 33,028 | 28,822 |
Provision for excess and obsolete inventory | (7,967) | (16,460) |
Contingent consideration adjustment | 13,116 | 8,848 |
Deferred taxes | (4,547) | (2,977) |
Gains on investments | (3,515) | (4,158) |
Retirement plan actuarial losses | 2,589 | 448 |
Other | 750 | 610 |
Changes in operating assets and liabilities, net of businesses acquired: | ||
Accounts receivable | (222,015) | (66,789) |
Inventories | 16,998 | (14,143) |
Prepayments and other assets | (40,751) | (16,118) |
Accounts payable and other liabilities | 81,557 | 20,807 |
Deferred revenue and customer advances | 36,589 | 27,779 |
Retirement plans contributions | (3,884) | (3,775) |
Income taxes | 24,060 | (31,224) |
Net cash provided by operating activities | 608,511 | 362,422 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (146,872) | (96,048) |
Purchases of marketable securities | (488,428) | (605,539) |
Proceeds from maturities of marketable securities | 309,407 | 393,472 |
Proceeds from sales of marketable securities | 32,611 | 60,274 |
Proceeds from life insurance | 546 | 2,912 |
Acquisition of businesses, net of cash acquired | 149 | (21,970) |
Net cash used for investing activities | (292,587) | (266,899) |
Cash flows from financing activities: | ||
Issuance of common stock under stock purchase and stock option plans | 26,528 | 29,280 |
Repurchase of common stock | (88,465) | (368,782) |
Dividend payments | (49,870) | (46,269) |
Payments related to net settlement of employee stock compensation awards | (22,735) | (14,550) |
Payments of contingent consideration | (8,852) | (27,615) |
Net cash used for financing activities | (143,394) | (427,936) |
Effects of exchange rate changes on cash and cash equivalents | (1,274) | (400) |
Increase (decrease) in cash and cash equivalents | 171,256 | (332,813) |
Cash and cash equivalents at beginning of period | 773,924 | 926,752 |
Cash and cash equivalents at end of period | 945,180 | 593,939 |
Non-cash investing activities: | ||
Capital expenditures incurred but not yet paid | $ 3,119 | $ 2,922 |
The Company
The Company | 9 Months Ended |
Sep. 27, 2020 | |
The Company | A. THE COMPANY Teradyne, Inc. (“Teradyne”) is a leading global supplier of automation equipment for test and industrial applications. Teradyne designs, develops, manufactures and sells automatic test systems used to test semiconductors, wireless products, data storage and complex electronics systems in the consumer electronics, wireless, automotive, industrial, computing, communications, and aerospace and defense industries. Teradyne’s industrial automation products include collaborative robotic arms, autonomous mobile robots, and advanced robotic control software used by global manufacturing and light industrial customers to improve quality, increase manufacturing and material handling efficiency and decrease manufacturing costs. Teradyne’s automatic test equipment and industrial automation products and services include: • semiconductor test (“Semiconductor Test”) systems; • defense/aerospace (“Defense/Aerospace”) test instrumentation and systems, storage and system level test (“Storage Test”) systems, and circuit-board test and inspection (“Production Board Test”) systems (collectively these products represent “System Test”); • industrial automation (“Industrial Automation”) products; and • wireless test (“Wireless Test”) systems. |
Accounting Policies
Accounting Policies | 9 Months Ended |
Sep. 27, 2020 | |
Accounting Policies | B. ACCOUNTING POLICIES Basis of Presentation The consolidated interim financial statements include the accounts of Teradyne and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. These interim financial statements are unaudited and reflect all normal recurring adjustments that are, in the opinion of management, necessary for the fair statement of such interim financial statements. Certain prior year amounts were reclassified to conform to the current year presentation. The December 31, 2019 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by United States of America generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. The accompanying financial information should be read in conjunction with the consolidated financial statements and notes thereto contained in Teradyne’s Annual Report on Form 10-K, Preparation of Financial Statements and Use of Estimates The preparation of consolidated financial statements requires management to make estimates and judgments that affect the amounts reported in the financial statements. Due to the COVID-19 2 10-Q. Goodwill On January 26, 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment.” 2017-04 2017-04, one-step Credit Losses In June 2016, the FASB issued ASU 2016-13, 2016-13 |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 27, 2020 | |
Recently Issued Accounting Pronouncements | C. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In August 2020, the FASB issued ASU 2020-06 if-converted |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 27, 2020 | |
Acquisitions | D. ACQUISITIONS AutoGuide LLC On November 13, 2019, Teradyne acquired 100% of the membership interests of AutoGuide, LLC (“AutoGuide”), a maker of high-payload autonomous mobile robots (“AMRs”), based in Chelmsford, MA, an emerging and fast growing segment of the global forklift market. The total purchase price was approximately $81.6 million, which included cash paid of approximately $57.6 million and $24.0 million in fair value of contingent consideration payable upon achievement of certain performance targets, extending potentially through 2022. At Septem ber 7 The contingent consideration is payable upon achievement of certain thresholds and targets for revenue and earnings before interest and taxes for periods from January 1, 2019 to December 31, 2020, January 1, 2019 to December 31, 2021, and January 1, 2019 to December 31, 2022. The valuation of the contingent consideration is dependent on the following assumptions: forecasted revenues, revenue volatility, earnings before interest and taxes, and discount rate. These assumptions were estimated based on a review of the historical and projected results. The AutoGuide acquisition was accounted for as a business combination and, accordingly, the results have been included in Teradyne’s consolidated results of operations from the date of acquisition. AutoGuide’s AMRs are used for material transport of payloads up to 4,500 kg in manufacturing, warehouse and logistics applications. These products complement Mobile Industrial Robots Aps (“MiR”) lower payload products and expand the Industrial Automation segment, which is a key component of Teradyne’s growth strategy. The allocation of the total purchase price to AutoGuide’s net tangible assets and identifiable intangible assets was based on their estimated fair values as of the acquisition date. The excess of the purchase price over the identifiable intangible assets and net tangible assets in the amount of $41.2 million was allocated to goodwill, which is deductible for tax purposes. AutoGuide’s results have been included in Teradyne’s Industrial Automation segment from the date of acquisition. The following table represents the final allocation of the purchase price: Purchase Price Allocation (in thousands) Goodwill $ 41,223 Intangible assets 37,660 Tangible assets acquired and liabilities assumed: Other current assets 3,661 Non-current 1,227 Accounts payable and current liabilities (1,223 ) Long-term other liabilities (949 ) Total purchase price $ 81,599 Teradyne estimated the fair value of intangible assets using the income approach. Forecasted revenues is the key assumption for estimating the fair value. Acquired intangible assets are amortized on a straight-line basis over their estimated useful lives. Components of these intangible assets and their estimated useful lives at the acquisition date are as follows: Fair Value Estimated Useful Life (in thousands) (in years) Developed technology $ 24,590 6.0 Customer relationships 7,360 6.0 Trademarks and tradenames 5,450 7.0 Backlog 260 0.3 Total intangible assets $ 37,660 6.1 The following unaudited pro forma information gives effect to the acquisition of AutoGuide as if the acquisition occurred on January 1, 2018. The unaudited pro forma results are not necessarily indicative of what actually would have occurred had the acquisition been in effect for the periods presented: For the Three Months For the Nine Months September 29, 2019 September 29, 2019 (in thousands) Revenue $ 585,238 $ 1,646,815 Net income 134,911 338,149 Net income per common share: Basic $ 0.80 $ 1.97 Diluted $ 0.75 $ 1.89 Lemsys SA On January 30, 2019, Teradyne acquired all of the issued and outstanding shares of Lemsys SA (“Lemsys”) for a total purchase price of approximately $9.1 million. Lemsys strengthens Teradyne’s position in the electrification trends of vehicles, solar and wind power, and industrial applications. The Lemsys acquisition was accounted for as a business combination and, accordingly, the results have been included in Teradyne’s Semiconductor Test segment from the date of acquisition. Teradyne’s final allocation of the purchase price was goodwill of $1.4 million, which is not deductible for tax purposes, acquired intangible assets of $4.6 million with an average estimated useful life of 5.2 years, and $3.1 million of net tangible assets. The acquisition was not material to Teradyne’s consolidated financial statements. |
Revenue
Revenue | 9 Months Ended |
Sep. 27, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | E. REVENUE Disaggregation of Revenue The following table provides information about disaggregated revenue by timing of revenue recognition, primary geographical market, and major product lines. Semiconductor Test Industrial Automation System on a Memory System Test Universal Mobile AutoGuide Wireless Test Corporate and Other Total (in thousands) For the Three Months Ended September 27, 2020 Timing of Revenue Recognition Point in Time $ 393,717 $ 137,929 $ 101,045 $ 51,523 $ 10,175 $ 4,076 $ 37,901 $ (41 ) $ 736,325 Over Time 55,988 4,507 17,124 1,686 59 1,192 2,603 — 83,159 Total $ 449,705 $ 142,436 $ 118,169 $ 53,209 $ 10,234 $ 5,268 $ 40,504 $ (41 ) $ 819,484 Geographical Market Asia Pacific $ 420,821 $ 137,286 $ 78,534 $ 14,471 $ 1,566 $ — $ 33,865 $ — $ 686,543 Americas 17,678 3,730 35,140 16,527 3,981 5,268 5,211 (41 ) 87,494 Europe, Middle East , 11,206 1,420 4,495 22,211 4,687 — 1,428 — 45,447 Total $ 449,705 $ 142,436 $ 118,169 $ 53,209 $ 10,234 $ 5,268 $ 40,504 $ (41 ) $ 819,484 For the Three Months Ended September 29, 2019 (1) Timing of Revenue Recognition Point in Time $ 273,111 $ 68,510 $ 61,988 $ 57,426 $ 9,631 $ — $ 39,948 $ (160 ) $ 510,454 Over Time 51,366 4,750 11,317 1,835 — — 2,316 — 71,584 Total $ 324,477 $ 73,260 $ 73,305 $ 59,261 $ 9,631 $ — $ 42,264 $ (160 ) $ 582,038 Geographical Market Asia Pacific $ 297,590 $ 68,646 $ 32,259 $ 15,855 $ 1,800 $ — $ 34,652 $ — $ 450,802 Americas 14,804 4,085 33,868 16,775 2,820 — 6,344 (160 ) 78,536 Europe, Middle East , 12,083 529 7,178 26,631 5,011 — 1,268 — 52,700 Total $ 324,477 $ 73,260 $ 73,305 $ 59,261 $ 9,631 $ — $ 42,264 $ (160 ) $ 582,038 For the Nine Months Ended September 27, 2020 (2) Timing of Revenue Recognition Point in Time $ 1,261,468 $ 298,150 $ 259,498 $ 140,829 $ 30,468 $ 8,608 $ 125,304 $ (294 ) $ 2,124,031 Over Time 162,159 14,000 46,553 5,628 176 2,083 7,870 — 238,469 Total $ 1,423,627 $ 312,150 $ 306,051 $ 146,457 $ 30,644 $ 10,691 $ 133,174 $ (294 ) $ 2,362,500 Geographical Market Asia Pacific $ 1,330,463 $ 296,679 $ 197,208 $ 39,665 $ 4,391 $ — $ 113,576 $ — $ 1,981,982 Americas 51,315 11,481 91,924 42,634 9,836 10,691 15,253 (294 ) 232,840 Europe, Middle East , 41,849 3,990 16,919 64,158 16,417 — 4,345 — 147,678 Total $ 1,423,627 $ 312,150 $ 306,051 $ 146,457 $ 30,644 $ 10,691 $ 133,174 $ (294 ) $ 2,362,500 For the Nine Months Ended September 29, 2019 (2) Timing of Revenue Recognition Point in Time $ 776,589 $ 169,877 $ 167,500 $ 174,820 $ 29,243 $ — $ 106,705 $ (402 ) $ 1,424,332 Over Time 153,701 13,322 37,434 5,690 — — 5,836 — 215,983 Total $ 930,290 $ 183,199 $ 204,934 $ 180,510 $ 29,243 $ — $ 112,541 $ (402 ) $ 1,640,315 Geographical Market Asia Pacific $ 840,564 $ 157,726 $ 94,736 $ 49,291 $ 6,208 $ — $ 95,315 $ — $ 1,243,840 Americas 46,594 21,728 90,591 50,557 9,152 — 14,511 (402 ) 232,731 Europe, Middle East , 43,132 3,745 19,607 80,662 13,883 — 2,715 — 163,744 Total $ 930,290 $ 183,199 $ 204,934 $ 180,510 $ 29,243 $ — $ 112,541 $ (402 ) $ 1,640,315 (1) Includes $1.7 million and $1.5 million in 2020 and 2019, respectively, for leases of Teradyne’s systems recognized outside Accounting Standards Codification (“ASC”) 606 “ Revenue from Contracts with Customers.” (2) Includes $6.1 million and $4.9 million in 2020 and 2019, respectively, for leases of Teradyne’s systems recognized outside ASC 606 “ Revenue from Contracts with Customers.” Contract Balances During the three and nine months ended September 27, 2020, Teradyne recognized $17.6 million and $78.2 million, respectively, that was previously included within the deferred revenue and customer advances balances. During the three and nine months ended September 29, 2019, Teradyne recognized $14.2 million and $47.6 million, respectively, that was previously included within the deferred revenue and customer advances balances. This revenue primarily relates to undelivered hardware, extended warranties, training, application support, and post contract support. Each of these represents a distinct performance obligation. Teradyne expects to recognize 69% of the remaining performance obligation in the next 12 months, 28% in 1-3 Accounts Receivable Teradyne sells certain trade accounts receivables on a non-recourse |
Inventories
Inventories | 9 Months Ended |
Sep. 27, 2020 | |
Inventories | F. INVENTORIES Inventories, net consisted of the following at September 27, 2020 and December 31, 2019: September 27, December 31, (in thousands) Raw material $ 117,500 $ 118,595 Work-in-process 28,406 32,695 Finished goods 45,411 45,401 $ 191,317 $ 196,691 Inventory reserves at September 27, 2020 and December 31, 2019 were $108.7 million and $103.6 million, respectively. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 27, 2020 | |
Financial Instruments | G. FINANCIAL INSTRUMENTS Cash Equivalents Teradyne considers all highly liquid investments with maturities of three months or less at the date of acquisition to be cash equivalents. Marketable Securities Teradyne’s available-for-sale During the three and nine months ended September 27, 2020 and September 29, 2019, there were no transfers in or out of Level 1, Level 2, or Level 3 financial instruments. Realized gains recorded in the three and nine months ended September 27, 2020 were $1.1 million and $4.1 million, respectively. Realized losses recorded in the three and nine months ended September 27, 2020 were $0.1 million and $0.3 million, respectively. Realized gains recorded in the three and nine months ended September 29, 2019 were $0.5 million and $0.7 million, respectively. Realized losses recorded in the nine months ended September 29, 2019 were $0.2 million. Realized gains and losses are included in other (income) expense, net. available-for-sale The cost of securities sold is based on the first-in first-out The following table sets forth by fair value hierarchy Teradyne’s financial assets and liabilities that were measured at fair value on a recurring basis as of September 27, 2020 and December 31, 2019. September 27, 2020 Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (in thousands) Assets Cash $ 267,013 $ — $ — $ 267,013 Cash equivalents 663,301 14,866 — 678,167 Available-for-sale U.S. Treasury securities — 202,766 — 202,766 Commercial paper — 102,149 — 102,149 Corporate debt securities — 50,715 — 50,715 Debt mutual funds 6,852 — — 6,852 U.S. government agency securities — 4,346 — 4,346 Certificates of deposit and time deposits — 2,416 — 2,416 Non-U.S. government securities — 619 — 619 Equity securities: Mutual funds 26,180 — — 26,180 $ 963,346 $ 377,877 $ — $ 1,341,223 Derivative assets — 25 — 25 Total $ 963,346 $ 377,902 $ — $ 1,341,248 Liabilities Contingent consideration $ — $ — $ 22,531 $ 22,531 Derivative liabilities — 185 — 185 Total $ — $ 185 $ 22,531 $ 22,716 Reported as follow s (Level 1) (Level 2) (Level Total (in thousands) Assets Cash and cash equivalents $ 930,314 $ 14,866 $ — $ 945,180 Marketable securities — 287,789 — 287,789 Long-term marketable securities 33,032 75,222 — 108,254 Prepayments and other current assets — 25 — 25 Total $ 963,346 $ 377,902 $ — $ 1,341,248 Liabilities . Other current liabilities $ — $ 185 $ — $ 185 Long-term contingent consideration — — 22,531 22,531 Tota l $ — $ 185 $ 22,531 $ 22,716 December 31, 2019 Quoted in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (in thousands) Assets Cash $ 311,975 $ — $ — $ 311,975 Cash equivalents 410,285 51,664 — 461,949 Available-for-sale Corporate debt securities — 97,307 — 97,307 Commercial paper — 54,149 — 54,149 U.S. Treasury securities — 42,382 — 42,382 U.S. government agency securities — 9,952 — 9,952 Debt mutual funds 6,888 — — 6,888 Certificates of deposit and time deposits — 4,751 — 4,751 Non-U.S. — 592 — 592 Equity securities: Equity mutual funds 25,772 — — 25,772 $ 754,920 $ 260,797 $ — $ 1,015,717 Derivative assets — 528 — 528 Total $ 754,920 $ 261,325 $ — $ 1,016,245 Liabilities Contingent consideration $ — $ — $ 39,705 $ 39,705 Derivative liabilities — 203 — 203 Total $ — $ 203 $ 39,705 $ 39,908 Reported as follows: (Level 1) (Level 2) (Level Total (in thousands) Assets Cash and cash equivalents $ 722,260 $ 51,664 $ — $ 773,924 Marketable securities — 137,303 — 137,303 Long-term marketable securities 32,660 71,830 — 104,490 Prepayments and other current assets — 528 — 528 Total $ 754,920 $ 261,325 $ — $ 1,016,245 Liabilities Other accrued liabilities $ — $ 203 $ — $ 203 Contingent consideration — — 9,106 9,106 Long-term contingent consideration — — 30,599 30,599 Total $ — $ 203 $ 39,705 $ 39,908 Changes in the fair value of Level 3 contingent consideration for the three and nine months ended September 27, 2020 and September 29, 2019 were as follows: For the Three Months Ended For the Nine Months Ended September 27, September 29, September 27, September 29, 2020 2019 2020 2019 (in thousands) Balance at beginning of period $ 49,737 $ 26,847 $ 39,705 $ 70,543 Fair value adjustment ( a)(b)(c) (27,206 ) (7,759 ) (7,967 ) (16,460 ) Payments (d )(e) — — (8,852 ) (34,590 ) Foreign currency impact — (1,008 ) (355 ) (1,413 ) Balance at end of period $ 22,531 $ 18,080 $ 22,531 $ 18,080 (a) In the three and nine months ended September 27, 2020, the fair value of contingent consideration for the earn-outs in connection with the acquisition of AutoGuide decreased by $27.2 million and $4.4 million, respectively, due to lower forecasted results. Teradyne has received a letter from the sellers of AutoGuide alleging non-compliance earn-out non-compliance. (b) In the nine months ended September 27, 2020, the fair value of contingent consideration for the earn-outs in connection with the acquisition of MiR decreased by $3.5 million due to lower forecasted results. (c) In the three and nine months ended September 29, 2019, the fair value of contingent consideration for the earn-out earn-out (d) In the nine months ended September 27, 2020, Teradyne paid $8.9 million of contingent consideration for the earn-out (e) In the nine months ended September 29, 2019, Teradyne paid $30.8 million and $3.8 million of contingent consideration for the earn-outs in connection with the acquisition of MiR and Universal Robots A/S (“Universal Robots”), respectively. The following table provides quantitative information associated with the fair value measurement of Teradyne’s Level 3 financial instruments: Liability September 27, Valuation Technique Unobservable Inputs Weighted Average (in thousands) Contingent consideration (AutoGuide) $ 22,531 Monte Carlo Simulation Revenue volatility 17.5 % Discount Rate 1.4 % Contingent consideration (MiR) $ — Monte Carlo Simulation Revenue volatility 10.0 % Discount Rate 0.8 % As of September 27, 2020, the significant unobservable inputs used in the Monte Carlo simulation to fair value the AutoGuide and MiR contingent consideration include forecasted revenues, revenue volatility, earnings before interest and taxes, and discount rate. Increases or decreases in the inputs would result in a higher or lower fair value measurement. As of September 27, 2020, the maximum amount of contingent consideration that could be paid in connection with the acquisition of AutoGuide is $106.9 million. The earn-out As of September 27, 2020, the maximum amount of contingent consideration that could be paid in connection with the acquisition of MiR is $65.8 million. The remaining earn-out The carrying amounts and fair values of Teradyne’s financial instruments at September 27, 2020 and December 31, 2019 were as follows: September 27, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value (in thousands) Assets Cash and cash equivalents $ 945,180 $ 945,180 $ 773,924 $ 773,924 Marketable securities 396,043 396,043 241,793 241,793 Derivative assets 25 25 528 528 Liabilities Contingent consideration 22,531 22,531 39,705 39,705 Derivative liabilities 185 185 203 203 Convertible debt (1) 406,178 1,151,460 394,687 1,010,275 (1) The carrying value represents the bifurcated debt component only, while the fair value is based on quoted market prices for the convertible note, which includes the equity conversion features. The fair values of accounts receivable, net and accounts payable approximate the carrying value due to the short-term nature of these instruments. The following table summarizes the composition of available-for-sale September 27, 2020 Available-for-Sale Cost Unrealized Gain Unrealized (Loss) Fair Market Value Fair Market Value of Investments with Unrealized Losses (in thousands) U.S. Treasury securities $ 201,193 $ 1,606 $ (33 ) $ 202,766 $ 20,611 Commercial paper 102,141 8 — 102,149 500 Corporate debt securities 44,350 6,417 (52 ) 50,715 2,207 Debt mutual funds 6,661 191 — 6,852 — U.S. government agency securities 4,288 60 (2 ) 4,346 1,113 Certificates of deposit and time deposits 2,414 2 — 2,416 — Non-U.S. government securities 619 — — 619 — $ 361,666 $ 8,284 $ (87 ) $ 369,863 $ 24,431 Reported as follows: Cost Unrealized Gain Unrealized (Loss) Fair Market Value Fair Market Value of Investments with Unrealized Losses (in thousands) Marketable securities $ 287,670 $ 128 $ (9 ) $ 287,789 $ 18,953 Long-term marketable securities 73,996 8,156 (78 ) 82,074 5,478 $ 361,666 $ 8,284 $ (87 ) $ 369,863 $ 24,431 The following table summarizes the composition of available-for-sale December 31, 2019 Available-for-Sale Cost Unrealized Gain Unrealized (Loss) Fair Value Fair Market Value of Investments with Unrealized Losses (in thousands) Corporate debt securities $ 93,267 $ 4,081 $ (41 ) $ 97,307 $ 2,009 Commercial paper 54,124 26 (1 ) 54,149 1,391 U.S. Treasury securities 42,167 431 (216 ) 42,382 17,556 U.S. government agency securities 9,942 14 (4 ) 9,952 3,043 Debt mutual funds 6,753 135 — 6,888 — Certificates of deposit and time deposits 4,751 — — 4,751 — Non-U.S. 592 — — 592 — $ 211,596 $ 4,687 $ (262 ) $ 216,021 $ 23,999 Reported as follows: Cost Unrealized Gain Unrealized (Loss) Fair Value Fair Market Value of Investments with Unrealized Losses (in thousands) Marketable securities $ 137,144 $ 160 $ (1 ) $ 137,303 $ 2,922 Long-term marketable securities 74,452 4,527 (261 ) 78,718 21,077 $ 211,596 $ 4,687 $ (262 ) $ 216,021 $ 23,999 As of September 27, 2020 and December 31, 2019, the fair market value of investments with unrealized losses less than one year totaled $24.4 million and $23.6 million, respectively. Teradyne reviews its investments to identify and evaluate investments that have an indication of possible impairment. Based on this review, Teradyne determined that the unrealized losses related to these investments at September 27, 2020 and December 31, 2019 were not other than temporary. The contractual maturities of investments in available-for-sale September 27, 2020 Cost Fair Market Value (in thousands) Due within one year $ 287,670 $ 287,789 Due after 1 year through 5 years 20,790 21,266 Due after 5 years through 10 years 13,021 14,211 Due after 10 years 33,524 39,745 Total $ 355,005 $ 363,011 Contractual maturities of investments in available-for-sale Derivatives Teradyne conducts business in a number of foreign countries, with certain transactions denominated in local currencies. The purpose of Teradyne’s foreign currency management is to minimize the effect of exchange rate fluctuations on certain foreign currency denominated monetary assets and liabilities. Teradyne does not use derivative financial instruments for trading or speculative purposes. To minimize the effect of exchange rate fluctuations associated with the remeasurement of monetary assets and liabilities denominated in foreign currencies, Teradyne enters into foreign currency forward contracts. The change in fair value of these derivatives is recorded directly in earnings, and is used to offset the change in value of monetary assets and liabilities denominated in foreign currencies. The notional amount of foreign currency forward contracts at September 27, 2020 and December 31, 2019 was $111.5 million and $144.9 million, respectively. Gains and losses on foreign currency forward contracts and foreign currency remeasurement gains and losses on monetary assets and liabilities are included in other (income) expense, net. The following table summarizes the fair value of derivative instruments as of September 27, 2020 and December 31, 2019: Balance Sheet Location September 27, December 31, (in thousands) Derivatives not designated as hedging instruments: Foreign exchange contracts Prepayments $ 25 $ 528 Foreign exchange contracts Other current liabilities (185 ) (203 ) Total derivatives $ (160 ) $ 325 The following table summarizes the effect of derivative instruments recognized in the statement of operations for the three and nine months ended September 27, 2020 and September 29, 2019: Location of (Gains) Losses For the Three Months Ended For the Nine Months Ended Recognized in September 27, September 29, September 27, September 29, Statement of Operations 2020 2019 2020 2019 (in thousands) Derivatives not designated as hedging instruments: Foreign exchange contracts Other (income) expense, net $ (551 ) $ 3,699 $ 3,930 $ 7,872 (1) The table does not reflect the corresponding gains and losses from the remeasurement of the monetary assets and liabilities denominated in foreign currencies. (2) For the three months ended September 27, 2020, net losses from the remeasurement of monetary assets and liabilities denominated in foreign currencies were $ (3) For the three months ended September 29, 2019, net gains from the remeasurement of monetary assets and liabilities denominated in foreign currencies were $1.5 million. For the nine months ended September 29, 2019, net gains from the remeasurement of monetary assets and liabilities denominated in foreign currencies were $3.4 million. See Note H |
Debt
Debt | 9 Months Ended |
Sep. 27, 2020 | |
Debt | H. DEBT Convertible Senior Notes On December 12, 2016, Teradyne completed a private offering of $460.0 million aggregate principal amount of 1.25% convertible senior unsecured notes (the “Notes”) due December 15, 2023 and received net proceeds, after issuance costs, of approximately $450.8 million, $33.0 million of which was used to pay the net cost of the convertible note hedge transactions and $50.1 million of which was used to repurchase 2.0 million shares of Teradyne’s common stock under its existing stock repurchase program from purchasers of the Notes in privately negotiated transactions effected through one of the initial purchasers or its affiliates conducted concurrently with the pricing of the Note offering. The Notes will mature on December 15, 2023, unless earlier repurchased or converted. The Notes bear interest from December 12, 2016 at a rate of 1.25 Concurrent with the offering of the Notes, Teradyne entered into convertible note hedge transactions (the “Note Hedge Transactions”) with the initial purchasers or their affiliates (the “Option Counterparties”). The Note Hedge Transactions cover, subject to customary anti-dilution adjustments, the number of shares of the common stock that underlie the Notes, with a strike price equal to the conversion price of the Notes of $31.57. The Note Hedge Transactions cover, subject to customary anti-dilution adjustments, approximately 14.6 million shares of Teradyne’s common stock. Separately and concurrent with the pricing of the Notes, Teradyne entered into warrant transactions with the Option Counterparties (the “Warrant Transactions”) in which it sold net-share-settled The Note Hedge Transactions are expected to reduce the potential dilution to Teradyne’s common stock upon any conversion of the Notes. However, the Warrant Transactions could separately have a dilutive effect to the extent that the market value per share of Teradyne’s common stock exceeds the applicable strike price of the warrant. The net cost of the Note Hedge Transactions, after being partially offset by the proceeds from the sale of the warrants, was approximately $33.0 million. In connection with establishing their initial hedge of these convertible note hedge and warrant transactions, the Option Counterparties have entered into various derivative transactions with respect to Teradyne’s common stock and/or purchased shares of Teradyne’s common stock or other securities, including the Notes, concurrent with, or shortly after, the pricing of the Notes. In addition, the Option Counterparties may modify their hedge positions by entering into or unwinding various derivative transactions with respect to Teradyne’s common stock or by selling Teradyne’s common stock or other securities, including the Notes, in secondary market transactions (and may do so during any observation period related to the conversion of the Notes). These activities could adversely affect the value of Teradyne’s common stock and the Notes. Teradyne considered the guidance of ASC 815-40, “Derivatives and Hedging—Contracts in Entity’s Own Equity,” fixed-for-fixed Teradyne assessed whether the convertible note hedge should be classified as equity under ASC 815-40. 815-40 Teradyne analyzed the Warrant Transactions under ASC 815-40, “Derivatives and Hedging—Contracts in Entity’s Own Equity,” paid-in The provisions of ASC 470-20, Debt with Conversion and Other Options, 470-20 seven-year The below tables represent the key components of Teradyne’s convertible senior notes: September 27, December 31, (in thousands) Debt Principal $ 459,973 $ 460,000 Unamortized discount 53,795 65,313 Net Carrying amount of convertible debt $ 406,178 $ 394,687 For the Three Months Ended For the Nine Months Ended September 27, September 29, September 27, September 29, (in thousands) (in thousands) Contractual interest expense on the coupon $ 1,438 $ 1,438 $ 4,313 $ 4,313 Amortization of the discount component and debt issue fees recognized as interest expense 3,887 3,699 11,518 10,961 Total interest expense on the convertible debt $ 5,325 $ 5,137 $ 15,831 $ 15,274 As of September 27, 2020, the remaining unamortized discount was $53.8 million, which will be amortized over 3.3 years using the effective interest rate method. The carrying amount of the equity component was $100.8 million. As of September 27, 2020, the if-converted Revolving Credit Facility On May 1, 2020, Teradyne entered into a credit agreement (the “Credit Agreement”) with Truist Bank, as administrative agent and collateral agent, and the lenders party thereto. The Credit Agreement provides for a three-year, senior secured revolving credit facility of $400.0 million (the “Credit Facility”). The Credit Agreement further provides that, subject to customary conditions, Teradyne may seek to obtain from existing or new lenders incremental commitments under the Credit Facility in an aggregate principal amount not to exceed $150.0 million. Proceeds from the Credit Facility may be used for general corporate purposes and working capital. During the nine three 2 The interest rates applicable to loans under the Credit Facility are, at Teradyne’s option, equal to either a base rate plus a margin ranging from 0.50% to 1.25% per annum or LIBOR, a minimum of 0.75%, plus a margin ranging from 1.50% to 2.25% per annum, based on the consolidated leverage ratio of Teradyne. In addition, Teradyne will pay a commitment fee on the unused portion of the commitments under the Credit Facility ranging from 0.25% to 0.40% per annum, based on the then applicable consolidated leverage ratio. Teradyne is not required to repay any loans under the Credit Facility prior to maturity, subject to certain customary exceptions. Teradyne is permitted to prepay all or any portion of the loans under the Credit Facility prior to maturity without premium or penalty, other than customary LIBOR breakage costs. The Credit Agreement contains customary events of default, representations, warranties and affirmative and negative covenants that, among other things, limit Teradyne’s ability to sell assets, grant liens on assets, incur other secured indebtedness and make certain investments and restricted payments, all subject to exceptions set forth in the Credit Agreement. The Credit Agreement also requires Teradyne to satisfy two financial ratios measured as of the end of each fiscal quarter: a consolidated leverage ratio and an interest coverage ratio. The Credit Facility is guaranteed by certain of Teradyne’s domestic subsidiaries and collateralized by assets of Teradyne and such subsidiaries, including a pledge of 65% of the capital stock of certain foreign subsidiaries. As of November 2 |
Prepayments
Prepayments | 9 Months Ended |
Sep. 27, 2020 | |
Prepayments [Abstract] | |
Prepayments | I. PREPAYMENTS Prepayments consist of the following and are included in prepayments and other assets on the balance sheet: September 27, December 31, 2020 2019 (in thousands) Contract manufacturer and supplier prepayments $ 185,567 $ 143,392 Prepaid taxes 11,278 8,046 Prepaid maintenance and other services 10,064 8,503 Other prepayments 14,063 16,753 Total prepayments $ 220,972 $ 176,694 |
Deferred Revenue and Customer A
Deferred Revenue and Customer Advances | 9 Months Ended |
Sep. 27, 2020 | |
Deferred Revenue and Customer Advances | J. DEFERRED REVENUE AND CUSTOMER ADVANCES Deferred revenue and customer advances consist of the following and are included in short and long-term deferred revenue and customer advances on the balance sheet: September 27, December 31, 2020 2019 (in thousands) Maintenance, service and training $ 71,362 $ 63,815 Customer advances, undelivered elements and other 68,472 56,358 Extended warranty 48,703 30,677 Total deferred revenue and customer advances $ 188,537 $ 150,850 |
Product Warranty
Product Warranty | 9 Months Ended |
Sep. 27, 2020 | |
Product Warranty | K. PRODUCT WARRANTY Teradyne generally provides a one-year For the Three Months Ended For the Nine Months Ended September 27, September 29, September 27, September 29, 2020 2019 2020 2019 (in thousands) Balance at beginning of period $ 13,016 $ 8,133 $ 8,996 $ 7,909 Acquisition — — — 14 Accruals for warranties issued during the period 8,255 3,508 19,522 10,008 Accruals related to pre-existing 158 1,132 1,569 3,156 Settlements made during the period (6,272 ) (4,265 ) (14,930 ) (12,579 ) Balance at end of period $ 15,157 $ 8,508 $ 15,157 $ 8,508 When Teradyne receives revenue for extended warranties, beyond one year, it is deferred and recognized on a straight-line basis over the contract period. Related costs are expensed as incurred. The balance below is included in short and long-term deferred revenue and customer advances. For the Three Months Ended For the Nine Months Ended September 27, September 29, September 27, September 29, 2020 2019 2020 2019 (in thousands) Balance at beginning of period $ 40,178 $ 28,716 $ 30,677 $ 27,422 Deferral of new extended warranty revenue 13,674 5,666 32,724 16,962 Recognition of extended warranty deferred revenue (5,149 ) (4,445 ) (14,698 ) (14,447 ) Balance at end of period $ 48,703 $ 29,937 $ 48,703 $ 29,937 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 27, 2020 | |
Stock-Based Compensation | L. STOCK-BASED COMPENSATION Under Teradyne’s stock compensation plans, Teradyne grants service-based restricted stock units, performance-based restricted stock units and stock options, and employees are eligible to purchase Teradyne’s common stock through its Employee Stock Purchase Plan (“ESPP”). Service-based restricted stock unit awards granted to employees vest in equal annual installments over four years. Restricted stock unit awards granted to non-employee one-year Performance-based restricted stock units (“PRSUs”) granted to Teradyne’s executive officers may have a performance metric based on relative total shareholder return (“TSR”). Teradyne’s three-year 9 yea r three-year non-GAAP Non-GAAP non-cash non-recurring on a straight-line basis over the shorter of the three-year service period or the period from the grant date to the date described in the retirement provisions below. Compensation expense for executive officers meeting the retirement provisions prior to the grant date is recognized during the year following the grant. Compensation expense is recognized based on the number of units that are earned based upon the three-year Teradyne PBIT as a percent of Teradyne’s revenue, provided the executive officer remains an employee at the end of the three-year period subject to the retirement and termination eligibility provisions noted below. If a PRSU recipient’s employment ends prior to the determination of the performance percentage due to (1) permanent disability or death or (2) retirement or termination other than for cause, after attaining both at least age sixty Stock options to purchase Teradyne’s common stock at 100% of the fair market value on the grant date vest in equal annual installments over four years from the grant date and have a maximum term of seven years. During the nine months ended September 27, 2020 and September 29, 2019, Teradyne granted 0.4 million and 0.7 million of service-based restricted stock unit awards to employees at a weighted average grant date fair value of $70.76 and $36.85, respectively, and 0.1 million of service-based restricted stock unit awards to non-employee During the nine months ended September 27, 2020 and September 29, 2019, Teradyne granted 0.1 million of PBIT PRSUs with a grant date fair value of $70.94 and $36.88, respectively. During the nine months ended September 27, 2020 and September 29, 2019, Teradyne granted 0.1 million of TSR PRSUs, with a grant date fair value of $89.93 and $51.51, respectively. The fair value was estimated using the Monte Carlo simulation model with the following assumptions: For the Nine Months Ended September 27, September 29, 2020 2019 Risk-free interest rate 1.5 % 2.6 % Teradyne volatility-historical 34.9 % 31.9 % NYSE Composite Index volatility-historical 11.4 % 11.9 % Dividend yield 0.6 % 1.0 % Expected volatility was based on the historical volatility of Teradyne’s stock and the NYSE Composite During the nine months ended September 27, 2020 and September 29, 2019, Teradyne granted 0.1 million of service-based stock options to executive officers at a weighted average grant date fair value of $20.67 and $10.61, respectively. The fair value of stock options was estimated using the Black-Scholes option-pricing model with the following assumptions: For the Nine Months Ended September 27, September 29, 2020 2019 Expected life (years) 5.0 5.0 Risk-free interest rate 1.6 % 2.5 % Volatility-historical 31.6 % 30.1 % Dividend yield 0.6 % 1.0 % Teradyne determined the stock options’ expected life based upon historical exercise data for executive officers, the age of the executive officers and the terms of the stock option grant. Volatility was determined using historical volatility for a period equal to the expected life. The risk-free interest rate was determined using the U.S. Treasury yield curve in effect at the time of grant. Dividend |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 9 Months Ended |
Sep. 27, 2020 | |
Accumulated Other Comprehensive Income (Loss) | M. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Changes in accumulated other comprehensive (loss) income, which are presented net of tax, consist of the following: Foreign Currency Translation Adjustment Unrealized Gains (Losses) on Marketable Securities Retirement Plans Prior Service Credit Total (in thousands) Nine Months Ended September 27, 2020 Balance at December 31, 2019, net of tax of $0, $946, $(1,124), respectively $ (23,514 ) $ 3,480 $ 1,180 $ (18,854 ) Other comprehensive income before reclassifications, net of tax of $0, $1,410, $0, respectively 24,131 5,165 — 29,296 Amounts reclassified from accumulated other comprehensive income, net of tax of $0, $(615), $(1), respectively — (2,188 ) (6 ) (2,194 ) Net current period other comprehensive income (loss), net of tax of $0, $795, $(1), respectively 24,131 2,977 (6 ) 27,102 Balance at September 27, 2020, net of tax of $0, $1,741, $(1,125), respectively $ 617 $ 6,457 $ 1,174 $ 8,248 Nine Months Ended September 29, 2019 Balance at December 31, 2018, net of tax of $0, $(521), $(1,081), respectively $ (12,523 ) $ (1,845 ) $ 1,328 $ (13,040 ) Other comprehensive (loss) (17,019 ) 6,391 — (10,628 ) Amounts reclassified from accumulated other comprehensive income, net of tax of $0, $(125), $(32), respectively — (442 ) (111 ) (553 ) Net current period other comprehensive (loss) , (17,019 ) 5,949 (111 ) (11,181 ) Balance a t $ (29,542 ) $ 4,104 $ 1,217 $ (24,221 ) Reclassifications out of accumulated other comprehensive (loss) income to the statement of operations for the three and nine months ended September 27, 2020 and September 29, 2019 were as follows: For the Three Months Ended For the Nine Months Ended Affected Line Item in the Statements of Operations Details about Accumulated Other Comprehensive Income September 27, September 29, September 27, September 29, 2020 2019 2020 2019 (in thousands) Available-for-sale Unrealized gains, net of tax of $194, $99, $615, $ 689 $ 345 $ 2,188 $ 442 Interest income Defined benefit retirement plans: Amortization of prior service cred 2 37 6 111 (a) Total reclassifications, net of tax of $194, $110, $616, $157, respectively $ 691 $ 382 $ 2,194 $ 553 Net income (a) The amortization of prior service credit is included in the computation of net periodic pension cost and postretirement benefit. See Note Q: “Retirement Plans.” |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets | 9 Months Ended |
Sep. 27, 2020 | |
Goodwill and Intangible Assets | N. GOODWILL AND ACQUIRED INTANGIBLE ASSETS Goodwill Teradyne performs its annual goodwill impairment test as required under the provisions of ASC 350-10, “Intangibles—Goodwill and Other” The changes in the carrying amount of goodwill by reportable segments for the nine months ended September 27, 2020, were as follows: Industrial Automation System Test Wireless Test Semiconductor Test Total (in thousands) Balance at December 31, 2019 Goodwill $ 396,483 $ 158,699 $ 361,819 $ 261,996 $ 1,178,997 Accumulated impairment losses — (148,183 ) (353,843 ) (260,540 ) (762,566 ) 396,483 10,516 7,976 1,456 416,431 AutoGuide acquisition (149 ) — — — (149 ) Foreign currency translation adjustment 18,881 — — 89 18,970 Balance at September 27, 2020 Goodwill 415,215 158,699 361,819 262,085 1,197,818 Accumulated impairment losses — (148,183 ) (353,843 ) (260,540 ) (762,566 ) $ 415,215 $ 10,516 $ 7,976 $ 1,545 $ 435,252 Intangible Assets Teradyne reviews long-lived assets for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Amortizable intangible assets consist of the following and are included in intangible assets, net on the balance sheet: Gross Carrying Amount Accumulated Amortization Foreign Net Carrying Amount (in thousands) Balance at September 27, 2020 Developed technology $ 361,787 $ (295,801 ) $ (3,806 ) $ 62,180 Customer relationships 75,669 (63,107 ) (42 ) 12,520 Tradenames and trademarks 70,120 (40,891 ) (257 ) 28,972 Total intangible assets $ 507,576 $ (399,799 ) $ (4,105 ) $ 103,672 Balance, December 31, 2019 Developed technology $ 361,787 $ (279,000 ) $ (5,709 ) $ 77,078 Customer relationships 75,669 (59,077 ) (455 ) 16,137 Tradenames and trademarks 70,120 (36,671 ) (1,184 ) 32,265 Backlog 260 (260 ) — — Total intangible assets $ 507,836 $ (375,008 ) $ (7,348 ) $ 125,480 Aggregate intangible asset amortization expense was $6.2 million and $25.1 million, respectively, for the three and nine months ended September 27, 2020 and $9.6 million and $30.4 million, respectively, for the three and nine months ended September 29, 2019. Estimated intangible asset amortization expense for each of the five succeeding fiscal years is as follows: Year Amortization Expense (in thousands) 2020 (remainder) 5,721 2021 21,254 2022 20,361 2023 19,874 2024 19,565 Thereafter 16,897 |
Net Income Per Common Share
Net Income Per Common Share | 9 Months Ended |
Sep. 27, 2020 | |
Net Income per Common Share | O. NET INCOME PER COMMON SHARE The following table sets forth the computation of basic and diluted net income per common share: For the Three Months Ended For the Nine Months Ended September 27, September 29, September 27, September 29, 2020 2019 2020 2019 (in thousands, except per share amounts) Net income for basic and diluted net income per share $ 222,718 $ 135,860 $ 587,815 $ 342,395 Weighted average common shares-basic 166,014 169,641 166,131 171,471 Effect of dilutive potential common shares: Incremental shares from assumed conversion of convertible 9,156 5,800 8,029 4,117 Convertible note hedge warrant shares (2) 7,775 3,580 6,364 1,786 Restricted stock units 1,237 1,313 1,104 1,112 Stock options 141 155 136 186 Employee stock purchase plan 15 5 13 13 Dilutive potential common shares 18,324 10,853 15,646 7,214 Weighted average common shares-diluted 184,338 180,494 181,777 178,685 Net income per common share-basic $ 1.34 $ 0.80 $ 3.54 $ 2.00 Net income per common share-diluted $ 1.21 $ 0.75 $ 3.23 $ 1.92 (1) Incremental shares from assumed conversion of the convertible notes was calculated using the difference between the average Teradyne stock price for the period and the conversion price of $31.57, multiplied by 14.6 million shares. The result of this calculation, representing the total intrinsic value of the convertible debt, was divided by the average Teradyne stock price for the period. (2) Convertible notes hedge warrant shares were calculated using the difference between the average Teradyne stock price for the period and the warrant price of $39.62, multiplied by 14.6 million shares. The result of this calculation, representing the total intrinsic value of the warrant, was divided by the average Teradyne stock price for the period. The computation of diluted net income per common share for the three and nine months ended September 27, 2020 excludes the effect of the potential vesting of 0.1 million and 0.2 million, respectively, of restricted stock units because the effect would have been anti-dilutive. The computation of diluted net income per common share for the three and nine months ended September 29, 2019 excludes the effect of the potential vesting of 0.1 million of stock options, because the effect would have been anti-dilutive. The computation of diluted net income per share for the nine months ended September 29, 2019 excludes the effect of the potential vesting of 0.2 million of restricted stock units, because the effect would have been anti-dilutive. |
Restructuring and Other
Restructuring and Other | 9 Months Ended |
Sep. 27, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other | P. RESTRUCTURING AND OTHER During the three months ended September 27, 2020, Teradyne recorded a $27.2 million gain for the decrease in the fair value of the AutoGuide contingent consideration liability, a $1.1 million gain for the decrease in acquisition related compensation liability, partially offset by $0.5 million recorded for employee severance charges primarily in Industrial Automation. During the three months ended September 29, 2019, Teradyne recorded a $7.8 million gain for the decrease in the fair value of the MiR contingent consideration liability, partially offset by $0.5 million recorded for employee severance charges primarily in Industrial Automation and . During the nine months ended September 27, 2020, Teradyne recorded a $4.0 million contract termination settlement charge, $3.4 million of acquisition related compensation and expenses, $1.2 million of severance charges primarily in Industrial Automation, and $1.2 million of other expenses, partially offset by a $4.4 million gain for the decrease in the fair value of the AutoGuide contingent consideration liabilities, and a $3.5 million gain for the decrease in the fair value of the MiR contingent consideration liability. During the nine months ended September 29, 2019, Teradyne recorded a $16.5 million gain for the decrease in the fair value of the MiR contingent consideration liability, partially offset by $2.1 million recorded for employee severance charges primarily in Semiconductor Test and Industrial Automation and n . |
Retirement Plans
Retirement Plans | 9 Months Ended |
Sep. 27, 2020 | |
Retirement Plans | Q. RETIREMENT PLANS ASC 715, “Compensation—Retirement Benefits” Defined Benefit Pension Plans Teradyne has defined benefit pension plans covering a portion of domestic employees and employees of certain non-U.S. In the three months ended September 27, 2020, Teradyne purchased a group annuity contract for its retiree participants in the U.S. qualified pension plan. Under the group annuity, the accrued pension obligations for approximately 115 retiree participants were transferred to an insurance company. The reduction in the pension benefit obligation and pension assets was $24.4 million. In the three and nine months ended September 27, 2020, Teradyne recorded $2.2 million of pension actuarial loss and a settlement loss of $0.5 million from interim remeasurement of U.S. Pension Plan related to the retiree group annuity transaction. In the nine months ended September 27, 2020, Teradyne contributed $2.2 million to the U.S. supplemental executive defined benefit pension plan and $0.7 million to certain qualified pension plans for non-U.S. For the three and nine months ended September 27, 2020 and September 29, 2019, Teradyne’s net periodic pension cost was comprised of the following: For the Three Months September 27, 2020 September 29, 2019 United States Foreign United States Foreign (in thousands) Service cost $ 417 $ 216 $ 402 $ 183 Interest cost 1,460 123 1,797 168 Expected return on plan assets (1,170 ) (16 ) (1,510 ) (7 ) Net actuarial loss 2,238 — — — Settlem ent loss 450 — — — Total net periodic pension cost $ 3,395 $ 323 $ 689 $ 344 For the Nine Months September 27, September 29, United States Foreign United States Foreign (in thousands) Service cost $ 1,283 $ 648 $ 1,206 $ 550 Interest cost 4,505 369 5,392 505 Expected return on plan assets (3,634 ) (47 ) (4,531 ) (21 ) Net actuarial loss 2,418 — 252 — Settlem ent loss 450 — — — Total net periodic pension cos t $ 5,022 $ 970 $ 2,319 $ 1,034 Postretirement Benefit Plan In addition to receiving pension benefits, Teradyne employees in the United States who meet early retirement eligibility requirements as of their termination dates may participate in Teradyne’s Welfare Plan, which includes medical and dental benefits up to age 65. Death benefits provide a fixed sum to retirees’ survivors and are available to all retirees. Substantially all of Teradyne’s current U.S. employees could become eligible for these benefits, and the existing benefit obligation relates primarily to those employees. For the three and nine months ended September 27, 2020 and September 29, 2019, Teradyne’s net periodic postretirement benefit cost (income) For the Three Months Ended For the Nine Months Ended September 27, September 29, September 27, September 29, 2020 2019 2020 2019 (in thousands) Service cost $ 14 $ 10 $ 43 $ 31 Interest cost 60 87 180 260 Amortization of prior service credit (2 ) (48 ) (7 ) (143 ) Net actuarial (gain) loss — — (279 ) 196 Total net periodic postretirement benefit cost (cre dit) $ 72 $ 49 $ (63 ) $ 344 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 27, 2020 | |
Commitments and Contingencies | R. COMMITMENTS AND CONTINGENCIES Purchase Commitments As of September 27, 2020, Teradyne had entered into purchase commitments for certain components and materials. The purchase commitments covered by the agreements aggregate to approximately $669.3 million, of which $663.0 million is for less than one year. Legal Claims Teradyne is subject to various legal proceedings and claims which have arisen in the ordinary course of business such as, but not limited to, patent, employment, commercial and environmental matters. Teradyne believes that it has meritorious defenses against all pending claims and intends to vigorously contest them. While it is not possible to predict or determine the outcomes of any pending claims or to provide possible ranges of losses that may arise, Teradyne believes the potential losses associated with all of these actions are unlikely to have a material adverse effect on its business, financial position or results of operations. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 27, 2020 | |
Income Taxes | S. INCOME TAXES A reconciliation of the United States federal statutory corporate tax rat e For the Three Months For the Nin e September 27 September 29 September 27 September 29 US statutory federal tax rate 21.0 % 21.0 % 21.0 % 21.0 % I n C Jobs Act o f 2017 3.6 1.2 0.7 1.0 Foreign taxes (6.9 ) (5.1 ) (5.8 ) (4.9 ) Tax cre dits (1.1 ) (1.8 ) (1.4 ) (2.2 ) Discrete (benefit) expense related to the internat ional provisions of the U.S. Tax C uts and Jobs Act of 2017 (0.6 ) (4.0 ) (0.2 ) 2.3 Discrete ( ) expense release of s (0.5 ) 0.1 (0.2 ) (6.9 ) Discrete benefit related to equity compensation (0.4 ) (0.7 ) (1.4 ) (1.5 ) Other, net 0.5 (0.2 ) 0.6 0.4 Effective tax rate 15.6 % 10.5 % 13.3 % 9.2 % On a quarterly basis, Teradyne evaluates the realizability of the deferred tax assets by jurisdiction and assesses the need for a valuation allowance. As of September 27, 2020, Teradyne believes that it will ultimately realize the deferred tax assets recorded on the condensed consolidated balance sheet. However, should Teradyne believe that it is more-likely-than-not As of September 27, 2020 and December 31, 2019, Teradyne had $17.6 million and $21.2 million, respectively, of reserves for uncertain tax positions. The $3.6 million net decrease in reserves for uncertain tax positions is primarily related to U.S. state research and development credits generated in prior years, as well as inventory cost capitalization and equity compensation in prior years. As of September 27, 2020, Teradyne does not anticipate a material change in the balance of unrecognized tax benefits during the next twelve months. Teradyne recognizes interest and penalties related to income tax matters in income tax expense. As of September 27, 2020 and December 31, 2019, $1.4 million and $1.4 million, respectively, of interest and penalties were accrued for uncertain tax positions. For the nine months ended September 27, 2020 and September 29, 2019, expense of $0.0 million and $0.2 million, respectively, was recorded for interest and penalties related to income tax items. Teradyne qualifies for a tax holiday in Singapore by fulfilling the requirements of an agreement with the Singapore Economic Development Board under which certain headcount and spending requirements must be met. The tax savings due to the tax holiday for the nine months ended September 27, 2020 was $24.9 million, or $0.14 per diluted share. The tax savings due to the tax holiday for the nine months ended September 29, 2019 was $12.0 million, or $0.07 per diluted share. The tax holiday is scheduled to expire on December 31, 2020. Teradyne is currently in discussion with the Singapore Economic Development Board with respect to extension of the tax holiday for periods after December 31, 2020. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 27, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | T. SEGMENT INFORMATION Teradyne has four reportable segments (Semiconductor Test, System Test, Industrial Automation and Wireless Test). Each of the Semiconductor Test, System Test, and Wireless Test segments is also an individual operating segment. The Industrial Automation reportable segment consists of operating segments with discrete financial information, which have been combined into one reportable segment as they share similar economic characteristics, types of products, production processes and distribution channels. On September 15, 2020, Teradyne announced the appointment of Gregory Smith as President of Teradyne’s Industrial Automation reportable segment effective October 1, 2020. With the appointment of Gregory Smith, the Industrial Automation reportable segment will become an individual operating segment. The Semiconductor Test segment includes operations related to the design, manufacturing and marketing of semiconductor test products and services. The System Test segment includes operations related to the design, manufacturing and marketing of products and services for defense/aerospace instrumentation test, storage and system level test, and circuit-board test. The Industrial Automation segment includes operations related to the design, manufacturing and marketing of collaborative robotic arms, autonomous mobile robots and advanced robotic control software. The Wireless Test segment includes operations related to the design, manufacturing and marketing of wireless test produc t Teradyne evaluates performance based on several factors, of which the primary financial measure is business segment income (loss) before income taxes. The accounting policies of the business segments in effect are described in Note B: “Accounting Policies” in Teradyne’s Annual Report on Form 10-K Segment information for the three and nine months ended September 27, 2020 an d Semiconductor Test System Test Industrial Automation Wireless Test Corporate and Other Consolidated (in thousands) Three Months Ended September 27, 2020 Revenues $ 592,141 $ 118,169 $ 68,711 $ 40,504 $ (41 ) $ 819,484 Income (loss) before income taxes (1)(2) 189,116 47,368 (5,302 ) 10,938 21,611 263,731 Total assets (3) 1,069,830 155,642 667,132 108,671 1,435,237 3,436,512 Three Months Ended September 29, 2019 Revenues $ 397,737 $ 73,305 $ 68,892 $ 42,264 $ (160 ) $ 582,038 Income (loss) before income taxe s (1) (2) 116,633 24,381 (1,645 ) 11,182 1,182 151,733 Total assets (3) 757,422 126,452 580,635 94,789 1,139,493 2,698,791 Nine Months Ended September 27, 2020 Revenues $ 1,735,777 $ 306,051 $ 187,792 $ 133,174 $ (294 ) $ 2,362,500 Income (loss) before income taxes (1)(2) 571,719 114,968 (32,041 ) 35,640 (12,197 ) 678,089 Total assets (3) 1,069,830 155,642 667,132 108,671 1,435,237 3,436,512 Nine Months Ended September 29, 2019 Revenues $ 1,113,489 $ 204,934 $ 209,753 $ 112,541 $ (402 ) $ 1,640,315 Income (loss) before income taxes (1)(2) 291,037 63,254 (10,670 ) 25,740 7,528 376,889 Total assets (3) 757,422 126,452 580,635 94,789 1,139,493 2,698,791 (1) Included in Corporate and Other are: contingent consideration adjustments, employee severance charges, interest (income) and expense (2) Included in income (loss) before taxes are charges and credits related to restructuring and other, and inventory charges. (3) Total assets are attributable to each segment. Corporate assets consist of cash and cash equivalents, marketable securities and certain other assets. Included in each segment are charges and credits in the following line items in the statements of operations: For the Three Months Ended For the Nine Months Ended September 27, September 29, September 27, September 29, 2020 2019 2020 2019 (in thousands) Semiconductor Test: Cost of revenues - inventory charge $ 1,131 $ 1,867 $ 7,956 $ 5,319 Restructuring and other - contract termination settlement fee — — 4,000 — Restructuring and other - employee severance — — — 1,009 Wireless: Cost of revenues - inventory charge $ 1,802 $ 724 $ 3,957 $ 1,892 Restructuring and other - employee severance — — — 566 Industrial Automation: Cost of revenues - inventory charge $ — $ — $ 505 $ 508 Restructuring and other - acquisition related compensation and expenses — — 790 1,330 Restructuring and other - employee severance — — 664 604 System Test: Cost of revenues - inventory charge $ — $ — $ 698 $ 1,129 Corporate and Other: Restructuring and other - AutoGuide contingent consideration adjustment $ (27,206 ) $ — $ (4,421 ) $ — Restructuring and other - acquisition related compensation and expenses (1,086 ) 816 2,629 928 Restructuring and other - MiR contingent consideration adjustment — (7,759 ) (3,546 ) (16,427 ) Selling and administrative - equity modification charge — 2,108 — 2,108 |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 27, 2020 | |
Equity [Abstract] | |
Shareholders' Equity | U. SHAREHOLDERS’ EQUITY Stock Repurchase Program In January 2020, Teradyne’s Board of Directors authorized a new stock repurchase program for up to $1.0 billion of common stock. Effective April 1, 2020, Teradyne suspended its share repurchase program. During the nine months ended September 27, 2020, Teradyne repurchased 1.5 million shares of common stock for $88.5 million at an average price of $58.33 per share. During the nine months ended September 29, 2019, Teradyne repurchased 8.8 million shares of common stock for $368.8 million at an average price of $41.93 per share. The total price includes commissions and is recorded as a reduction to retained earnings. Dividend Holders of Teradyne’s common stock are entitled to receive dividends when they are declared by Teradyne’s Board of Directors. In January 2020 , 2020 In January 2019 , 20 19 a y. While Teradyne declared a quarterly cash dividend and has suspended its share repurchase program, it may reduce or eliminate the cash dividend and may implement a new share repurchase program in the future. Future cash dividends and stock repurchases are subject to the discretion of Teradyne’s Board of Directors, which will consider, among other things, Teradyne’s earnings, capital requirements and financial condition. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Sep. 27, 2020 | |
Basis of Presentation | Basis of Presentation The consolidated interim financial statements include the accounts of Teradyne and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. These interim financial statements are unaudited and reflect all normal recurring adjustments that are, in the opinion of management, necessary for the fair statement of such interim financial statements. Certain prior year amounts were reclassified to conform to the current year presentation. The December 31, 2019 condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by United States of America generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. The accompanying financial information should be read in conjunction with the consolidated financial statements and notes thereto contained in Teradyne’s Annual Report on Form 10-K, |
Preparation of Financial Statements and Use of Estimates | Preparation of Financial Statements and Use of Estimates The preparation of consolidated financial statements requires management to make estimates and judgments that affect the amounts reported in the financial statements. Due to the COVID-19 2 10-Q. |
Goodwill | Goodwill On January 26, 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment.” 2017-04 2017-04, one-step |
Credit Losses | Credit Losses In June 2016, the FASB issued ASU 2016-13, 2016-13 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 27, 2020 | |
Final Allocation of Purchase Price | The following table represents the final allocation of the purchase price: Purchase Price Allocation (in thousands) Goodwill $ 41,223 Intangible assets 37,660 Tangible assets acquired and liabilities assumed: Other current assets 3,661 Non-current 1,227 Accounts payable and current liabilities (1,223 ) Long-term other liabilities (949 ) Total purchase price $ 81,599 |
Components of Intangible Assets and Their Estimated Useful Lives at Acquisition Date | Components of these intangible assets and their estimated useful lives at the acquisition date are as follows: Fair Value Estimated Useful Life (in thousands) (in years) Developed technology $ 24,590 6.0 Customer relationships 7,360 6.0 Trademarks and tradenames 5,450 7.0 Backlog 260 0.3 Total intangible assets $ 37,660 6.1 |
Pro Forma Results Under Acquisitions | The unaudited pro forma results are not necessarily indicative of what actually would have occurred had the acquisition been in effect for the periods presented: For the Three Months For the Nine Months September 29, 2019 September 29, 2019 (in thousands) Revenue $ 585,238 $ 1,646,815 Net income 134,911 338,149 Net income per common share: Basic $ 0.80 $ 1.97 Diluted $ 0.75 $ 1.89 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 27, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregated Revenue by Primary Geographical Market, Major Product Line and Timing of Revenue Recognition | The following table provides information about disaggregated revenue by timing of revenue recognition, primary geographical market, and major product lines. Semiconductor Test Industrial Automation System on a Memory System Test Universal Mobile AutoGuide Wireless Test Corporate and Other Total (in thousands) For the Three Months Ended September 27, 2020 Timing of Revenue Recognition Point in Time $ 393,717 $ 137,929 $ 101,045 $ 51,523 $ 10,175 $ 4,076 $ 37,901 $ (41 ) $ 736,325 Over Time 55,988 4,507 17,124 1,686 59 1,192 2,603 — 83,159 Total $ 449,705 $ 142,436 $ 118,169 $ 53,209 $ 10,234 $ 5,268 $ 40,504 $ (41 ) $ 819,484 Geographical Market Asia Pacific $ 420,821 $ 137,286 $ 78,534 $ 14,471 $ 1,566 $ — $ 33,865 $ — $ 686,543 Americas 17,678 3,730 35,140 16,527 3,981 5,268 5,211 (41 ) 87,494 Europe, Middle East , 11,206 1,420 4,495 22,211 4,687 — 1,428 — 45,447 Total $ 449,705 $ 142,436 $ 118,169 $ 53,209 $ 10,234 $ 5,268 $ 40,504 $ (41 ) $ 819,484 For the Three Months Ended September 29, 2019 (1) Timing of Revenue Recognition Point in Time $ 273,111 $ 68,510 $ 61,988 $ 57,426 $ 9,631 $ — $ 39,948 $ (160 ) $ 510,454 Over Time 51,366 4,750 11,317 1,835 — — 2,316 — 71,584 Total $ 324,477 $ 73,260 $ 73,305 $ 59,261 $ 9,631 $ — $ 42,264 $ (160 ) $ 582,038 Geographical Market Asia Pacific $ 297,590 $ 68,646 $ 32,259 $ 15,855 $ 1,800 $ — $ 34,652 $ — $ 450,802 Americas 14,804 4,085 33,868 16,775 2,820 — 6,344 (160 ) 78,536 Europe, Middle East , 12,083 529 7,178 26,631 5,011 — 1,268 — 52,700 Total $ 324,477 $ 73,260 $ 73,305 $ 59,261 $ 9,631 $ — $ 42,264 $ (160 ) $ 582,038 For the Nine Months Ended September 27, 2020 (2) Timing of Revenue Recognition Point in Time $ 1,261,468 $ 298,150 $ 259,498 $ 140,829 $ 30,468 $ 8,608 $ 125,304 $ (294 ) $ 2,124,031 Over Time 162,159 14,000 46,553 5,628 176 2,083 7,870 — 238,469 Total $ 1,423,627 $ 312,150 $ 306,051 $ 146,457 $ 30,644 $ 10,691 $ 133,174 $ (294 ) $ 2,362,500 Geographical Market Asia Pacific $ 1,330,463 $ 296,679 $ 197,208 $ 39,665 $ 4,391 $ — $ 113,576 $ — $ 1,981,982 Americas 51,315 11,481 91,924 42,634 9,836 10,691 15,253 (294 ) 232,840 Europe, Middle East , 41,849 3,990 16,919 64,158 16,417 — 4,345 — 147,678 Total $ 1,423,627 $ 312,150 $ 306,051 $ 146,457 $ 30,644 $ 10,691 $ 133,174 $ (294 ) $ 2,362,500 For the Nine Months Ended September 29, 2019 (2) Timing of Revenue Recognition Point in Time $ 776,589 $ 169,877 $ 167,500 $ 174,820 $ 29,243 $ — $ 106,705 $ (402 ) $ 1,424,332 Over Time 153,701 13,322 37,434 5,690 — — 5,836 — 215,983 Total $ 930,290 $ 183,199 $ 204,934 $ 180,510 $ 29,243 $ — $ 112,541 $ (402 ) $ 1,640,315 Geographical Market Asia Pacific $ 840,564 $ 157,726 $ 94,736 $ 49,291 $ 6,208 $ — $ 95,315 $ — $ 1,243,840 Americas 46,594 21,728 90,591 50,557 9,152 — 14,511 (402 ) 232,731 Europe, Middle East , 43,132 3,745 19,607 80,662 13,883 — 2,715 — 163,744 Total $ 930,290 $ 183,199 $ 204,934 $ 180,510 $ 29,243 $ — $ 112,541 $ (402 ) $ 1,640,315 (1) Includes $1.7 million and $1.5 million in 2020 and 2019, respectively, for leases of Teradyne’s systems recognized outside Accounting Standards Codification (“ASC”) 606 “ Revenue from Contracts with Customers.” (2) Includes $6.1 million and $4.9 million in 2020 and 2019, respectively, for leases of Teradyne’s systems recognized outside ASC 606 “ Revenue from Contracts with Customers.” |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 27, 2020 | |
Composition of Inventories, Net | Inventories, net consisted of the following at September 27, 2020 and December 31, 2019: September 27, December 31, (in thousands) Raw material $ 117,500 $ 118,595 Work-in-process 28,406 32,695 Finished goods 45,411 45,401 $ 191,317 $ 196,691 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 27, 2020 | |
Schedule of Fair Value of Financial Assets and Liabilities Measured on Recurring Basis | The following table sets forth by fair value hierarchy Teradyne’s financial assets and liabilities that were measured at fair value on a recurring basis as of September 27, 2020 and December 31, 2019. September 27, 2020 Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (in thousands) Assets Cash $ 267,013 $ — $ — $ 267,013 Cash equivalents 663,301 14,866 — 678,167 Available-for-sale U.S. Treasury securities — 202,766 — 202,766 Commercial paper — 102,149 — 102,149 Corporate debt securities — 50,715 — 50,715 Debt mutual funds 6,852 — — 6,852 U.S. government agency securities — 4,346 — 4,346 Certificates of deposit and time deposits — 2,416 — 2,416 Non-U.S. government securities — 619 — 619 Equity securities: Mutual funds 26,180 — — 26,180 $ 963,346 $ 377,877 $ — $ 1,341,223 Derivative assets — 25 — 25 Total $ 963,346 $ 377,902 $ — $ 1,341,248 Liabilities Contingent consideration $ — $ — $ 22,531 $ 22,531 Derivative liabilities — 185 — 185 Total $ — $ 185 $ 22,531 $ 22,716 Reported as follow s (Level 1) (Level 2) (Level Total (in thousands) Assets Cash and cash equivalents $ 930,314 $ 14,866 $ — $ 945,180 Marketable securities — 287,789 — 287,789 Long-term marketable securities 33,032 75,222 — 108,254 Prepayments and other current assets — 25 — 25 Total $ 963,346 $ 377,902 $ — $ 1,341,248 Liabilities . Other current liabilities $ — $ 185 $ — $ 185 Long-term contingent consideration — — 22,531 22,531 Tota l $ — $ 185 $ 22,531 $ 22,716 December 31, 2019 Quoted in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (in thousands) Assets Cash $ 311,975 $ — $ — $ 311,975 Cash equivalents 410,285 51,664 — 461,949 Available-for-sale Corporate debt securities — 97,307 — 97,307 Commercial paper — 54,149 — 54,149 U.S. Treasury securities — 42,382 — 42,382 U.S. government agency securities — 9,952 — 9,952 Debt mutual funds 6,888 — — 6,888 Certificates of deposit and time deposits — 4,751 — 4,751 Non-U.S. — 592 — 592 Equity securities: Equity mutual funds 25,772 — — 25,772 $ 754,920 $ 260,797 $ — $ 1,015,717 Derivative assets — 528 — 528 Total $ 754,920 $ 261,325 $ — $ 1,016,245 Liabilities Contingent consideration $ — $ — $ 39,705 $ 39,705 Derivative liabilities — 203 — 203 Total $ — $ 203 $ 39,705 $ 39,908 Reported as follows: (Level 1) (Level 2) (Level Total (in thousands) Assets Cash and cash equivalents $ 722,260 $ 51,664 $ — $ 773,924 Marketable securities — 137,303 — 137,303 Long-term marketable securities 32,660 71,830 — 104,490 Prepayments and other current assets — 528 — 528 Total $ 754,920 $ 261,325 $ — $ 1,016,245 Liabilities Other accrued liabilities $ — $ 203 $ — $ 203 Contingent consideration — — 9,106 9,106 Long-term contingent consideration — — 30,599 30,599 Total $ — $ 203 $ 39,705 $ 39,908 |
Schedule of Changes in Fair Value of Level 3 Contingent Consideration | Changes in the fair value of Level 3 contingent consideration for the three and nine months ended September 27, 2020 and September 29, 2019 were as follows: For the Three Months Ended For the Nine Months Ended September 27, September 29, September 27, September 29, 2020 2019 2020 2019 (in thousands) Balance at beginning of period $ 49,737 $ 26,847 $ 39,705 $ 70,543 Fair value adjustment ( a)(b)(c) (27,206 ) (7,759 ) (7,967 ) (16,460 ) Payments (d )(e) — — (8,852 ) (34,590 ) Foreign currency impact — (1,008 ) (355 ) (1,413 ) Balance at end of period $ 22,531 $ 18,080 $ 22,531 $ 18,080 (a) In the three and nine months ended September 27, 2020, the fair value of contingent consideration for the earn-outs in connection with the acquisition of AutoGuide decreased by $27.2 million and $4.4 million, respectively, due to lower forecasted results. Teradyne has received a letter from the sellers of AutoGuide alleging non-compliance earn-out non-compliance. (b) In the nine months ended September 27, 2020, the fair value of contingent consideration for the earn-outs in connection with the acquisition of MiR decreased by $3.5 million due to lower forecasted results. (c) In the three and nine months ended September 29, 2019, the fair value of contingent consideration for the earn-out earn-out (d) In the nine months ended September 27, 2020, Teradyne paid $8.9 million of contingent consideration for the earn-out (e) In the nine months ended September 29, 2019, Teradyne paid $30.8 million and $3.8 million of contingent consideration for the earn-outs in connection with the acquisition of MiR and Universal Robots A/S (“Universal Robots”), respectively. |
Quantitative Information Associated With Fair Value Measurement of Level 3 Financial Instrument | The following table provides quantitative information associated with the fair value measurement of Teradyne’s Level 3 financial instruments: Liability September 27, Valuation Technique Unobservable Inputs Weighted Average (in thousands) Contingent consideration (AutoGuide) $ 22,531 Monte Carlo Simulation Revenue volatility 17.5 % Discount Rate 1.4 % Contingent consideration (MiR) $ — Monte Carlo Simulation Revenue volatility 10.0 % Discount Rate 0.8 % |
Schedule of Carrying Amounts and Fair Values of Financial Instruments | The carrying amounts and fair values of Teradyne’s financial instruments at September 27, 2020 and December 31, 2019 were as follows: September 27, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value (in thousands) Assets Cash and cash equivalents $ 945,180 $ 945,180 $ 773,924 $ 773,924 Marketable securities 396,043 396,043 241,793 241,793 Derivative assets 25 25 528 528 Liabilities Contingent consideration 22,531 22,531 39,705 39,705 Derivative liabilities 185 185 203 203 Convertible debt (1) 406,178 1,151,460 394,687 1,010,275 (1) The carrying value represents the bifurcated debt component only, while the fair value is based on quoted market prices for the convertible note, which includes the equity conversion features. |
Schedule of Available-for-Sale Marketable Securities | The following table summarizes the composition of available-for-sale September 27, 2020 Available-for-Sale Cost Unrealized Gain Unrealized (Loss) Fair Market Value Fair Market Value of Investments with Unrealized Losses (in thousands) U.S. Treasury securities $ 201,193 $ 1,606 $ (33 ) $ 202,766 $ 20,611 Commercial paper 102,141 8 — 102,149 500 Corporate debt securities 44,350 6,417 (52 ) 50,715 2,207 Debt mutual funds 6,661 191 — 6,852 — U.S. government agency securities 4,288 60 (2 ) 4,346 1,113 Certificates of deposit and time deposits 2,414 2 — 2,416 — Non-U.S. government securities 619 — — 619 — $ 361,666 $ 8,284 $ (87 ) $ 369,863 $ 24,431 Reported as follows: Cost Unrealized Gain Unrealized (Loss) Fair Market Value Fair Market Value of Investments with Unrealized Losses (in thousands) Marketable securities $ 287,670 $ 128 $ (9 ) $ 287,789 $ 18,953 Long-term marketable securities 73,996 8,156 (78 ) 82,074 5,478 $ 361,666 $ 8,284 $ (87 ) $ 369,863 $ 24,431 The following table summarizes the composition of available-for-sale December 31, 2019 Available-for-Sale Cost Unrealized Gain Unrealized (Loss) Fair Value Fair Market Value of Investments with Unrealized Losses (in thousands) Corporate debt securities $ 93,267 $ 4,081 $ (41 ) $ 97,307 $ 2,009 Commercial paper 54,124 26 (1 ) 54,149 1,391 U.S. Treasury securities 42,167 431 (216 ) 42,382 17,556 U.S. government agency securities 9,942 14 (4 ) 9,952 3,043 Debt mutual funds 6,753 135 — 6,888 — Certificates of deposit and time deposits 4,751 — — 4,751 — Non-U.S. 592 — — 592 — $ 211,596 $ 4,687 $ (262 ) $ 216,021 $ 23,999 Reported as follows: Cost Unrealized Gain Unrealized (Loss) Fair Value Fair Market Value of Investments with Unrealized Losses (in thousands) Marketable securities $ 137,144 $ 160 $ (1 ) $ 137,303 $ 2,922 Long-term marketable securities 74,452 4,527 (261 ) 78,718 21,077 $ 211,596 $ 4,687 $ (262 ) $ 216,021 $ 23,999 |
Contractual Maturities of Investments Held | The contractual maturities of investments in available-for-sale September 27, 2020 Cost Fair Market Value (in thousands) Due within one year $ 287,670 $ 287,789 Due after 1 year through 5 years 20,790 21,266 Due after 5 years through 10 years 13,021 14,211 Due after 10 years 33,524 39,745 Total $ 355,005 $ 363,011 |
Schedule of Derivative Instruments in Statement of Financial Position at Fair Value | The following table summarizes the fair value of derivative instruments as of September 27, 2020 and December 31, 2019: Balance Sheet Location September 27, December 31, (in thousands) Derivatives not designated as hedging instruments: Foreign exchange contracts Prepayments $ 25 $ 528 Foreign exchange contracts Other current liabilities (185 ) (203 ) Total derivatives $ (160 ) $ 325 |
Schedule of Effect of Derivative Instruments on Statement of Operations Recognized | The following table summarizes the effect of derivative instruments recognized in the statement of operations for the three and nine months ended September 27, 2020 and September 29, 2019: Location of (Gains) Losses For the Three Months Ended For the Nine Months Ended Recognized in September 27, September 29, September 27, September 29, Statement of Operations 2020 2019 2020 2019 (in thousands) Derivatives not designated as hedging instruments: Foreign exchange contracts Other (income) expense, net $ (551 ) $ 3,699 $ 3,930 $ 7,872 (1) The table does not reflect the corresponding gains and losses from the remeasurement of the monetary assets and liabilities denominated in foreign currencies. (2) For the three months ended September 27, 2020, net losses from the remeasurement of monetary assets and liabilities denominated in foreign currencies were $ (3) For the three months ended September 29, 2019, net gains from the remeasurement of monetary assets and liabilities denominated in foreign currencies were $1.5 million. For the nine months ended September 29, 2019, net gains from the remeasurement of monetary assets and liabilities denominated in foreign currencies were $3.4 million. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 27, 2020 | |
Components of Convertible Senior Notes | The below tables represent the key components of Teradyne’s convertible senior notes: September 27, December 31, (in thousands) Debt Principal $ 459,973 $ 460,000 Unamortized discount 53,795 65,313 Net Carrying amount of convertible debt $ 406,178 $ 394,687 For the Three Months Ended For the Nine Months Ended September 27, September 29, September 27, September 29, (in thousands) (in thousands) Contractual interest expense on the coupon $ 1,438 $ 1,438 $ 4,313 $ 4,313 Amortization of the discount component and debt issue fees recognized as interest expense 3,887 3,699 11,518 10,961 Total interest expense on the convertible debt $ 5,325 $ 5,137 $ 15,831 $ 15,274 |
Prepayments (Tables)
Prepayments (Tables) | 9 Months Ended |
Sep. 27, 2020 | |
Prepayments [Abstract] | |
Schedule of Prepayments and other assets | Prepayments consist of the following and are included in prepayments and other assets on the balance sheet: September 27, December 31, 2020 2019 (in thousands) Contract manufacturer and supplier prepayments $ 185,567 $ 143,392 Prepaid taxes 11,278 8,046 Prepaid maintenance and other services 10,064 8,503 Other prepayments 14,063 16,753 Total prepayments $ 220,972 $ 176,694 |
Deferred Revenue and Customer_2
Deferred Revenue and Customer Advances (Tables) | 9 Months Ended |
Sep. 27, 2020 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Deferred Revenue and Customer Advances | Deferred revenue and customer advances consist of the following and are included in short and long-term deferred revenue and customer advances on the balance sheet: September 27, December 31, 2020 2019 (in thousands) Maintenance, service and training $ 71,362 $ 63,815 Customer advances, undelivered elements and other 68,472 56,358 Extended warranty 48,703 30,677 Total deferred revenue and customer advances $ 188,537 $ 150,850 |
Product Warranty (Tables)
Product Warranty (Tables) | 9 Months Ended |
Sep. 27, 2020 | |
Other Accrued Liabilities | Related costs are charged to the warranty accrual as incurred. The balance below is included in other accrued liabilities. For the Three Months Ended For the Nine Months Ended September 27, September 29, September 27, September 29, 2020 2019 2020 2019 (in thousands) Balance at beginning of period $ 13,016 $ 8,133 $ 8,996 $ 7,909 Acquisition — — — 14 Accruals for warranties issued during the period 8,255 3,508 19,522 10,008 Accruals related to pre-existing 158 1,132 1,569 3,156 Settlements made during the period (6,272 ) (4,265 ) (14,930 ) (12,579 ) Balance at end of period $ 15,157 $ 8,508 $ 15,157 $ 8,508 |
Extended Product Warranty of Short and Long-Term Deferred Revenue and Customer Advances | The balance below is included in short and long-term deferred revenue and customer advances. For the Three Months Ended For the Nine Months Ended September 27, September 29, September 27, September 29, 2020 2019 2020 2019 (in thousands) Balance at beginning of period $ 40,178 $ 28,716 $ 30,677 $ 27,422 Deferral of new extended warranty revenue 13,674 5,666 32,724 16,962 Recognition of extended warranty deferred revenue (5,149 ) (4,445 ) (14,698 ) (14,447 ) Balance at end of period $ 48,703 $ 29,937 $ 48,703 $ 29,937 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 27, 2020 | |
Schedule of Estimated Fair Value of TSR Performance-Based Restricted Stock Unit Awards Assumptions | The fair value was estimated using the Monte Carlo simulation model with the following assumptions: For the Nine Months Ended September 27, September 29, 2020 2019 Risk-free interest rate 1.5 % 2.6 % Teradyne volatility-historical 34.9 % 31.9 % NYSE Composite Index volatility-historical 11.4 % 11.9 % Dividend yield 0.6 % 1.0 % |
Fair Value of Stock Options Using Assumptions | The fair value of stock options was estimated using the Black-Scholes option-pricing model with the following assumptions: For the Nine Months Ended September 27, September 29, 2020 2019 Expected life (years) 5.0 5.0 Risk-free interest rate 1.6 % 2.5 % Volatility-historical 31.6 % 30.1 % Dividend yield 0.6 % 1.0 % |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 9 Months Ended |
Sep. 27, 2020 | |
Changes in Accumulated Other Comprehensive (Loss) Income | Changes in accumulated other comprehensive (loss) income, which are presented net of tax, consist of the following: Foreign Currency Translation Adjustment Unrealized Gains (Losses) on Marketable Securities Retirement Plans Prior Service Credit Total (in thousands) Nine Months Ended September 27, 2020 Balance at December 31, 2019, net of tax of $0, $946, $(1,124), respectively $ (23,514 ) $ 3,480 $ 1,180 $ (18,854 ) Other comprehensive income before reclassifications, net of tax of $0, $1,410, $0, respectively 24,131 5,165 — 29,296 Amounts reclassified from accumulated other comprehensive income, net of tax of $0, $(615), $(1), respectively — (2,188 ) (6 ) (2,194 ) Net current period other comprehensive income (loss), net of tax of $0, $795, $(1), respectively 24,131 2,977 (6 ) 27,102 Balance at September 27, 2020, net of tax of $0, $1,741, $(1,125), respectively $ 617 $ 6,457 $ 1,174 $ 8,248 Nine Months Ended September 29, 2019 Balance at December 31, 2018, net of tax of $0, $(521), $(1,081), respectively $ (12,523 ) $ (1,845 ) $ 1,328 $ (13,040 ) Other comprehensive (loss) (17,019 ) 6,391 — (10,628 ) Amounts reclassified from accumulated other comprehensive income, net of tax of $0, $(125), $(32), respectively — (442 ) (111 ) (553 ) Net current period other comprehensive (loss) , (17,019 ) 5,949 (111 ) (11,181 ) Balance a t $ (29,542 ) $ 4,104 $ 1,217 $ (24,221 ) |
Reclassifications Out of Accumulated Other Comprehensive Income to Statements of Operations | Reclassifications out of accumulated other comprehensive (loss) income to the statement of operations for the three and nine months ended September 27, 2020 and September 29, 2019 were as follows: For the Three Months Ended For the Nine Months Ended Affected Line Item in the Statements of Operations Details about Accumulated Other Comprehensive Income September 27, September 29, September 27, September 29, 2020 2019 2020 2019 (in thousands) Available-for-sale Unrealized gains, net of tax of $194, $99, $615, $ 689 $ 345 $ 2,188 $ 442 Interest income Defined benefit retirement plans: Amortization of prior service cred 2 37 6 111 (a) Total reclassifications, net of tax of $194, $110, $616, $157, respectively $ 691 $ 382 $ 2,194 $ 553 Net income (a) The amortization of prior service credit is included in the computation of net periodic pension cost and postretirement benefit. See Note Q: “Retirement Plans.” |
Goodwill and Acquired Intangi_2
Goodwill and Acquired Intangible Assets (Tables) | 9 Months Ended |
Sep. 27, 2020 | |
Changes in Carrying Amount of Goodwill by Segment | The changes in the carrying amount of goodwill by reportable segments for the nine months ended September 27, 2020, were as follows: Industrial Automation System Test Wireless Test Semiconductor Test Total (in thousands) Balance at December 31, 2019 Goodwill $ 396,483 $ 158,699 $ 361,819 $ 261,996 $ 1,178,997 Accumulated impairment losses — (148,183 ) (353,843 ) (260,540 ) (762,566 ) 396,483 10,516 7,976 1,456 416,431 AutoGuide acquisition (149 ) — — — (149 ) Foreign currency translation adjustment 18,881 — — 89 18,970 Balance at September 27, 2020 Goodwill 415,215 158,699 361,819 262,085 1,197,818 Accumulated impairment losses — (148,183 ) (353,843 ) (260,540 ) (762,566 ) $ 415,215 $ 10,516 $ 7,976 $ 1,545 $ 435,252 |
Schedule of Estimated Intangible Assets Amortization Expense | Estimated intangible asset amortization expense for each of the five succeeding fiscal years is as follows: Year Amortization Expense (in thousands) 2020 (remainder) 5,721 2021 21,254 2022 20,361 2023 19,874 2024 19,565 Thereafter 16,897 |
Wireless Test | |
Schedule of Amortizable Intangible Assets | Amortizable intangible assets consist of the following and are included in intangible assets, net on the balance sheet: Gross Carrying Amount Accumulated Amortization Foreign Net Carrying Amount (in thousands) Balance at September 27, 2020 Developed technology $ 361,787 $ (295,801 ) $ (3,806 ) $ 62,180 Customer relationships 75,669 (63,107 ) (42 ) 12,520 Tradenames and trademarks 70,120 (40,891 ) (257 ) 28,972 Total intangible assets $ 507,576 $ (399,799 ) $ (4,105 ) $ 103,672 Balance, December 31, 2019 Developed technology $ 361,787 $ (279,000 ) $ (5,709 ) $ 77,078 Customer relationships 75,669 (59,077 ) (455 ) 16,137 Tradenames and trademarks 70,120 (36,671 ) (1,184 ) 32,265 Backlog 260 (260 ) — — Total intangible assets $ 507,836 $ (375,008 ) $ (7,348 ) $ 125,480 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 9 Months Ended |
Sep. 27, 2020 | |
Computation of Basic and Diluted Net Income (Loss) Per Common Share | The following table sets forth the computation of basic and diluted net income per common share: For the Three Months Ended For the Nine Months Ended September 27, September 29, September 27, September 29, 2020 2019 2020 2019 (in thousands, except per share amounts) Net income for basic and diluted net income per share $ 222,718 $ 135,860 $ 587,815 $ 342,395 Weighted average common shares-basic 166,014 169,641 166,131 171,471 Effect of dilutive potential common shares: Incremental shares from assumed conversion of convertible 9,156 5,800 8,029 4,117 Convertible note hedge warrant shares (2) 7,775 3,580 6,364 1,786 Restricted stock units 1,237 1,313 1,104 1,112 Stock options 141 155 136 186 Employee stock purchase plan 15 5 13 13 Dilutive potential common shares 18,324 10,853 15,646 7,214 Weighted average common shares-diluted 184,338 180,494 181,777 178,685 Net income per common share-basic $ 1.34 $ 0.80 $ 3.54 $ 2.00 Net income per common share-diluted $ 1.21 $ 0.75 $ 3.23 $ 1.92 (1) Incremental shares from assumed conversion of the convertible notes was calculated using the difference between the average Teradyne stock price for the period and the conversion price of $31.57, multiplied by 14.6 million shares. The result of this calculation, representing the total intrinsic value of the convertible debt, was divided by the average Teradyne stock price for the period. (2) Convertible notes hedge warrant shares were calculated using the difference between the average Teradyne stock price for the period and the warrant price of $39.62, multiplied by 14.6 million shares. The result of this calculation, representing the total intrinsic value of the warrant, was divided by the average Teradyne stock price for the period. |
Retirement Plans (Tables)
Retirement Plans (Tables) | Sep. 27, 2020 | Sep. 27, 2020 |
Defined Benefit Pension Plans | ||
Net Periodic Pension and Postretirement Benefit Costs | For the Three Months September 27, 2020 September 29, 2019 United States Foreign United States Foreign (in thousands) Service cost $ 417 $ 216 $ 402 $ 183 Interest cost 1,460 123 1,797 168 Expected return on plan assets (1,170 ) (16 ) (1,510 ) (7 ) Net actuarial loss 2,238 — — — Settlem ent loss 450 — — — Total net periodic pension cost $ 3,395 $ 323 $ 689 $ 344 For the Nine Months September 27, September 29, United States Foreign United States Foreign (in thousands) Service cost $ 1,283 $ 648 $ 1,206 $ 550 Interest cost 4,505 369 5,392 505 Expected return on plan assets (3,634 ) (47 ) (4,531 ) (21 ) Net actuarial loss 2,418 — 252 — Settlem ent loss 450 — — — Total net periodic pension cos t $ 5,022 $ 970 $ 2,319 $ 1,034 | |
Postretirement Benefit Plans | ||
Net Periodic Pension and Postretirement Benefit Costs | For the three and nine months ended September 27, 2020 and September 29, 2019, Teradyne’s net periodic postretirement benefit cost (income) For the Three Months Ended For the Nine Months Ended September 27, September 29, September 27, September 29, 2020 2019 2020 2019 (in thousands) Service cost $ 14 $ 10 $ 43 $ 31 Interest cost 60 87 180 260 Amortization of prior service credit (2 ) (48 ) (7 ) (143 ) Net actuarial (gain) loss — — (279 ) 196 Total net periodic postretirement benefit cost (cre dit) $ 72 $ 49 $ (63 ) $ 344 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 27, 2020 | |
Reconciliation of Effective Tax Rate | A reconciliation of the United States federal statutory corporate tax rat e For the Three Months For the Nin e September 27 September 29 September 27 September 29 US statutory federal tax rate 21.0 % 21.0 % 21.0 % 21.0 % I n C Jobs Act o f 2017 3.6 1.2 0.7 1.0 Foreign taxes (6.9 ) (5.1 ) (5.8 ) (4.9 ) Tax cre dits (1.1 ) (1.8 ) (1.4 ) (2.2 ) Discrete (benefit) expense related to the internat ional provisions of the U.S. Tax C uts and Jobs Act of 2017 (0.6 ) (4.0 ) (0.2 ) 2.3 Discrete ( ) expense release of s (0.5 ) 0.1 (0.2 ) (6.9 ) Discrete benefit related to equity compensation (0.4 ) (0.7 ) (1.4 ) (1.5 ) Other, net 0.5 (0.2 ) 0.6 0.4 Effective tax rate 15.6 % 10.5 % 13.3 % 9.2 % |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 27, 2020 | |
Segment Information | Segment information for the three and nine months ended September 27, 2020 an d Semiconductor Test System Test Industrial Automation Wireless Test Corporate and Other Consolidated (in thousands) Three Months Ended September 27, 2020 Revenues $ 592,141 $ 118,169 $ 68,711 $ 40,504 $ (41 ) $ 819,484 Income (loss) before income taxes (1)(2) 189,116 47,368 (5,302 ) 10,938 21,611 263,731 Total assets (3) 1,069,830 155,642 667,132 108,671 1,435,237 3,436,512 Three Months Ended September 29, 2019 Revenues $ 397,737 $ 73,305 $ 68,892 $ 42,264 $ (160 ) $ 582,038 Income (loss) before income taxe s (1) (2) 116,633 24,381 (1,645 ) 11,182 1,182 151,733 Total assets (3) 757,422 126,452 580,635 94,789 1,139,493 2,698,791 Nine Months Ended September 27, 2020 Revenues $ 1,735,777 $ 306,051 $ 187,792 $ 133,174 $ (294 ) $ 2,362,500 Income (loss) before income taxes (1)(2) 571,719 114,968 (32,041 ) 35,640 (12,197 ) 678,089 Total assets (3) 1,069,830 155,642 667,132 108,671 1,435,237 3,436,512 Nine Months Ended September 29, 2019 Revenues $ 1,113,489 $ 204,934 $ 209,753 $ 112,541 $ (402 ) $ 1,640,315 Income (loss) before income taxes (1)(2) 291,037 63,254 (10,670 ) 25,740 7,528 376,889 Total assets (3) 757,422 126,452 580,635 94,789 1,139,493 2,698,791 (1) Included in Corporate and Other are: contingent consideration adjustments, employee severance charges, interest (income) and expense (2) Included in income (loss) before taxes are charges and credits related to restructuring and other, and inventory charges. (3) Total assets are attributable to each segment. Corporate assets consist of cash and cash equivalents, marketable securities and certain other assets. |
Schedule of Segment Reporting Information by Segment Charges | Included in each segment are charges and credits in the following line items in the statements of operations: For the Three Months Ended For the Nine Months Ended September 27, September 29, September 27, September 29, 2020 2019 2020 2019 (in thousands) Semiconductor Test: Cost of revenues - inventory charge $ 1,131 $ 1,867 $ 7,956 $ 5,319 Restructuring and other - contract termination settlement fee — — 4,000 — Restructuring and other - employee severance — — — 1,009 Wireless: Cost of revenues - inventory charge $ 1,802 $ 724 $ 3,957 $ 1,892 Restructuring and other - employee severance — — — 566 Industrial Automation: Cost of revenues - inventory charge $ — $ — $ 505 $ 508 Restructuring and other - acquisition related compensation and expenses — — 790 1,330 Restructuring and other - employee severance — — 664 604 System Test: Cost of revenues - inventory charge $ — $ — $ 698 $ 1,129 Corporate and Other: Restructuring and other - AutoGuide contingent consideration adjustment $ (27,206 ) $ — $ (4,421 ) $ — Restructuring and other - acquisition related compensation and expenses (1,086 ) 816 2,629 928 Restructuring and other - MiR contingent consideration adjustment — (7,759 ) (3,546 ) (16,427 ) Selling and administrative - equity modification charge — 2,108 — 2,108 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) | Nov. 13, 2019USD ($) | Apr. 25, 2018USD ($) | Jan. 30, 2019USD ($) | Sep. 27, 2020USD ($) | Jun. 28, 2020USD ($) | Jan. 31, 2019USD ($) |
Mobile Industrial Robots (MiR) | ||||||
Business Acquisition [Line Items] | ||||||
Total preliminary purchase price | $ 81,599,000 | |||||
Arrangement range of outcomes value high | $ 65,800,000 | |||||
Goodwill, not deductible for tax purposes | $ 41,200,000 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years 1 month 6 days | |||||
Lemsys [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Total preliminary purchase price | $ 1,400,000 | |||||
Total preliminary purchase price | $ 9,100,000 | |||||
Acquired value of intangible assets | 4,600,000 | |||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years 2 months 12 days | |||||
Net tangible assets | $ 3,100,000 | |||||
Autoguide LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Arrangement range of outcomes value high | $ 106,900,000 | $ 106,900,000 | ||||
Autoguide LLC [Member] | Industrial Automation [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Total preliminary purchase price | $ 81,600,000 | |||||
Cash paid to acquire outstanding common and preferred stock | 57,600,000 | |||||
Contingent consideration | $ 24,000,000 | |||||
Quantity of material to be transported | 4,500 | |||||
Business acquisition percentage of equity | 100.00% |
Final Allocation of Purchase Pr
Final Allocation of Purchase Price (Detail) - USD ($) $ in Thousands | Sep. 27, 2020 | Dec. 31, 2019 | Apr. 25, 2018 |
Business Acquisition [Line Items] | |||
Goodwill | $ 435,252 | $ 416,431 | |
Mobile Industrial Robots (MiR) | |||
Business Acquisition [Line Items] | |||
Goodwill | $ 41,223 | ||
Intangible assets | 37,660 | ||
Other current assets | 3,661 | ||
Non-current assets | 1,227 | ||
Accounts payable and current liabilities | (1,223) | ||
Long-term other liabilities | (949) | ||
Total purchase price | $ 81,599 |
Components of Intangible Assets
Components of Intangible Assets and Their Estimated Useful Lives at Acquisition Date (Detail) - Mobile Industrial Robots (MiR) $ in Thousands | Apr. 25, 2018USD ($) |
Business Acquisition [Line Items] | |
Total intangible assets, fair value | $ 37,660 |
Total intangible assets, estimated useful life, years | 6 years 1 month 6 days |
Developed technology | |
Business Acquisition [Line Items] | |
Total intangible assets, fair value | $ 24,590 |
Total intangible assets, estimated useful life, years | 6 years |
Customer Relationships | |
Business Acquisition [Line Items] | |
Total intangible assets, fair value | $ 7,360 |
Total intangible assets, estimated useful life, years | 6 years |
Trademarks and tradenames | |
Business Acquisition [Line Items] | |
Total intangible assets, fair value | $ 5,450 |
Total intangible assets, estimated useful life, years | 7 years |
Customer backlog | |
Business Acquisition [Line Items] | |
Total intangible assets, fair value | $ 260 |
Total intangible assets, estimated useful life, years | 3 months 18 days |
Pro Forma Results Under Acquisi
Pro Forma Results Under Acquisition (Detail) - Mobile Industrial Robots (MiR) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 29, 2019 | Sep. 29, 2019 | |
Business Acquisition [Line Items] | ||
Revenue | $ 585,238 | $ 1,646,815 |
Net income | $ 134,911 | $ 338,149 |
Net income per common share, basic | $ 0.80 | $ 1.97 |
Net income per common share, diluted | $ 0.75 | $ 1.89 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | |
Deferred Revenue And Customer Advances | $ 17.6 | $ 14.2 | $ 78.2 | $ 47.6 |
Deferred Revenue and Trade Accounts Receivable | $ 16.5 | $ 31.3 | $ 113.5 | $ 113.4 |
Short-term Contract with Customer [Member] | ||||
Revenue, Remaining Performance Obligation, Percentage | 69.00% | 69.00% | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction Period | 12 months | |||
Long-term Contract with Customer [Member] | ||||
Revenue, Remaining Performance Obligation, Percentage | 28.00% | 28.00% | ||
Long-term Contract with Customer [Member] | Maximum [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction Period | 3 years | |||
Long-term Contract with Customer [Member] | Minimum [Member] | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction Period | 1 year |
Disaggregated Revenue by Primar
Disaggregated Revenue by Primary Geographical Market, Major Product Line and Timing of Revenue Recognition (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | |||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | $ 819,484 | [1] | $ 582,038 | [1] | $ 2,362,500 | [2] | $ 1,640,315 | [2] |
Semiconductor Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 592,141 | 397,737 | 1,735,777 | 1,113,489 | ||||
System Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 118,169 | [1] | 73,305 | [1] | 306,051 | [2] | 204,934 | [2] |
Industrial Automation | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 68,711 | 68,892 | 187,792 | 209,753 | ||||
Wireless Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 40,504 | [1] | 42,264 | [1] | 133,174 | [2] | 112,541 | [2] |
Corporate and Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | (41) | [1] | (160) | [1] | (294) | [2] | (402) | [2] |
Point in Time | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 736,325 | [1] | 510,454 | [1] | 2,124,031 | [2] | 1,424,332 | [2] |
Point in Time | System Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 101,045 | [1] | 61,988 | [1] | 259,498 | [2] | 167,500 | [2] |
Point in Time | Wireless Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 37,901 | [1] | 39,948 | [1] | 125,304 | [2] | 106,705 | [2] |
Point in Time | Corporate and Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | (41) | [1] | (160) | [1] | (294) | [2] | (402) | [2] |
Over Time | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 83,159 | [1] | 71,584 | [1] | 238,469 | [2] | 215,983 | [2] |
Over Time | System Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 17,124 | [1] | 11,317 | [1] | 46,553 | [2] | 37,434 | [2] |
Over Time | Wireless Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 2,603 | [1] | 2,316 | [1] | 7,870 | [2] | 5,836 | [2] |
Over Time | Corporate and Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | [1] | [2] | ||||||
Americas | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 87,494 | [1] | 78,536 | [1] | 232,840 | [2] | 232,731 | [2] |
Americas | System Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 35,140 | [1] | 33,868 | [1] | 91,924 | [2] | 90,591 | [2] |
Americas | Wireless Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 5,211 | [1] | 6,344 | [1] | 15,253 | [2] | 14,511 | [2] |
Americas | Corporate and Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | (41) | [1] | (160) | [1] | (294) | [2] | (402) | [2] |
Europe, Middle East and Africa | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 45,447 | [1] | 52,700 | [1] | 147,678 | [2] | 163,744 | [2] |
Europe, Middle East and Africa | System Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 4,495 | [1] | 7,178 | [1] | 16,919 | [2] | 19,607 | [2] |
Europe, Middle East and Africa | Wireless Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 1,428 | [1] | 1,268 | [1] | 4,345 | [2] | 2,715 | [2] |
Europe, Middle East and Africa | Corporate and Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | [1] | [2] | ||||||
Asia Pacific | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 686,543 | [1] | 450,802 | [1] | 1,981,982 | [2] | 1,243,840 | [2] |
Asia Pacific | System Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 78,534 | [1] | 32,259 | [1] | 197,208 | [2] | 94,736 | [2] |
Asia Pacific | Wireless Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 33,865 | [1] | 34,652 | [1] | 113,576 | [2] | 95,315 | [2] |
Asia Pacific | Corporate and Other | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | [1] | [2] | ||||||
SOC | Semiconductor Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 449,705 | [1] | 324,477 | [1] | 1,423,627 | [2] | 930,290 | [2] |
SOC | Point in Time | Semiconductor Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 393,717 | [1] | 273,111 | [1] | 1,261,468 | [2] | 776,589 | [2] |
SOC | Over Time | Semiconductor Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 55,988 | [1] | 51,366 | [1] | 162,159 | [2] | 153,701 | [2] |
SOC | Americas | Semiconductor Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 17,678 | [1] | 14,804 | [1] | 51,315 | [2] | 46,594 | [2] |
SOC | Europe, Middle East and Africa | Semiconductor Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 11,206 | [1] | 12,083 | [1] | 41,849 | [2] | 43,132 | [2] |
SOC | Asia Pacific | Semiconductor Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 420,821 | [1] | 297,590 | [1] | 1,330,463 | [2] | 840,564 | [2] |
Memory | Semiconductor Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 142,436 | [1] | 73,260 | [1] | 312,150 | [2] | 183,199 | [2] |
Memory | Point in Time | Semiconductor Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 137,929 | [1] | 68,510 | [1] | 298,150 | [2] | 169,877 | [2] |
Memory | Over Time | Semiconductor Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 4,507 | [1] | 4,750 | [1] | 14,000 | [2] | 13,322 | [2] |
Memory | Americas | Semiconductor Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 3,730 | [1] | 4,085 | [1] | 11,481 | [2] | 21,728 | [2] |
Memory | Europe, Middle East and Africa | Semiconductor Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 1,420 | [1] | 529 | [1] | 3,990 | [2] | 3,745 | [2] |
Memory | Asia Pacific | Semiconductor Test | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 137,286 | [1] | 68,646 | [1] | 296,679 | [2] | 157,726 | [2] |
Universal Robots (UR) | Industrial Automation | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 53,209 | [1] | 59,261 | [1] | 146,457 | [2] | 180,510 | [2] |
Universal Robots (UR) | Point in Time | Industrial Automation | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 51,523 | [1] | 57,426 | [1] | 140,829 | [2] | 174,820 | [2] |
Universal Robots (UR) | Over Time | Industrial Automation | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 1,686 | [1] | 1,835 | [1] | 5,628 | [2] | 5,690 | [2] |
Universal Robots (UR) | Americas | Industrial Automation | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 16,527 | [1] | 16,775 | [1] | 42,634 | [2] | 50,557 | [2] |
Universal Robots (UR) | Europe, Middle East and Africa | Industrial Automation | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 22,211 | [1] | 26,631 | [1] | 64,158 | [2] | 80,662 | [2] |
Universal Robots (UR) | Asia Pacific | Industrial Automation | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 14,471 | [1] | 15,855 | [1] | 39,665 | [2] | 49,291 | [2] |
MiR | Industrial Automation | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 10,234 | [1] | 9,631 | [1] | 30,644 | [2] | 29,243 | [2] |
MiR | Point in Time | Industrial Automation | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 10,175 | [1] | 9,631 | [1] | 30,468 | [2] | 29,243 | [2] |
MiR | Over Time | Industrial Automation | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 59 | [1] | 176 | [2] | ||||
MiR | Americas | Industrial Automation | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 3,981 | [1] | 2,820 | [1] | 9,836 | [2] | 9,152 | [2] |
MiR | Europe, Middle East and Africa | Industrial Automation | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 4,687 | [1] | 5,011 | [1] | 16,417 | [2] | 13,883 | [2] |
MiR | Asia Pacific | Industrial Automation | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 1,566 | [1] | $ 1,800 | [1] | 4,391 | [2] | $ 6,208 | [2] |
Autoguide LLC [Member] | Industrial Automation | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 5,268 | [1] | 10,691 | [2] | ||||
Autoguide LLC [Member] | Point in Time | Industrial Automation | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 4,076 | [1] | 8,608 | [2] | ||||
Autoguide LLC [Member] | Over Time | Industrial Automation | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 1,192 | [1] | 2,083 | [2] | ||||
Autoguide LLC [Member] | Americas | Industrial Automation | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | 5,268 | [1] | 10,691 | [2] | ||||
Autoguide LLC [Member] | Europe, Middle East and Africa | Industrial Automation | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | [1] | [2] | ||||||
Autoguide LLC [Member] | Asia Pacific | Industrial Automation | ||||||||
Disaggregation of Revenue [Line Items] | ||||||||
Total | [1] | [2] | ||||||
[1] | Includes $1.7 million and $1.5 million in 2020 and 2019, respectively, for leases of Teradyne’s systems recognized outside Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers.” | |||||||
[2] | Includes $6.1 million and $4.9 million in 2020 and 2019, respectively, for leases of Teradyne’s systems recognized outside ASC 606 “Revenue from Contracts with Customers.” |
Disaggregated Revenue by Prim_2
Disaggregated Revenue by Primary Geographical Market, Major Product Line and Timing of Revenue Recognition (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | |
Accounting Policies [Abstract] | ||||
Revenue on leases | $ 1.7 | $ 1.5 | $ 6.1 | $ 4.9 |
Composition of Inventories, Net
Composition of Inventories, Net (Detail) - USD ($) $ in Thousands | Sep. 27, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 117,500 | $ 118,595 |
Work-in-process | 28,406 | 32,695 |
Finished goods | 45,411 | 45,401 |
Inventories, net | $ 191,317 | $ 196,691 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | Sep. 27, 2020 | Dec. 31, 2019 |
Inventory [Line Items] | ||
Inventory reserves | $ 108.7 | $ 103.6 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | Dec. 31, 2019 | Jun. 28, 2020 | |
Financial Instruments and Fair Value [Line Items] | ||||||
Available-for-sale securities, realized gain | $ 1,100,000 | $ 500,000 | $ 4,100,000 | $ 700,000 | ||
Available-for-sale securities, realized loss | 100,000 | 300,000 | 200,000 | |||
Fair market value of investments with unrealized losses less than one year | 24,400,000 | 24,400,000 | $ 23,600,000 | |||
Unrealized Gain (loss) on contracts | (1,200,000) | (1,500,000) | 400,000 | 3,400,000 | ||
Equity securities unrealized gain loss | 2,000,000 | $ 100,000 | 5,700,000 | 3,800,000 | ||
Equity securities unrealized (gains) loss | 6,000,000 | $ 200,000 | ||||
Debt Mutual Funds | ||||||
Financial Instruments and Fair Value [Line Items] | ||||||
Available for sale securities with out contractual maturity date | 6,900 | 6,900 | ||||
Mobile Industrial Robots (MiR) | ||||||
Financial Instruments and Fair Value [Line Items] | ||||||
Maximum amount of contingent consideration paid for acquisition | 65,800,000 | 65,800,000 | ||||
Autoguide LLC [Member] | ||||||
Financial Instruments and Fair Value [Line Items] | ||||||
Maximum amount of contingent consideration paid for acquisition | $ 106,900,000 | 106,900,000 | $ 106,900,000 | |||
Foreign Exchange Contracts | ||||||
Financial Instruments and Fair Value [Line Items] | ||||||
Unrealized Gain (loss) on contracts | $ 111,500,000 | $ 144,900,000 |
Schedule of Fair Value of Finan
Schedule of Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 27, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale securities | $ 369,863 | $ 216,021 |
U.S. Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale securities | 202,766 | 42,382 |
Commercial Paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale securities | 102,149 | 54,149 |
Corporate Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale securities | 50,715 | 97,307 |
Certificates of Deposit and Time Deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale securities | 2,416 | 4,751 |
U.S. Government Agency Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale securities | 4,346 | 9,952 |
Debt Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale securities | 6,852 | 6,888 |
Non-U.S. Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale securities | 619 | 592 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total | 1,341,223 | 1,015,717 |
Derivative assets | 25 | 528 |
Total | 1,341,248 | 1,016,245 |
Contingent consideration | 22,531 | 39,705 |
Derivative liabilities | 185 | 203 |
Total | 22,716 | 39,908 |
Fair Value, Measurements, Recurring | Cash | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash and cash equivalents | 267,013 | 311,975 |
Fair Value, Measurements, Recurring | Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash and cash equivalents | 678,167 | 461,949 |
Fair Value, Measurements, Recurring | U.S. Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale securities | 202,766 | 42,382 |
Fair Value, Measurements, Recurring | Commercial Paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale securities | 102,149 | 54,149 |
Fair Value, Measurements, Recurring | Corporate Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale securities | 50,715 | 97,307 |
Fair Value, Measurements, Recurring | Certificates of Deposit and Time Deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale securities | 2,416 | 4,751 |
Fair Value, Measurements, Recurring | U.S. Government Agency Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale securities | 4,346 | 9,952 |
Fair Value, Measurements, Recurring | Debt Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale securities | 6,852 | 6,888 |
Fair Value, Measurements, Recurring | Non-U.S. Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale securities | 619 | 592 |
Fair Value, Measurements, Recurring | Equity Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale equity securities | 26,180 | 25,772 |
Quoted Prices in Active Markets for Identical Instruments (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total | 963,346 | 754,920 |
Total | 963,346 | 754,920 |
Quoted Prices in Active Markets for Identical Instruments (Level 1) | Fair Value, Measurements, Recurring | Cash | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash and cash equivalents | 267,013 | 311,975 |
Quoted Prices in Active Markets for Identical Instruments (Level 1) | Fair Value, Measurements, Recurring | Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash and cash equivalents | 663,301 | 410,285 |
Quoted Prices in Active Markets for Identical Instruments (Level 1) | Fair Value, Measurements, Recurring | U.S. Government Agency Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale securities | 0 | |
Quoted Prices in Active Markets for Identical Instruments (Level 1) | Fair Value, Measurements, Recurring | Debt Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale securities | 6,852 | 6,888 |
Quoted Prices in Active Markets for Identical Instruments (Level 1) | Fair Value, Measurements, Recurring | Equity Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale equity securities | 26,180 | 25,772 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Total | 377,877 | 260,797 |
Derivative assets | 25 | 528 |
Total | 377,902 | 261,325 |
Derivative liabilities | 185 | 203 |
Total | 185 | 203 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Cash and cash equivalents | 14,866 | 51,664 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | U.S. Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale securities | 202,766 | 42,382 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Commercial Paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale securities | 102,149 | 54,149 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Corporate Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale securities | 50,715 | 97,307 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Certificates of Deposit and Time Deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale securities | 2,416 | 4,751 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | U.S. Government Agency Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale securities | 4,346 | 9,952 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Debt Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale securities | 0 | |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | Non-U.S. Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Available for sale securities | 619 | 592 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Contingent consideration | 22,531 | 39,705 |
Total | $ 22,531 | $ 39,705 |
Schedule of Reported Financial
Schedule of Reported Financial Assets and Liabilities (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Sep. 27, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets | $ 1,341,248 | $ 1,016,245 |
Liabilities | 22,716 | 39,908 |
Other Current Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Liabilities | 185 | 203 |
Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets | 945,180 | 773,924 |
Marketable securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets | 287,789 | 137,303 |
Long-term marketable securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets | 108,254 | 104,490 |
Prepayments and other current assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets | 25 | 528 |
Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Liabilities | 9,106 | |
Long Term Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Liabilities | 22,531 | 30,599 |
Quoted Prices in Active Markets for Identical Instruments (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets | 963,346 | 754,920 |
Quoted Prices in Active Markets for Identical Instruments (Level 1) | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets | 930,314 | 722,260 |
Quoted Prices in Active Markets for Identical Instruments (Level 1) | Long-term marketable securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets | 33,032 | 32,660 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets | 377,902 | 261,325 |
Liabilities | 185 | 203 |
Significant Other Observable Inputs (Level 2) | Other Current Liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Liabilities | 185 | 203 |
Significant Other Observable Inputs (Level 2) | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets | 14,866 | 51,664 |
Significant Other Observable Inputs (Level 2) | Marketable securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets | 287,789 | 137,303 |
Significant Other Observable Inputs (Level 2) | Long-term marketable securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets | 75,222 | 71,830 |
Significant Other Observable Inputs (Level 2) | Prepayments and other current assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Assets | 25 | 528 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Liabilities | 22,531 | 39,705 |
Significant Unobservable Inputs (Level 3) | Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Liabilities | 9,106 | |
Significant Unobservable Inputs (Level 3) | Long Term Contingent Consideration | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Liabilities | $ 22,531 | $ 30,599 |
Schedule of Changes in Fair Val
Schedule of Changes in Fair Value of Level 3 Contingent Consideration (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Balance at beginning of period | $ 49,737 | $ 26,847 | $ 39,705 | $ 70,543 |
Fair value adjustment | (27,206) | (7,759) | (7,967) | (16,460) |
Foreign currency impact | 0 | 0 | (8,852) | (34,590) |
Payments | 0 | (1,008) | (355) | (1,413) |
Balance at end of period | $ 22,531 | $ 18,080 | $ 22,531 | $ 18,080 |
Schedule of Changes in Fair V_2
Schedule of Changes in Fair Value of Level 3 Contingent Consideration (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Payments of contingent consideration | $ 8,852 | $ 27,615 | ||
Increase (decrease) in contingent consideration | 13,116 | 8,848 | ||
Universal Robots (UR) | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Payments of contingent consideration | $ 30,800 | |||
Increase (decrease) in contingent consideration | 3,800 | |||
Avionics Interface Technologies, LLC | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Payments of contingent consideration | 8,900 | |||
MiR | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Increase (decrease) in contingent consideration | $ 7,800 | 3,500 | $ 16,500 | |
Autoguide LLC [Member] | Dispute In Respect Of Contingent Consideration [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Increase (decrease) in contingent consideration | $ 27,200 | $ 4,400 |
Quantitative Information Associ
Quantitative Information Associated With Fair Value Measurement of Level 3 Financial Instrument (Detail) - Monte Carlo Simulation $ in Thousands | 9 Months Ended |
Sep. 27, 2020USD ($) | |
Mobile Industrial Robots (MiR) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Target achievement, volatility | 10.00% |
Discount rate | 0.80% |
Autoguide LLC [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Target achievement, volatility | 17.50% |
Discount rate | 1.40% |
Significant Unobservable Inputs (Level 3) | Mobile Industrial Robots (MiR) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Contingent consideration | $ 0 |
Significant Unobservable Inputs (Level 3) | Autoguide LLC [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Contingent consideration | $ 22,531 |
Schedule of Carrying Amounts an
Schedule of Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 27, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Marketable securities | $ 369,863 | $ 216,021 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash and cash equivalents | 945,180 | 773,924 |
Marketable securities | 396,043 | 241,793 |
Derivative assets | 25 | 528 |
Contingent consideration | 22,531 | 39,705 |
Derivative liabilities | 185 | 203 |
Convertible debt | 406,178 | 394,687 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Cash and cash equivalents | 945,180 | 773,924 |
Marketable securities | 396,043 | 241,793 |
Derivative assets | 25 | 528 |
Contingent consideration | 22,531 | 39,705 |
Derivative liabilities | 185 | 203 |
Convertible debt | $ 1,151,460 | $ 1,010,275 |
Schedule of Available for Sale
Schedule of Available for Sale Marketable Securities (Detail) - USD ($) $ in Thousands | Sep. 27, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities | ||
Available-for-sale marketable securities, Cost | $ 361,666 | $ 211,596 |
Available-for-sale marketable securities, Unrealized Gain | 8,284 | 4,687 |
Available-for-sale marketable securities, Unrealized (Loss) | (87) | (262) |
Available-for-sale marketable securities, Fair Market Value | 369,863 | 216,021 |
Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | 24,431 | 23,999 |
U.S. Treasury Securities | ||
Schedule of Available-for-sale Securities | ||
Available-for-sale marketable securities, Cost | 201,193 | 42,167 |
Available-for-sale marketable securities, Unrealized Gain | 1,606 | 431 |
Available-for-sale marketable securities, Unrealized (Loss) | (33) | (216) |
Available-for-sale marketable securities, Fair Market Value | 202,766 | 42,382 |
Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | 20,611 | 17,556 |
Commercial Paper | ||
Schedule of Available-for-sale Securities | ||
Available-for-sale marketable securities, Cost | 102,141 | 54,124 |
Available-for-sale marketable securities, Unrealized Gain | 8 | 26 |
Available-for-sale marketable securities, Unrealized (Loss) | 0 | (1) |
Available-for-sale marketable securities, Fair Market Value | 102,149 | 54,149 |
Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | 500 | 1,391 |
Corporate Debt Securities | ||
Schedule of Available-for-sale Securities | ||
Available-for-sale marketable securities, Cost | 44,350 | 93,267 |
Available-for-sale marketable securities, Unrealized Gain | 6,417 | 4,081 |
Available-for-sale marketable securities, Unrealized (Loss) | (52) | (41) |
Available-for-sale marketable securities, Fair Market Value | 50,715 | 97,307 |
Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | 2,207 | 2,009 |
Certificates of Deposit and Time Deposits | ||
Schedule of Available-for-sale Securities | ||
Available-for-sale marketable securities, Cost | 2,414 | 4,751 |
Available-for-sale marketable securities, Unrealized Gain | 2 | |
Available-for-sale marketable securities, Unrealized (Loss) | 0 | |
Available-for-sale marketable securities, Fair Market Value | 2,416 | 4,751 |
Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | 0 | |
U.S. Government Agency Securities | ||
Schedule of Available-for-sale Securities | ||
Available-for-sale marketable securities, Cost | 4,288 | 9,942 |
Available-for-sale marketable securities, Unrealized Gain | 60 | 14 |
Available-for-sale marketable securities, Unrealized (Loss) | (2) | (4) |
Available-for-sale marketable securities, Fair Market Value | 4,346 | 9,952 |
Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | 1,113 | 3,043 |
Debt Mutual Funds | ||
Schedule of Available-for-sale Securities | ||
Available-for-sale marketable securities, Cost | 6,661 | 6,753 |
Available-for-sale marketable securities, Unrealized Gain | 191 | 135 |
Available-for-sale marketable securities, Fair Market Value | 6,852 | 6,888 |
Non-U.S. Government Securities | ||
Schedule of Available-for-sale Securities | ||
Available-for-sale marketable securities, Cost | 619 | 592 |
Available-for-sale marketable securities, Fair Market Value | $ 619 | $ 592 |
Schedule of Reported Available
Schedule of Reported Available for Sale Marketable Securities (Detail) - USD ($) $ in Thousands | Sep. 27, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities | ||
Available-for-sale marketable securities, Cost | $ 361,666 | $ 211,596 |
Available-for-sale marketable securities, Unrealized Gain | 8,284 | 4,687 |
Available-for-sale marketable securities, Unrealized (Loss) | (87) | (262) |
Available-for-sale marketable securities, Fair Market Value | 369,863 | 216,021 |
Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | 24,431 | 23,999 |
Marketable securities | ||
Schedule of Available-for-sale Securities | ||
Available-for-sale marketable securities, Cost | 287,670 | 137,144 |
Available-for-sale marketable securities, Unrealized Gain | 128 | 160 |
Available-for-sale marketable securities, Unrealized (Loss) | (9) | (1) |
Available-for-sale marketable securities, Fair Market Value | 287,789 | 137,303 |
Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | 18,953 | 2,922 |
Long-term marketable securities | ||
Schedule of Available-for-sale Securities | ||
Available-for-sale marketable securities, Cost | 73,996 | 74,452 |
Available-for-sale marketable securities, Unrealized Gain | 8,156 | 4,527 |
Available-for-sale marketable securities, Unrealized (Loss) | (78) | (261) |
Available-for-sale marketable securities, Fair Market Value | 82,074 | 78,718 |
Available-for-sale marketable securities, Fair Market Value of Investments with Unrealized Losses | $ 5,478 | $ 21,077 |
Contractual Maturities of Inves
Contractual Maturities of Investments in Debt Securities Held (Detail) $ in Thousands | Sep. 27, 2020USD ($) |
Schedule of Available-for-sale Securities | |
Due within one year, cost | $ 287,670 |
Due after 1 year through 5 years, cost | 20,790 |
Due after 5 years through 10 years, cost | 13,021 |
Due after 10 years, cost | 33,524 |
Total, cost | 355,005 |
Due within one year, fair market value | 287,789 |
Due after 1 year through 5 years, fair market value | 21,266 |
Due after 5 years through 10 years, fair market value | 14,211 |
Due after 10 years, fair maket value | 39,745 |
Total, fair market value | $ 363,011 |
Schedule of Derivative Instrume
Schedule of Derivative Instruments in Statement of Financial Position at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 27, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets (liabilities), net | $ (160) | $ 325 |
Not Designated as Hedging Instrument | Foreign currency forward contracts | Prepayments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 25 | 528 |
Not Designated as Hedging Instrument | Foreign currency forward contracts | Other Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ (185) | $ (203) |
Schedule of Effect of Derivativ
Schedule of Effect of Derivative Instruments in Statement of Operations Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | |
Other (income) expense, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Losses on derivatives recognized in statements of operations | $ (551) | $ 3,699 | $ 3,930 | $ 7,872 |
Schedule of Effect of Derivat_2
Schedule of Effect of Derivative Instruments in Statement of Operations Recognized (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) on foreign currency transactions | $ (1.2) | $ (1.5) | $ 0.4 | $ 3.4 |
Debt - Additional Information (
Debt - Additional Information (Detail) $ / shares in Units, shares in Millions | May 01, 2020USD ($) | Dec. 12, 2016USD ($)Customershares | Sep. 27, 2020USD ($)$ / sharesshares | Sep. 29, 2019USD ($)shares | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt Instrument | ||||||
Repurchase of common stock | $ 88,465,000 | $ 368,782,000 | ||||
Repurchase of stock, shares | shares | 1.5 | 8.8 | ||||
Term of loan, years | 3 years | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000,000 | |||||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | $ 150,000,000 | |||||
Line of Credit Facility, Interest Rate Description | The interest rates applicable to loans under the Credit Facility are, at Teradyne’s option, equal to either a base rate plus a margin ranging from 0.50% to 1.25% per annum or LIBOR, a minimum of 0.75%, plus a margin ranging from 1.50% to 2.25% per annum, based on the consolidated leverage ratio of Teradyne. In addition, Teradyne will pay a commitment fee on the unused portion of the commitments under the Credit Facility ranging from 0.25% to 0.40% per annum, based on the then applicable consolidated leverage ratio. | |||||
Collateral Pledged [Member] | ||||||
Debt Instrument | ||||||
Line of Credit Facility, Interest Rate Description | 65 | |||||
1.25% Convertible Senior Unsecured Notes Due December 15, 2023 | ||||||
Debt Instrument | ||||||
Aggregate principal amount | $ 460,000,000 | $ 459,973,000 | $ 460,000,000 | |||
Debt instrument, interest rate, stated percentage | 1.25% | |||||
Debt instrument, net proceeds after issuance costs | $ 450,800,000 | |||||
Payment for net cost of convertible note hedges net of warrant proceeds | 33,000,000 | $ 33,000,000 | ||||
Repurchase of common stock | $ 50,100,000 | |||||
Repurchase of stock, shares | shares | 2 | |||||
Senior notes maturity date | Dec. 15, 2023 | |||||
Debt instrument, frequency of periodic payment | payable semiannually in arrears on June 15 and December 15 of each year | |||||
Debt instrument, conversion option expiration date | Sep. 15, 2023 | |||||
Debt instrument conversion price | $ / shares | $ 31.57 | |||||
Shares that would be issued upon conversion | shares | 14.6 | |||||
Strike price per share of warrant | $ / shares | $ 39.62 | |||||
Debt instrument, convertible, carrying amount of equity component | $ 100,800,000 | |||||
Debt instrument, effective annual interest rate | 5.00% | |||||
Financing cost | $ 7,200,000 | $ 3,600,000 | ||||
Debt issuance costs, amortization period | 7 years | |||||
Unamortized discount | $ 53,800,000 | |||||
Debt Instrument, convertible, remaining discount amortization period | 3 years 3 months 18 days | |||||
Value of notes converted | $ 1,132,400,000 | |||||
1.25% Convertible Senior Unsecured Notes Due December 15, 2023 | Conversion option one | ||||||
Debt Instrument | ||||||
Trading days measurement period | Customer | 20 | |||||
Consecutive trading days measurement period | Customer | 30 | |||||
Percentage of conversion price | 130.00% | |||||
1.25% Convertible Senior Unsecured Notes Due December 15, 2023 | Conversion option two | ||||||
Debt Instrument | ||||||
Aggregate principal amount | $ 1,000 | |||||
Trading days measurement period | Customer | 5 | |||||
Consecutive trading days measurement period | Customer | 5 | |||||
Percentage of closing sale price of common stock and conversion rate product | 98.00% | |||||
Revolving Credit Facility | ||||||
Debt Instrument | ||||||
Revolving credit facility costs incurred | $ 3,500,000 | |||||
Term of revolving credit facility | 3 years |
Components of Convertible Senio
Components of Convertible Senior Notes (Detail) - USD ($) $ in Thousands | Sep. 27, 2020 | Dec. 31, 2019 | Dec. 12, 2016 |
Debt Instrument | |||
Net carrying amount of convertible debt | $ 406,178 | $ 394,687 | |
1.25% Convertible Senior Unsecured Notes Due December 15, 2023 | |||
Debt Instrument | |||
Debt principal | 459,973 | 460,000 | $ 460,000 |
Unamortized discount | 53,795 | 65,313 | |
Net carrying amount of convertible debt | $ 406,178 | $ 394,687 |
Interest Expense on Convertible
Interest Expense on Convertible Senior Notes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | |
Debt Instrument | ||||
Contractual interest expense on the coupon | $ 1,438 | $ 1,438 | $ 4,313 | $ 4,313 |
Amortization of the discount component and debt issue fees recognized as interest expense | 3,887 | 3,699 | 11,518 | 10,961 |
Total interest expense on the convertible debt | $ 5,325 | $ 5,137 | $ 15,831 | $ 15,274 |
Schedule of Prepayments and Oth
Schedule of Prepayments and Other Assets (Detail) - USD ($) $ in Thousands | Sep. 27, 2020 | Dec. 31, 2019 |
Prepaid And Other Current Assets [Line Items] | ||
Contract manufacturer and supplier prepayments | $ 185,567 | $ 143,392 |
Prepaid taxes | 11,278 | 8,046 |
Prepaid maintenance and other services | 10,064 | 8,503 |
Other prepayments | 14,063 | 16,753 |
Total prepayments | $ 220,972 | $ 176,694 |
Deferred Revenue and Customer_3
Deferred Revenue and Customer Advances (Detail) - USD ($) $ in Thousands | Sep. 27, 2020 | Jun. 28, 2020 | Dec. 31, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Deferred Revenue Arrangement | ||||||
Maintenance, service and training | $ 71,362 | $ 63,815 | ||||
Customer advances, undelivered elements and other | 68,472 | 56,358 | ||||
Extended warranty | 48,703 | $ 40,178 | 30,677 | $ 29,937 | $ 28,716 | $ 27,422 |
Total deferred revenue and customer advances | $ 188,537 | $ 150,850 |
Warranty Accrual Included in Ot
Warranty Accrual Included in Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | |
Product Warranty Liability [Line Items] | ||||
Balance at beginning of period | $ 13,016 | $ 8,133 | $ 8,996 | $ 7,909 |
Acquisition | 14 | |||
Accruals for warranties issued during the period | 8,255 | 3,508 | 19,522 | 10,008 |
Accruals related to pre-existing warranties | 158 | 1,132 | 1,569 | 3,156 |
Settlements made during the period | (6,272) | (4,265) | (14,930) | (12,579) |
Balance at end of period | $ 15,157 | $ 8,508 | $ 15,157 | $ 8,508 |
Extended Product Warranty of Sh
Extended Product Warranty of Short and Long-Term Deferred Revenue and Customer Advances (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | |
Product Warranty Liability [Line Items] | ||||
Balance at beginning of period | $ 40,178 | $ 28,716 | $ 30,677 | $ 27,422 |
Deferral of new extended warranty revenue | 13,674 | 5,666 | 32,724 | 16,962 |
Recognition of extended warranty deferred revenue | (5,149) | (4,445) | (14,698) | (14,447) |
Balance at end of period | $ 48,703 | $ 29,937 | $ 48,703 | $ 29,937 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - $ / shares shares in Millions | Jun. 30, 2019 | Jun. 28, 2020 | Sep. 27, 2020 | Sep. 29, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Stock price | $ 72.10 | $ 37.95 | ||
Stock Options | Measurement Input, Expected Dividend Payment [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Estimated annual dividend amount per share | $ 0.36 | $ 0.40 | $ 0.40 | $ 72.10 |
Restricted Stock Units | Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Period of stock granted to employees and executive officers vest in equal annual installments | 4 years | |||
Percentage of awards vesting on the first anniversary of grant date | 100.00% | |||
Restricted Stock Units | Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Period of stock granted to employees and executive officers vest in equal annual installments | 1 year | |||
TSR Performance-Based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Total shareholder return performance measurement period | 3 years | 3 years | ||
Share-based compensation arrangement by share-based payment award, description | capped at four times the grant date value for grants prior to 2019. | |||
Minimum age of retirement to be eligible for PRSUs | 0 months | |||
Minimum years of service for retirement to be eligible for PRSUs | 10 years | |||
Restricted stock unit awards granted | 0.1 | |||
Weighted average grant date fair value of restricted stock units granted | $ 89.93 | $ 51.51 | ||
Stock price | $ 0.36 | 36.75 | ||
TSR Performance-Based Restricted Stock Units | Share-based Compensation Award, Tranche One | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Percentage of vesting of target shares upon performance achieved | 0.00% | |||
TSR Performance-Based Restricted Stock Units | Share-based Compensation Award, Tranche Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Percentage of vesting of target shares upon performance achieved | 200.00% | |||
TSR Performance-Based Restricted Stock Units | Non Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Restricted stock unit awards granted | 0.1 | |||
Weighted average grant date fair value of restricted stock units granted | $ 64.99 | 48.03 | ||
Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Percentage of common stock price paid | 100.00% | |||
PBIT Performance-Based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Restricted stock unit awards granted | 0.1 | |||
Weighted average grant date fair value of restricted stock units granted | $ 70.94 | $ 36.88 | ||
Service-Based Restricted Stock Units | Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Restricted stock unit awards granted | 0.4 | 0.7 | ||
Weighted average grant date fair value of restricted stock units granted | $ 70.76 | $ 36.85 | ||
Service-Based Restricted Stock Units | Executive Officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||
Restricted stock unit awards granted | 0.1 | |||
Weighted average grant date fair value of restricted stock units granted | $ 20.67 | $ 10.61 |
Schedule of Estimated Fair Valu
Schedule of Estimated Fair Value of TSR Performance-Based Restricted Stock Unit Awards Assumptions (Detail) - TSR Performance-Based Restricted Stock Units | 9 Months Ended | |
Sep. 27, 2020 | Sep. 29, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Risk-free interest rate | 1.50% | 2.60% |
Expected historical volatility | 34.90% | 31.90% |
Dividend yield | 0.60% | 1.00% |
New York Stock Exchange Composite Index | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Expected historical volatility | 11.40% | 11.90% |
Schedule of Estimated Fair Va_2
Schedule of Estimated Fair Value of Stock Options Grant Using Black Scholes Option Pricing Model (Detail) - Stock Options | 9 Months Ended | |
Sep. 27, 2020 | Sep. 29, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Expected life (years) | 5 years | 5 years |
Risk-free interest rate | 1.60% | 2.50% |
Volatility-historical | 31.60% | 30.10% |
Dividend yield | 0.60% | 1.00% |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | $ 1,744,551 | $ 1,479,412 | $ 1,480,158 | $ 1,522,354 |
Other comprehensive income (loss) | 16,748 | (16,630) | 27,102 | (11,181) |
Balance | 1,993,544 | 1,482,635 | 1,993,544 | 1,482,635 |
Foreign Currency Translation Reclassification Adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (23,514) | (12,523) | ||
Other comprehensive loss before reclassifications, net of tax | 24,131 | (17,019) | ||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 0 | 0 | ||
Other comprehensive income (loss) | 24,131 | (17,019) | ||
Balance | 617 | (29,542) | 617 | (29,542) |
Unrealized Gains (Losses) on Marketable Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | 3,480 | (1,845) | ||
Other comprehensive loss before reclassifications, net of tax | 5,165 | 6,391 | ||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (2,188) | (442) | ||
Other comprehensive income (loss) | 2,977 | 5,949 | ||
Balance | 6,457 | 4,104 | 6,457 | 4,104 |
Amortization of Prior Service Credit | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | 1,180 | 1,328 | ||
Other comprehensive loss before reclassifications, net of tax | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (2) | (37) | (6) | (111) |
Other comprehensive income (loss) | (6) | (111) | ||
Balance | 1,174 | 1,217 | 1,174 | 1,217 |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | (8,500) | (7,591) | (18,854) | (13,040) |
Other comprehensive loss before reclassifications, net of tax | 29,296 | (10,628) | ||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (691) | (382) | (2,194) | (553) |
Other comprehensive income (loss) | 16,748 | (16,630) | 27,102 | (11,181) |
Balance | $ 8,248 | $ (24,221) | $ 8,248 | $ (24,221) |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive (Loss) Income (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Amounts reclassified from accumulated other comprehensive income (loss), tax | $ (194) | $ (110) | $ (616) | $ (157) | ||
Foreign currency translation adjustments, tax | 0 | 0 | 0 | 0 | $ 0 | $ 0 |
Unrealized (losses) gains on marketable securities, tax | 1,741 | 1,116 | 1,741 | 1,116 | 946 | (521) |
Retirement plans prior service benefit, tax | (1,125) | (1,113) | (1,125) | (1,113) | $ (1,124) | $ (1,081) |
Foreign Currency Translation Reclassification Adjustments | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other comprehensive income (loss) before reclassifications, tax | 0 | 0 | ||||
Amounts reclassified from accumulated other comprehensive income (loss), tax | 0 | 0 | ||||
Other comprehensive income (loss), tax | 0 | 0 | ||||
Unrealized (Losses) Gains on Marketable Securities | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other comprehensive income (loss) before reclassifications, tax | 1,410 | 1,762 | ||||
Amounts reclassified from accumulated other comprehensive income (loss), tax | (194) | (99) | (615) | (125) | ||
Other comprehensive income (loss), tax | 795 | 1,637 | ||||
Amortization of Prior Service Credit | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other comprehensive income (loss) before reclassifications, tax | 0 | 0 | ||||
Amounts reclassified from accumulated other comprehensive income (loss), tax | $ 0 | $ (11) | (1) | (32) | ||
Other comprehensive income (loss), tax | $ (1) | $ (32) |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Income to Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest income (expense) | $ 689 | $ 345 | $ 2,188 | $ 442 |
Amortization of Prior Service Credit | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, net of tax | 2 | 37 | 6 | 111 |
Accumulated Other Comprehensive Income (Loss) | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, net of tax | $ 691 | $ 382 | $ 2,194 | $ 553 |
Reclassifications Out of Accu_2
Reclassifications Out of Accumulated Other Comprehensive Income to Statements of Operations (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, tax | $ 194 | $ 110 | $ 616 | $ 157 |
Unrealized (Losses) Gains on Marketable Securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, tax | 194 | 99 | 615 | 125 |
Amortization of Prior Service Credit | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications, tax | $ 0 | $ 11 | $ 1 | $ 32 |
Goodwill and Acquired Intangi_3
Goodwill and Acquired Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | |
Goodwill and Intangible Assets Disclosure [Line Items] | ||||
Acquired intangible assets amortization | $ 6,219 | $ 9,647 | $ 25,052 | $ 30,363 |
Changes in Carrying Amount of G
Changes in Carrying Amount of Goodwill by Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Sep. 27, 2020 | |
Goodwill [Line Items] | ||
Foreign currency translation adjustment | $ 18,970 | |
Goodwill | 1,178,997 | $ 1,197,818 |
Accumulated impairment losses | (762,566) | (762,566) |
Goodwill | 416,431 | 435,252 |
Autoguide LLC | ||
Goodwill [Line Items] | ||
Goodwill acquisition | (149) | |
Industrial Automation | ||
Goodwill [Line Items] | ||
Foreign currency translation adjustment | 18,881 | |
Goodwill | 396,483 | 415,215 |
Goodwill | 396,483 | 415,215 |
Industrial Automation | Autoguide LLC | ||
Goodwill [Line Items] | ||
Goodwill acquisition | (149) | |
Wireless Test | ||
Goodwill [Line Items] | ||
Goodwill | 361,819 | 361,819 |
Accumulated impairment losses | (353,843) | (353,843) |
Goodwill | 7,976 | 7,976 |
Semiconductor Test | ||
Goodwill [Line Items] | ||
Foreign currency translation adjustment | 89 | |
Goodwill | 261,996 | 262,085 |
Accumulated impairment losses | (260,540) | (260,540) |
Goodwill | 1,456 | 1,545 |
System Test | ||
Goodwill [Line Items] | ||
Goodwill | 158,699 | 158,699 |
Accumulated impairment losses | (148,183) | (148,183) |
Goodwill | $ 10,516 | $ 10,516 |
Schedule of Amortizable Intangi
Schedule of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 27, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | $ 507,576 | $ 507,836 |
Accumulated Amortization | (399,799) | (375,008) |
Foreign Currency Translation Adjustment | (4,105) | (7,348) |
Net Carrying Amount | 103,672 | 125,480 |
Developed technology | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 361,787 | 361,787 |
Accumulated Amortization | (295,801) | (279,000) |
Foreign Currency Translation Adjustment | (3,806) | (5,709) |
Net Carrying Amount | 62,180 | 77,078 |
Customer Relationships | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 75,669 | 75,669 |
Accumulated Amortization | (63,107) | (59,077) |
Foreign Currency Translation Adjustment | (42) | (455) |
Net Carrying Amount | 12,520 | 16,137 |
Trademarks and tradenames | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 70,120 | 70,120 |
Accumulated Amortization | (40,891) | (36,671) |
Foreign Currency Translation Adjustment | (257) | (1,184) |
Net Carrying Amount | $ 28,972 | 32,265 |
Backlog | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 260 | |
Accumulated Amortization | $ (260) |
Schedule of Estimated Intangibl
Schedule of Estimated Intangible Asset Amortization Expense (Detail) $ in Thousands | Sep. 27, 2020USD ($) |
Finite-Lived Intangible Assets | |
2020 (remainder) | $ 5,721 |
2021 | 21,254 |
2022 | 20,361 |
2023 | 19,874 |
2024 | 19,565 |
Thereafter | $ 16,897 |
Computation of Basic and Dilute
Computation of Basic and Diluted Net Income Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | ||
Net Income Loss Per Common Share | |||||
Net income for basic and diluted net income per share | $ 222,718 | $ 135,860 | $ 587,815 | $ 342,395 | |
Weighted average common shares-basic | 166,014 | 169,641 | 166,131 | 171,471 | |
Incremental shares from assumed conversion of convertible notes | [1] | 9,156 | 5,800 | 8,029 | 4,117 |
Convertible note hedge warrant shares | [2] | 7,775 | 3,580 | 6,364 | 1,786 |
Employee stock purchase plan | 15 | 5 | 13 | 13 | |
Dilutive potential common shares | 18,324 | 10,853 | 15,646 | 7,214 | |
Weighted average common shares-diluted | 184,338 | 180,494 | 181,777 | 178,685 | |
Net income per common share-basic | $ 1.34 | $ 0.80 | $ 3.54 | $ 2 | |
Net income per common share-diluted | $ 1.21 | $ 0.75 | $ 3.23 | $ 1.92 | |
Restricted Stock Units | |||||
Net Income Loss Per Common Share | |||||
Incremental shares attributable to share based payment arrangements | 1,237 | 1,313 | 1,104 | 1,112 | |
Stock Options | |||||
Net Income Loss Per Common Share | |||||
Incremental shares attributable to share based payment arrangements | 141 | 155 | 136 | 186 | |
[1] | Incremental shares from assumed conversion of the convertible notes was calculated using the difference between the average Teradyne stock price for the period and the conversion price of $31.57, multiplied by 14.6 million shares. The result of this calculation, representing the total intrinsic value of the convertible debt, was divided by the average Teradyne stock price for the period. | ||||
[2] | Convertible notes hedge warrant shares were calculated using the difference between the average Teradyne stock price for the period and the warrant price of $39.62, multiplied by 14.6 million shares. The result of this calculation, representing the total intrinsic value of the warrant, was divided by the average Teradyne stock price for the period. |
Computation of Basic and Dilu_2
Computation of Basic and Diluted Net Income Per Common Share (Parenthetical) (Detail) shares in Millions | 3 Months Ended |
Sep. 27, 2020$ / sharesshares | |
Convertible Notes | |
Net Income Loss Per Common Share | |
Initial debt conversion price | $ / shares | $ 31.57 |
Shares that would be issued upon conversion | shares | 14.6 |
Convertible Notes Hedge Warrant | |
Net Income Loss Per Common Share | |
Initial debt conversion price | $ / shares | $ 39.62 |
Shares that would be issued upon conversion | shares | 14.6 |
Net Income Per Common Share - A
Net Income Per Common Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | |
Net Income Loss Per Common Share | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.1 | 0.1 | 0.2 | 0.2 |
Restructuring and Other - Addit
Restructuring and Other - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | |
Restructuring Cost and Reserve | ||||
Contingent consideration adjustment | $ 13,116 | $ 8,848 | ||
Semiconductor Test | ||||
Restructuring Cost and Reserve | ||||
Contingent consideration adjustment | $ 7,800 | 1,009 | ||
Severance benefit and charges | $ 500 | 500 | 1,200 | 2,300 |
Acquisition related costs | 1,100 | 3,400 | ||
Impairment charges fixed assets | 500 | 2,100 | ||
Contract termination settlement fee | 4,000 | |||
Restructuring and other | 0 | 0 | 4,000 | 0 |
Universal Robots (UR) | ||||
Restructuring Cost and Reserve | ||||
Contingent consideration adjustment | $ 3,800 | |||
Semiconductor Test, Industrial Automation and Corporate | ||||
Restructuring Cost and Reserve | ||||
Contingent consideration adjustment | $ 16,500 | |||
Restructuring and other | 1,200 | |||
TER Corporate And Eliminations | Universal Robots (UR) | ||||
Restructuring Cost and Reserve | ||||
Contingent consideration adjustment | $ 27,200 | 4,400 | ||
TER Corporate And Eliminations | Mobile Industrial Robots (MiR) | ||||
Restructuring Cost and Reserve | ||||
Contingent consideration adjustment | $ 3,500 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 27, 2020USD ($) | Sep. 27, 2020USD ($)Participant | |
United States Plans | ||
Defined Benefit Plan Disclosure | ||
Contribution to defined benefit pension plans | $ 2.2 | |
United States Plans | Annuity Plan For Participants In The US Qualified Pension Plan [Member] | ||
Defined Benefit Plan Disclosure | ||
Number of employees involved in the annutiy plan | Participant | 115 | |
Increase decrease in accrued pension benefit obligations | $ 24.4 | |
Increase decrease in pension assets | 24.4 | |
Pension benefit obligation acturial gain loss | $ 2.2 | 2.2 |
Defined benefit obligation increase decrease for remeasurement due to settlement | $ 0.5 | 0.5 |
U.S. Supplemental Executive Defined Benefit Pension Plan | ||
Defined Benefit Plan Disclosure | ||
Contribution to defined benefit pension plans | $ 0.7 |
Schedule of Net Periodic Pensio
Schedule of Net Periodic Pension and Postretirement (income) Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | |
Defined Benefit Plan Disclosure | ||||
Net actuarial (gain) loss | $ 0 | $ 2,589 | $ 448 | |
UNITED STATES | ||||
Defined Benefit Plan Disclosure | ||||
Service cost | 417 | $ 402 | 1,283 | 1,206 |
Interest cost | 1,460 | 1,797 | 4,505 | 5,392 |
Expected return on plan assets | (1,170) | (1,510) | (3,634) | (4,531) |
Net actuarial (gain) loss | 2,238 | 0 | 2,418 | 252 |
Settlement loss | 450 | 0 | 450 | 0 |
Total net periodic pension cost | 3,395 | 689 | 5,022 | 2,319 |
Foreign Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure | ||||
Service cost | 216 | 183 | 648 | 550 |
Interest cost | 123 | 168 | 369 | 505 |
Expected return on plan assets | (16) | (7) | (47) | (21) |
Net actuarial (gain) loss | 0 | |||
Settlement loss | 0 | 0 | 0 | 0 |
Total net periodic pension cost | 323 | 344 | 970 | 1,034 |
Postretirement Benefit Plans | ||||
Defined Benefit Plan Disclosure | ||||
Service cost | 14 | 10 | 43 | 31 |
Interest cost | 60 | 87 | 180 | 260 |
Amortization of prior service cost | (2) | (48) | (7) | (143) |
Net actuarial (gain) loss | 0 | 0 | (279) | 196 |
Total net periodic pension cost | $ 72 | $ 49 | $ (63) | $ 344 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Sep. 27, 2020USD ($) |
Purchase Commitment, Excluding Long-term Commitment | |
Aggregate purchase commitments | $ 669.3 |
Purchase commitments less than one year | $ 663 |
Schedule of Reconciliation of E
Schedule of Reconciliation of Effective Tax Rate (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | |
Income Tax Disclosure [Line Items] | ||||
US statutory federal tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Foreign taxes | (6.90%) | (5.10%) | (5.80%) | (4.90%) |
International provisions of the U.S. Tax Cuts and Jobs Act of 2017 | 3.60% | 1.20% | 0.70% | 1.00% |
Tax credits | (1.10%) | (1.80%) | (1.40%) | (2.20%) |
Discrete (benefit) expense related to the international provisions of the U.S. Tax Cuts and Jobs Act of 2017 | (0.60%) | (4.00%) | (0.20%) | 2.30% |
Discrete (benefit) expense related to release of reserves for uncertain tax positions | (0.50%) | 0.10% | (0.20%) | (6.90%) |
Discrete benefit related to equity compensation | (0.40%) | (0.70%) | (1.40%) | (1.50%) |
Other, net | 0.50% | (0.20%) | 0.60% | 0.40% |
Effective tax rate | 15.60% | 10.50% | 13.30% | 9.20% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2020 | Sep. 27, 2020 | Sep. 29, 2019 | Dec. 31, 2019 | |
Income Taxes [Line Items] | ||||
Tax savings due to the tax holiday | $ 24.9 | $ 12 | ||
Tax savings due to the tax holiday, per share | $ 0.14 | $ 0.07 | ||
Accrued interest and penalties | $ 1.4 | $ 1.4 | $ 1.4 | |
Interest and penalties related to income tax, expense (benefit) | 0 | $ 0.2 | ||
Uncertain tax positions | 17.6 | $ 17.6 | $ 21.2 | |
Net decrease in reserves for uncertain tax positions | $ (3.6) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 27, 2020Segments | |
Segment Reporting Information [Line Items] | |
Number of Operating Segments | 4 |
Schedule of Segment Information
Schedule of Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | Dec. 31, 2019 | ||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | $ 819,484 | [1] | $ 582,038 | [1] | $ 2,362,500 | [2] | $ 1,640,315 | [2] | ||
Income (loss) before income taxes | [3],[4] | 263,731 | 151,733 | 678,089 | 376,889 | |||||
Total assets | 3,436,512 | [5] | 2,698,791 | [5] | 3,436,512 | [5] | 2,698,791 | [5] | $ 2,787,014 | |
Semiconductor Test | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 592,141 | 397,737 | 1,735,777 | 1,113,489 | ||||||
Income (loss) before income taxes | [3],[4] | 189,116 | 116,633 | 571,719 | 291,037 | |||||
Total assets | [5] | 1,069,830 | 757,422 | 1,069,830 | 757,422 | |||||
System Test | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 118,169 | [1] | 73,305 | [1] | 306,051 | [2] | 204,934 | [2] | ||
Income (loss) before income taxes | [3],[4] | 47,368 | 24,381 | 114,968 | 63,254 | |||||
Total assets | [5] | 667,132 | 580,635 | 667,132 | 580,635 | |||||
Industrial Automation | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 68,711 | 68,892 | 187,792 | 209,753 | ||||||
Income (loss) before income taxes | [3],[4] | (5,302) | (1,645) | (32,041) | (10,670) | |||||
Total assets | [5] | 155,642 | 126,452 | 155,642 | 126,452 | |||||
Wireless Test | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | 40,504 | [1] | 42,264 | [1] | 133,174 | [2] | 112,541 | [2] | ||
Income (loss) before income taxes | [3],[4] | 10,938 | 11,182 | 35,640 | 25,740 | |||||
Total assets | [5] | 108,671 | 94,789 | 108,671 | 94,789 | |||||
Corporate And Others [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenues | (41) | (160) | (294) | (402) | ||||||
Income (loss) before income taxes | [3],[4] | 21,611 | 1,182 | (12,197) | 7,528 | |||||
Total assets | [5] | $ 1,435,237 | $ 1,139,493 | $ 1,435,237 | $ 1,139,493 | |||||
[1] | Includes $1.7 million and $1.5 million in 2020 and 2019, respectively, for leases of Teradyne’s systems recognized outside Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers.” | |||||||||
[2] | Includes $6.1 million and $4.9 million in 2020 and 2019, respectively, for leases of Teradyne’s systems recognized outside ASC 606 “Revenue from Contracts with Customers.” | |||||||||
[3] | Included in Corporate and Other are: contingent consideration adjustments, employee severance charges, interest (income) and expense, net foreign exchange (gains) and losses, pension and postretirement plan actuarial (gains) and losses and settlement charges, intercompany eliminations, and certain acquisition related charges and compensation. | |||||||||
[4] | Included in income (loss) before taxes are charges and credits related to restructuring and other, and inventory charges. | |||||||||
[5] | Total assets are attributable to each segment. Corporate assets consist of cash and cash equivalents, marketable securities and certain other assets. |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information by Segment Charges (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | |
Segment Reporting Information [Line Items] | ||||
Restructuring and other-employee severance | $ (27,701) | $ (6,500) | $ 1,915 | $ (11,792) |
Contingent consideration adjustment | 13,116 | 8,848 | ||
Universal Robots (UR) | ||||
Segment Reporting Information [Line Items] | ||||
Contingent consideration adjustment | 3,800 | |||
Semiconductor Test | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring and other | 0 | 0 | 4,000 | 0 |
Cost of revenues-inventory charge | 1,131 | 1,867 | 7,956 | 5,319 |
Contingent consideration adjustment | 7,800 | 1,009 | ||
Industrial Automation | ||||
Segment Reporting Information [Line Items] | ||||
Cost of revenues-inventory charge | 0 | 0 | 664 | 604 |
Restructuring and other-employee severance | 0 | 0 | 505 | 508 |
Contingent consideration adjustment | 790 | 1,330 | ||
System Test | ||||
Segment Reporting Information [Line Items] | ||||
Cost of revenues-inventory charge | 0 | 0 | 698 | 1,129 |
Wireless Test | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring and other | 1,802 | 724 | 3,957 | 1,892 |
Cost of revenues-inventory charge | 0 | 0 | 0 | 566 |
Corporate And Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Contingent consideration adjustment | 0 | 2,108 | 0 | 2,108 |
Corporate And Eliminations | Universal Robots (UR) | Restructuring and other | ||||
Segment Reporting Information [Line Items] | ||||
Contingent consideration adjustment | (1,086) | 816 | 2,629 | 928 |
Corporate And Eliminations | Mobile Industrial Robots (MiR) | Restructuring and other | ||||
Segment Reporting Information [Line Items] | ||||
Selling and administrative – equity modification charge | 0 | $ (7,759) | (3,546) | $ (16,427) |
Corporate And Eliminations | AutoGuide [Member] | Restructuring and other | ||||
Segment Reporting Information [Line Items] | ||||
Contingent consideration adjustment | $ (27,206) | $ (4,421) |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 27, 2020 | Sep. 29, 2019 | Sep. 27, 2020 | Sep. 29, 2019 | Aug. 31, 2020 | May 31, 2020 | Jan. 31, 2020 | Aug. 31, 2019 | May 31, 2019 | Jan. 31, 2019 | |
Cumulative repurchases, shares | 1.5 | 8.8 | ||||||||
Common stock average price | $ 58.33 | $ 41.93 | ||||||||
Dividends Payable, Amount Per Share | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.09 | $ 0.09 | $ 0.09 | ||||
Dividend payment | $ 16,600 | $ 15,300 | $ 49,870 | $ 46,269 | ||||||
Share Repurchase Program [Member] | ||||||||||
Cumulative repurchases, value | 88,500 | $ 368,800 | ||||||||
Maximum [Member] | ||||||||||
Stock repurchase program, authorized amount | $ 1,000,000 | $ 1,000,000 |